The crypto markets are experiencing a spring today with Bitcoin seeing a renewed attempt past 20k. Many are flipping bullish and pointing to a possible Fed pivot as a sign of hope, however in response to calls for the the Federal Reserve and other central banks to stop raising interest rates or risk global recession, Jerome Powell indicated that the central bank does take into account the impact of its policies on the rest of the world but doubled down on continuing to raise interest rates to bring down inflation - so basically not changing their goal of bringing down inflation to ~ 2%. Another interesting observation is FTX listing perp futures for Dollar Spot Index yesterday - traditionally a move that allows investors to hedge
Sharing is caring and knowledge is power! Do you find this newsletter helpful? Then be a Chad or Chadette and share this newsletter with your friends and colleagues
⛓ Crypto News:
- The final bid deadline for Celsius’s asset auction will be Oct. 17
- A judge in the Northern District of California will let the Commodity Futures Trading Commission serve summons and complaint to Ooki DAO members through online forums
- FTX has listed FTX Dollar Spot Index $FTXDXY perpetual futures
- Launch of Ribbon Lend - expansion into the credit market
- Mastercard is set to debut a crypto-related fraud-prevention solution for banks and card issuers
- BNB Chain accelerator announces 27 web3 startups as winners and seven projects will receive investment from Binance Labs
- OpenSea employee accused of fraud, Chastain, is claiming the FBI violated his rights in the lead-up to his arrest, seeking to subpoena his former employer and trying to throw out any use of the term “insider trading” in the case
- The Aave community is currently voting on how the latest update, Aave v3, should be deployed - the majority of the votes support creating a standalone new version rather than upgrading the previous one
- Binance opens two new Brazil offices
- Bit.com announced the launch of a USD Margined options trading service
- GMX update - the backend contract code for synthetics is complete
- Ethereum miners and staking validators brought in about $406.86M in revenue in September, down 51.7% from the previous month
- McDonald’s starts to accept Bitcoin and Tether in experiment in Swiss town Lugano - a hotspot for crypto adoption in Western Europe
- Binance’s planned burn of Luna Classic was supposed to boost the price but the impact turned out to be underwhelming with only $1.8M burned
- 1inch wallet users get domain names with Unstoppable Domains partnership
- Frax Finance proposal - partner with The Tie to increase institutional understanding, data access, and contact points for the FRAX ecosystem
- Compound Finance v3 support now available on DeFi Saver
- Open-sourcing SeaDrop: the open, permissionless registry that powers OpenSea’s partnered drops on EVM blockchains
- Proposal - Redacted development team to integrate GMX as the next Pirex protocol on behalf of the Redacted DAO
- Euler Finance is the first yield protocol supported on Aztec's 4626 bridge
- Swivel Finance - introduction to Swivel v3
- Bond Protocol Beta is live - The next evolution of Bonding-as-a-Service
- Introducing CREATE3 Factory - makes deploying a contract to the same address on multiple chains super duper easy
- Meet Aura protocol - a primer on the most dynamic credit protocol
- Arpeggi Labs - The Audio Relationship Protocol (ARP) is a composable on-chain registry for music primitives. ARP is a decentralized, transparent and trustless registry for the building blocks of music
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: Money today flowing into WBTC, WETH and LINK plays but not a particularly large amount with a more considerable amount flowing out of USDC. Weekly shows money flowing into Aave WETH and WBTC and medium net outflows from USDT and USDC. Renga continues leading NFTs among generally weak volume
- Nansen Smart Money Holdings Token Inflow and Outflows: Tracking what the whales are up to...
- Inflow (1D): aWBTC ($14.8M), aLINK ($14.2M), aWETH ($8.4M), WBTC ($4.9M), WETH ($3M)
- Outflow (1D): USDC ($148M), MANA ($752k), SAND ($737k), BUSD ($227k), BAL ($85k)
Weekly:
- Inflow (7D): aWETH ($22M), aWBTC ($14.8M), MATIC ($12.7M), cETH ($8M), APE ($6.4M)
- Outflow (7D): USDT ($42M), USDC ($39.8M), RPL ($17.5M), BUSD ($3.2M), WBTC ($2.9M)
- Nansen NFT Hot Contracts:
- RENGA: 1150 ETH
- Kitaro: 747 ETH
- CryptoPunks: 340 ETH
- MAYC: 292 ETH
- Black Box: 291 ETH
What is the Data telling you? See anything that sticks out to you?
🎓 Research:
- FSOC Digital Assets Report 2022 - source
- MakerDAO Endgame and its Repercussions on Curve Finance - source
- STFX: A New Dawn for Social Investing - source
Have you seen our institutional-quality research?
🖼 NFTs/Metaverse News:
- Gary Vaynerchuk’s NFT project VeeFriends will launch plush toys and vinyl figurines later this month through Macy’s and its Toys”R”Us in-store brand
- Hugo Boss has teamed up with the NFT collection Imaginary Ones to launch a 360-degree metaverse experience
- Latin Grammy Awards signs three-year contract for award show NFTs in collaboration with OneOf Web3 music platform
- An official Moonbirds DAO is planned to launch in early 2023, with creator Proof planning to seed the DAO with $2.6M worth of ETH and NFTs
🌍 Crypto Twitterverse:
📈 Fundraises:
- Golden, a crypto firm building a data protocol with web3 tools, raised $40M in a Series B funding round led by a16z
- Horizon, the developer of NFT trading card game Skyweaver, has raised $40M in Series A funding led by Brevan Howard Digital and Morgan Creek Digital
- $7M round for Thirdwave, a blockchain discovery engine led by Framework Ventures
- Stems, a decentralized music platform, closed a $4M pre-seed funding led by Ideo CoLab, with participation from Merit Circle and Yield Guild Games
- METAV.RS, the French web3 platform set to be the ‘Shopify’ of the Metaverse raises €3m in seed funding
- AlterVerse has received funding from Binance Labs, Polygon Ventures, Ankr, EnjinStarter, and Baselayer Capital to Launch Sky City
- Binance Labs to invest in seven projects from the MVB accelerator program co-led by BNB Chain
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!
Momentum 6 offers research, analysis, and coverage of the fast-paced Crypto space.
The Crypto space never sleeps. Each day is filled with an overwhelming amount of information spread across various sources.
This newsletter offers a Crypto-native perspective and a one-stop shop for everything you need to stay updated on the daily goings on in the Crypto world.
Subscribe to receive our brief daily and extended weekly newsletter along with in-house research content!