GM, frens! ☕️ 

You remember being told that consistency is boring 🙄 

But the longer you stick around - anywhere really - the more it starts to look like a superpower. Showing up, even when it’s quiet, even when it’s dull, is what keeps things moving underneath 💪 

And here’s what we’ve been tracking:

• 🔌 Ledger pulls the plug on Nano S, users left disappointed

• 🐂 NVIDIA effect on AI crypto is disappearing

• 💸 Fiat isn't feeling too good - crypto is slowly flipping it

• 🤯 Biggest BTC miners dump everything and switch to ETH

The W3oF Degen Portfolio stayed basically where it was 🤫 

But not every week is going to deliver action. Some just remind you what survival looks like.

If you’re still lurking, still thinking - we’ll see you in the Discord 👋 

Ledger pulls the plug on Nano S – users left disappointed

• Ledger just pulled the plug on the Nano S. The company will no longer accept new applications, feature submissions, or firmware updates for the device. In other words: if you're still using it, you're on your own.

• This might have flown under the radar if it weren’t for the fact that the Nano S isn’t some fringe legacy device - it’s the hardware wallet that onboarded a generation 🧱 

• A cold storage classic. Launched in 2016, it became synonymous with “doing self-custody right.” It wasn’t flashy, it didn’t need apps, and it didn’t need your email. It just worked 👊 

Now it’s officially deprecated 😲 

Devs, builders, and longtime users - some of them still relying on the Nano S for compatibility in testing environments - accused Ledger of rugging one of the most trusted pieces of hardware in the space 👇️ 

Users aren’t upset that technology moved forward. They’re pissed that the company’s moving on without them.

That was the fantasy: you get a Ledger, stack it full of crypto and you disappear. Maybe you even bury it. Maybe one day, 150 years from now, your grandkids dig it up and use your 0.0001 BTC to buy a yacht 🙃 

That was part of the charm - cold storage was supposed to outlast us all. Wasn’t that the point? 🤔 

Seems like Ledger doesn’t think so. In its April post, it cited “limited storage capacity” and “new use cases” as reasons for the transition. But what users are hearing is: this thing doesn’t generate revenue anymore. And now you need a new one.

And sure - technology moves fast. But this wasn’t a downloadable plugin.

It’s a physical vault for financial assets, one marketed as timeless. Now people are being forced to upgrade or risk being left behind with unsupported firmware, no updates, and potential security risks 🤷‍♂️ 

NVIDIA effect on AI crypto is disappearing

The “Nvidia effect” was simple: when NVDA stock pumped, AI tokens followed 🤔 

Traders treated Nvidia’s success as a cheat sheet, after all, if GPUs were flying off shelves, surely the tokens promising decentralized AI must be worth something too.

For a while, that trade worked 👍️ 

• But NVDA stock recently became the most valuable asset on the planet, sitting at a $3.7 trillion market cap - second only to gold. Yet, the AI crypto sector dropped 28% in the same month 📉 

The divergence is happening. AI is decoupling from NVDA. The old deal is dead 🤯 

Historically, Nvidia stock served as a bellwether for anything vaguely AI adjacent. But recent movements show that the correlation has not just weakened - it’s gone.

In March, AI tokens front-ran Nvidia’s earnings with double digit gains.

By May, Nvidia reported a 69% YOY revenue spike, and the entire AI sector mustered a limp 0.6%.

June didn’t help. NVDA pumped another 13.5%, while AI tokens sank. There was no sympathy pump.

Speculative AI coins haven’t delivered. Most hyped up AI agents still haven’t passed the prototype stage 🤷‍♂️ 

Even CZ - of all people - warned against launching AI tokens for no reason. When Binance’s former CEO is your voice of reason, you know something’s off 👀 

The AI meta probably is still the future - just not like this. Traders didn’t really think it would be that easy, did they really?

Turns out real utility can’t be botted, and hype doesn’t scale forever. The market’s grown up a little. Now it rotates towards working infrastructure 🔨 

Fiat isn’t feeling too good – crypto is slowly flipping it

The dollar just posted its lowest level in 3 years. BTC on the other hand, reclaimed $107K.

And for the first time in recent memory, wars and geopolitical panic didn’t send capital running for the usual safety nets 💰️ 

Instead, it ran toward crypto 🤯 

• Traditionally, moments like these - missile strikes, trade wars, oil tensions, rising uncertainty - are when risk assets crumble. Crypto especially 🪙 

• The script says: some exchange crashes, stablecoins wobble, and the market takes a hard reset.

• But this time, it didn’t. The price briefly dipped under $100K, then rebounded without much drama. The market held 🛡️ 

Meanwhile, though, the dollar kept bleeding 👇️ 

Yeah it’s nothing like a spiral drop that we’re used to in crypto, it’s erosion. Slow, steady and unforgiving. The kind you only notice when you stop to compare 🕵️‍♂️ 

But this is how the flippening begins: in a shift of behavior.

One person choosing a cold wallet over a savings account. One remittance routed over stablecoins. One fund hedging with crypto instead of bonds 🪙 

And when the smoke clears, we’re still here. Still ticking 🫡 

Biggest BTC miners dump everything and switch to ETH

Bit Digital just gave Bitcoin the middle finger and walked off into the sunset with Ethereum 👀 

• The Nasdaq listed mining firm - once one of the more prominent public players in the BTC extraction business - has announced it’s shutting down its Bitcoin mining operations entirely 👷 

• The company will convert its remaining 417.6 BTC into ETH and pivot to a pure-play Ethereum staking and treasury model 🪙 

They already hold around 24,434 ETH, with another 18,000 ETH expected to be added once the BTC is sold.

At current prices, that’s over $440 million staked and sitting in ETH reserves 🤯 

From mining rigs to validators

• Bit Digital began buying ETH back in 2022 for treasury diversification, and quietly started building out staking infra. Now they’re going all in.

• The AI angle is also lurking - Bit Digital recently bought a data center in North Carolina for $53 million, expected to support AI compute operations 🤖 

• The market, of course, reacted like the market always does - by panicking first. Bit Digital’s stock (BTBT) fell ~4% immediately after the news broke, then tumbled another 8% in after-hours 🤡 

• But it’s not just BTBT. Other firms are slowly making the same bet. SharpLink Gaming is sitting on $493 million worth of ETH. Coinbase has been building ETH reserves. Even TradFi’s most reluctant tenants are starting to peek over the Bitcoin wall 🧠 

For years, BTC mining was seen as the ultimate expression of crypto faith - a physical, infrastructural commitment to decentralization.

Now one of the biggest public miners is saying "thanks but no thanks" and choosing a yield generating ETH position over hashpower 🧠 

Honestly, it doesn’t help that Bitcoin’s own staking pipeline - via Runes and layer 2s - looks like a never ending bag of promises 🤷‍♂️ 

It’s just common sense - If you're after yield, real DeFi, or anything beyond just holding and hoping, you'll end up plugged into the Ethereum ecosystem.

Other worthy reads

“Time to farm smart, not hard” by Keno:

Some talk about historical patterns, by Daan:

Crypto’s entering REVENUE printing meta:

That's all for now, frens.

We'll meet in a week! And remember, the market conditions are temporary, but our commitment to building a better Web3 is here to stay. Thanks for joining us, and we look forward to seeing you back next week. Cheers!

Yours, The 🔥 Team

Brought to you by Ambire: The Only Web3 Wallet That You’ll Need!