OVERVIEW

Eclipsed Expectations: A SOLstice Of Fail 😎

Want to know what else hurts your eyes if you stare at it without protection? Solana’s Stocktwits feed. Even though the broader market has green across the screen, Solana’s continued problems just make people wanna scream. 🙀

In today’s Litepaper: Solana still not working, FTX’s big sale of SOL, ADA is apparently dead, BlackRock’s BTC ETF value spike, and a quick Technically Speaking over the Total Crypto Market Cap.

Before we dive in, here’s today’s crypto market heatmap:  

And here’s a look at crypto’s total and altcoin market cap YTD:

NEWS
Shock: No One Surprised Solana Still Broken ⚡

Why write a whole article when someone’s post on X will do just fine? 🤦‍♂️

Pretty much sums up how $SOL is doing.

We touched on this for those not in the know in last Friday’s Litepaper. Long story short: 70+% of the transactions on Solana’s blockchain fail, which has been going on since last week.

Big Players Bag Bargains

From Bloomberg: The FTX estate offloaded 25 million and 30 million SOL, which were part of a locked collection, at an average price of $64 per token -versus the $177 price today. This deal potentially raised close to $1.9 billion.

A pivotal aspect of this transaction is the lock-up period imposed on the purchased SOL tokens, rendering them illiquid for four years. The involvement of heavyweight investors like Pantera Capital and Galaxy Trading, which alone raised around $620 million for this venture, exemplifies the institutional advantage in such deals. These entities secured SOL at a fraction of its market value and imposed management fees on their investors, further capitalizing on the arrangement.

And speaking of further capitalizing on their fleecing of FTXs SOL, we know the big dawgs can’t sell their insanely discounted SOL for four years; but we don’t know if Galaxy and Pantera can stake the stupidly discounted SOL they now control.

NEWS
Bearded Moron Adulterer Says ADA Is Dead 🤡

It’s official. According to the cool kids in school, Cardano isn’t cool. From now on, you can find it at the peanut allergy table, eating a PB&J sammich. ☠️

$ADA fan-boi turned critic like BitBoy, who labeled the project "dead" due to its slow price action, is just one of the more recent Cardano haters. Yet Cardano founder Charles Hoskinson remains confident in Cardano's fundamental strengths.

Despite the noisy background of FUD led by influencers questioning Cardano's vitality against faster-growing competitors like Solana ($SOL) and Avalanche ($AVAX), Hoskinson cites upcoming upgrades like the Chang hard fork and Ouroboros Leios as key drivers that will propel the blockchain toward solving the blockchain trilemma of security, scalability, and decentralization.

However, for many in the crypto community, Cardano’s development process is slow, leading many investors and speculators to be frustrated that capital is tied up in ADA while everything else is Moon-Lamboing all over the place. 🌟

NEWS
BlackRock's IBIT ETF Nears $20 Billion 😱

BlackRock's $IBIT ETF is nearing a major milestone: a whopping $15 billion in net inflows. 📈 

A surge of nearly $310 million in a single day late last week shows the escalating confidence among investors in the Bitcoin ETF market. And while BlackRock leads the charge, Fidelity's $FBTC isn't far behind, boasting a significant influx of its own. Grayscale's $GBTC continues to face outflows, but the pace of selling has slowed down dramatically. 🚀

TECHNICAL ANALYSIS
Technically Speaking - April 8, 2024 💸

Last Friday’s Litepaper had a small segment on what the Total Market Cap daily chart looked like: 👀

Fast forward to today, and it looks like bulls are making an attempt to break out above the bullish pennant:

While a daily close above the upper trendline is a bullish signal, it isn’t the major signal bulls are looking for. What bulls are really looking for is a close above the prior swing high, at or near the $1.629 trillion level.

The week just started, so let’s keep an eye on how it plays out. 👁️

ANALYSIS
The Halvening - What Has Happened Before

Bitcoin’s next halving is less than 10 days away, with the current ETA of April 18, 2024, at 7:22 AM EST. 🚀

How has Bitcoin behaved during its past halvings? Let’s look:

Some Key Takeaways

1. 30 to 90 days post-halving price action appears to be ‘meh’. Negative to slightly neutral price action seems normal.

2. Price action is overwhelmingly positive 6 months to 12 months after a halving.

Not to throw a wrench in the cogs of excitement here, but here’s another thing to think about: there have only been three halvings before, and three is hardly a number big enough to determine if something is a trend - so keep that in mind. 🧠

STOCKTWITS “CHART ART”
Could Bitcoin Blast To $117k? 👀

If you liked the chart above, you’ll love our new “Chart Art” newsletter, which officially launches today. We’ll deliver you the best trade ideas and analysis from the Stocktwits community every evening by 8 pm ET.

To sweeten the deal for early subscribers, we’ve got two bonuses. 🎁

• Receive a welcome email with a list of the top Stocktwits chartists to follow for real-time posts like this.

• Subscribe during April to be entered to win 1 of 5 Stocktwits Edge annual subscriptions.

Links That Don’t Suck 🔗

⭐ A dead star and a black hole may have collided

🌪️ Advocacy groups rally to support Tornado Cash developer

🎛️ Wirex Token (WXT) surges on partnerships and integrations ahead of WPAY launch

🔛 dYdX Chain resumes block production after a 9.5-hour halt

🎮 Leading GameFi project, SpaceCatch, gears up for public beta on April 22

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