Chart of the Day
The equivocacy of a sign allows for open interpretation… or does it? Either way, HODLer net position change flipping green for the first time since October last year, a.k.a the dawn before a crazy rally, is unequivocally an important sign.
It indicates that long-term holders have entered the accumulation phase now that the market has recovered from extreme fear and uncertainty, possibly a bullish sign, especially when you zoom out and compare it against the 2013 cycle. However, a similar pattern is observed in 2018 when the market underwent a dead cat bounce and spiraled its way into the bottom. Question is, which precedent is a better benchmark for comparison?
Talk of the Town
Foxtrot. Entertainment giant Fox Corporation is joining the groove of investors and businesses pumping big money into the NFT space. The company behind Fox News announced on Tuesday that it is seeding a new fund with $100 million that aims to finance the creative community and accelerate the integration of blockchain technology into digital content creation and Fox’s current brand ecosystem. The money will notably go towards making the first-ever animated series curated entirely on blockchain, among other creative initiatives. The administration of NFTs and digital goods are administrated through Blockchain Creative Labs, a new business unit established in May.
