🚨 ALERT: This Is Not a Normal Bitcoin Dip!
This Crypto Protocol May Have The Best Buyback System Yet!
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📰 This Is Not a Normal Market Dip!
💎 This Protocol May Have The Best Buyback System Yet!
🐸 MEMEoirs of a Degen!
📢 Biggest Announcements
💭 Banter’s Take
GM Degens,
A single whale just offloaded 24,000 BTC — that’s about $2.7 billion hitting the market in one shot. The result? More than $800 million in liquidations and one of the sharpest leveraged flushes we’ve seen all year.
But timing is everything. This move lands right as Bitcoin enters its historical 480-day post-halving dip window — a spot on the calendar where the market tends to wobble anyway. But consider some dramatic changes in on-chain positioning, and suddenly this doesn’t look like end-of-cycle selling.
Meanwhile, something wild is happening in the background: Ethereum has just broken an 8-year downtrend…
Let’s dive in!
🌍 Market Catch-Up
Source: CoinMarketCap
📰 News of the Day
This Is Not a Normal Market Dip!
Everyone was exhaling after Jackson Hole. Powell played it cool, rate cut odds rose higher, markets were happy and so was crypto. And then… crypto did what crypto does. Out of nowhere, a single whale nuked the market, unloading more than 24,000 BTC in one go, sparking a $310M flash crash on Bitcoin.
Classic crypto!
But that entity still holds 152,874 BTC across linked wallets, with funds tracing all the way back to HTX deposits from six years ago.
But this wasn’t some random panic exit. Oh, no! Instead of disappearing, the whale rotated billions into Ethereum and staked it. That’s not capitulation. That’s repositioning.
The OG who bagged 100,784 BTC ($642M back then, now $11.4B) is actively swapping BTC for ETH. If anything, this looks like one of the cleanest signals of capital rotation we’ve seen. And, as a side note, it also turned into a massive free advert for Hyperliquid, which has been eating into spot dominance (we’ll dig deeper into that in the next section).
On that note, we are seeing a potential ETH/BTC breakout from an 8-year downward trendline, and you’ve suddenly got a narrative where Ethereum leadership finally starts to show, potentially taking the rest of the alt coins up with it.
Overall volatility is back though. -10% and +10% daily candles on majors? Get used to it. In the past 24 hours alone, 152,892 traders got liquidated, wiping out a total of $745M—mostly late, overleveraged longers who thought the pump had no brakes.
Classic, uninformed degens. Don’t get caught up in the FOMO. Hit subscribe.
Source: Coinglass
Now here’s where the macro meets the cycle theory. A lot of people are bearish after the drop, but seasonality could be Bitcoin’s secret weapon here. Historically, Q4 returns for both BTC and ETH punch above their weight.
And then there’s the 480-day post-halving signal. In the last two cycles, Bitcoin showed notable weakness about 480 days after the halving. The current dip lines up almost perfectly with that timing window.
Zooming in on history: those corrections took between 6–14 days to bottom and up to 29 days to recover, with drawdowns of -25% to -29%. Right now, we’re 11 days into this correction, which means we could already be in the bottoming range, or we could chop around until Sep 13 at the latest before recovery kicks in.
The patterns even show the halving-related corrections and tops shifting earlier every cycle:
2017 cycle → Nov dip, Dec top
2021 cycle → Sep dip, Nov top
2025 cycle → Aug dip, Oct top?
If history rhymes, the bottom window is between Aug 14 and Sep 13. And if the four-year cycle has its say, the next major top lands around Oct 2025.
Final Thoughts
Best case → we’ve bottomed already.
Medium case → we fall to the bull market support band and consolidate.
Worst case → we test the 50W SMA, just like we did in Sep 2021.
Either way, the big picture hasn’t changed. This wasn’t flight — it was rotation. And as messy as it looks short-term, the alignment of cycle timing, seasonality, and ETH strength has all the makings of a setup, not a breakdown.
💎 Degens’ Den
This Protocol May Have The Best Buyback System Yet!
And the “Whale Choice Award” goes to none other than Hyperliquid (HYPE)!
Yes that is a totally made up award, but let’s explore what’s happening.
The whale who just dumped all the above BTC probably wasn’t keen on going through the whole KYC funnel. Instead, it used the Hyperliquid platform. And whether intentional or not, that trade turned into one of the cleanest free marketing campaigns Hyperliquid could ask for.
Hyperliquid isn’t just running perpetuals anymore. Their spot market is built by a separate team called UNIT, and is quickly turning into a beast of its own. UNIT launched a BTC, ETH, and SOL-based spot market using Hyperliquid’s infrastructure, and they’ve got an arrangement where fees are split 50/50 with Hyperliquid. But UNIT is using its cut of fees to buy back HYPE.
Yesterday alone, the spot market was responsible for 20% of all HYPE buybacks, with UNIT piling on by deploying their fees back into the same loop. Just from spot alone, that translated into $1.88M worth of HYPE buybacks yesterday. And it’s not slowing down. Hyperliquid’s spot BTC volumes have been trending higher for weeks, and just yesterday, spot volume on Hyperliquid surpassed both Coinbase and Binance combined. Yes, combined.
And the Hyperliquid fundamentals keep stacking:
$6M fee day yesterday, one of the biggest yet.
At current prices (~$44 HYPE), the entire circulating supply could theoretically be bought back in just 3 years.
Source: Skewga
Meanwhile, forecast models (180-day lookback) peg the revenue trajectory between $5.13M–$7.63M/day, meaning that $6M fee days could be the new norm, not the exception.
Source: Skewga
Final Thoughts
HYPE’s buyback structure, UNIT tokenomics, and spot volumes create a reflexive loop in its favor. In plain English: higher trading activity = more fees = more HYPE burned/bought back = tighter supply. And with whales using Hyperliquid as their exchange of choice, the feedback loop only strengthens.
🐸 MEMEoirs of a Degen!
📢 Biggest Announcements
Philippines Weighs Creation of 10,000 BTC Strategic Reserve With 20-Year Lockup
Galaxy, Jump, and Multicoin Reportedly Raising $1B to Acquire Solana Tokens
💭 Banter’s Take
At the end of the day, we’ve got our theses — but let’s be real, so does everyone else. Markets thrive on competing narratives, and the only way to really cut through the noise is to do your own research. That’s how you build conviction, stick to your strategy, and avoid getting shaken out by every headline or whale move.
If you want to dive even deeper to HYPE and the current market structure, tune into today’s Crypto Banter show with Ran, where he’ll be unpacking these dynamics in full detail. 👇
See you all tomorrow!