GM Seedphrasers 👋 Think of us as your crypto Christmas, except we bring you gifts all year round.

📓 Today’s Agenda:

• 🔥 Hot Headlines

• 🌡️ Seedphrase Check-In

• 📊 Data and On-Chain Analysis: BTC & ETH

  

🔥 Hot Headlines

📉 Crypto & The Markets:

• CPI Report incoming, here’s what to watch. - Read more

• Unemployment hits a 53-year low. - Read the report

• Crypto attorney writes thread on the SEC drama (an intellectual roast of sorts). - Read it

🖼️ NFTs:

• Incoming BLUR airdrop, the 3-step guide - Check it out

• OkayBears raises funds for earthquake victims - Read more

• Bitcoin Punks NFTs gain popularity - Read more

• LeBron NFTs soar as he breaks NBA scoring record - Read more

• Degods secure a BTC block with 535 NFTs - Check it out

🌡️ Seedphraser Check-In

If you’ve been feeling strange lately, we think it’s time to get your temperature checked.

Maybe it’s because CPI is coming out today and no one really knows where markets are headed. The same goes for the crypto bulls & bears: they look at the same data, yet draw opposite conclusions.

Last week, 70% of you said markets are bearish. But only a week before that, Seedphrasers were at a 50-50 split if BTC would hit $25K.

📊 Data and On-Chain Analysis

🟠 BTC Data

Since January 1st, BTC has surged nearly 25% in price, and the entire crypto market pumped with it. After a year of max pain, it was awesome.

But the uptrend broke this Sunday and has only gone down since.

👉️ Here are 5 things you need to know about BTC this week

1. BTC has failed to break out past the resistance level at $23K.

2. $21,400 is the new line to be tested. Bulls will have to prove if they can keep their heads above water.

3. CPI will be released today. If CPI comes in higher than expected, watch for a dump. In the last 6 months, following every CPI reveal was a dump.

4. 💀 DEATH CROSS 💀 The 200-week moving average and 50-day moving average have crossed paths for the first time ever. Now what? Death… apparently. This is a lagging indicator, meaning it usually is a reflection of something that has already happened. Some say this shows the worst is behind us, others say it’s a sign of more corrections coming.

5. Whales are whaling. Whale wallet transactions surged after BTC dipped to $21.6K, hitting the highest transaction rate in 3 months. They’re accumulating, what about you?

Basically there’s been a fruit salad of kinda good and kinda bad news.

⭐️ What this means for you: this week may be very volatile due to CPI, a strong jobs report, plus the SEC cracking down on staking AND stablecoins.
Tread lightly, or just sit out this week. Mixed signals like these can cause big Ls.

• Open Interest

In the last 3 months, we have not seen any significant dips or upticks in open interest futures for BTC. This is as expected, it shows a smaller appetite for trading.

Due to the scams, frauds, and bankruptcies throughout this year, a lot of leverage has been flushed out of the market. Right now, traders are not very active, therefore we don’t see a ton of leverage or activity in open futures.

• BTC on Exchanges

This metric is useful to see if there is a dump incoming. If there was, we’d see tons of BTC being moved ON to exchanges. Right now, we see the opposite.

The purple line below indicates the amount of BTC on all exchanges, while the white line indicates BTC price.

An inverse relationship: As more BTC is taken off exchanges (onto cold storage), the more the price has an upward trend.

Basically, Bitcoiners are HODLing. Hard.
👉️ Look at the drop-off in the purple line since October ‘22.

🤝 Together With Morning Brew

Catch up on the latest hot news topics with Morning Brew, the free email you can read in five minutes.

What if spending just five minutes a day reading one single email could make you smarter? Find out for yourself when you join over four million readers and subscribe to Morning Brew.

This succinct newsletter covers the top business, tech, and finance news stories every day. No dry, boring stories here: as informative as it is entertaining, expect witty writing and only the most relevant updates from Wall Street to Silicon Valley.

In less time than it takes you to drink your first cup of coffee, you can gain solid knowledge across the hot topics your clients, colleagues, and even your boss might be talking about. Plus, the email subscription is completely free. It's only a matter of time before reading Morning Brew becomes a permanent habit in your daily routine, meaning you'll get a little smarter every day.

🟣 ETH Data

ETH price action is exhibiting similar behaviors to BTC- sort of.

It’s actually a bigger loser than BTC right now- which isn’t unusual. When BTC pumps, ETH typically pumps harder. When BTC dumps, well… ETH dumps harder.

👉️ Here are 4 things you need to know in ETH this week:

1. ETH has dropped nearly 6% in the last week. On Feb. 9th alone, ETH dumped 6.5% making it the largest single-day decline in over a year.

2. ETH lost support at $1,501 but is slowly making its way back. $1,400 is the next support level to watch.

3. ETH and almost every other altcoin have to consider the serious possibility of SEC crackdowns. BTC is not considered a security by the SEC and is therefore unaffected.

4. ETH issuance and supply growth are in the deflationary zone. This means more scarcity & less volatility. Use this tool to look at ETH sound money stats.

In case you missed it, we covered the SEC’s declaration of war in yesterday’s email. It’s horrible for the entire crypto ecosystem, especially for ETH.

The good news is that industry leaders like Coinbase CEO Brian Armstrong won’t go down without a fight.

The bad news is that this fear and uncertainty drives investors away. Both retail and institutional investors won’t want to get involved in something they don’t know will be deemed illegal or not.

Bitcoiners can sit back and relax while every alt-coin fears the SEC. Bitcoin’s Proof of Work mechanism makes it inherently a commodity, while the Proof of Stake mechanism makes other cryptos a “security” (by SEC standards).

• Open Interest

Similar to BTC, ETH has not seen significant changes in open interest. Traders are stepping back from both BTC and ETH, trading less and with less leverage.

• ETH On Exchanges

ETH is seeing a very dramatic decline in supply on exchanges (purple line) while the price tries to stabilize (white line).

Only 11% of the total ETH supply is on exchanges. Where is the rest? The HODLers are holding without a doubt, but also consider NFTs and other DeFi applications ETH is being used for.

🏆️ Coin of the Week: Oasis (ROSE)

Oasis Network is the most prominent privacy-centric layer-1 blockchain, designed for scalability. In plain English: it’s the new ETH killer. 

Its purpose is to host the new generation of Web3, DeFi, GameFi, NFTs, Metaverse, and DAOs. And it will do it faster and cheaper than ETH, with out compromising security.

Sounds pretty good right?

That’s why investors are jumping on this ship like it was a life raft from the Titanic.

🤑 Oasis just announced their Ecosystem Fund has just hit $235 million, and ALL of it is to invest in projects building on the Oasis Network.

🧑‍🤝‍🧑 The team is stacked too. The talent comes from Apple, Google, Amazon, and Goldman Sachs. The engineering team is nearly all PhDs with a feverish commitment to watch this L1 kick ass.

💵 Tokenomics are standard. Nothing incredible, nothing terrible. The current supply of ROSE is 1.5 billion, with a total supply of 10 billion ROSE. 23.5% of the supply is distributed to stakers alone.

🟢 Current Price: $0.07078
🟠 Market Cap: $407,140,074
🔴 24hr Volume: $120,453,065
➡️ Where to buy: Binance, KuCoin, Gate.io, Coinlist, Bitfinex.

😂 Meme of the day: