Is This the Start of Altseason 2.0?
PLUS: Over 92% of BlackRock's BUIDL fund is tokenized on Ethereum
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In today's newsletter:
💡 Is This the Start of Altseason 2.0?
📣 US 30-Year Yield Hits Highest Since 2003 After Moody’s Downgrade
📈 Over 92% of BlackRock's BUIDL fund is tokenized on Ethereum
Let’s dive in!
💡 Insight
Is This the Start of Altseason 2.0?
For the first time since Q4 2023, we’re seeing sustained rallies across altcoins and memecoins. And something critical just happened: BTC dominance may have peaked.
If this is the beginning of true altseason, there’s still a long runway ahead.
Signals
We’ve been here before. And there are 5 key signs that tell us altseason might be loading:
Late-stage cycle dynamics. Risk starts rotating outward.
BTC dominance peaks. Historically around 65–70%—we’re hovering there now.
Shift from QT → QE. Liquidity wants out of bonds and into high-beta assets.
Rising ETH/BTC ratio. Smart money rotates before retail notices.
Retail reawakens. We’re already seeing this in memes, Discords, and volume.
Right now, we’re still early. ETH/BTC is just 0.024. ETH is trading at a 46% discount from ATHs. The Fed is still doing QT.
But the 20% move ETH made last week rhymes with January 2021—when ETH jumped 68% in 7 days… and never looked back.
Back then, ETH/BTC ran from 0.03 → 0.07 in four months. ETH/USD followed with a 370% rally.
That spark lit the match for NFTs, metaverse tokens, DeFi 2.0, and alt L1s. Altseason went full send.
How We’re Playing This
We’re not aping into everything. But we are positioning now—before retail floods in.
Here’s our playbook:
✅ Avoiding BTC. It's unlikely to outperform from here. Focusing on ETH, SOL, etc.
✅ Targeting narratives (e.g. SUI, VIRTUALS), tokens with fundamentals (e.g. Raydium, Pendle)
✅ Leveraging memes (e.g. BONK, PEPE)
But Let’s Be Real — There Are Risks
This setup could break bullish. But if it doesn’t, you need to be ready.
🚧 Key risks we’re watching:
BTC must make new highs
Rising yields: could weigh on valuations in crypto and equities.
Stablecoin legislation blocked
So no—we’re not “all in.” But the setup here is asymmetric: modest exposure with potentially outsized upside.
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📣 Update
US 30-Year Yield Hits Highest Since 2003 After Moody’s Downgrade
This is because investors now forecast a longer term term of elevated inflation.
Moody’s announced Friday evening it was downgrading the US to Aa1 from Aaa, reinforcing Wall Street’s growing worries over the nation’s fiscal outlook.
📈 Signal
Over 92% of BlackRock's BUIDL fund is tokenized on Ethereum
Ethereum remains the undisputed leader in the RWA sector.
Are you buying ETH?
Take action 🚀
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