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October 21, 2021

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EllioTrades Daily Roundups

October 21, 2021

While Bitcoin Is Retesting, Ethereum Is Challenging Its Old All-Time High

Oliver Grah
Oct 21, 2021
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October 21, 2021

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While Bitcoin is retesting support after its impressive breakout yesterday, we have seen altcoins move quite a bit today. Particularly Ethereum tried to replicate what Bitcoin did yesterday: Break its old all-time high (around $4400) and enter price discovery. In case you wondered why ETH’s first attempt failed, here is the explanation 😉

Twitter avatar for @Sathematical
Sath | Yunt Capital @Sathematical
Thanks @sassal0x
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11:36 AM ∙ Oct 21, 2021
143Likes20Retweets

Sassano what can we do to stop you from tweeting this week?

With Bitcoin dominance decreasing quite a bit today, many altcoins have posted single- to double-digit gains. Near and Celo, two emerging L1s we have pointed out recently, have been among the top performers.

Is this a trend to be resumed? Hard to say, but with Bitcoin dominance still in a bullish structure, it’s likely that we don’t get the “big alt-season” just yet.

Twitter avatar for @safetyth1rd
𝕯𝖆𝖓𝖌𝖊𝖗 @safetyth1rd
my mid-iq take on btc.d - take it or leave it, dont bet your life savings on it: yes its in an uptrend, but it's not a straight line. 1. Dont sell your alts into btc after a pump - wait for the consolidation 2. Dont fomo into alts after a btc.d dump - wait for a btc.d pump.
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4:10 AM ∙ Oct 21, 2021
29Likes3Retweets

In the Short Term, All Bets Are off

  • As CZ rightly points out, there will be a LOT of volatility, shakeouts, and “scam price action” in the coming weeks to shake out “paper-handers” and take only those with high conviction to the hallowed land of the next bull market leg.

Twitter avatar for @cz_binance
CZ 🔶 Binance @cz_binance
Expect very high volatility in #crypto over the next few months.
11:52 AM ∙ Oct 21, 2021
6,821Likes933Retweets
  • From FOMO-induced bullish continuation to double-top fears or a massive leverage liquidation flush-out (which we have to expect at some point irrespective of fundamentals) – different short-term scenarios are in the cards and speculation on Crypto Twitter is running hot.

Twitter avatar for @ByzGeneral
₿yzantinΞ General @ByzGeneral
Market is getting propped up pretty hard rn with leverage and there are clearly some people testing how easy it is to trigger a liquidation cascade. Careful lads. $BTC
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12:24 PM ∙ Oct 21, 2021
424Likes43Retweets
Twitter avatar for @WClementeIII
Will Clemente @WClementeIII
Translation: People were (and still are) longing perps against price grinding down. This price action is attempting to shake out these leveraged apes before we can proceed higher. Comfy in spot.
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Twitter avatar for @WClementeIII
Will Clemente @WClementeIII
Price grinding down and funding is rising FYI
2:52 PM ∙ Oct 21, 2021
609Likes62Retweets
  • No matter what: If you positioned early enough in the cycle or bought the dip, you should be sitting pretty now, unfazed by the next short-term price action (taking some chips off the table is never wrong too!)

Twitter avatar for @TraderMagus
Magus @TraderMagus
I think max pain is leg up to 80+ making sideliners fomo and then we liq everyone, however the weekend is upon us Which has me more bearish short term Swallowing pride and positioning early in trend has its benefits. We go up and I win, we go down before up, same result
12:13 PM ∙ Oct 21, 2021
26Likes1Retweet
  • There are, of course, also still bears on Crypto Twitter (which is good since we don’t want consensus). One way or another, ALL scenarios – even if unlikely – should be in the back of your head.

Twitter avatar for @blknoiz06
Ansem🃏🃏 @blknoiz06
thats what we call a warning shot
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12:09 PM ∙ Oct 21, 2021
194Likes15Retweets
  • If the fast-moving prices and (constant) uncertainty in the markets make you nervous, here is some good advice by Avalanche founder Emin Gün Siner:

Twitter avatar for @el33th4xor
Emin Gün Sirer🔺 @el33th4xor
As a techie who has been around crypto for a very long time, I find discussions around price to be somewhat nauseating. I've managed to nail a lot of trend/price/investment decisions, but my trick has generally been to follow the tech trends and bet on the best tech on hand.
1:47 PM ∙ Oct 21, 2021
50Likes3Retweets

God Candles on All Time Frames

  • Not just on the hourly time frame, we witnessed a powerful green candle yesterday that smashed through and beyond Bitcoin’s old all-time high. Zooming out to the weekly chart, we can see how impressive BTC’s run in October has been.

