Consider buying dips on Monad (MON), as analysts believe it is undervalued and could rally another 50% from its current price, with key support noted around 37 cents. Recent on-chain data for Bitcoin (BTC), showing 8% of its supply moving, has historically signaled a price bottom, suggesting a potential rally may be ahead. Pay close attention to Hyperliquid (HYPE) around its November 29th token unlock, as a major price move is expected following the event. For exposure to the growing prediction markets theme, consider Robinhood (HOOD) stock, which recently jumped on news of its planned entry into the space. While the meme coin Wojak (WOJAK) has strong momentum, it is best to watch for a better entry point after its recent 150% price surge.

Bitcoin (BTC)

• The market has recently seen more strength in altcoins than in Bitcoin, with Bitcoin dominance (its market share relative to other cryptos) decreasing slightly.
• A Texas state fund has initiated a $5 million purchase of Bitcoin for its reserves, a notable institutional adoption signal.
• MetaPlanet, another company, plans to borrow $130 million using its existing Bitcoin as collateral to purchase even more Bitcoin.
• MicroStrategy (MSTR) put out a defensive statement, noting that even if Bitcoin's price drops to $74,000, the company would still have 5.9 times more assets than its convertible debt.
• A significant on-chain statistic was highlighted: 8% of all Bitcoin in circulation moved in the past week.
  • Historically, this high level of turnover has marked local price bottoms, such as in 2019 and during the March 2020 COVID crash.
  • The hosts interpret this as a major event, suggesting it could be "the beginning of a beautiful rally or the end of one," as a large amount of BTC has moved from long-term holders to new hands.
• The price is currently around $86,970. The fact that it bounced and didn't break down further is seen as a short-term bullish sign.

Takeaways

• The large volume of Bitcoin changing hands is a critical indicator to watch. Historically, it has signaled a price bottom, but the hosts caution it could go either way.
• The bounce in price after high volume movement is a positive short-term signal, suggesting a potential "Thanksgiving rally" could be in the cards.
• Institutional and corporate interest remains strong, with entities like the Texas fund and MetaPlanet actively buying. This provides a supportive backdrop for the price.

Monad (MON)

• MON was the "main gainer" over the last 24 hours, having bounced approximately 2x from its ICO price.
• The token is up 22% on the day, with a Fully Diluted Valuation (FDV) of $4.8 billion and a market cap of $475 million.
• The recent price pump is viewed as being driven more by momentum than by fundamentals. The sentiment is that there are few sellers left, and new buyers are pushing the price up.
• The airdrop for Monad is now valued at over $150 million, which is seen as a significant "cash injection to the trenches" that can fuel further activity in the ecosystem.

Takeaways

• The hosts believe the current market cap of $475 million is "too low for what it is," while the $4.3 billion FDV is considered more in line with its valuation.
• There's a belief that MON could go up another 50% from its current price.
• One host stated, "Monad dips are probably for buy." As a new, popular project with a fresh narrative, it's considered a strong candidate to perform well in a potential "Santa rally."
• A key support level was identified around 37 cents. The hosts doubt the price will return to the 30-cent range. A price of 60 cents might be considered "a little overheated."

Hyperliquid (HYPE)

• There is growing bullishness around equity perpetuals (perps), a product that Hyperliquid is heavily promoting. These allow users to trade stocks like Google and Nvidia with leverage, 24/7.
• The platform saw nearly $500 million in volume in a single day from these equity perps, indicating strong user demand despite higher trading costs compared to traditional brokerages.
• A token unlock is scheduled for November 29th, which is creating significant anticipation. The hosts expect a major price move, either up or down, depending on what the founders and team do with their tokens.
• The price has rebounded 15% from its recent bottom, which is seen as a telling sign heading into the unlock.
• A large trader recently deposited $32 million onto the platform and bought $15 million of spot HYPE, causing a short squeeze (forcing short-sellers to buy back at higher prices). This suggests that "big whales are believers" in the project.

Takeaways

• Hyperliquid is a key project to watch, especially around the November 29th token unlock. The price action leading up to and following this event will be critical.
• The chart pattern suggests a potential "break to the upside," but this is highly dependent on the team's announcement regarding their token supply.
• The success of its equity perps product is a major bullish narrative, attracting significant volume and demonstrating a strong product-market fit.

Investment Theme: Prediction Markets

• Polymarket: Received formal approval from the CFTC to operate legally in the U.S. This is a major positive development, reversing a previous ban from 2022.
• Kalshi: Faced a setback at the state level. A Nevada judge reversed a prior ruling, effectively siding with the Nevada Gaming Control Board. The judge argued that Kalshi's contracts on sports are equivalent to sports betting and thus require a gaming license.
  • This may force Kalshi to stop operating in Nevada or apply for a gaming license, and it could set a precedent for other states.
• Robinhood (HOOD): The company is making a major move into prediction markets.
  • Robinhood and its partner Susquehanna are acquiring a 90% stake in LedgerX, a CFTC-regulated exchange.
  • They plan to launch their own exchange in 2026 for derivatives and bets on sports and elections.
  • The market reacted very positively, with HOOD stock jumping 7% on the news.

Takeaways

• The prediction market sector is heating up significantly. Despite the mixed news for Kalshi, the Polymarket approval and Robinhood's entry are seen as a "net positive" that will "grow the pie" for the entire industry.
• Robinhood (HOOD) is positioning itself as an "everything app" and a major competitor to exchanges like Coinbase and existing prediction market platforms. Its stock could be a way to get exposure to this growing theme.
• The space is becoming crowded with major players like DraftKings, FanDuel, and Underdog also involved. This signals a major new asset class is forming, but also points to future competition and potential consolidation.

Meme Coins (WOJAK & General Sentiment)

• Wojak (WOJAK): This meme coin was up 150% yesterday.
  • The narrative is being pushed by an influential "OG Floki whale" who is calling WOJAK the "new Floki."
  • It is based on one of the most well-known memes in internet culture, and "all the usual suspects are pushing it."
• General Sentiment: The hosts note that meme coins are showing signs of life, which is a positive indicator for market health and risk appetite. They mention other movers like REX and SBX.

Takeaways

• The hosts advise caution with WOJAK after its massive 150% run-up, stating, "Don't be buying this now, dude. Watch for entry."
• However, they also say to "pay attention to this Wojak one" because it appears to have a strong group of supporters ("a nice cabal") behind it.
• The renewed activity in meme coins could be a precursor to a broader "Santa rally" in altcoins, as it signals traders are willing to take on more risk.

Other Assets Mentioned

• Google (GOOGL):
  • The stock has been a top performer, with a strong narrative around its potential to challenge Nvidia (NVDA) in the AI chip space with its proprietary TPUs.
  • A host believes "Google could keep going" based on this narrative.
  • However, trading GOOGL perps on crypto platforms comes with very high funding costs, making long-term holds difficult.
• Ethereum (ETH) & Solana (SOL):
  • ETH was noted as being "relatively strong" due to ETF inflows. At the time of recording, it was up 2% to $2,925.
  • SOL was also up 2% to $136.
• Farcaster (FAR):
  • Mentioned as "Far coin," it was strong the previous day and is now consolidating. It's a coin the hosts are watching closely.
• Zek (ZEK):
  • A host is watching ZEK "like crazy." The coin is described as being "on the ledge," holding a key level around the 500 mark. The host believes it will either "rip up or just going to really break down" from here.