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In This Issue:
God Candle
Legacy Markets
Enron Is Back?
Coinbase Partners With Apple Pay
The U.S. Might Be Selling Bitcoin
Bitcoin Is The Best Asset, XRP Skyrockets, Is Ethereum Next To Rally? | Macro Monday
God Candle
God Candle: (From Chat GPT)
In crypto, a huge green candlestick that shoots prices to the moon in minutes. Makes bulls rich, wrecks bears, and feels like divine intervention.
“Bro, did you see that God candle on XRP? Instant moon!”
I guess a picture is really worth a thousand words… Or in this case, XRP is worth a +$150b market cap.
I went over to Archive.today to grab a snapshot of XRP before its recent God candle, just to double-check its market cap rank before all of this unfolded.
I never thought I’d be typing this, but in just one month, XRP jumped from #7 to #3 in total market cap, overtaking USDC, SOL, BNB, and USDT. Its market cap surged from the low $30 billion range to an astonishing $150 billion, while the total crypto market cap grew steadily during this period. Keep in mind, things are moving so fast that any of these metrics could change within hours or even minutes.
More on this chart above in a moment.
Let’s ask one simple question, why? Why is this happening?
If I had a confident answer, I’d gladly tell you that A, B, and C are happening—but that’s not the case. What I have is an opinion on what’s going on, and I’m sure plenty of people will see it differently.
Let’s start with what we know: XRP belongs to a group of cryptocurrencies that were considered blue chips back in 2017. Alongside XRP, coins like XLM, LTC, DASH, XEM, EOS, ZEC, and IOTA were the main players during that time. While many of these projects had been around for years before, it was in 2017 that they really gained prominence. To clarify, when I say, “blue chips of 2017,” I’m referring to a specific period of time when these coins reached their peak visibility and influence.
I’m not going to dive into the performance of each of these coins versus each other, but XRP was the undisputed leader of the group. XRP rose from $0.0056 to $3.84 in less than a year, which is a 68,471.4% increase. If you had invested $100 in XRP when it was priced at $0.0056, by the time it reached $3.84, your investment would have turned into **$68,571.40** in profit. Did you know that for a few months, XRP was the #2 largest crypto by market cap? XRP built a cult-like fanbase like no other coin in this space, except for Bitcoin.
Following 2017, the bear market hit, and XRP took a nasty beating, just like many other coins. Around the time of COVID, XRP dropped as low as 12 cents—possibly even lower on some exchanges. It then saw a stunted revival in 2021, but while other coins were setting new all-time highs, XRP struggled to keep up. Adding insult to injury, it faced the ongoing gauntlet of the SEC's lawsuit, watching from the sidelines as the rest of the market passed it by. The second bear market that followed was arguably even more brutal than the first. All the pain again, with no gain.
In July 2023, XRP won its lawsuit, giving it some relief and sparking a brief surge in price. But that momentum quickly faded, and the coin slipped back into its dormant state. Then, November 2024 rolled around, and that’s where the God candle was born.
For the “why” question, here’s where I have to shift from known facts to conjecture. Again, this is just my opinion—nobody’s strapping you down and forcing you to read or believe what I’m about to say. You are entitled to our own opinions.
I don’t think XRP is exploding because it won against the SEC or because Gary Gensler is stepping down. I don’t think it’s because of the four ETF filings, Ripple’s imminent stablecoin launch, XRP NFTs, a native XRP DEX, Ripple DeFi, or Trump saying something about U.S. crypto companies having their tokens exempt from taxes. I don’t think it’s because XRP presents itself professionally or because it’s about to become widely adopted by banks. And I definitely don’t think XRP is headed for $589.
This is where I suspect the XRP community disagrees with me, but to each their own.
What I do think is going on is XRP’s rise is a mix of the return of 'old school' crypto investors, the revival of a die-hard community, the rotation of money, and an epic comeback that the space swore could never happen. As for whether this is a rotation of money or new money coming in, I think it’s a mix of both—but it leans more toward 'old school' investors returning with new money, which explains the steady rise in total crypto market cap.
Did I see this coming? No. Does it make perfect sense? Still no. Can we attempt to understand why it may be happening? I think so.
Just because a coin gets written off doesn’t mean it’s going to have an epic comeback, but crypto has taught us that when the right variables line up, a lot of unexpected things can happen—and that’s exactly what’s going on right now. They’re almost always impossible to predict, and the timing is random, but they can happen. And XRP is this month’s example.
Along with XRP, let’s see what else is performing well.
LTC +77% this month.
ADA +235% this month.
IOTA +235% this month.
