Pudgy Penguins via GIPHY

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The Bulls are well and truly back in control without an ETF in sight. Unless the market gets too excited and trips over its own feet, I can see this gearing up for a Santa Claus Rally. Yes, that is in fact a thing and no, it is not guaranteed!

This weeks crypto stats are taken from the weekly open, but since then Bitcoin has smashed through the $40k barrier and as I'm writing this sits at $41,800 after reaching highs in the 42s.

Ethereum is up too, but it definitely looks like the follower here. Another interesting alt that I keep an eye on is Stacks (STX) which is currently up by about 36% overnight. Its economics are closely tied with the fates of Bitcoin, so it is definitely one to watch in times when Bitcoin is making big moves.

In the world of NFTs, Pudgy Penguins are the star of the show on the Ethereum chain rising to a floor of 10 ETH, up 89% over the past 30 days and 56% in the last week alone!

However, Ethereum isn't the only chain for NFTs. According to CryptoSlam data Solana NFT volume is up 223% over the past 30 days and Bitcoin is up by a staggering 1081%. So far the L2 thesis doesn't seem to be playing out for the NFT market. L1s are magnitudes bigger right now. Question to consider is what it will take for that shift?

Onwards...

- @nuconomist

An Ocean Mining Pool launch post-mortem - Bitcoin Magazine

A new mining pool with backing from Jack Dorsey has launched that actively censors Ordinals transactions. The team argue that the upcoming introduction of Stratum v2 will help with this as people joining their pool can propose their own blocks. However, the power of defaults should not be overlooked and it wouldn't surprise me to see more people blocking Ordinals transactions by using this pool than would choose to if given the option.

"Go Fuck Yourself": Elon Musk Inspires Slew of Meme Coins - Decrypt

Elon Musk was interviewed this week about advertisers dropping ads on his platform because of association with unfavourable content. His response? "Go Fuck Yourself". This led to the launch of a token called GFY which jumped to a market cap of over $10 million in a matter of days. Disclosure: I bought a small amount for the meme and a belief that advertisers shouldn't control public discourse, whether we agree with the content or not.

NFT Market Cap (ETH): Ξ 6.5 Million 🔼 | $14.57 Billion (+3.0%)

Weekly NFT Volume (ETH): 82818 🔼 +20.08%

Weekly NFT Traders: 51836 🔼 +2.64%

Weekly NFT Loan Volume (USD): $145.6 Million 🔼 +28.52%

Weekly NFT Deposited as Collateral: 4892 🔼 +7.73%

Bored Ape Yacht Club: Floor: 30.49 ETH 🔼 | Volume: 17k ETH 🔼

Ron. Faris at Nike is running with Web3 - CoinDesk

This piece covers their .swoosh launch this year which achieved over 377k registrations which should be considered a success. However, I'm hesitant to celebrate it because the NFTs are not openly tradeable and registration is region locked. It is almost the antithesis of what Ethereum was supposed to be. It does at least show that Ethereum can be molded to fit various use cases, but this is not my favourite. Disclosure: As a CloneX holder (brand acquired by Nike), I'm more interested in their activities than I would be otherwise.

Are we back? A look at the weekend's NFT pump - NFT Now

With top tier (don't call it a Blue Chip!) collections pumping 14-69% in a day the question is on everyone's minds. This article argues that with the market seemingly taking a turn for the better, crypto investors are feeling the wealth effect and dare I say pre-rich with some of that spilling over into the NFT markets. Whether this volume will sustain is yet to be seen, but for now, we can appreciate the vibes on the timeline.

Why are Solana NFTs booming? It's about liquidity - NFT Now

Data shows $4 Million USD bridged from ETH to SOL within the past week. With ETH somewhat lagging the SOL comeback, it seems many are jumping ship to the faster moving assets and exploring Solana in a post-FTX world.

There are many ways to analyse the potential of a project, but this feels like it might be a good start at creating a formula for recognising potential gems before they fully explode. Of course, the fundamentals of a good product with potential product market fit are hopefully there too!

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