Daily Bullets: FOMC, Russian Mobilization - Time to Pay Attention
Daily Bullets: Wednesday, September 21st
All eyes are on FOMC today at 2PM EST as traders and investors are desperate for an idea of what the next leg of the market will look like. Most market participants are betting on a 75 bp rate hike with non-negligible odds of 100. Expect volatility if you’re trading! Meanwhile the macro and geopolitical environment keeps on getting iffier - news that Russia is escalating isn’t encouraging. Regulation is breathing down our necks. We’re in for some interesting times!
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⛓ Crypto News:
- Draft legislation to create a U.S. federal framework around stablecoins would temporarily ban the types of payment coins that are not backed by outside assets for 2 years - similar to TerraUSD
- President Vladimir Putin has ordered the partial mobilization of the Russian population, including calling military reservists into active service and a boost to weapons production - tightening global geopolitical tensions
- Wintermute offers hacker 10% bounty on funds taken
- Tether, Bitfinex ordered to show financial documents showing the backing of the USDT stablecoin
- The European Union has finalized the full text of its landmark Markets in Crypto Assets legislation
- Binance Futures will launch USDⓈ-M LDO and CVX perpetual contracts with up to 25x leverage
- Neobank Revolut has expanded its crypto investment offering, adding 29 new tokens for its American customers
- Layer-2 scaling solution Boba Network has expanded its support to the Avalanche blockchain
- 21Shares launches Ethereum exchange-traded product tailored to the bear market
- Digital bank FV Bank integrates USDC stablecoin for direct deposits
- Central Bank of Iran will begin the pilot launch of crypto-rial as the bank’s digital currency
- Arbitrum paid a code bounty hunter 400 ETH for finding a bridge vulnerability which could have compromised more than $250M
- Liquid staking startup Alluvial has added the cryptocurrency exchange platform Kraken to its independent industry consortium
- FTX and Binance are leading the auction for crypto-lender Voyager
- Huobi enables cryptocurrency purchases with fiat in Latin America by partnering with AstroPay
- Ankr partners with Polygon to enhance the building experience for Supernet Developers
- Mina Protocol Q3's ecosystem roadmap
- Optimism Quests: a guided exploration of the ecosystem that allows users to earn NFTs while exploring Optimism apps
- Announcing Urbit's EVM blockchain
- StarkNet is now live on Infura
- Benqi Finance - Phase 1 of veQI - a tool to supercharge Avalanche validators
- Succinct Labs - towards the endgame of blockchain interoperability with proof of consensus
- Savvy comes out of stealth - allows you to unlock your liquidity & get an advance on future yield, with non-liquidating self-repaying lines of credit
- Introducing Liquid Collective: the enterprise-grade liquid staking protocol. Designed to meet the needs of institutions. Built and run by a collective of leading web3 teams
- UXD Protocol is launching its capitally efficient, algorithmic stablecoin, $UXD, on Sei
- Subspace Network - Gemini II Incentivized Testnet is live
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?
📊 Data:
TL;DR: On the daily, we see a reversal of yesterday with the most amount of money flowing into USDC today, followed by WETH and a random outflow of MIM. Weekly shows money flowing into Compound and Aave ETH products and still a net outflow from USDC. Slight boost in NFT volumes
- Nansen Smart Money Holdings Token Inflow and Outflows: Tracking what the whales are up to...
- Inflow (1D): USDC ($92.8M), WETH ($12.8M), cETH ($9.5M), COMP ($5.3M), DAI ($5.2M)
- Outflow (1D): MIM ($7.7M), alUSD ($2.2M), MATIC ($426k), APE ($405k), cbETH ($386k)
Weekly:
- Inflow (7D): cETH ($73.9M), aSTETH ($22.5M), USDT ($21.2M), WBTC ($18.2M), WETH ($9.9M)
- Outflow (7D): USDC ($60.1M), RPL ($10.9M), cCOMP ($9.7M), MIM ($7.7M), cUSDC ($6.8M)
- Nansen NFT Hot Contracts:
- Legendary Dancing Seahorse: 2190 ETH
- BAYC: 1120 ETH
- ATARI50: 1037 ETH
- MAYC: 949 ETH
- ENS: 515 ETH
What is the Data telling you? See anything that sticks out to you?
🎓 Research:
- Messari - State of Bitcoin Q3 2022 - source
- The Next Big Crypto Narrative. A Search For The Supernatural - source
- eGirl Capital - Liquidity, Capital and Bank Runs - source
- Realistic yield: Separating the wheat from the chaff - source
- On building mobile first. Build where people spend their time - source
- Gigachad Due Diligence Questionnaire - source
- The Kill Bill: What the Future Holds for Stablecoins - source
Have you seen our institutional-quality research?
🖼 NFTs/Metaverse News:
- MoonPay, Universal Studios and Hypermint partnered to create an NFT-based scavenger hunt at Universal Theme Parks
- Funko teams up with Warner Brothers for DC Comics' NFT release
- Playstation is now making NFT but with a twist. They call them Digital Collectibles
- insrt finance is building a simplification and abstraction layer for NFT finance - unlocking yield & returns generated by Ethereum NFTs
- Introducing Bagholder, an NFT loyalty protocol that lets you reward people for holding NFTs from a collection in their wallets
- Digital fashion platform BNV will launch its own Metaverse
- FastAF partners with Solana-based NFT project Degen Apes to provides a token-gated use case
- Open sourcing the Art Gobblers smart contracts
🌍 Crypto Twitterverse:
📈 Fundraises:
- Spice VC’s $250M second venture fund is expected to close mid-fourth quarter
- Hong Kong billionaire Adrian Cheng's VC firm C Ventures reportedly plans to raise a new $200M crypto fund
- Crypto analytics firm Messari raises $35M in Series B led by Brevan Howard Digital
- Chess game Immortal Game raised $15.5M in a funding round backed by Kima Ventures, TCG Crypto, Alven, Moonfire Ventures, Spice Capital, Kraken Ventures
- Higlobe raises $14M to eliminate international fund transfer fees for the global workforce
- Web3 finance platform Integral closes $8.5M round led by Electric Capital
- SkyBridge Capital and FTX led an $8M round for the NFT-based gaming firm Vulcan Forged, with the option to invest $33M more
- Antic raises $7M to set the stage for the age of experiences and make co-ownership seamless
- Spot, a next-generation communications platform, raises $5.5M
- Nilos raises $5.2M to build a crypto treasury platform for businesses
- Web3 back-office platform Headquarters has closed a $5M round co-led by Crypto.com Capital, Forge Ventures and MassMutual Ventures
- Banking giant Nomura launches crypto VC unit named Laser Venture Capital - will invest in startup categories including DeFi and blockchain infrastructure
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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