GM Seedphrase Family 👋 The newsletter that always shows up, even when you don't expect it.

Today's Agenda 📓:

• 🌱 Rapid Fire

• 🤓 Weekend at FTX

• 😒 More big players acting sus.

• ⚠️ WARNING! SOL is hurting bad.

🌱 Rapid Fire Headlines to warm up.

There is another crypto beef. This time Kevin O’Leary (Mr. Wonderful) and Bitboy crypto. 🥊

Joe Biden calls for stricter international crypto regulation. The collapse begins. 📉

Mark Cuban is done with crypto. Unfollowing everyone like he's Drake. 🤣

Christiano Ronaldo says “To the moon” on Binance commercial. SIUUUU. ⚽️

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🤓 Weekend at FTX

The markets have been moving sideways, the weekend was semi-bloody at the 15-17k range for BTC.

And sadly, there's no sign of it turning bullish anytime soon.

The elephant in the room is FTX and everything that has developed during the last week.

Bad Debt 💰

FTX revealed they owed $3.1B to the top 50 creditors.

Tough luck for retail traders since they probably won't get their money back, and the creditors will be paid back with the user's funds.

$600M stolen in a "hack?" 🤨

Following up on the news from last week, via etherscan, the person who "stole" the funds from FTX has made some moves. 25,000 ETH has been converted to Ren Bitcoin (RenBTC), a token that represents bitcoin on other blockchains.

The fishy part 🐟: In 2021, Alameda Research helped develop Ren to be used on several blockchains.

Coincidence?

On Sunday, 40,000 ETH was moved to a new wallet in 4 separate transactions.

Important to note: Many of these trades were taken for a loss.

Suggesting they rushed to get liquidity.

But swapping that many funds impacts a downward sell pressure from slippage positions.

And on a macro level, this indicates people are cashing out of alts and shifting their attention back towards BTC. After all, when the market recovers, BTC is the only coin we can say for sure will last.

Even Drake agrees.

😒 Big players setting a bad example.

Grayscale Trust ($GBTC) is a digital currency investment product that individual investors can buy and sell in the stock market.

They're also the largest legal holders of BTC.

Source: Them

Recently they've been receiving tons of backlash for lack of transparency because they refuse to show Proof of reserves "due to security risks".

What's Proof of reserve? 👇

Introduced by CZ from Binance, to push transparency, it's an audit of a company or exchange's reserves of assets. It ensures no one is BSing.

Grayscale Bitcoin Trust performance sucks. 📉

Their stock, $GBTC, has been bleeding down 46% and nearing an all-time low.

Rumor has it that they were heavily involved with Genesis, a lending firm that

• Holds a ton of $GBTC

• Owes $1.1B to its lenders.

• On the brink of death.

Even worse, if they sell their $GBTC due to liquidity issues, Grayscale's balance sheet will take a hit, forcing them to sell more $BTC and lowering prices.

At the time of writing this, Grayscale owns 640K BTC, 3% of the market cap.

According to the data above from Ergo, their public chain and data indicate a holding of 317 705 BTC, which makes the total 50% of what GBTC reported current holdings.

If they are compromised, this will cause a bigger blow than anything we've seen from FTX.

We are talking about MASSIVE whales leaving the market. 🐋🏃‍♂️💨

BTC will see the greatest entree in recent history.

⚜️ Golden Nuggets Cash is KING. NFA.

⚠️ WARNING! SOL is hurting bad.

SOL has now fell to the 16th coin by MCAP. 😞

They were going strong, peaking at $10B in Total of Value assets Locked (TVL).

Can you guess how much they have now?

2.8%, totaling $289M.

Anyone could see this as an awful sign.

And the key takeaway is that nothing is certain. Even "promising" coins can turn deadly in these types of conditions.

It's essential to recognize the risks, take precautions to keep money and position yourself to make even more when the next bull run comes.

Luke Belmar, who's been in crypto since 2015, made a video discussing how he's out of the markets.

It's 20 minutes, so the summary of what he says it:

• The same type of people who run crypto are the same as banks

• Most things are corrupt

• Now the trend is to GTFO while you can

• If you are trading, use trust worthy, regulated exchanges

• COLD STORAGE

And if you're fiending for some Seedphrase x Belmar content, check out the podcast we just dropped featuring Moe and the Belmar Bros.

In this epic episode, we talk about

• The mindset that made him successful

• Persistent pursuit of your fullest potential

• Training the mind to be productive

• Importance of health and religion

• And even more gems.

Watch here 👇

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DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research