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THIS IS INSANE
US tech stocks lost $1.9 trillion as the Nasdaq 100 crashed 5.5% this week, its largest weekly crash in 18 months.
The week before, retail investors bought $9.1 billion of AI and chip stocks, their largest weekly buy in 4 months.
Retail is underwater again.
BREAKING: 🇺🇸 $850 Billion added to US stocks since yesterday’s lows, despite both CPI and PPI much above Fed’s target.
Reasons:
1. Investors rotated their capital out of tech to health, defense and other blue-chip stocks.
2. Some jumped in to buy the dip from yesterday’s selloff, $CRWV is up 6% after erasing all losses.
$BTC is diverging from gold as their correlation drops sharply.
If capital starts rotating from gold into #Bitcoin , the next major rally could be building. Is the rotation already underway?
#BTC Price Analysis# #Bitcoin Price Prediction: What is Bitcoins next move?#
THE REAL PRICE OF OIL IS MUCH HIGHER THAN YOU THINK.
Physical Brent crude surged above $154 per barrel, its highest level since records began in 1991.
The gap between physical oil prices and Brent futures has widened to a record $50+ per barrel.
Buyers are paying huge premiums to secure immediate oil supplies as disruptions in the Strait of Hormuz and tanker shortages continue.
This shows just how serious the global oil supply situation has become.
On Arbitrum this week:
The programmable economy is rapidly growing on all fronts stablecoins, tokenization and more
> $USDG from @Paxos is now live on Arbitrum, joining the Global Dollar Network (@global_dollar) with @RobinhoodApp, @krakenfx, @OKX and more.
> Congrats to Robinhood Chain on reaching 100 days onchain.
> We brought founders and investors together at Arbitrum Founders Eve in Singapore. Congrats to @fablesfi, @ladder_markets and @SierraIsMoney on winning the startup pitch competition.
> @0xfluid founder @smykjain believes the programmable economy will unlock new financial primitives and give builders the chance to shape the future of finance over the next 5-10 years.
> $USDG reached $30M+ in market cap a day after launch on Arbitrum One.
> The Arbitrum Foundation is backing analysts with Arbitrum Dune Credit Program that gives 2,500 @Dune credits/month to create and maintain public dashboards across the ecosystem. (Apply today)
> Tokenized equities on Arbitrum One have gone mobile with users being able to access @xStocksFi through @EnsoBuild mobile app.
> Season 2 of DRIP is underway: Put your $USDG to work for juicy rewards on @GMX_IO and @gauntlet_xyz, with more Arbitrum teams on the way.
> @0xProject hits $10B in swap volume on Arbitrum One.
> A new primitive is coming to Arbitrum One with @functionspaceHQ. Teams can build programmable markets around any measurable outcome and bring them directly into their apps.
JUST IN: "Big Short" investor Michael Burry warns a stock market crash is coming.
"The stock market is quite obviously in its first stage of grief, denial. Per 2000 and 2008, this stage lasts 6-9 months."
Burry has repeatedly said the stock market is going to crash this year. Today, the S&P 500 hit a new all-time high.
On Arbitrum this week:
The programmable economy train is accelerating on all fronts revenue, tokenization, privacy, perps and more
> Arbitrum generated a record $5M+ in revenue in September
> PGA has generated $150K+ in revenue on Arbitrum One (only a week since launch)
> In September, tokenized credit funds on Arbitrum One grew $90M in market cap (most out of all blockchains)
> The Arbitrum Foundation launches the Arbitrum Security Program subsidizing smart contract audits for teams building on the Arbitrum Platform (apply today)
> Over the last 30D, @BitgetWallet stock tokens added $12M+ in market cap on Arbitrum One led by rMSTR, rOKLO, rMRNA, rVOO and rCOHR
> A new category of tokenized assets is coming to Arbitrum One -> $500M in Australian solar and battery energy infrastructure via @Loafmarkets
> Over $3.29M+ processed in privacy swaps on Arbitrum One via @RocketXexchange
> @variational_io crossed $2B in Open Interest (more than 1/3rd of this OI is TradFi markets)
> @Karamvir_Gosal and the @TheRiskProtocol team share how Founder House London helped them sharpen their product, reach 4,000+ daily active wallets, win $40K, and become a Token2049 Nexus Top 10 finalist
> @Mercuryo_io's U.S. on-ramp volume to Arbitrum One grew more than 200% from Q1 to Q3
> @USDT0_to topped 500,000 transfers on Arbitrum One
> @0xfairblock launched CUSD, a new privacy stablecoin on Arbitrum One giving users and institutions access to private payments, payroll, treasury and settlement flows
> @stoveprotocol launches their financial infrstructure on Arbitrum One enabling more assets to come into the programmable economy
> @DenariaFinance reached $2.5M in trading volume for the first time with it's @GMX_IO deployment on Arbitrum One
> @RIFTHQ launched their swap/bridge platform on Arbitrum One
BREAKING: 🇺🇸 Nearly 2 million Americans have now been out of work for over half a year, the 3rd worst stretch since the Great Recession.
