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Micah Spruill

@micahspruill

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MP & Chief Investment Officer @s2fcapital | Trading magic internet money since 2014.

Atlanta, USA
Joined April 2010
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@micahspruill
Micah Spruill
a day ago
>FTX establishes $2B Fund to invest in crypto startups >A16z Looks to Raise $4.5B for new crypto fund >Coinbase is acquiring FairX, a CFTC-regulated derivatives exchange >Fidelity: "Countries that secure some bitcoin today will be better off than their peers"
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@micahspruill
Micah Spruill
a day ago
*Notable headlines this month* > Bitcoin hashrate has reached another new ATH >Cash App will integrate Bitcoin lightning network >ETH burns $400M worth of coins, recording its first ever deflationary week >At least 20% of new Web3 developers are joining Ethereum
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@micahspruill
Micah Spruill
a day ago
Most Layer 1 market caps have compressed lately due to macro pullback. Platforms like NEAR and Fantom have increased despite this. NEAR has increased significantly due to a successful funding round, a cross-chain bridge protocol, and the network's overall user growth.
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@micahspruill
Micah Spruill
a day ago
ETH Bridge growth continues to climb as TVL exceeds $25.1 billion.This parabolic growth in crypto assets bridging shows no signs of slowing down with more than 76,000 unique addresses bridging assets in the last 30 days. We expect the cross-chain migration to continue in 2022.
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@micahspruill
Micah Spruill
a day ago
Futures open interest continues to rise as BTC futures volume declines. As this trend continues, we note the funding rate trending to the negative (shorts are paying funding to hold their positions). If we see a squeeze up, it could liquidate major short positions around 46-47k.
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@micahspruill
Micah Spruill
a day ago
This chart by @krakenfx shows through 2021, BTC surrendered market share to many other sectors. 16% of this dominance was lost to Ethereum and other competing L1 Smart Contract protocols. Other sectors of note included Exchange tokens, Stablecoins and DeFi.
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@micahspruill
Micah Spruill
a day ago
Our 'opportunity cost' momentum model compares price momentum of BTC vs ETH vs USD over a rolling window (x-axis) to suggest an optimal allocation (y-axis) of capital to each of these three assets.
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@micahspruill
Micah Spruill
a day ago
Current dominance level is 40%. Emerging sectors in the space continue to draw interest from investors which puts downward pressure on BTC dominance. We believe dominance will trend further to the downside over the longterm as alternative ecosystems expand.
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@micahspruill
Micah Spruill
a day ago
Currently, as the price of BTC chops sideways, certain altcoins are finding strength. Assuming BTC stays in a relatively tight sideways range, alts should outperform.
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@micahspruill
Micah Spruill
a day ago
ETH's 50d MA (Blue) looks poised to retest the 200d MA (Gold). This technical pattern also occurred in August of last year. Just before the 50d touched the 200d however, price began a sharp reversal to the upside. Short term, we expect ETH to remain in the 2.8-3.6k price range.
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@micahspruill
Micah Spruill
a day ago
This week in BTC the 50d MA (Blue) fell below the 200d MA (Gold). Historically, when these two averages cross one another, whether breaking below or rising above, price tends to establish a direction soon after. Major support in mid 30s, resistance high 40s.
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@micahspruill
Micah Spruill
a day ago
The 28 day moving-average NVT (Blue) is below the 90 day moving-average NVT (Purple) while the NVT premium (Green) is entering a zone that has historically signaled the Bitcoin network is discounted.
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@micahspruill
Micah Spruill
a day ago
Current Dormancy Flow channel (Green) has historically offered opportunities to purchase discounted coins and served as a macro support level for price action. We're watching to see when BTC whale addresses signal accumulation patterns align with a dormancy bounce from this level
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@micahspruill
Micah Spruill
a day ago
As DeFi adoption continues, we've witnessed explosive TVL% growth over last year eclipsing the $100B mark. Since beacon chain launch in Dec 2020, ETH's total supply in smart contracts has grown to ~9.1million ETH in the deposit contract. We expect the trend should accelerate.
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