December 14, 2021

Is the Bottom In?

Dec 14, 2021

Introduction

There have been quite a few “bottom callers” on Crypto Twitter today anticipating an imminent reversal of the crypto markets. Will they be right, or will the macro-induced downtrend continue? Let’s look at some promising and some potential warning signs.

Market Outlook

Should you have been buying the dip yesterday and today in anticipation of a bullish reversal, or is it still time to be cautious? Well, that depends a lot on your risk appetite and whether you have been taking profits when the market was still hot. To be clear, the risk of making big moves now is still considerably high.

IncomeSharks @IncomeSharks

When you actually take profits you get excited about dips

There are several indicators and theories, however, that suggest that some short-term relief could be around the corner for Bitcoin and Co.

Will Clemente @WClementeIII

From an on-chain perspective, here's the key difference between now and May: In May: Previously strong hands became weak hands Now: Strong hands buying from weak hands

Will Clemente @WClementeIII

Think FOMC has a good chance to be a "sell the rumor, buy the news" event. Pair that with illiquid supply back at yearly highs and some large Bitfinex bids coming in. Just waiting for $53K to start bidding. Happy to miss some of the move and essentially pay for confirmation.

TXMC @TXMCtrades

Fed likely to announce faster tapering at FOMC due to the latest 6.8% CPI print, but I suspect there will be no raising of rates. My gut says this is already priced into #BTC + top buyers have been capitulating for weeks. We'll see. Not a climate for taking big action.

Byzantine General @ByzGeneral

Some signs of aggressive shorting now. Will they get away with it?

However, given the current rather hostile climate for risk assets, jumping headfirst into altcoins could be a risky undertaking, given that smart money seems to be sitting on the sidelines waiting out this uncertain period.

Alex Svanevik @ASvanevik

tfw the top 2 coins accumulated by Smart Money are stablecoins 😐

Pentoshi @Pentosh1

When the next bounces come. People will say bears are fucked. But what if bounces are just shorts closing to sell higher? Imo that’s what been happening. They’ve been in clear control for weeks

Nike Acquiring RTFKT

Yesterday, the news of Nike not just buying a single NFT (like Adidas did recently) but instead a whole NFT project, RTFKT, has caused quite a stir in the crypto community.

Zaptio RTFKT @Zaptio

WE GOT ACQUIRED BY @Nike to fuel the digital future! 🚀 Feels like a dream, we started RTFKT inspired by NIKE 2 year ago. Today we merge forces to take the Metaverse to a new frontier ⚔️

Farokh.ethᵍᵐ @farokh

Adidas: *buys Ape* Nike: “hold my beer” *buys RTFKT*

medved @mattmedved

Nike acquires @RTFKTstudios. Probably nothing. Imagine ignoring web3.

tunks.eth 🌈 @TunksETH

Visa bought a CryptoPunk. Adidas bought a Bored Ape. Nike acquired RTFKT. The common denominator? Ethereum. Not financial advice, just an observation 🙂

Loopify 🧙‍♂️ @Loopifyyy

NIKE ACQUIRED RTFKT THE NFT SPACE IS GOING TO GO F*CKING MAINSTREAM THIS NEWS IS SO BULLISH

Loopify 🧙‍♂️ @Loopifyyy

okay now inner thought: is this really bullish?

While the initial reactions to Nike’s NFT acquisition have been mostly positive and interpreted as a major step forward for the overall NFT movement, the news also provoked some critical voices:

0xAllen @RealAllenHena

Nike buys RTFKT Studios. This is great news for the NFT space. How do holders of RTFKT tokens capture direct value from this? Is the hype supposed to fuel value capture all by itself?

ricefarmer.eth 🍚 @RiceFarmerNFT

So we’re celebrating @RTFKTstudios selling itself to Nike… Imagine if @BoredApeYC sold itself to Adidas… 🤢🤮

Sergito 😜 // TheMadPups @sergitosergito

Love you all but damn y’all psychotic. Went from hating on big brands to worshipping Adidas and talking shit about Nike to saying no IP should be protected to buying copycats to now eagerly awaiting Nike metadrip. All in the course of 5 days. Let’s face it: it’s all about the 🤑

DCinvΞstor @iamDCinvestor

there is nothing so uncomfortable for early participants as the mainstreaming of something which was once niche

Sisyphus @0xSisyphus

if i was nike i would probably figure out why NBA topshot wasnt durable and avoid doing whatever they did

In other bullish Web 3 news, Shopify hinted at an upcoming MetaMask integration – probably nothing…

Blockworks @Blockworks_

Shopify x Metamask x NFTs soon? Shopify CEO just shared this Metamask integration

Blockworks @Blockworks_

Shopify's CEO new Twitter name + profile pic

To sum it up: The trend of mainstream corporations jumping onto the metaverse and NFT bandwagon has clearly accelerated lately. 2022 is undoubtedly going to be exciting!

Blockworks @Blockworks_

- Facebook rebrands itself to Meta - Disney wants to build a metaverse - Nike buys an NFT/metaverse company - Microsoft is building its own Metaverse - Adidas joins the metaverse via NFT collab - Grayscale says Metaverse is a $1T industry

EllioTrades

December 14, 2021

Is the Bottom In?

Introduction

Market Outlook

Nike Acquiring RTFKT

Ready for more?