You sold pump it hey guys, Sheldon evens here welcome back or if you’re new here don’t forget to hit the subscribe button and turn on all of those bell notifications and give the video a like. If you find any of this content useful. So, on my display right now i have the lunar USD chart open and I’m sure you’re aware that we’re pumping near to all-time highs. Yet again, this is in the midst of bitcoin still closing below the 200-day moving average. We have now officially closed below it.
On the daily timeframe, which isn’t necessarily the most positive news, but it’s not the most bearish either as i’ve said many times, so many people are trying to predict the exact outcome of this market, whether we pump into your year end or pump into march next year Or maybe we just have the slow, steady grind up like we’ve been having, since back in july, we simply grind up until we reach new all-time highs of a hundred two hundred thousand dollars at the end of this bull run. Whatever anybody wants now, whether we get reach those highs with a massive blow off top and everybody trying to get the perfect profit-taking strategy by selling at the absolute peak of this market after this parabolic rise, that’s not necessarily going to be the case. We have too many market participants this time around, who are looking at all these indicators, just as you and i are looking at all the unchain analysis, just as you and i are, and following the trends of what influencers and key opinion leaders in the space are Saying myself included, i know that i have an impact on this market. It might not be very big at all, but this can perpetuate itself across the market depending on what i say. If i say something, if another influencer says something, there are large followings in the space and these narratives can be pushed very very easily.
So what i’m saying is that trying to predict exactly what the market is going to be doing is a fool’s game. Instead, we look at what we have look at the data that we’ve been presented and we react accordingly see the world, for as it is rather than you wish it was, and instead just move with the flow. So, let’s take a look at the market.
Everything is looking pretty good. Today, green across the board, we’ve got avalanche up: ten percent uh solana, six percent ethereum up five percent, just under four thousand dollars.
Still, we haven’t yet recovered entirely for ethereum, but if we look at ethereum we can still see that we have regained or reclaimed that uptrend that i’ve spoken about since the beginning of january. I spoke about this yearly opened many many times here on the 1st of january, when we started this massive move up every time we’ve reclaimed this, we haven’t yet lost the entire trend and gone completely bare, yet we are still holding this. So, in my opinion, that is a pretty bullish, move luna, also very close to all-time highs, just below that one 618 fibonacci level.
If we reclaim this or go above the 1618. In my opinion, i think we can reclaim that and maybe move up to the next firm level, but again just speculation looking at what the market is presenting us and reacting accordingly at this point i’m not buying nor selling.
As i said in my previous video, i was buying, and that was right after that dip and the reason being is that this sort of behavior that we’re seeing across the market right now is pretty pretty bullish, in my opinion, depending on what is happening on chain. So the last time retail bought the dip. This hard was at the bottom of the covert crash.
Probably nothing if you understand this and if you remember anything about the covert crash that was probably once in a lifetime opportunity to buy the dip and maximize your profits to two levels that have never been seen before to new all-time highs from that very very bottom. Of around three thousand nine hundred dollars, i think it was at the time to basically seventy thousand dollars for for bitcoin, so we’ve had fantastic moves across the board since that time and, as i said, we were possibly seeing a march 2020 like moment.
I mentioned this in the previous video and that is why i was buying. Yes, we could still go lower, but i personally don’t believe that it’s the end of the bull run and i do see us having this extended cycle into next year with a slow, steady grind up. Maybe we do have a low of top.
Maybe we don’t, but let’s take a look at what’s happening on chain. Smart versus dumb money hits an all-time high and this is what i hope you are not.
I hope, you’re not dumb money at this point in time. If you’ve been watching this channel long enough, we know how to move the market and we know how to move with the market rather, and we know how to understand when people are selling when people are buying. And we look at the on-chain analysis for this to determine whether this is the end of the cycle.
Is this a catastrophic event, or is it an opportunity to buy and make some pretty good gains? So, according to the so-called smart money gap indicator consisting of data from on-chain and analytics glass, node there’s been a greater disparity between the amount of bitcoin hold by smart and dumb money, meaning that short-term holders are selling to long-term holders.
So long-term holders are accumulating more bitcoin, while newer market participants are exiting the market. So if we take a look at bitcoin, what does this mean? Well, it simply means that those who entered very recently are the first ones to be selling meaning they’re, getting scared out of the market and simply capitulating and selling their bags for possibly a loss.
So those who got in here are probably selling for a profit, and those who got in here are selling for a loss, but these guys back here further back many many years into the into the past. Everyone else is pretty much holding at this point or buying more and adding to their bags.