Twitter avatar for @VahidToosi
Vahid Toosi @VahidToosi
It took #bitcoin almost 10 years to reach a #ATH of 20 k in 2017/2018. This month we printed a 20 k candle. That’s exponential growth but probably nothing…
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5:27 PM ∙ Oct 20, 2021
181Likes22Retweets
  • When looking at Bitcoin’s RSI we can see that we just reentered the red zone which means while risk levels are rising, there should still be ways to go!

Twitter avatar for @100trillionUSD
PlanB @100trillionUSD
#bitcoin looking strong: RSI>70 and in ATH mode (red)
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10:08 AM ∙ Oct 21, 2021
10,148Likes1,345Retweets

The Bitcoin ETF Wave Is Rolling in

  • This week we have seen the first Bitcoin Futures ETF start trading in the US, a watershed moment that clearly hasn’t turned out to be a sell-the-news event but instead the catalyst for Bitcoin to push to new all-time highs.

  • The launch of the ProShares Bitcoin ETF has turned out to be highly successful, with huge demand by investors despite the seemingly apparent downsides of a Futures-based ETF. TradFi investors apparently don’t seem to care…

Twitter avatar for @EricBalchunas
Eric Balchunas @EricBalchunas
RECORD BREAKER: $BITO assets up to $1.1b after today, making it the fastest ETF to get to $1b (2 days) breaking $GLD’s 18yr old record (3 days), which is poetically apropos. https://t.co/yGXyfwaogD
Twitter avatar for @EricBalchunas
Eric Balchunas @EricBalchunas
The fastest ETF to ever get to $1b (naturally) was $GLD in 2004. It did it in 3 days. No one has really come that close since. $BITO has $570m after one day a legit shot to at least tie this DiMaggio-esque feat. Here's the fastest in a Missile Command-y looking chart from @JSeyff https://t.co/TWU1ZvTA1p
9:03 PM ∙ Oct 20, 2021
2,469Likes709Retweets
  • After the BITO ETF kicked off the ETF party on Tuesday, two more Bitcoin Futures ETFs will launch in the coming days! It’s going to be interesting to see if they can attract similar amounts of capital as the first mover BITO.

Twitter avatar for @Blockworks_
Blockworks @Blockworks_
3 #Bitcoin Futures ETFs will soon trade in the United States: ProShares - Trading Valkyrie - Trading confirmed for Friday VanEck - Received SEC approval
10:12 AM ∙ Oct 21, 2021
46Likes18Retweets
  • All of this is of course only laying the foundation for a hopefully soon to come spot Bitcoin ETF, which would be HUGE since it would attract tons of fresh retail and TradFi capital into the crypto market and it would be “forced” to buy and hold real Bitcoin.

Twitter avatar for @woonomic
Willy Woo @woonomic
If Grayscale’s BTC ETF was approved and it charged 0.25% fees in line with many Gold ETFs, it would have to hold 28% of the BTC circulating supply in order to make the same fees revenue as GBTC does today.
9:35 AM ∙ Oct 21, 2021
1,087Likes142Retweets
  • What Bitcoin ETFs (spot ETFs even more so than Futures ETFs) will do to the crypto markets is clear: Besides creating important regulatory clarity (a factor not to be underestimated), they will attract a lot of sidelined capital from both retail and institutional investors, especially through intermediaries like financial advisors and brokers. The following news items are all from the last 24 hours:

Source: CNBC
Source: Bloomberg
Twitter avatar for @NYDIG_BTC
NYDIG @NYDIG_BTC
As the first national pension plan to invest directly in #Bitcoin, our partnership with @HFRRF1 marks a watershed moment for digital assets. We are proud to support their mission, now with a first-of-its-kind investment opportunity: prn.to/2Z9CSHA
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3:14 PM ∙ Oct 21, 2021
202Likes48Retweets
Twitter avatar for @APompliano
Pomp 🌪 @APompliano
The Houston Firefighters Pension Fund has purchased bitcoin. Eventually every pension fund will.
3:02 PM ∙ Oct 21, 2021
834Likes109Retweets
  • Even with the recent ETF approval, there is still a lot of room for growth once we get even more regulatory clarity.

