July 24, 2024: Wacky Races 🏁🏎️
$CVX pumps on $ETH ETF day
It didn’t pop onto our timeline until today somehow, so forgive us giving you yesterday’s news a bit late… but we recommend you take a minute to read through this full thread… a beautiful example of gas golfing in the new Agora Dollar stablecoin by the 100x dev that helped build Frax into the powerhouse it is today.
ETF Recap
Another day… another batch of retail liquidity has burned out of the space until rejoining at the next picotop.
It’s all over! The ETH price didn’t gigasend after the first day of ETF trading!
For the rest of us, a good first day…
Yesterday we discussed what we were paying attention to as we watched the launch of the ETF.
July 23, 2024: Suits Have Arrived 🕴️💼
Today marks the first day of Ethereum ETF trading. What does this mean for Ethereum? How about our beloved and beleaguered #DeFi tokens like $CRV and the like? As always, we have no alfa nor any powers of prognostication… all we have is a dangerous addiction to reading and writing crypto stuff.
One such metric among the reading comprehension exercise was to compare $ETH and $BTC ETF performances… too low would be a sign that it would soon, indeed, be all over.
So far, it’s looking good though…
We’re entering into a new era…
On the day traders were glued to their terminals looking for hints of overperformance, the surprise winner was CVX?
Convex
Why Convex pump? As usual, our answer is some form of the copypasta…
The quickest way to dox yourself as a crypto pleb is to ask "Why Convex pump?"
Its path to valhallama is preordained. On any given day it needs no reason.
So, no, if you’re wondering, we don’t have any particular alfa or financial outlooks that will get you rich. But, we’ll be getting into some price chatter soon…
For those who are new here, whenever an article spirals off into price stuff, we paywall the article for safety. Asking for modest amounts of money has a repellant effect, it filters out the retardios who have already self-immolated their net worth, can’t afford to open their wallet, and honestly have no business playing in the crypto casino.
Before we go private though, a quick use of our platform that’s fast approaching 10K subscribers (thank you for subscribing, and forgive me calling you retardios last paragraph…)
Can anybody get this yet unanswered question an answer?
We’re bullish Asymmetry Finance, so much so that we invested. More importantly though, we want to make sure the wider community is not misled. We look forward to deeper explanation. And we already buttered our popping corn, so we’re eager for the fireworks show to continue…
So back to the question… why did CVX pump?
Answer: Because the absolute status of crypto is becoming such a gutter that reality as we know it is fragmenting.
It’s the most daredevil group of daffy drivers to ever whirl their wheels, and away they go on the way-out Wacky Races!