Old Wallets Woke Up So We Bought
by Ben Lilly
A Cobwebbed Wallet Got Dusted Off
Monday was a reset.
It was needed in order to set the table for a move higher.
In the days leading up to the wild swing on Monday, rates for margin positions were getting ludicrous. Traders were paying 6% per day (in a few exchanges) to borrow usd. This caused rational to close their positions. The result was a cascade of selling... BTC dropped 17.8% from peak to trough.
With FOMO (fear of missing out) getting flushed out with the drop, what emerged from the wreckage was an entity we hadn't seen for years. A custodial wallet that is seldom active. As it works it triggered an algorithm we hadn't been used for almost two years.
The wallet is a known custodian tied to bullish price action which triggered a low leveraged swing trade for Jarvis. It timed it well entering the trade around $31,300. As I write, the price is about to tap $36,000. What's interesting with this trade is that we know it's not the Grayscale Effect. We've been following this entity for years and know who they are. They like to push prices higher...
What's more, the activity occurred in tandem with a $200 million print of USDT. That's more fuel and more buying power entering the market.
Whenever USDT prints in a specific way, which we saw yesterday, Benjamin (yes, there are two Bens among us) likes to joke by saying, "initiate the 125x leverage" because of how strong of an on-chain signal it is. (Please don't actually do that. We never trade high leverage, and the swing trade mentioned earlier is using very low leverage!)
This is one of those instances where I remind you the Grayscale Effect won't be the predominant driving force in January. In saying that, it doesn't mean the price can't go down. It simply means price action isn't a result of the Grayscale Effect.
It's a reminder that things in crypto change very quickly and any preconceived notions need to change quickly as well.
For instance, tomorrow we might witness a wallet we labeled as Pablo Escobar wake up... It's a wallet that is a known market manipulator and tends to push the market down over 20%. We hope that the wallet doesn't wake up until 2022, but if it does Jarvis trades on what the data shows, not on what we hope.
Our Version of the Free Trial
Now, I know there are a couple dozen of you that were looking to get a monthly subscription. We really are sorry about having to close down the monthly offering until further notice. The monthly offering allows users to test out Jarvis before committing to longer periods of time and bigger costs. It's why we offering it in the first place.
But it's also why we are excited for ChainPulse Fund.
ChainPulse Fund is an on-chain fund where anybody from anywhere in the world can participate. There are no upfront costs required. And users gain access to autonomous 24/7/365 trading powered by Jarvis.
In regards to what an on-chain fund is, some of you might have heard of Melon Protocol. It's now known as Enzyme. It allows a crypto user to deposit funds into a smart contract that we, Jarvis Labs, can trade.
There are no documents to sign, no accredited investor status required, no holding period, or ridiculously high minimum. Instead, it allows users 24/7 access to their funds, easy deposit and withdrawal, and most importantly complete transparency.
It's a way that we can showcase Jarvis, have results that can't be altered on the blockchain, and allow anybody to get a test run for Jarvis.
So while we hope to earn your trust in becoming a full-time Jarvis subscriber, we're very excited to introduce this new way to trial Jarvis. So expect to hear more about this in the coming days and weeks. We anticipate it'll be live before the end of the month (mainnet audit and launch work in progress, gotta be patient).
Ok, I'm getting a bit long-winded here so I'll be quick with the market update...
Market Update
Risk meter is 87.
The fuel meter is 80. The last time we mentioned the fuel level it was in the 50s. Fuel jumped as a result of the new USDT hitting the market yesterday.
Money Market lending rates are sitting at 4.5% and 7% for DAI and USDC, respectively. These are historically high rates. High rates like this give investors and traders a good alternative to finding alpha NOT in a trade, but instead a low-risk yield instrument... It's an indication that risk in the derivative market is rising since platforms and traders are in need of stablecoins.
Keep in mind, the higher the leverage in the market, the higher the risk. 87 is high... But USDT and a cobweb-covered wallet woke up yesterday. So we ignore the check engine light for another day and ride it higher...
Your pulse on crypto,
B. Lilly
Jarvis Update
Until further notice monthly subscriptions are no longer available. Each month we set aside a certain amount, but in order to prioritize alpha, we can't budge on this. However, we still have annual and lifetime slots available.
We apologize for the inconvenience.
In an effort to free up slots we are offering a limited-time opportunity for monthly subscribers to upgrade to annual or lifetime. If you’re interested we’ll pass along a 20% discount, that’s a $500 savings or two months free. Or on a lifetime that’s $2,000 off, almost a year for free!
Contact @benjamin_bc on Telegram if you have any questions.
Remember, for lifetime subscribers you get any and all Jarvis products such as option bots, hedging bots, multi-account access, and more.
-Jarvis Labs Team
p.s. - Click the button below to learn more about Jarvis subscriptions. Or go to www.jarvis-labs.xyz and use the chat icon in the bottom right corner.