Twitter avatar for @zerohedge
zerohedge @zerohedge
"Lloyd Blankfein doesn’t yet own any crypto and grouped himself in with the “old fogies” waiting for regulation before deciding whether to invest" - BBG
3:27 PM ∙ Oct 20, 2021
101Likes16Retweets
Twitter avatar for @tztokchad
TzTok-Chad (💎, 💎) @tztokchad
institutional fomo and reflexivity means $btc and $eth are suddenly better buys past ath than at half the price from here. humans are weird
6:44 PM ∙ Oct 20, 2021
99Likes5Retweets
  • Better believe that Bitcoin is only the first but not the only cryptocurrency that will attract a lot of new capital. We have repeatedly reported that institutional investors are particularly attracted to innovative L1 ecosystems like Ethereum, Solana, Cardano, or Polygon (falling somewhere between L1 and L2). Seeing ecosystem-specific, institutional-grade funds being created is a clear sign where capital will flow in the comings months…

Twitter avatar for @CoinDesk
CoinDesk @CoinDesk
Cryptocurrency index fund manager @BitwiseInvest has formed a @0xPolygon fund to give investors exposure to the layer 2′s native $MATIC token. @mikeybellusci reports
trib.alBitwise Launches Polygon Fund for Ethereum-Scaling ExposureThe vehicle will give accredited and institutional investors a taste of the MATIC token.
1:36 PM ∙ Oct 20, 2021
543Likes145Retweets
  • Meanwhile, Bloomberg analyst Mike McGlone (who gets the attention of many traditional investors) keeps painting a very bullish macro picture for Bitcoin.

Twitter avatar for @mikemcglone11
Mike McGlone @mikemcglone11
A supercycle is happening in #Bitcoin, which appears in early price-discovery days, positioning the cryptocurrency to outperform #commodities in 2022. Commodities face rising risks of sharp price reversion under pressure of rising supply and demand elasticity.
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11:47 AM ∙ Oct 21, 2021
197Likes54Retweets
  • We’re living in a time where crypto exchanges get multi-billion valuations and raise money from the biggest money bags in the world such as Blackrock. Imagine what the hundreds of millions of dollars raised by FTX will do? They will help onboard the next big cohort of mainstream crypto investors.

Twitter avatar for @Blockworks_
Blockworks @Blockworks_
JUST IN: Crypto exchange @FTX_Official raises $420 million and is now valued at $25 billion
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12:08 PM ∙ Oct 21, 2021
144Likes26Retweets
  • Or of course:

Twitter avatar for @RaoulGMI
Raoul Pal @RaoulGMI
@mdudas Soon @SBF_FTX is going to buy the Bahamas at this rate...
12:07 PM ∙ Oct 21, 2021
97Likes3Retweets

Countries Are Warming up to NFTs

  • In a pleasantly surprising move, Thailand has changed its tune on NFTs after appearing quite hostile earlier this year.

Twitter avatar for @Blockworks_
Blockworks @Blockworks_
Thailand's regulators are embracing NFTs. In June NFTs were banned but now the sentiment has shifted. The 2nd biggest bank has launched an NFT marketplace and some of the nation’s largest shopping malls will display NFTs. Via @thesamreynolds
blockworks.coThailand’s Regulators Soften Ban on NFTs as Local Banks Invest in Ecosystem - BlockworksThailand’s Securities and Exchange Commission has shifted from banning NFTs and meme tokens to embracing the new asset class.
10:29 AM ∙ Oct 21, 2021
27Likes5Retweets

NFT Bridge Between Ethereum and Cardano

  • Cardano has had a slow start to its smart contract era but the NFT activity on Cardano is running in overdrive! Today’s announcement of IOHK, the main company building Cardano, to build an NFT bridge from Ethereum to Cardano is pouring oil into the already hot fire…

Twitter avatar for @IOHKMedia
Input Output Media @IOHKMedia
Announcement: we're working with @BondlyFinance to create a bridge to bring NFTs from Ethereum to Cardano. DM us for a full release!
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11:08 AM ∙ Oct 21, 2021
816Likes217Retweets

New NFT Marketplace on Solana

  • Not just Cardano’s also Solana’s NFT ecosystem has been on fire in the last weeks. Now, a new NFT marketplace has arrived in the Solana ecosystem powered by Raydium.

Twitter avatar for @RaydiumProtocol
Raydium @RaydiumProtocol
The Raydium NFT Marketplace is now live! Cheers to @MagicEden_NFT for pulling a rabbit out of the hat! 🪄 Check the navigation tabs on Raydium or direct link: nft.raydium.io Stay tuned, we'll be hosting a Twitter spaces chat w ME on the hour!
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Twitter avatar for @MagicEden_NFT
Magic Eden: Next-Gen Solana NFT Marketplace @MagicEden_NFT
Today, @RaydiumProtocol and #MagicEden are launching an NFT marketplace on https://t.co/6PVI6ih3Yv to give the community the best options, liquidity, and exposure. All Magic Eden collections will be dual-listed on ME + Raydium. LFG! More below 👇🏼
1:13 PM ∙ Oct 20, 2021
250Likes58Retweets
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October 21, 2021

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