🍵 Good morning.

Market situation:

- Bitcoin around $87,377;

- Ethereum about $2,854;

- Fear and Greed Index: 29;

- Bitcoin dominance: 59.80%;

- Altseason Index: 41;

- Capitalization: $2.93 trillion.

⚫Inactive 9-year ETH whale transferred 50,000 ETH ($145M) to Gemini in the last 12 hours. The address withdrew 135,000 ETH from Bitfinex 9 years ago at $90 (now $2,900, a 32x increase). After the transfer, 85,000 ETH ($244M) remained in the wallet.

⚫Farcaster ($180M) and Lens ($46M) changed owners in 48 hours: DeSoc failed due to impenetrable web2 network effects. Research from TheBlock on what is happening with decentralized social media.

⚫In the next 7 days, large one-time unlocks (> $5M): SUI, SIGN, EIGEN, KMNO, JUP, OP, TREE, SAHARA, ZORA. Linear unlocks (> $1M/day): RAIN, SOL, RIVER, TRUMP, CC, WLD, DOGE, AVAX. The total volume of unlocks will exceed $464M.

⚫Chris Burniske (ex-Ark Invest Crypto Lead, Placeholder VC Partner) has not started buying yet but is tracking key BTC levels: ~$80,000 (November 2025 minimum, cyclical low of this bear market), ~$74,000 (April 2025 minimum during Tariff Tantrum, below cost basis MSTR ~$76,000), ~$70,000 (upper boundary of the $50-70k range, close to the peak of the bull market in 2021), ~$58,000 (200-week MA, on-chain cost range with realized value ~$56,000), $50,000 and below (the lower boundary of the weekly range with strong psychological significance, a breakout will trigger the narrative "Bitcoin is dead").

⚫Canadian Prime Minister Carney stated that he does NOT plan to sign a "free trade agreement" with China after President Trump threatened to impose 100 percent tariffs.

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