June 25, 2021       /       Unchained Daily       /       Laura Shin

Daily Bits ✍️✍️✍️

What Do You Meme?

What’s Poppin’?

Investing in cryptocurrency companies is poppin’.

Yesterday, Andreessen Horowitz launched a new $2.2B crypto fund. The VC plans to invest in a slew of companies across the blockchain and digital asset space. a16z also announced former Securities and Exchange Director Bill Hinman will join the firm as an advisory partner.

A new $2.2B fund should only accelerate the pace of crypto investments. According to Dove Mountain Data, crypto companies received an influx of $329,450,000 across a series of eight fundraising rounds announced over the past week.

Source: Dove Mountain Data

With that in mind, let’s test your knowledge:

Recommended Reads

  • WallStreetBets Dapp is creating a macro hedge exchange-traded product with the help of Balancer labs:

  • Everything you need to know about DAOs:

  • Nassim Taleb, the author of several well-regarded books on finance, published a paper critiquing Bitcoin, saying “[I]n spite of the hype, bitcoin failed to satisfy the notion of ‘currency without government (it proved to not even be a currency at all).”

    You can find the full criticism here.

    Nic Carter, co-founder of Castle Island Ventures, gathered a thread of threads, rebutting Taleb’s paper:

On The Pod…

Strong Hands Aren’t Selling Bitcoin. So Who Is?

Will Clemente, author of the BTC by WC3 newsletter, breaks down the current state of Bitcoin’s on-chain activity and explains why he believes the market is in a mid-cycle lull rather than turning bearish. Show highlights:
  • why Will is not worried about a bear market

  • what indicators make Will believe BTC is in a mid-cycle consolidation

  • who is selling and driving the recent market downturn

  • why Will thinks the unwinding of derivatives is a significant factor in Bitcoin’s move below $30K

  • what Will believe institutions are waiting on before entering the market again

  • how Bitcoin cycles can be broken down into mini hype-cycles

  • how long-term holders are acting on-chain

  • the difference between long-term holders versus short-term holders during bear and bull markets

  • why Will is interested in finding data on Latin American Bitcoin users

  • how long the consolidation process might take

  • what metrics Will has his eyes on for the latter half of 2021

Book Update

My book, The Cryptopians: Idealism, Greed, Lies, and the Making of the First Big Cryptocurrency Craze, is now available for pre-order now.

The book, which is all about Ethereum and the 2017 ICO mania, comes out Nov. 2nd. Pre-order it today!

You can purchase it here: http://bit.ly/cryptopians