FOMO-C DAY: Market Surges on Expected FED Rate Cuts 🚀

State of the Market: Macro Madness, CPI Strikes Again💥

Brace yourselves, folks! Here’s what’s on the economic menu for today:

US Inflation Data for May 📈: Keep your eyes peeled for those CPI numbers. Will it sizzle or fizzle?

Fed Rate Decision 💸: Are we looking at a rate hike, a pause, or something unexpected? The suspense is real!

FOMC Economic Projections 📉: Get ready for the latest economic forecasts and what they might mean for the markets.

Powell's Press Conference 🎤: Fed Chair Jerome Powell takes the stage to spill the tea on economic conditions and future policy moves.

Breaking news, folks! May's CPI inflation numbers just dropped, and here’s the scoop:

Headline CPI: Inflation fell to 3.3%, beating the 3.4% expectations. 🎯

Core CPI: Inflation dipped to 3.4%, better than the expected 3.5%. 🎯

Streak Still Alive: This marks the 38th consecutive month with inflation above 3%. A streak longer than a Game of Thrones season! 🐉🔥

Prices were UNCHANGED month-over-month, clocking in at 0% inflation for the first time since August 2022. It’s like finding out your favorite streaming service didn’t hike their rates for once. 🍿📺

This is an encouraging CPI inflation report, a glimmer of hope just before today’s big Fed meeting. It’s like getting a free upgrade right before your flight. ✈️✨

Bitcoin Takes Off: Bitcoin shot up to $69,400, gaining nearly 4% in the last 24 hours. Traders are buzzing with excitement, expecting looser monetary conditions to fuel the next phase of the crypto rally towards record prices. 📈🔥

Eyes on the Fed: Investors are laser-focused on the Fed's "dot plot" coming out later today. This crucial chart will reveal the interest rate projections of Federal Open Market Committee (FOMC) members and could send shockwaves through asset prices. It’s the economic version of reading tea leaves, but way more impactful. ☕🔮

Bitcoin's Big Moves: Last week, Bitcoin achieved its second-highest weekly close ever, flexing its muscles despite being below all-time highs. This strong price action comes amid macroeconomic turbulence and the potential for increased volatility due to upcoming events. Analysts are on their toes, watching these developments closely as Bitcoin remains rangebound, hinting that big moves might be just around the corner. 🚀🔍

Dull Days and Record ETF Inflows: At the start of the week, Bitcoin's price was as exciting as waiting for a slow Wi-Fi connection, even with record ETF inflows. Why? Most of these inflows are part of non-directional strategies like arbitrage and hedging, which don’t push the price up significantly. So, Bitcoin’s price action stayed subdued, like a superhero movie without any action scenes. 🦸‍♂️💤

Tuesday's Tumble: Then, on Tuesday, the plot thickened. Bitcoin briefly dipped below $67,000 due to a massive $200 million spot sell on Binance. This decline triggered $160 million in long position liquidations over the past 24 hours, adding to the price drop and market volatility. It was a rollercoaster, and not the fun kind. 🎢📉

Chart of the Day Bitcoin’s Short-Term Holders Flex: Bullish Times Ahead? 📈

Short-Term Holder Action: Bitcoin's realized price for short-term holders (STHs) is creeping up to $64,000, hinting at a potential uptrend. It’s like watching a reality show contestant steadily rise to the top – you can feel the excitement building! This metric, climbing by 1.5% weekly, suggests that recent investors are stepping up their game, adding buying pressure that could push prices even higher. 💸📊

Bullish Vibes: This trend isn’t just numbers on a screen; it’s a signal that short-term holders are feeling confident. Picture it like a crowd of fans cheering louder with each passing minute – their energy is contagious and could drive the momentum further. 📈🎉

What’s Next: So, what does this mean for Bitcoin? The increasing realized price for STHs indicates a bullish outlook for Bitcoin's near-term performance. It’s like seeing the bat signal in the sky – a clear sign that good things are coming. 🦇🌃

Most Important News of the Day.

