Daily Bullets 💊: Bank of England Bond Market Intervention Has Hopium Flowing For Fed Pivot

💊 M6 Daily Bullets 💊Wednesday, September 28th

Sep 28, 2022

The grind and crab market continues. Bitcoin keeps flirting with the $18-$19k region and ETH $1200-$1300 - no defining moves yet - just yo yo action. The Bank of England's bond market intervention has hopium flowing that central banks, including the U.S. Federal Reserve, will begin to pivot due to nearing their pain threshold and might soon abandon the policy tightening that has cucked risk assets this year. Despite crypto feeling like it’s in a state of limbo, there’s still plenty of developments happening out there.

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

Blockchain security firm BlockSec has debunked a conspiracy theory alleging the $160M Wintermute hack was an inside job, noting that the evidence used for allegations is “not convincing enough”

Bank of England's bond market intervention raises hopes for Fed pivot

Pantera CEO Dan Morehead highlighted the potential growth and value of DeFi, Web3 functionality, NFTs and metaverse applications in his opening keynote speech at Token2049 in Singapore

Ribbon Finance announces crypto options exchange Aevo - to launch before the end of the year

Zach Dexter to head FTX U.S. as new president after Brett Harrison announced his resignation and the exchange moves from Chicago to Miami

FTX is considering making a bid for Celsius Network's assets

An MEV bot gained profits worth $1M via an arbitrage opportunity however authorized a malicious transaction that drained the funds an hour later

California regulator accuses 11 of violating securities laws, operating like Ponzi schemes

Celestia will be the data availability solution for Eclipse, who just announced funding to build customizable, modular rollups using the Solana VM

Chainlink CEO Sergey Nazarov unveils plans to launch staking in December, plus a new economic model for the Web3 services platform

Stanford University recently put forward a new proposal to freeze illicit crypto gains, called ERC-20R and ERC-721R, allowing a short window after a transaction to challenge the theft and possibly recover

Market maker Flowdesk to join with Jump-backed Pyth Network to improve access to blockchain data

Central Banks of Israel, Norway and Sweden team up to explore retail CBDC

At least 23% of Ethereum blocks are complying with U.S. sanctions due to the use of a service called Flashbots

Trading platform Crypto.com secures regulatory approval to operate in France

Formula One (F1) team McLaren Racing unveiled a crypto-inspired look for its racing cars at an event in Singapore ahead of next week’s Grand Prix as part of a planned partnership with the crypto exchange OKX

MetaMask adopts custodial features for NFTs for institutional investors

MetaMask launches beta portfolio dApp for an integrative web3 experience

South Korean crypto project Klaytn would provide rebates on gas fee payments made by select gaming companies building on its network

Safe token airdrop goes live with 43,000 users eligible for reward. Eligible users have until Dec. 27 to claim their SAFE token airdrop

Urbit, the alternative version of the internet that’s been under active development for the better part of a decade, now has a native blockchain and token

Introducing the Ignite blockchain: an all-in-one easy to use solution for launching Cosmos chains from testnet to mainnet

Introduce IVX, an on-chain AMM built in accordance with GMX launching within the next few weeks on Arbitrum

Introducing Nostra Swap - the most efficient decentralized exchange to swap your stablecoins on StarkNet

Introducing Aloe II — the first platform to make AMM returns truly accessible to passive investors

EPNS Rebrands into Push Protocol, the Communication Protocol for Web3

Specular - an optimistic rollup with a novel EVM-native design
Karate Combat, a prominent full-contact martial arts league, announced the decision to form a DAO to transition its governance to fans and athletes

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 USDC followed by WETH and flowing out of Rocket Pool and Tether. Weekly shows the biggest inflow is into stablecoins: USDC, Compound Dai and Aave USDC and flowing out of USDC and Rocket Pool. NFT volumes are muted. Chainlink got a boost in volume off their new staking plans announcement.

Nansen Smart Money Holdings Token Inflow and Outflows: Tracking what the whales are up to…

- Inflow (1D): USDC ($75.2M), WETH ($12M), cETH ($8M), WBTC ($2.5M), aUSDC ($2.3M)

- Outflow (1D): RPL ($10.4M), USDT ($6.2M), cUSDC ($1.4M), MKR ($453k), stETH ($221k)

Weekly:

- Inflow (7D): USDC ($83.7M), cDAI ($43.4M), aUSDC ($30.6M), cETH ($29.3M), WETH ($22.3M)

- Outflow (7D): USDT ($22.2M), RPL ($11.8M), COMP ($8.9M), YFI ($5.1M), wstETH ($4.9M)

Nansen NFT Hot Contracts:

BAYC: 722 ETH
CryptoPunks: 592 ETH
Dodoor NFT: 560 ETH
ENS: 448 ETH
Maria Ozawa Genesis: 372 ETH

What is the Data telling you? See anything that sticks out to you?

