24 Days of Up Only.
It’s fascinating how one ambitious company can push the entire market up. We’ve seen this with MicroStrategy and now with Terra.
If you haven’t been following the news, Do Kwon, the main person behind Terra, revealed a plan to create a $10 billion reserve fund to support the UST peg. $3 billion of that is being deployed as we speak.
By looking at Terra’s multisig, we can see that the team sends around $125 million to exchanges daily. That means we should have almost a month of significant buying pressure for BTC.
Source: Etherscan.
On top of that, the stock market has been doing well over the past week, and if we don’t see significant sell-offs, that solidifies the bullish narrative for BTC—at least in the short term.
How should you play this? If you’ve been focusing on survival, there’s not much for you to do since you already have exposure.
Picks will need more time to rebound from dips. Radar picks are the biggest beneficiaries of this short-term bullishness. Please remember to fix profits.
While the macroeconomic conditions are still bad, we are getting a small bailout from our friends at Terra. It may not be enough to ignite a bull trend to new all-time highs, but it should be a great opportunity to de-risk and flip some small-cap tokens.
SIMETRI Portfolio – Slowly Healing
Terra’s buying spree caused the Portfolio to grow. However, more time is needed to undo the damage from the recent market’s downfall.
Although the Portfolio’s performance came close to 2,000%, a lot of that should be attributed to $RUNE going almost 3x over the course of the past 30 days. I know that not everybody likes Thorchain, which is why I’m not too happy about this fact.
Still, with the continued buying pressure that should come over the next several weeks, we will likely see the Portfolio getting better. It’s a chance to de-risk or double-down with some strategic short-term exit timeframe.
