What a surprise! The SEC delayed the BTC spot ETF approval. Next deadline is Jan. 2024

The market didn’t react much and was probably anticipating such non-decision. Sooner or later it’s going to happen, so we got a little more time to stock up our portfolio.

However, an Ethereum Futures ETF might come earlier than expected…

DeFi Updates

Frax Finance is going to ride the RWA narrative from October.

Therefore, FXS will bring some nice transparency measures in form special API tracking integrations and you’ll be able to see the balance sheet in real-time.

A lot of stuff is going on with FXS, which isn’t priced in yet… Frax-chain, Frax Bonds etc.

MKR gained a lot of momentum with real world assets and I expect FXS is doing as well.

(I’ve been DCAing FXS for a whole year now, so I might be financially and emotionally attached and therefore, biased!)

There’s a little hype around Vaultka and currently you can earn esVKA by using the protocol.

I won’t take part in the pre-sale, but I’ll watch closely and might do a little trade when the LP goes live.

This is not a token I’d buy and hold for now. The probability that liquidity just flows to the next shiny object is too high after the hype fizzles out.

Tangible proof of reserves is live with Chainlink.

That makes me even more bullish on USDR and the whole Tangible project.

They're also expanding to the US market soon.

HMX is holding dem stats up and made over $3B all-time trading volume this week!

It’s doing an impressive volume with a current OI of $33.7m. GMX has an OI of $110.6m but its TVL is 24x higher.

HMX gained $113.12k in fees over the last 7 days, while GMX got $329.69k.

And if you ask me, the user experience is much better with HMX.

Let’s see how HMX will do when volatility is coming back.

Investing

I’m doing what I preach. Not in an 80/20 ratio, but a significant amount of my ETH is leveraged this way.

I don’t like to pay interest and I’m using CDPs like @LiquityProtocol and @EthosReserve for this. And I saw another one, which looks quite interesting @PreonFinance.

Macro

With a high probability a recession will come, no matter what politicians are saying.

This could also have an impact on inflation, because in this case wage raises become more unlikely and therefore, limit an inflation loop triggered by higher wages.

Of course, there’re scenarios which could prevent such a happening. For example when China would throw a huge stimulus package on the economy.

In the end, everything can happen. This world is so complicated and everything is connected with another, you can’t predict what’s going to happen. Too many factors play a role.

The shitshow will go on longer than you think. There's no time to be bearish for now. Being too negative will let you miss a lot of opportunities.

Stay Sexy!

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