Long term unemployment just jumped to 27% of all jobless Americans, up from 17.8% back in February 2023.
The 4.2% unemployment rate sounds fine on the surface, but once someone loses a job right now, it's taking them far longer to find the next one.
The only two times this was worse were the Great Recession and the COVID shutdown. But There's no recession and no shutdown right now.
The USD1 airdrop campaign is back for another 4 weeks, with:
• 150M WLFI
• 2.5M additional USD1
• Up to 5.17% APR last week (variable)
Stage 2 participation details coming soon.
$AAVE live top call yesterday
Weekly breakout likely after this pullback
145 - 147$ demand zone I'm watching
220 - 230$ could follow
Everything is coded in the levels
NFA
#AAVE
Crypto#Crypto
City Protocol co-founder @kylemonade_ on PMF:
City Protocol launched before the broader crypto market found its direction. But by consistently seeking real demand and taking advice and suggestions from the community, we managed to find real PMF.
Today, City Protocol has reached $60M in PMF by continuously developing the product to align with users’ real needs.
Full video featuring:
🔹 @kylemonade_ , Co-founder of @cityprotocolHQ
🔹 @_ryandesouza, Head of DeFi at @arbitrum
🔹 Ethan Tan, Head of Corporate Development at Pinetree
🔹 @tomwanhh, Head of Data at @EntropyAdvisors
🔹 Sam Jenkins from @LunarStrategy
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⏰ 48 hours
Stablecoins at an ATH, RWAs at an ATH, a million-plus wallets holding tokenized stocks, and the race is on to drive home a Porsche 911 GT3 RS.
Here’s what happened over the week:
📰 Headline News
- Stablecoin supply on Solana hit a new ATH of $17.3B
- @anza_xyz's Alpenglow consensus upgrade is now on devnet
- Tokenized equity holders on Solana crossed 1M
- @joinfrontier launched Frontier Traders Season 1 with $1M+ in rewards and a Porsche 911 GT3 RS grand prize
📰 Launches
- Solana's RWA ecosystem hit a new ATH of $4.6B+ across 3,000+ available assets
- @kamino launched Fixed Rates with @HastraFi and @Figure
- @Backpack activated cash dividend payouts for eligible tokenized stocks and ETFs
- $COPX, $URA, and $SQQQ went live on Solana via @sunrise, issued by @Backpack Securities
- @zama's $ZAMA and @solomon_labs' $USDv went live on Solana via @sunrise
- @withAUSD received preliminary conditional OCC approval to organize as a national trust bank
- @PythNetwork now distributes @Nasdaq's real-time quote and trade product for U.S. equities onchain
- @centrifuge launched $HYB on Solana for actively managed U.S. high-yield corporate bonds with @NYLIManagement
- @TetraDigitalGrp launched CADD on Solana, bringing the Canadian dollar onchain
- @reflectmoney opened capped pre-deposits for its risk market built on @hylo_so's $eHYUSD
- @altitude unlocked local payout rails for the UK, Mexico, Brazil, and Colombia
- @ZetaChain announced migration of $ZETA entirely to Solana to power @AnumaAI
- @metaplex introduced Vantage, a fully modular Solana trading terminal
- @UsePaid celebrated $1.44M in creator fees routed directly to @X accounts via X Money
- @rendernetwork opened a new onboarding round for the rendering node pool
- @NOMADZxyz launched zero-fee travel bookings with stablecoin discounts across 300+ airlines
- @epicentral_ v1 demo went live with native options trading
- @morfimarkets launched its devnet for user-created opinion markets
- @ORE shipped ORE Learn, an educational hub for mining and staking
- @superteamITA officially launched in Italy
- @sanctumso announced App 2.0, slated to launch on October 1st
📰 Milestones
- US Solana ETFs recorded over $188M in weekly net inflows
- Solana handled 76% of x402 transactions
- @xStocksFi logged a record $160M single-day volume on @Raydium
- @kamino originated $10M in AUTO Fixed Rate loans within 72 hours of launch
- @Collector_Crypt recorded the largest tokenized TCG sale in history at $825K
- @bulktrade surpassed $500M in trading volume on its invite-only mainnet
- @clawpumptech crossed $200M in agent-driven volume
7 weeks until Solana takes over London for Breakpoint.
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Artwork by @Groowut 🔥