XLM +481% this month.
HBAR +529% this month.
I’m criminally underexposed to this category of coins, womp, womp.
There’s more to the list, but you get the idea. I’m not here to offend anyone, but let’s be honest—these coins have long been considered relics of the crypto world, dismissed by most except for their die-hard communities who’ve held on to hope year after year. Sure, those communities always believed their favorite projects would return to their former glory, some even preached it daily. But let’s be real—no one reasonably expected this group to suddenly surge in November, especially while a good portion of the market remains temporarily stuck in neutral or trending down. Crypto never fails to surprise us—it’s a strange world we’re navigating.
How can you not love the euphoria going on in the XRP Reddit trenches?
Everyone’s expecting it to double by the end of the day. “God believed in XRP,” one Redditor said he is taking Christmas money from his kids to buy more. And the last guy? He put the last of his savings in at the top. I’m sure this ends well, right?
I’m tempted to incite a mob and talk about the virtues of profit-taking, but that would probably break Rule 3: No FUD—who knows.
I’m getting off track, so let’s bring it back home.
Nobody saw this coming (unless you count the XRP Army screaming for 5 years) —let’s make that clear. Secondly, I’m not convinced this marks an obvious top signal for the entire market. We just witnessed Solana’s epic run-up, paired with a historic meme season, and Bitcoin didn’t even flinch. After that, ETH had its moment, along with a handful of lagging coins, and now we find ourselves in the ‘cycle of the walking dead.’ I actually like the walking dead analogy—it fits—but I don’t find it to be any more convincing as a market top than the other signals we’ve seen over the past month or two.
Sure, the broader market could correct here, but those calling for a top right now aren't any better reasoned than the folks saying they can smell XRP hitting $3.25 tomorrow. A correction specifically for the walking dead? That seems plausible.
I’m not saying this will happen, but if this ends with a correction primarily affecting the 2017 coins, while BTC, ETH, and SOL just stay comfortably where they are, I’d say it’s a good sign of maturation in the space. That said, it would mean top signals will actually be harder to read for the market as a whole. Also, one of the differentiating factors of this cycle is that we’re seeing coins and sectors move at different times, each experiencing their own mini cycles within a larger cycle. In the past, there was an expectation of consistent capital rotation, but these smaller cycles feel more disconnected than ever, and I think that’s a good thing.
I’m glad the walking dead caught a win after being the butt of every joke for literally 7 years, but I’m not expecting the blue chips from 2017 to stay on top in the long term, especially with ETH, SOL, and other rising stars in the mix. I know this might ruffle some feathers, but that’s my honest take on the bigger picture. Y’all subscribe to hear my thoughts, not for me to sugarcoat things.
Congrats if you hold any of these coins, and all I ask is that you make smart decisions. I’ll say the same for holders of any coin that goes on an epic run this cycle. Take care of your family, prioritize your health and well-being, eliminate bad debt, and remember—there’s more to life than the total in your portfolio.
God candles await us. DYOR, then do it again, and buy what you believe in.
One last bonus thought for those who made it this far: XRP flipping SOL was the comedic relief this space needed when infighting amongst competing protocols was at an all-time high. SOL doesn’t have much room to talk now that XRP has flipped it, and to be frank, ETH has some catching up to do—XRP is fast approaching half its size.
Maybe we could all take this as a sign to chill for a moment? I get it, what we’re working towards here is revolutionary, but we don’t need a stick up our ass 24/7/365. Ripple just showed up to the party dressed in a fur coat, two bottles of Hennessy in each hand, strippers on each side, smelling like Cuban cigars. Can we just enjoy the moment for a second?
Fuck the narratives, the jealousy, and the charts. Lighten up a little—we’re in a bull market.
Legacy Markets
US equity futures indicated a flat opening following the S&P 500’s record 54th high of the year, as investors await crucial Federal Reserve discussions and economic data, including November payrolls and Fed Chair Powell’s remarks. Markets are pricing a 70% chance of a quarter-point rate cut at the December Fed meeting, with UBS suggesting there’s room for easing given the economic outlook. The S&P 500’s 27% surge this year, driven by tech stocks and optimism around tax cuts and deregulation under Donald Trump, has left short sellers capitulating, while European markets lag amid political instability and sluggish growth. France faces heightened uncertainty with a no-confidence vote against its government led by Michel Barnier, potentially uniting far-right and left-wing coalitions. This has weighed on the CAC 40 index, trailing peers like Germany’s DAX, which hit a record high. Meanwhile, oil prices climbed ahead of an OPEC+ meeting, supported by hopes of Chinese stimulus, as Asian markets posted gains on optimism around China’s upcoming economic planning for 2025.
