Thread by @crypto_dolfin

1/ Hear me out with a tinfoil hat. The amount of burn in $LUNA lately is not normal and does not correlate to the demand for UST present in the main drivers ( $MIR, $ANC, #CHAI). If it was a big whale capitulating into UST, it would make no sense to do so continually at this rate

2/ This heavy demand for UST might be linked to something else, to the unwinding of something much bigger. Yes, it might be the time where the big investor players of Binance and FTX are going to finally add UST pairs... But have you stopped to think why? This precise date?

3/ Exchanges could've done so a long time ago, but it was decided it was going to happen as some Eastern news started popping around, Eastern situations that affect other primordial leveraged factors in the market.

4/ I wonder if the Crypto Avengers hearing with US Banks this Wednesday will mark the day when that intrinsic layer of leverage will finally be at risk. At the end of the day, USDC mcap has been growing bigger than USDT since the news around the Eastern markets. Coincidence?

5/ Who knows... It might be coincidence, it might be that it's not and if that's the case then USDT's CPs might be in danger. $UST would be a healthy alternative as USDC works as a stopgap before regulations and banks get to it. I still hold Dec 8 and 15 as very important dates.

6/ TLDR: what if all this $LUNA burn is in preparation of something with insane UST demand (exchange pairs listings) in anticipation of something big happening to the status quo of stables? I've always said it is too big to fail already, but *if* this is right...Brace yourself...

7/ ...Brace yourself and hang on to the 🌕 as you wake up and smell the ashes. The asset class is too big to fail already but stress over the defacto stables is finally materializing (bitfinex'd will be unbearable to read for at least a year if that's the case)... $UST fixes this

8/ I'm not even properly positioned for this scenario and this might just be me lacking sleep and putting a tinfoil hat (might delete later). The next 2 weeks will rinse tons of people, regardless of directional bias. Think about your r/r.

9/ It is more likely that we'll just range like a 🦀 between 40 (low wick to 37 if of leveraged apes do what they do) and 53 (high wick to 55 if leveraged apes do what they do), but I still fancy the idea of something big cooking.

Dec 8 - Dec 15

10/ GN, sorry for the night rambling.