-Institutional Moves and Market Trends:

Metaplanet, often dubbed Asia's "MicroStrategy," bought another ¥250 million worth of Bitcoin. They’re clearly doubling down on their strategy of hoarding Bitcoin like a dragon guarding its treasure. 🐉💵

According to CEO Paolo Ardoino, Tether plans to splash over $1 billion on financial infrastructure, AI, and biotech deals over the next year. It's like Tether’s taking its crypto gains and going full Tony Stark. 💼🤖🔬

-Market Dynamics and Price Movements:

A dormant Bitcoin wallet moved $536 million after a five-year nap, sparking questions about whale activities and market impacts. Imagine a Jurassic Park dinosaur waking up – everyone’s wondering what it’ll do next. 🐋🔄

The Solana Foundation expelled validators for sandwich attacks on retail users, with their MEV earnings even surpassing those on Ethereum. It’s like Solana’s cleaning house, taking out the trash to protect the neighborhood. 🧹🚫

Bitcoin miners Marathon Digital, Cleanspark, and Riot have crossed the $1 billion market cap mark, dominating the billion-dollar Bitcoin miner ranks. They’re the new titans of mining, and they’re here to stay. ⚒️💸

-Technological Advancements and Innovations:

Fidelity International has tokenized a money market fund on JPMorgan’s blockchain, joining the Tokenized Collateral Network (TCN) with Onyx Digital Assets. It’s like the finance world’s version of the Avengers assembling. 🏦🦸‍♂️

The world's largest bank, ICBC, referred to Ethereum as ‘digital oil’ because of its support for smart contracts and development potential, further boosted by upcoming ETF trading. Ethereum’s getting the royal treatment! ⛽👑

Our Daily Pick: Ocean Protocol, a Wave of AI and Blockchain 🌊💾

Ocean Protocol is like the Airbnb for data, but with a blockchain twist. It’s a decentralized data exchange platform that uses blockchain technology to share and monetize data while keeping privacy intact and secure. Think of it as a super secure bridge between data providers and consumers, making sure data control stays with the owner. 🏗️🔒

What is it used for? Ocean Protocol lets you create data marketplaces where data can be tokenized, accessed, and traded. It’s like turning data into a tradable commodity, perfect for AI model training and other data-hungry applications, all while ensuring data privacy and ownership. 📊🤖

Who is behind the project? The brains behind Ocean Protocol are Bruce Pon and Trent McConaghy. These guys have serious creds in big data, blockchain, and AI. With entrepreneurial ventures and tech innovation in their backgrounds, they’ve assembled a diverse advisory board full of experts in AI, blockchain, big data, business, and policy. 🧠👨‍🔬

Who is backing it up? Ocean Protocol has a broad range of supporters, including industry experts, community members, and investors from the blockchain and AI fields. It’s like having an all-star team cheering them on. 📣💪

What about its tokenomics? Ocean Protocol runs on OCEAN tokens. These tokens are the lifeblood of the ecosystem, used for buying data, staking, and governance. They incentivize data sharing by providing financial rewards to data providers. 🪙💸

• Currently, there are 568,381,103 OCEAN tokens in circulation. 🌍🪙

• The maximum supply of OCEAN tokens is capped at 1,410,000,000. 🚀🔢

• Ocean Protocol is ranked around #160 by market cap, with a market capitalization of about $387 million. 🌐📊

What are Ocean Protocol's superpowers? Ocean Protocol’s superpowers lie in secure, privacy-preserving data sharing. Its Compute-to-Data feature allows data to be used for AI model training without actually moving it, ensuring privacy and security. Data tokenization creates new revenue streams for data owners. 🦸‍♂️🔐

What problem is solved with its implementation? Ocean Protocol tackles the issue of secure data sharing and monetization. It allows data owners to control their data while using it for research and development, creating a thriving data economy without compromising privacy. 🔍💾

Explain its core concepts:

• Data Tokens: ERC-20 tokens that represent the right to access specific datasets. 🎟️🔗

• Compute-to-Data: This allows computations on data without moving it, ensuring privacy and security. 🤖🔒

• Data Marketplaces: Platforms built on Ocean Protocol where data can be bought, sold, and shared securely. 🏪📈

What are its use cases?

• Data Marketplaces: Create and participate in marketplaces to buy and sell data. 🏦📊

• AI Model Training: Access high-quality data for training models without compromising data privacy. 🤖📚

• Data Monetization: Tokenize and sell data, creating new revenue streams. 💰🔗

Final Thoughts: Ocean Protocol is a game-changer in the data-sharing landscape, offering a secure, private way to monetize data. Its innovative data tokenization and Compute-to-Data technology pave the way for a new data economy. However, it faces challenges in market adoption and regulatory compliance. If it can overcome these hurdles, Ocean Protocol can advance how we share and use data significantly. 🌊✨

Happy hump day ;)

-Pep