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CZ made $25 million a day while in prison πŸ”₯

Euphoria in the US Stock Market.

Welcome to the Daily Coinsauce Newsletter, its good to be back. If you like our regular updates, then let us know with a β€œYes” vote and a feedback comment at the end. Let’s get straight into today’s highlights.

πŸ’§Top headlines from the last 24 hours:

β€’ CZ made ~$25 million a day while in prison.

β€’ Aave surpasses $10 billion in TVL.

πŸ“•Educational :

β€’ US investors are euphoric.

β€’ Chart of the day - Bitcoin Dominance


Lets dive in.

πŸ“… Today

πŸ”οΈ Market Outlook For The Week

  • Overall Bias - Cautious πŸ™ 

  • BTC dipped to it’s 200 Daily EMA at ~$60,000

  • It is crucial that this EMA should hold as support

  • This is a crucial price level. If BTC breaks here, further downside can be expected.

  • However, historically, Q4 has been the best-performing quarter for BTC so that we can expect some bullish momentum due to seasonality.

  • For the bulls, a clear breakout above $67,500 will take BTC to new all-time highs

  • It is wise to not take any new leveraged positions till BTC closes above $67,500, and just DCA in spot instead.

CZ prints $$$ while in prison πŸ™ 

CZ made over $25M daily while completing his prison sentence.

Forbes estimates that ex-Binance CEO Changpeng Zhao's fortune grew by about $3B by the time he was released from prison.

This means that he earned approximately $25M per day during his time in prison.

Aave surpasses $10 billion in TVL πŸ”₯ 

AAVE V3 has surpassed $10 billion TVL as DeFi resurgence is gaining momentum, leading to a a 197% surge from $3.36 billion TVL earlier this year.

Key improvements in Aave V3 include:

Enhanced capital efficiency: New features like isolation mode and high-efficiency mode allow users to maximize asset utilization.

Stronger risk management: Updated risk parameters and a robust framework increase protocol stability, critical for institutional use.

Cross-chain functionality: Aave V3’s multi-chain support boosts interoperability in a growing multi-chain ecosystem.

As a result, Aave has been one of the top performing altcoins over the past few months from the Top 100 cryptocurrencies.

πŸ“• Educational

Bullish sentiment for equities is through the roof:

US equity futures positioning by investors excluding market-makers just hit a net long of ~$290 billion, the most on record.

Since the beginning of the year, net long positioning has more than DOUBLED.

This is also twice as high as during the previous peaks seen in early 2018 and 2020.

Meanwhile, US households' stock allocation as a percentage of financial assets hit a new record of 41.8% in Q2 2024. Just last week, the S&P 500 made a new ATH of 5767.

Investors are all-in on stocks. How high can the market sustainably justify these levels and continue climbing up, only time will tell.

πŸ“Š Stat of the day

πŸ“ˆ Chart of the day

BTC Dominance (1 Day)

Rationale :

  • Ascending triangle breakout + re-test confirmation

  • Formed higher lows on re-test

  • RSI in buy zone

  • Stochastics oversold

  • If the 58.6% level is broken, alts could struggle against BTC.

  • Source : Cointraction

🀣 Meme of the day

That concludes our update for today!

We appreciate you joining us for the latest news. Our aim is to provide the best in class insights and highlights that keep you well-informed and ready. Remember to join us on Telegram and Twitter for additional updates and giveaways. Until then, see you next time!

Disclaimer : None of the content shared in the newsletter is financial advise. Always do your own research and analysis before investing.

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