So that’s a very, very bullish indicator, meaning that those who believe in the market, those who are confident in the future of blockchain and in crypto and in their investment thesis, are the ones who are holding and the newer fragile scared investors or the ones who are Selling, so that is pretty good news and i think healthy for the market overall, but as we head into the end of the year, i don’t want you guys to obsess too much over the market. Take some time to spend some time with your families. Get your eyes off of the chart.
If you have been obsessing over this, i know many people have spent a lot of time and lost a lot of sleep over the markets over the past year, and that is the nature of the market. At this point, those who are affected too much by the market are the ones who will lose instead have a sound investment thesis from the get-go stick to their thesis and you’ll be much better off mental health-wise.
Then, let’s take a look at what is going on on twitter, so if you guys aren’t yet go ahead and follow me on twitter, i do often do giveaways. Yesterday i did a 0.2 east giveaway uh in alignment with the adidas nft drop, which we’ll speak about later as well.
So if you do want some giveaways, if you want some free money, go ahead and follow me on twitter, i do post some information there as well that i don’t post on twitter on youtube that might be beneficial to you and maybe make you some gains. But let’s take a look at a 10 million dollar nft trade and 10 million dollar profit trade that you possibly missed out on so punk 4156.
I’M not sure if you know who he is, but he is a founder or co-founder of nounsdao and nouns is one of these fantastic nft projects. Cc0 nft project that releases one generative noun every single day, meaning one of these gets generated randomly every single day and you can bid on them and own a noun, and these go for upwards of 50 to 100. Each.
These are fantastic, fantastic, little guys, fantastic project. As well and it’s a very special project indeed, and a proof of concept that has worked out quite well now, why is it important?
Why am i mentioning cc0? Well, cc0 basically means copyright reserved. So if you purchase a noun, you own the copyright to this image, you own this now and you can do whatever you like with it.
You can take these glasses. You can start a brand with it.
You can make it your identity. You can do whatever you absolutely like with it. This is in contrast to what cryptopunks stand for now.
Cryptopunx is one of the oldest profile picture, crypto projects you might know about them. You probably do at this point, but punk4156, basically centered his identity around this specific punk.
Now the 4156 punk is one of the rarest ap punks. It’S a single trait single attribute, a punk there’s only 333 of these, these punks with a single attribute and only 24 apes, so a very, very rare punk that was sold for 10.26 million dollars, two and a half thousand eth, after only being purchased for 650 eath Or 1.
25 million dollars just in february now i say only but please do understand that i’m not disconnected from the market. I do not think that this is a small amount of money.
I understand that it is an insane amount of money up to 10 million dollars, meaning basically a 9 million profit. I know there have been quite a few people in this market who are saying things like only three eth only a thousand leaves only 500 eats please. I want you guys to always think back as to how much money this actually is, especially if you convert it back to us dollars.
It’S a lot of money and people are sort of becoming disconnected at this point. So, let’s take a look at what punk 4156 is saying and why this is an important piece of information that i’m sharing with you today.
So he says i love punks, but the copyright issue kind of broke. My heart, i held deep eight figures of punks and the devs unfollowed me when i suggested it. I wouldn’t respond to dms i’m going to keep for 156, probably forever, which in fact he did not, but i will otherwise be focusing my time on nouns toads and other cc0 projects now crypto punks is not a cc0 project, meaning that the lava labs, the company That created crypto punks owns the copyright to punks and you do not retain that copyright when you purchase a crypto punk.
So if you purchase this for 10 million dollars, you do not own the copyright to this ape, which is sounds unfortunate, especially if you’re spending 10 million dollars on something. I would hope that you’d be able to do with it what you like, but that is simply not the strategy that cryptopunx has used and i don’t think there’s anything wrong with that either.
There are multiple use cases for these things and there’s multiple strategies that you can use when launching an nft project or creating any project. For that matter, it doesn’t necessarily mean one way is better than the other. However, for 156 uh kind of disagreed with this, and when the devs unfollowed him suggesting even something a change like this is kind of unfortunate.
Now this is an important change, because many projects, especially ones that are becoming incredibly successful right now, like board apes, are in fact cc0 projects, and this is an important factor because if you own or buy a board ape – and you basically spend 200 300 000 on An ape you would want to do with that. What you like and we’re seeing many of these spin-offs and derivative projects coming from these nfts because of this exact fact.
So, if you were to buy this 365 right here, you’d be able to use this guy. As your profile picture you’d be able to align your identity with it, you could start a brand around it. You could get it tattooed on your leg.
You could edit it. You could create a 3d version.
You could sell it. You can do all of these different things with this, because this is now yours, you own this. No one is going to come after you for copyright.
