Daily Bullets 💊: BTC Leads Rally Over ETH into the Merge - Ruh Roh?
💊 M6 Daily Bullets 💊 Monday, September 12th
Never a dull moment in the crypto markets. Over the weekend, Bitcoin led a rally up to ~ $22k with ETH lagging but staying above $1700 and select alts still catching a bid - interesting. Dates that you need to keep in mind this week: Fed will release August CPI data on Sept. 13 and the Ethereum Merge sometime around Sept. 15. Plus next week the Fed’s FOMC will likely put out a 75-basis-point interest rate hike - heavy stuff. Plus take note of privacy coins being delisted from Huobi. We can probably expect more of this trend as regulation begins to catch up to the crypto space - fun!
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⛓ Crypto News:
- Ethereum devs successfully deployed the 13th and final shadow fork test before merge with no apparent issues
- Near has become the 13th blockchain to support Tether's USDT stablecoin, moves ahead with phase one of four-step plan sharding upgrade and is forming a working group to set standards for self-governance
- Starbucks Odyssey to offer NFT-based loyalty program built on Polygon
- Huobi to delist 7 privacy coins, citing regulatory pressures - Dash (DSH), Decred (DCR), Firo (FIRO), Monero (XMR), Verge (XVG), Zcash (ZEC) and Horizen (ZEN)
- The Algorand Foundation has $35M exposure in USDC to Hodlnaut
- CME Group, the world's leading derivatives marketplace, is launching options on Ether futures
- Binance is launching new Binance Options trading platform and will list ETH options
- A landmark deal that would have seen payments firm Bolt Financial acquire crypto infrastructure provider Wyre for $1.5B has been scrapped by mutual agreement
- A new filing shows MicroStrategy could sell up to $500M in class A common stock to buy more bitcoin
- India's ED regulator has "unfrozen" the business bank account of crypto exchange WazirX more than a month after it was frozen by the agency for "illegal loan apps" scam investigation
- Wintermute is now the Tron ecosystem’s official market maker, helping the crypto project’s native TRX token improve liquidity across various exchanges
- FTX Japan is now offering trading for AVAX, increasing the presence of Avalanche in a key international market
- Final Fantasy publisher Square Enix has joined gaming blockchain Oasys as its final initial validator ahead of its public launch later this year
- Gate will offer zero-fee trading for all USD spot trading pairs. Stablecoins of USDC, TUSD, PAX, BUSD, HUSD deposited will be group valued in USD
- Multi-billion dollar asset manager Stone Ridge files to liquidate bitcoin strategy fund
- Dubai grants regulatory approval for Blockchain.com office - has previously given approval for Crypto.com, OKX and FTX subsidiaries to offer crypto-related services
- An attacker behind one of Cream Finance’s several exploits converted roughly $1.75M in stolen funds to Bitcoin
- Aventus obtained Polkadot's parachain slot and SNOW Network is the latest Kusama's parachain auction winner
- Ethereum Kiln, Ropsten and Rinkeby testnets are shutting down
- Google Cloud will be running a Ronin Network validator
- The Rainbow Bridge will be stopped on 11th of September, because of the upcoming Ethereum Merge and will resume bridge operations after the Merge
- Multichain Bridge fees adjustment
- Amphora Protocol - A high efficiency lending market for the $SNX community to lend $sUSD
- Aptos:Zero collection commemorates the Aptos Testnet
- Dogechain - reacting to a protocol security alert, devs detected a bug in the bridge contracts and resorted to pausing the chain to perform maintenance
- The Cetus Finance Protocol will run on two distinct tokens: cETH and CETUS
- Announcing Evmos domains governance token & airdrop
- Aada Finance bug bounty program
What’s your take on today’s news? Anything interesting that you have to say about these stories? Did we miss anything that should’ve been included?
TL;DR: On the daily, money is flowing into bitcorn, ETH and Compound USDC while primarily flowing out of USDC and Compound/Aave ETH. On the weekly, money is flowing out of ETH and into USDC, bitcoin and Compound/Aave ETH and USDC. Makes sense with the btc led rally over the weekend. Bored Apes leading NFT volume while ENS volume from last week cools off
- Nansen Smart Money Holdings Token Inflow and Outflows: Tracking what the whales are up to...
- Inflow (1D): WBTC ($18M), WETH ($15.8M), cUSDC ($6M), cXRD (612k), BONE ($422k)
- Outflow (1D): USDC ($23.9M), cETH ($4.8M), aWETH ($3.6M), gOHM ($215k), APE ($101k)
- Inflow (7D): USDC ($79M), WBTC ($60.4M), aWETH ($46.9M), cUSDC ($29.6M), aUSDC ($13.9M)
- Outflow (7D): WETH ($68.4M), cETH ($54.5M), BUSD ($4.1M), cUNI ($2.8M), USDT ($2.5M)
- Nansen NFT Hot Contracts:
- BAYC: 729 ETH
- Yin Yang Gang: 460 ETH
- ENS: 380 ETH
- CloneX: 199 ETH
- World of Pepe: 185 ETH
What is the Data telling you? See anything that sticks out to you?
- Paradigm - Base Layer Neutrality - Sanctions and Censorship Implications for Blockchain Infrastructure - source
- Polynya - 4488 and Done - source
- Decentralizing the Builder Role - source
- Polygon Avail- Ethereum’s Modular Data Availability Solution - source
- Understanding Fee Accounting in Uniswap V3 - source
- Provable Broadcast - source
- TWAMM Research: August 2022 - source
- Quadratic Voting for “hyperparameter optimization” of Quadratic Funding - source
Have you seen our institutional-quality research?
🖼 NFTs/Metaverse News:
- Singapore's biggest bank DBS to acquire land in The Sandbox metaverse
- NFT mints on Solana have surged to an all-time high despite an overall tepid NFT market
- A pair of Grammy award-winning producers tied to hit acts from Beyoncé to Justin Timberlake are helping to create music for a NFT band made up of Bored Apes
- Quentin Tarantino has settled his NFT copyright infringement lawsuit with production company Miramax with both parties agreeing to dismiss the lawsuit
- Yuga Labs first Cryptopunks grant to support the creation and maintenance of a Punks-centric newsletter
- The Pixel Vault ecosystem is now in one place. No marketplace fees to collectors for native listings
🌍 Crypto Twitterverse:
What’s your take on these Twitter takes?
- NEAR Foundation launches $100M VC fund and lab for web3
- $100M Web3 fund launched by Thundercore, 886 studios and outliers fund
- Community Labs, an Arweave-native software development company and venture studio focused on data storage in the Arweave ecosystem, announced a $30M strategic investment round
- Thai banking giants back DeFi startup Forward in $5M seed round
- Pantera Capital leads $4.5M round for NEAR-based wallet Sender
- Mailchain, a provider of a multi-wallet Web3 email platform, has announced the closure of the $4.5M seed round
- Exchange art, the House of Art on Solana that aims to grow the creator economy, has closed its $3.2M seed funding round
- Sentiment raises $2.4M to build permissionless liquidity markets
- KNN3 Network raises $2.4M to provide a Multi-chain relationship Aggregating Protocol for d/App and Smart Contract
- Bitmama raises $2M will be used to expand the company's operational presence, strengthen team
- MT Tower, an emerging lifestyle and gaming metaverse project, raises $400K
Did we miss anything or is there anything you want to discuss? We’d Love to hear your feedback and engage with the community! Feel free to leave a comment and let us know your thoughts on the Crypto market!
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