Why? Two words: safe haven. Plus, there's this new, shiny attraction - ordinals and BRC-20 tokens.

Curious about the details? Well, you're in the right place. Let's dive in.

TLDR 📃

• Wow, XVerse dropped a new token and it was like Black Friday - 60k people just rushed in!
• Bitcoin is like the popular kid at school now, user numbers are sky-high, thanks to those shiny new BRC-20 tokens.
• Binance could bring more fun to the party by listing BRC-20s. But let's not forget their legal trouble, it might rain on our parade.
• The market is reading too much meaning into BRC-20s, they're still only a sh*tcoin season for now.
• Even with a price slump, BTC is flying off the shelves and into long-term storage - that's commitment!
• Strap in, we might see BTC prices dive to $24,250 or even $20,000. A lot depends on how Binance's situation pans out.

Disclaimer: Not financial or investment advice. Any capital-related decisions you make are your full responsibility.

Alt-season on Bitcoin? 💰

As odd as that sounds, we have been seeing the equivalent of an alt-season within the Bitcoin ecosystem. However, how sustainable that is, is, at best, a coin toss. But here's what we know.

Bitcoin user numbers are hitting all-time highs. But let's be clear; they're not flocking to Bitcoin for transactions and hefty fees. Instead, they're in pursuit of a golden opportunity, gambling on these new BRC-20 tokens. And we do mean "gambling" - we're not exactly seeing any groundbreaking developments there.

Consider Xverse. They launched their token and saw a mad rush - over 60,000 eager hands reaching out to grab their share, and they sold out within 30 minutes. This is a giant leap from BRC-20's early days when domo the dev unveiled the "ordi" token, which took an entire day to sell out. That token eventually hit a staggering $175M+ market cap, with trading volumes surpassing $200M. When trading volume overshadows market cap, that often heralds "the beginning of the end".

A potential trick can extend their cycle a bit- Binance plans to offer BRC-20 and Ordinals on their platform. This could be a game-changer, easing the entry barriers for average crypto users who find Bitcoin token buying/selling challenging. However, given Binance's ongoing lawsuit, we suggest a pinch of salt with this update - it could derail some progress.

Scams are plentiful 🚨

If you're tempted to "play the game", be aware it's not all sunshine and rainbows. There have been big concerns about Xverse's recent token sale, with many questioning its lightning-fast sell-out and pointing fingers at the creators for lacking proper bot protection.

Rumours are swirling that the project creators might have minted tokens for a later dump, a stark reminder of why doing your homework is vital in the crypto market.

But that's not all. This week, a sneaky attacker managed to drain over 2.35 BTC from the first Ordinal wallet.

The attack happened right around the launch of a project called Orange BRC. The scammer set up a fake website posing as Luminex, a popular BRC-721 marketplace, and used it as a trap. Thankfully, some sharp-eyed users noticed misspellings in the domain and unusually high transaction costs, which exposed the scam.

As excitement around BRC-20 tokens grows, staying calm and cautious is crucial. It's better to miss out on an opportunity than to rush and risk losing everything.

Smart money moves 🐋

Sure, BRC-20 is an intriguing experiment, but let's get real - their performance post-hype is anybody's guess (chances are, they'll fade with the buzz). But hey, all publicity is good publicity, right?

Now, the true victors here are the miners - the ones selling the tools and pocketing the fees. We hinted at this gold nugget a few weeks back, sharing how those mining stocks are the real winners. But you know who else is a winner, regardless? BTC.

Prices have taken a hit; truthfully, we anticipate further dips (more on this below). But one thing stands out in the data: BTC is continually being withdrawn from exchanges despite the slump. This indicates long-term buyers buying and sending newly purchased BTC into cold storage. Don't just take our word for it; check out the data 👇🏼

• Green: This signals a net inflow of BTC onto exchanges, indicating selling pressure. People aren't transferring their BTC from cold storage to exchanges for fun - they're preparing to sell.
• Red: The complete opposite. It's a bullish sign and typically a positive indicator.

What does all this mean for you? 📉

Alright, let's dive into prices, which, to be honest, aren’t that great right now.

We're eyeing a potential landing at $24,250. Of course, a dip to $20,000 could occur, depending on the outcome with Binance. For now, $24,250 is our spotlight.

However, we've got our own take on BTC for the mid-term - which we’ll remind you of 👇🏼

Cryptonary’s take 🧠

Alright, let's chat about this buzz in the Bitcoin ecosystem. Sounds great, right? But if we're honest, the main innovation is trying to import DeFi into Bitcoin (which is like trying to turn cars into buses - absurd).

There's quite a stir around BRC-20 tokens, and things could heat up if Binance starts listing them. But remember, such excitement can't last forever. We think the market is reading too much meaning into this.

Sure, no one has a crystal ball of how things will pan out, but we recommend cautious optimism. In the meantime, we continue to back BTC as our Gold 2.0, and we continue to buy it every month.

Thanks for reading; Cryptonary out.