Welcome to the twenty eighth issue of Smart Money Insights where I track what high performing wallets are doing. Please note that none of this is Financial Advice. You are responsible for your own money!
BTC Outlook
Solid week for BTC. We got a decent retracement as BTC broke past its ATH, but I honestly don’t see anything too concerning yet in terms of the market structure. The main point I am keeping an eye on here is $64k where a new bullish order block has formed. As long as BTC keeps this uptrend intact, I remain bullish.
ETF flows remain positive, and I think this will continue for the time being. While some may think BTC is expensive now, price is really the best marketing. This is the foundation of retail momentum.
On the other hand, the ETH/BTC chart does not look great, as the downtrend continues. We will see what happens as a retest of 0.05 support is likely. There needs to be a convincing breakout upwards if we want to see the ETH rally that people are hoping for.
Smart Money Insights
General Overview
Mostly a pretty red week for alts with the recent BTC dump. This is why I have been a bit more conservative with alts the past two weeks. With BTC going on an extended rally, BTC dominance trending up, and memes going ballistic over the past week, a retracement is pretty much expected. Interestingly enough, L1s outperformed the market this week with Solana, Avax, Ton, and Near leading the pack. I think L2s might start gaining traction too with the Dencun upgrade here.
Summary
Data is pulled from Chainedge. I have not done proper due diligence on most of these so be careful.
ATOR: Big smart money interest from one smart wallet. Not sure if this is what led to the price breakout or if there is a catalyst behind it.
Index AI: +$280k inflows from 10 wallets.
Gelios: +$200k inflows from 10 wallets.
BTRFLY: +$121k inflows from 1 wallet.
New Projects
These are early stage projects that I am sourcing through Moni Discover. I have not done proper due diligence on most of these so be careful.
Tensor Foundation: Not necessarily new but the Solana NFT marketplace recently announced its new token. This could be worth looking into.
BasedAI: Not sure what this is but looks like it’s marketed as a Bittensor competitor.
Ceta AI: Also looks like it has something to do with the TAO ecosystem.
How I am Positioned
I have been shifting too a conservative on alts over the past two weeks and have been looking at early stage projects in AI and ZK Rollups that have not launched yet. I think altcoins will have their day in the bull market but think BTC is king right now.
Thanks Minty. Just wondering if you have any private group for discord or telegram?