gmgm, welcome back!
What and eventful week for crypto, after the White House organized a Crypto Summit with major US crypto CEOs. The US Treasury stepped in with a bid for its own bonds, as a result yields came down, and Bitcoin went from $64k to $81k, HYPE made an ATH after the US Govt announced their desire to bring Hyperliquid to the US officially.
Onchain has been absolutely on fire with Base back in the arena with fresh memecoin listings like $Basecat and Cobie taking over things at Baseapp. Robinhood keeps delivering utility and defi gems while Solana staying steady with memes and stock paired memes.
📊 Market Outlook
Bitcoin finally out of the crab zone at $78.5k, up about 22%, with its ETFs trading $22B this week, more than triple the week before
Ethereum at $2,455, up about 29%, with ETH ETFs pulling in almost $700M of fresh money
Solana at $96.8, up about 28%, riding the same liquidity wave
HYPE at $80, up about 34%, with a new ATH of $83 on Sunday
🏦 The US starts buying back its bonds
Why are we pumping all of a sudden? Well, after 10 and 30 year yields hit twenty year highs, the Treasury announced on August 19 it will double its long end buybacks from $2B to $4B per operation, running September 9 to November 4.
Technically this is not QE, the buybacks get funded by issuing short term bills. But the market still sees this as an erosion of USD value and thus move into risk assets and inflation hedge trades like BTC and Gold.
What’s going to be the next catalyst? When new Fed chair Kevin Warsh gives his first Jackson Hole keynote on August 28th. This year's theme is literally "Financial Innovation: Implications for Payments and Policy". Stay tuned.
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