Todays Top Stories

The Rune Blast-off is here!

As we mentioned at the beginning of this week, runes seemed to be gearing up for some major price action. And lo and behold, only three days later, we’re seeing previous all-time highs shattered and, in some cases, more than doubled. The fees spent on minting new runes are through the roof, and any runes previously proclaimed dead and gone are pumping harder than an early Sunday morning Amsterdam afterparty.

What’s going on? Is this the peak, or could we go even higher?

Let’s dive in!

It’s important to remember that the market cap of almost all runes is tiny compared to memecoins on other chains. When compared to the market cap of the base chain, in our case Bitcoin, these rune market caps become even more insignificant. This means that mathematically, there’s a lot of room for growth, based on the behavior we’ve seen on other chains. In other words, you’re early!

One thing holding us back is that, for many, the BTC ecosystem was still too niche, so we lacked new money coming in. Usually, it takes a full-blown bull run to saturate a new ecosystem with users. The ordinal and runes ecosystem has not seen this yet, since it arose during the bear market.

However, this has been slowly changing as we see major players from other chains recognizing the opportunity and making their move toward runes.

Another major factor in attracting new users and liquidity is listing on CEXs. While this is not as bullish as in previous bull runs, and many exchanges are even accused of liquidating tokens to prop up their revenue—providing heavy sell pressure and causing negative price action on the respective token—some tier 1 exchanges still bring prominence and marketing, at the very least, and access to new users in the best-case scenario.

Usually, this is more beneficial in bull markets when exchanges are not in dire need to sell tokens to stay afloat. This is one of the big promises that most runes still have waiting for them, creating, you guessed it, further speculation. Coinbase’s X post about Taproot addresses was a perfect example of such speculation.

Lastly, there’s the topic of tokenomics, which in the case of some runes, is far more decentralized and favorable than in the traditional memecoin space. This is partially due to clever design, like in the case of DOGE, but also because many minting processes play out more slowly. By limiting the maximum mints per transaction, it allows more people to get in early, instead of 10 wallets scooping up 50% of the supply in the first second after the contract is deployed.

So… is it too late to get in? Mathematically, it shouldn’t be yet. However, this move has been volatile, so a correction could be imminent. After that, I personally expect more liquidity to be drawn to the rune market for the reasons mentioned above and explained in Monday’s newsletter. As always, this is not financial advice!

Daily Alpha | Inside Bitcoin Amsterdam

Tonight, one of the best party starters in the industry is set to throw another banger at the A’dam Tower! 🎉 

If you’ve got an invite or own a Pizza Ninja, make sure you don’t miss it. This event is bound to be EPIC and one for the books!

Get ready for an unforgettable night filled with amazing service, vibes and energy. It’s going to be an experience you won’t want to miss!

Daily Alpha | Why did we Dip?

As we all know, the economy has been in a bit of a pickle ever since a certain crisis in 2020. Since then, we’ve jumped from one smokescreen to another, including classics like: “This inflation is transitory,” “The economy is as strong as ever,” “Jobs are still incredibly strong,” and “Bidenomics worked.”

This brings us to today, at the volatile upward end-phase of the 18-year real estate cycle, compounded by a fundamentally crippled economy and a highly politicised economic system, all heading toward one of the most influential elections for the global economy. Resulting in tense, volatile, and reactive market dynamic, rife with both opportunity and risk. Yesterday was a perfect example of this reactive, volatile state. Inflation came in 0.1% higher than expected, and the market immediately dumped, likely due to concerns that this could influence how quickly the Fed is willing to cut rates—something the market loves to anticipate and speculate about.

If you want to exactly how this inflation is measured Binance provided a helpful deep dive on the topic.

If many chartists are to be believed, “going significantly lower” is also a distinct possibility. However, all of them agree that any short- to mid-term downswing should be seen as an opportunity (not financial advice), because mid- to long-term they are all “incredibly bullish.”

The important message here is not to get too hung up on the short term. Look at the longer term, stay calm, and, lastly, believe in your own convictions. On a day like yesterday, go touch some grass, or ironically enough, go play around with some Runes using excess liquidity that you can easily live without. Again, not financial advice 😛

Unchained Art | Todays Editors Pick

The man, the myth the Legend; RikG

Daily Bites

Todays Markets

Landy.degen Chart of the day

Last night comments by Landy: “Hanging on the edge, bulls pushed for a near perfect close on the bottom of the 'Recover" S/R level.”

Our view today: We seem to have survived once again ladies and gentlemen, for now...

Ordinals

Even though runes are drawing in massive liquidity from the market, Ordinals are also catching their fair share of attention, showing a significant increase in volume. This is especially interesting considering that yesterday saw Bitcoin drop below $60K.

Most projects are up today, with only Nodemonks, OMB, and Ordzaar Pass pulling back slightly.

Puppets take the cake again by volume, but two familiar faces are dancing in the spotlight based on their gains. FTW comes out of nowhere and shoots up almost 100%, while Billy Cats go far beyond that with well over 200% for obvious reasons. It will be interesting to see if the Ordinal and the Rune continue to enjoy the same level of attention as Billy’s X account keeps pumping out banger memes, and their signature B glasses are a popular sight at IRL events.

Runes

As we went into detail in our main story today, I’ll keep it short…

Everything is green, mostly deep in the double digits! $DOG has one of its biggest days in a while, with nearly $1.5M in 4-hour volume and reaching the halfway mark toward its first billion. Volumes across the board have skyrocketed, with all major runes showing high volume and lush green numbers.

Two new animals (re-)enter the fray in the form of a sleepy cat and a retarded bird, both bringing massive triple-digit gains.

What’s not to love?

Todays Opportunities

ExtraOrdinals Whitelisted mints this week

With the week nearing its end, the list shortens, but still there is one mint today for our ExtraOrdinal giveaway winner.
If you won, and you’re feeling bullish, load up those wallet but always stay safe while minting!

Giveaways

Here are today giveaways, giving ExtraOrdinals access to hottest future mint!

• BitAvatarz (GTD)- Ends Friday October 11th at 23:50 UTC

• BitAvatarz (FCFS) - Ends Friday October 11th at 23:50 UTC

• Little Dinos (GTD) - Ends Saturday October 12th at 00:48 UTC

• Little Dinos (FCFS) - Ends Saturday October 12th at 00:50 UTC

• Hero Guys - Ends Saturday October 12th at 02:01 UTC

• Sneaky Boys (GTD 2) - Ends Saturday October 12th at 11:48 UTC

• Sneaky Boys (FCFS) - Ends Saturday October 12th at 11:52 UTC