Bitcoin Blasts Off

will stauner
February 15, 2024

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^{The Phenom Crypto Letter}

Welcome to the Phenom Crypto Letter, a free weekly newsletter from Phenom Ventures. Every Thursday we bring you the latest news, cutting-edge trends, and exclusive alpha alerts curated by the team at Phenom Ventures.

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GM,

What a week! BTC and ETH are pumping this week. As of writing this they are both up midteens percent and the entire crypto market is up 4%. Greed level is in the 70s and its looking like things are really alive in the space. Starknet announced there long awaited airdrop (more on this later) which is setting crypto twitter on fire. Hopefully some of you have used starknet over the last year and qualify because it should be lucrative (Pro Tip: use a vpn when you check eligibility).

-Will

Here’s what we’ve got this week:

Starknet Airdrop 🪂
Alpha Thread on Evaluating FDV

Market Rundown

Starknet Announces Airdrop

The hot news this week is Starknet just dropped a bombshell, rolling out what's possibly the biggest airdrop the crypto of the year. Stark is up for grabs for over 1.3M eligible addresses. If you've been anywhere near Ethereum's Layer 2, you might be one eligible.

Who is Eligible?

Starknet's earmarking 728M STRK for folks in the Starknet and Ethereum communities, plus a few qualifiers from the open-source world. 3 main groups qualify:

Starket Community: Starknet is rewarding over 70% of its first airdrop to its core community—developers, active users, and supporters who've significantly contributed to its growth.
Ethereum Community: Starknet's first airdrop dedicates 26% of its tokens to the Ethereum community, rewarding both developers and stakers. This marks the first major airdrop to specifically include Ethereum stakers, acknowledging their contribution to the blockchain ecosystem Starknet relies on.
Opensource Community: Starknet is allocating 2.1% of its airdrop to honor the open-source community, celebrating crypto's tradition of backing public goods and encouraging this support across industries. This move aims to bolster open-source developers, reflecting Starknet's commitment to the broader tech ecosystem.

How to Claim:

Claiming opens up on February 20th. Check your eligibility at the Starknet Provisions website provisions.starknet.io

Missed out? Don’t sweat it. This is just the start, with more chances to score big in the pipeline. There will be a ton of airdrops during this market cycle.

ICYMI👀
More details on the Starknet Provisions Program:
— Starknet 🦇🔊 (@Starknet)
4:59 PM • Feb 14, 2024

BlockBuzz™️

Quick Hitters from the week

Genesis Granted Sale of $1.6B in Grayscale Shares: A court ruling allows Genesis to sell its Grayscale bitcoin ETF shares, aiding in bankruptcy proceedings.
Sushi to Unveil Susa, a Decentralized Derivatives Exchange: Plans include enabling devs to build everything from smart contracts to rollups atop the platform.
PlayDapp Suffers Major Token Theft: Crypto gaming platform faces a significant loss, with $290 million worth of tokens stolen in two separate exploits.
Franklin Templeton Eyes Ethereum ETF Market: Submits an application to the SEC, aiming to launch an Ethereum ETF.
Spot Bitcoin ETFs Experience Surge in Inflows: CoinShares reports a substantial $1.1 billion influx into spot Bitcoin ETFs in just one week.

The Twitterverse

A collection of the most interesting stuff on Crypto Twitter this week

Full Diluted Value can be an overhang on price to watch out for but not all FDV is created equal.

FDV is not a meme - many of you will learn this the hard way this cycle as unlocks hit the market
However, not all FDVs are created equal. The single most important factor in comparing FDVs is figuring out what % of a token's FDV is unrealised profits for investors/team. The… twitter.com/i/web/status/1…
— José Maria Macedo (@ZeMariaMacedo)
2:57 PM • Feb 11, 2024

I’ll take “ Buy more bitcoin” for $1000 Alex

We’re in a regime of fiscal dominance, everything else is short term noise.
Fed keeping rates “higher for longer” just adds to interest payments, making situation even worse. Cutting rates & having inflation drops real rates, the govt needs this.
Hope you own some Bitcoin.
— Will (@WClementeIII)
3:42 PM • Feb 13, 2024

All HAIL THE PUMP 😂

Crypto bros are about to prepare their 9-5 resignation letters.
— Route 2 FI (@Route2FI)
12:35 PM • Feb 14, 2024

WAGMI

For the Crypto Culture

This is our lives on repeat every single day
— 💐Guru 💐 (@CoinGurruu)
5:02 AM • Feb 9, 2024

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