It is absolutely your property whether, whereas if you do something similar with a punk, you’re likely going to get sued or something worse, who knows? But this is a massive distinction as to what has happened in the market in terms of cc zero and the narrative change.
As to where community or where decentralization comes into play in the market – and it seems people are favoring, decentralization people are favoring censorship, resistant projects, and that is a good good thing because, as i’ve said many times before, the average user doesn’t care about decentralization, the average User doesn’t care about censorship, resistance, they don’t care about the tech. All they care about is either making money or making sure that it works. So if i want to send you some ethereum or bitcoin, all you want to know is that it works.
You don’t care. What network it goes over?
You don’t care what the decentralization is behind the scenes. All you care about is that it actually works. So that is why i think this is an important piece of news and we are seeing this sort of narrative change as board.
Apes are very, very near the floor price of punks at this point, so the current floor price for crypto punks, i think, is around 60 something ethereum current lowest price is 61 ethereum board apes at 40, 80 theorem just 10 eth below the the flow of crypto Punks, which the for the longest time has been the number one ranking crypto project or nft project. So it’s pretty good that we are nearing this sort of change because it does show a change in the market participant or the view on the market.
That being said, let’s take a look at what i did us did yesterday, selling more than 22 million dollars in nfts and hit a few snags along the way. So you might have noticed that idiots launched an nft yesterday, a few weeks ago. They did purchase a board ape the blue ape and made it their their profile picture on twitter, and that has sort of created.
This sort of collaboration between board apes, punk’s, comics and g-money. So g-money is a prominent figure in the nft space, a pseudonymous crypto enthusiast.
As referred to by the verge – and he facilitated a lot of this collaboration with a few other people as well – and board apes, basically sold 10 or 30 000 nfts yesterday for 0.2, each making 22 million dollars in a couple minutes now i was watching this. This drop live.
I minted some myself, but you were limited to two nfts per wallet. However, something happened along the way, so i just dropped their first nft and the sale was two per wallet.
Although one person was able to purchase three purchase 330 in a single transaction using a custom smart contract now, this is where it shows that the market is still very much in the experimental stage – and i mentioned this on twitter earlier today saying that most people forget That everything we do is an experiment. Some turn out to be successful and others don’t nothing has to be perfect from the spot. The start experiment launch and iterate.
Now i don’t think this is wrong that he he was able to win 330 in a single transaction. He did the work he figured out what to do and he played the game.
So what he did was he created a custom, smart contract that deployed a few hours before minting when executed. What it does is generate 165 sub smart contracts, that would each individually meant two nfts from the idita smart contract and then transfer them to the owner’s main ether address. Since each subsmart contract has a unique address, the creator was able to avoid the two limit per address by the sale.
After sending the nfts to the creators main address, the child smart contract would self-destruct what was the cost of packing all of these operations into one transaction. They paid 27 each in gas fees and on top of that 66, each for the actual items themselves.
This means they need to the price of the nft raised from 0 2 eth to 0.28 to break even on the gas they spend at the time of this writing the floor. Price is 0.
8, so i think currently around 0.9, possibly even one ether.
At this point, they have made a fantastic theoretical possible, 600 to 700 000 profit in 24 hours, not bad for being smart and ahead of the herd, and i think this proves an opportunity for many many people here that since we are in this sort of experimental Sandbox stage of the market excuse, the pun. We do have an opportunity here to make money in ways that you might not have been able in the past, and that means that if you are spending time in crypto and i’ve said this many many times, if you spend time in crypto, not simply speculating not Simply investing, but rather learning building and trying to figure out how to improve the space. You might be rewarded in a way like this.
Now, of course, he spent a lot of money to participate in this and to actually make this work, but he did actually build the smart contract himself. I have a few friends who built some bots as well to to mint uh during this moment.
Instead of minting zero point uh, instead of mounting two nfts instead of uh per wallet, they minted multiple built some bots to make sure that they could get in. I know openc crashed. During the month i was there.
Uh openc basically got overloaded. The website crashed as well, of course, board api club owners and mutant yacht club owners also had an opportunity to mint pre-sale before public.
So you didn’t have to spend thousands of dollars on gas fees, but there was a bit of a hiccup there as well so museum day yacht club owners, weren’t whitelisted. It was simply the board api club owners that were whitelisted for the pre-settlement and somebody. Maybe the devs forgot to include the mutant apes in this drop, but the mint was paused.
Adidas went back and tried to sort this out and then resumed. The mint and people were able to then mint again pre-sale, so it’s good that they did pause it.