Key events this week:
Fed’s Adriana Kugler and Austan Goolsbee speak, Tuesday
Eurozone S&P Global Eurozone Services PMI, PPI, Wednesday
US factory orders, US durable goods, Wednesday
Fed’s Jerome Powell and Alberto Musalem speak, Wednesday
Fed’s Beige Book, Wednesday
Eurozone retail sales, Thursday
US initial jobless claims, Thursday
Eurozone GDP, Friday
US jobs report, consumer sentiment, Friday
Some of the main moves in markets:
Stocks
S&P 500 futures were little changed as of 8:26 a.m. New York time
Nasdaq 100 futures were little changed
Futures on the Dow Jones Industrial Average were little changed
The Stoxx Europe 600 rose 0.5%
The MSCI World Index rose 0.3%
Currencies
The Bloomberg Dollar Spot Index was little changed
The euro rose 0.1% to $1.0512
The British pound was little changed at $1.2654
The Japanese yen rose 0.1% to 149.42 per dollar
Cryptocurrencies
Bitcoin fell 0.9% to $94,581.36
Ether fell 0.6% to $3,597.04
Bonds
The yield on 10-year Treasuries advanced one basis point to 4.20%
Germany’s 10-year yield advanced two basis points to 2.05%
Britain’s 10-year yield was little changed at 4.22%
Commodities
West Texas Intermediate crude rose 1.4% to $69.08 a barrel
Spot gold rose 0.2% to $2,644.29 an ounce
Enron Is Back?
I’m piecing together this story in real time along with everyone else, and what’s frustrating is seeing so many large accounts blasting, “Enron is back.” There are so many strange details here:
“The information on the website about Enron is First Amendment protected parody, represents performance art, and is for entertainment purposes only.”
FTX's new CEO, John J. Ray, III, was the same lawyer that cleaned up Enron
Apparently, this Enron is launching a token.
None of the listed employees seem real. One was a confirmed Shutterstock image.
Enron, of all companies, is going to solve the “global energy crisis?”
I have no idea what exactly is going on, but it’s clearly not legit—stay away from it. Sure, it might pump if degenerates get ahold of it, but that doesn’t make it any less of a scam. You’ve been warned.
Coinbase Partners With Apple Pay
Coinbase has added Apple Pay as a payment method for its Onramp tool, which helps users convert fiat to crypto more easily. The idea behind Onramp is to simplify the process for developers to include fiat-to-crypto transactions in their apps, reducing some of the usual headaches like lengthy KYC and slow conversions.
By integrating Apple Pay, users now have access to a widely used payment method, making the process even quicker and more seamless—conversions can happen in just seconds. Apps that already use Coinbase Onramp will automatically have Apple Pay as an option for eligible purchases. On top of that, users can take advantage of free USDC on and offramps, which makes moving money in and out of crypto even smoother.
The U.S. Might Be Selling Bitcoin
This likely comes down to one of two possibilities: either the U.S. government is indeed selling some of its Bitcoin, or it’s simply moving funds—consolidating wallets or having Coinbase take custody of its holdings. Even if it turns out to be a sale, there’s no reason to panic. Bitcoin is resilient enough to handle the selling pressure, especially in the context of a bull market and incoming president who is promising not to sell.
Bernstein Predicts ETH Staking Is Coming To ETFs
Bernstein is bullish on Ethereum. Here’s what the $759B asset manager had to say:
“We believe, under a new Trump 2.0 crypto-friendly SEC, ETH staking yield will likely be approved. In a declining rate environment, ether's current 3% yield, which could rise to 4-5% with a boost in blockchain activity, is increasingly attractive, offering compelling returns for investors while benefiting asset managers through improved ETF economics.”
Bernstein also highlighted three other key catalysts for ETH’s strong performance:
“The recent inflection in Ethereum ETF inflows.”
“A resilient investor base and favorable demand-supply dynamics.”
“Ethereum’s blockchain activity is beginning to surge again.”
ETH ETF staking yield will be bullish, I’m ready for it.
Bitcoin Is The Best Asset, XRP Skyrockets, Is Ethereum Next To Rally? | Macro Monday
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The views and opinions expressed here are solely my own and should in no way be interpreted as financial advice. Every investment and trading move involves risk. You should conduct your own research when making a decision. I am not a financial advisor. Nothing contained in this e-mail constitutes or shall be construed as an offering of financial instruments or as investment advice or recommendations of an investment strategy or whether or not to "Buy," "Sell," or "Hold" an investment.