Will the post-FOMC rally last? Who bailed out SBF? Read about these and more in our weekly Crypto Twitter roundup.
Gm,
Another week of private accounts, interest rate hikes, and removed sell orders out of the way. Some changes to our round-up structure below, let’s see if you can find them…
Whose Threads Are A Must-Read?
Some major alpha shared in this week’s must-read threads. You’ll be reminded of what you missed in a few weeks when the tokens have pumped, especially because several projects don’t even have tokens out yet.
The DeFi Investor researched the VC’s largest investments in 2022. Here’s the TLDR list:
- Flow: An L1 chain focused on NFTs.
- Yugalabs: You should know this one, the company behind Bored Apes.
- Polygon: No further explanation needed.
- Secret Network: A privacy-focused blockchain.
- Near Protocol: Another L1 chain.
- Mysten Labs: The company behind Sui.
- Immutable: The company behind Immutable X.
- zkSync: Ethereum’s big hope for L2 scaling.
The exact sums and how you can use that information for trading purposes are in the thread:
You hopefully remember last week’s round-up, where Aylo shared 13 useful crypto tools to find alpha. This week rektfoodfarmer shared 14 more crypto tools to make it in 2023:
A couple of little-known tools in there, so worth checking out.
Another massive narrative you will see in the next few weeks are the enabled Ethereum withdrawals from the Shanghai upgrade. Household Crypto Twitter educator korpi87 dropped an ETH withdrawals ELI5 thread. He covered:
- The difference between the Shanghai and Capella upgrades.
- The two types of withdrawals
- The withdrawal process
- The validator exit process
- A projection of how much ETH will be withdrawn
This is a must-read thread because of the upcoming ETH withdrawal narrative:
If you want to learn more about the Shanghai upgrade and how to profit from it, read our guide to the Ethereum Liquid Staking narrative.
The final entry on our weekly thread hall of fame is Kyle’s thread about how to find alpha in narrative trading. This is another super useful thread because the next narrative (Ethereum withdrawals *wink wink*) is around the corner. Kyle covers:
- What narrative trading means
- How narratives propagate
- How to profit from them
- How to find opportunities
- What to do after finding the opportunity
Give this one a read here:
Oh yes, and don’t forget the monthly alpha:
Wisdom of the Week
We’re pausing the drama section for the moment because, well, there’s no drama!
Bitboy is quiet, SBF isn’t publishing new Substack posts, Avi Eisenberg is locked up…there’s no one left trolling.
Instead, this section will cover snippets of wisdom from Crypto Twitter household names. Sometimes serious, sometimes not, and sometimes you will be asking yourself what hell the person tweeting this was thinking. If you don’t know the characters featured, you should probably follow them.
DeuceFrank aka Deffy God aka DeFi God is an OG Crypto Twitter shitposter and Ethereum whale. On his now 3rd (?) account, he dropped this invaluable piece of trading advice:
Unironically all you need to know about how crypto works. For “proof of work” look up some, ahem, recently launched L1 chains in the top 30. No further explanation needed (hopefully).
GCRClassic already featured a few weeks ago. If you haven’t paid attention, now would be the time. Crypto Twitter’s favorite trading whale laid out the trading approach for the upcoming alt szn:
Stick to this plan and you can’t go wrong. And give the man a follow.
Finally, Gainzy, Crypto Twitter’s funniest degen trader-turned-sports bettor. People under 30 won’t get this tweet.
Everybody over 30:
Elon Building Twitter
If you’ve been on Twitter at all in the last few weeks, you probably noticed…changes:
Twitter is now the first social media platform, where you’d rather be private than public because, well, that’s how the algorithm works.
Even Mr. Tweet himself, Elon Musk, noticed that. And promptly took investigative measures:
Apparently it worked and the changes “should be addressed by next week.”
Keep your finger on the private button.
Schiff Saying Stuff
Not Bitcoin tweets from Peter Schiff last week, but he did comment on Celsius:
With the benefit of hindsight, he’s not wrong, y’know.
Talk of the Town
Last week’s talking points: SBF, fallout from SBF, and the Fed (not related to SBF).
Let’s start with SBF first. Judges ruled the identities of two people who helped SBF secure his teeny-tiny $250M bail to be made available to the public.
Crypto Twitter’s reaction?
And since this is crypto, there’s a page for everything:
Place your bets, ladies and gentlemen!
Silvergate Bank, the bank that was the bridge between fiat and crypto for FTX (and Binance) faces a DOJ fraud probe for FTX-related issues. But if you think this is an L for crypto, you may be mistaken:
But the biggest news was the not-really-news from the Federal Reserve, which raised the interest rate by the anticipated 25 basis points. Crypto and equity markets resumed the pump in anticipation of a rate hike pause soon (only to be slapped down the following day by other economic data). As MacroAlf says, the markets don’t believe JPow:
So the pump will resume over the coming weeks?
Quite possibly. But the more important question is what is behind that 2% inflation target door:
For crypto that means that we could get a bit more up for a while but maybe also a bit more down after that. The future, as they say, is difficult to predict!
Our Favorite Coinfession
You can either focus on market data, which is temporary. Or you can learn permanent, transferable skills:
Choose wisely frens.
Memes
Parting trading wisdom comes from CT’s resident wassie and lil’ green shid inversebrah:
See you next wee
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