It’S good that they did come back to listen to to the people, but they did make 22 million dollars in a couple minutes, and this entitles you to a free, basically piece of apparel in the future. So in i think february sometime, you will be getting a free, adidas hoodie if you did mint one of these nfts, so we did do that. We also do have one for our project ymh nft.
So if you guys aren’t yet go ahead and have a look, go, follow ymhnft on twitter as well. We do have a project that, of course, is adding a bunch of nfts to our dial that you guys will then be able to win in a giveaway.
If you are a one ymh nft holder in the future, but please be aware, mint is not live. You cannot purchase one of our nfts just yet join the discord for any more info or follow us on twitter. So that being said, let’s take a look at what is else is going on in the market 33 and a half billion dollars worth of is trapped in the largest ethereum contract now going back to the market and going back to where the market is going in, The near future, i’ve said many times that whether we peak out in march or peak out in june next year doesn’t really matter, but we can use key pieces of information to try and see where the market is going to be going now.
Most people there were a lot of people predicting that we have this parabolic rise into the end of the year. With this blow off top and everybody will have an opportunity to take profits and we’ll all be screaming hallelujah at the end of the year and riding off into the sunset on the back of horses wearing teletubby suits, but that wasn’t the case at all.
Well not yet we just still do have a few days left of the year. Who knows. Maybe we do have a major pump to the end of the year highly unlikely at this point.
But what i’m saying is that 32 billion dollars is trapped in this ethereum. A smart contract now this is the beacon chain contract and before the merge happens next year, this 32 billion dollars basically is rendered useless.
You cannot use it. You cannot withdraw it. If you deposit your 32 eth to stake into ether 2.
0, you cannot withdraw that until the merge happens. So what this does is it signals a lot of trust and demand for the upcoming eth 2 0 now i’ve said this could be a an event that could go either way.
Either we have a major sell-off because 32 billion dollars is unlocked and people can then access their funds and sell them off, or potentially people start realizing. Okay, this worked perfectly fine. This was a fantastic move to proof of stake.
People are going to start, then depositing more into each 2.0.
To then earn interest on that because they are securing the network, so it depends which way the market goes. There’S no way to predict exactly. What’S going to happen at that point, but i’m very curious to see how it does play out, but leading up to that this is a buy.
The news solve the rumor event, potentially depending on which way the market goes. If it goes up, if it goes down, i would still advise i wouldn’t advise.
There’S no financial advice here. I would still say that you could potentially use this as an opportunity to capitalize on what the market is going to do, because if we do pump or dump at that point, you always have an opportunity to then enter again either lower or higher, depending on which Way the market goes. I personally am for one to to exit the market or sell before these major news events, regardless of which way the market goes up or down, so that i can then have an opportunity to re-enter whether we pump or dump at that point, because it doesn’t matter.
I’Ve either taken profits or exited the market before that major move has happened, but i’ve capitalized on that major run-up leading up to that news event. So there’s an extended period of time leading up to a news event that you can capitalize on and don’t rely on.
Just that news event to make your profit so, overall, i think we do have a pretty long run left few months left at least of the spill run. Who knows possibly longer, maybe we don’t have an extended bet at all. At this point, i think we are seeing a major decoupling from uh ethereum from from crypto nfts and gaming.
We’Re seeing this major split between them. When one pumps, it doesn’t necessarily mean that the other is going to dump either.
That is a very good thing. A very maturing thing of the markets, in my opinion, because it does mean that the market is finally separating into its own factions and they’re able to succeed on their own. Then we have the kraken ceo, reversing his 100 000 bitcoin by 2021 forecast crypto winter is now possible, just as i said at the very beginning of this video.
These predictions or these speculations are just that they’re just speculations they’re just predictions. It doesn’t actually mean that the market is going to do anything.
It doesn’t even matter who the person is the ceo of kraken. Of course, he knows exactly what he’s talking about. No one knows no one actually knows what is going to happen with this market.
All we can do is react, so he’s saying that potentially we might have a crypto winter now as if it wasn’t possible before, of course, it was, we’ve always had an opportunity of having a crypto winter. We’Ve always had an opportunity of having a crypto summer and riding off into the sunset it doesn’t matter.
Both ways are always possible. Markets can go up down and sideways. All we can do is react to it and predict based on the information that we have but saying that one thing is not possible or one outcome is not possible.
Only one outcome is possible is completely idiotic. In my opinion, i don’t think that’s the the best way to go about things.
We simply react to what we have and finally, if you’ve made it this far in the video comment, no shoes, no shirt down in the comments below. If you liked the video, please give it a like share it on your twitter, follow me on twitter. If you aren’t yet, and as always, i shall see you in the next video cheers.