There's nothing to provide updates on, nor any new trade opportunities I have seen.

I am reiterating the message earlier in the week.

I think this is a good place to add long-term exposure, but do not believe it to be good for short-term trading opportunities; more patience is needed here.

Our choice of investment vehicle in the crypto space isn't just limited to altcoins and tokens, but there is also of course a wide variety of publicly-listed companies to choose from.

I've talked at length about the Bitcoin mining stocks, albeit less in recent times. While many of these stocks have broken down, there could be an opportunity shaping up in many of these stocks.

These tapes are a perfect time to hunt for leadership. More often than not, when the tide inevitably shifts back to a buyer-driven market, the assets that showed strength in a weak tape continue to lead.

While on this recent correction the selling has been indiscriminate, we're spending the next week or two to assess any relative leaders.

Two days into a recovery, we've seen the DePIN and memecoin space show some leadership. Today's note covers a few tokens within these groups leading this strength, as well as providing a brief market update.

We got a nice trade setup.

Let's decipher what's happening.

The Ethereum ETF is here!

Let's take a moment to pause, put aside all the noise of information out there, and just return back to what's actually happening in the market.

I believe there to be a rather spectacular opportunity lining up in crypto markets. We've seen a decent portion of tokens give up their entire bull market gains and are now back to where they started.

If you're making the bet, as I am, that crypto and web 3.0 aren't going away anytime soon, I think this recent calamity in the price action of these tokens present a rather favorable opportunity.

I outline my thinking as well as twenty trade ideas I like to take advantage of this.

A few weeks ago, stories of Mt Gox were once again reappearing as the cold wallet associated with the defunct exchange had began its process of distributing the coins out to customers.

Just like the SEC when it comes to approving ETFs, Mt Gox has repeatedly pushed the deadline ahead numerous times. In fact, the entire Mt Gox saga has become a classic piece of FUD throughout Bitcoin's history that has created a lot of fear among traders and investors.

The simple idea is that there is over $9B worth of Bitcoin that are being distributed to Bitcoin holders for the first time in a decade. Considering the massive profits they're sitting on, many people have pondered whether there will be a mass exodus of investors taking profits and hitting sell.

While this would no doubt be a headwind, I want to take a step back and put this all into context. It's important that as this story develops over the coming months we let data inform our decisions, not emotions.

In the face of a weak crypto market, Bitcoin miners keep charging higher.

Iris Energy and TeraWulf are two standouts in this space, but the group at the index level is just breaking out offering a well defined entry level.

There's plenty of bearish action taking place in the crypto market. Many coins are breaking down and the technicals are carving out topping patterns.

But in the face of this weakness, I emphasize we're still in a longer-term bull market and selloffs like these have been favorable buying opportunities for traders.

I reviewed the trade we discussed last week in today's note, but I think it's so important that it deserves it's own letter.

And that is the setup in Solana is ready. We're taking advantage of this weakness.

There is a bloodbath taking place in the altcoins even though Bitcoin has barely budged to the downside.

Sentiment and price action is being washed out, which in the context of a bull market, presents a favorable opportunity.

While crypto markets are exhibiting short-term weakness, the Bitcoin mining stocks are working tremendously.