🎓 Research:

Huobi Research - The Next Paradigm for NFT Lending and Borrowing Protocols - source

Lessons from my Failed Startup - How not to be a founder - source

Less Noise, More Signal: Web3 Marketing In A Bear Market - source

Risk Assessment: Frax Governance - Does Frax rely too heavily on multisigs? - source

How to lend & borrow NFTs - Enter the world of NFT-fi and bring your jpegs to life - source

How to get your marketing team to drive more impact - GACCS: A framework for aligning your marketing, product, and sales teams - source

Did We Overeat on Software? - source

Have you seen our institutional-quality research?

M6 Research

🖼 NFTs/Metaverse News:

OpenSea lists NFTs from the Layer 2 scaling network Optimism bringing the platform's supported blockchains to six

NFT marketplace OpenSea has awarded a couple of ethical hackers with $200,000 as bounty rewards for finding critical bugs

Xterio, a game development firm valued at $300M, has partnered with the blockchain gaming platform XPLA

Coinbase Cloud and Chainlink Labs teamed up to launch pricing feeds for the floor price of blue-chip NFTs, opening new use cases for jpegs

Christie’s auction house has launched its own dedicated NFT on-chain auction platform allowing auctions to be carried out fully on-chain on the Ethereum network

Build-A-Bear is set to launch a range of NFTs, including one encrusted in Swarovski crystals

Brendan Greene, the creator of survival shooter game PUBG, says his next game called Artemis will be a metaverse-focused title that will likely have NFT and blockchain elements

The stars from Napoleon Dynamite have all signed on to voice characters in CyKo KO, an animated rendition of Rob Feldman’s comic book with a 12-minute pilot to launch on Web3 streaming service Rewarded.TV

UTA signs on NFT artist Diana Sinclair, an NFT artist involved in the $1M Whitney Houston NFT sale

🌍 Crypto Twitterverse:

Tascha @TaschaLabs

Sports fan token prices went up 85% in past 3 mos while crypto mkt went down >10%. Are fan tokens a new ponzi or a new paradigm? How web 3.0 may disrupt the $500 billion sports industry… or not 👇

(Delphi, Intern) @delphiintern

Intern notes on Cosmos’ new 27 page whitepaper TL;DR - Secure economic scaling ⛓ - $ATOM as reserve currency 🏦 - New economic engine 📈 Definitely worth a read! (1/2)

@bertcmiller ⚡️🤖 @bertcmiller

Imagine making 800 ETH in a single arb ... and an hour later then losing 1100 ETH to a hacker Here is the story of 0xbaDc0dE, an MEV bot who gained and lost it all in a few hours tonight

The Tie @TheTieIO

The Thesis for @avalancheavax: Research visualized through seven charts Avalanche is a Proof of Stake, Ethereum-compatible platform that launches project-specific blockchains called subnets. Subnets isolate network activity, reduce fees, and increase throughput for users.

asynchronous rob @rphmeier

An update on upcoming roadmap items just landed on the Polkadot blog. polkadot.network/blog/polkadot-… . Here are the highlights 👇

polkadot.networkPolkadot Roadmap RoundupA proposed roadmap for upcoming developments on Polkadot. Get the latest status on asynchronous backing, parathreads, XCMv3, governance, common-good parachains and more.

Jarrid Tingle @jarridvtingle

I asked partners from VC firms like Sequoia, Bessemer, and Lightspeed what traits make founders successful. Between seed stage and unicorn status, the business model or market can change, but the founder has an outsized impact. Here's a thread on the 7 traits they identified 🧵

Cold Blooded Shiller @ColdBloodShill

Want to become a better trader? Here are my top 10 pieces of advice for speeding up your learning process. 🧵👇

📈 Fundraises:

Pantera is seeking $1.25B for a second blockchain fund. First blockchain fund launched last year and had a target raise of $600M

Crypto hardware wallet maker OneKey raises $20M in Series A funding

⁠Solana tech developer Coral raises $20M for ‘xNFT’ blockchain wallets led by FTX Ventures and Jump Crypto

Eclipse raises $15M for customizable modular rollups using the Solana virtual machine

AQUA, a Web3 community platform for gamers, has launched its flagship marketplace for trading in-game assets and announced a $10M investment from DIGITAL

Glass, a platform and protocol aimed at bringing the creator video market into web3, raises $5M

Blockchain infrastructure project Eclipse raises $15M to build ‘universal layer-2’

Decentralized insurance protocol Re has raised $14M from investors such as Morgan Creek Capital and Framework Ventures

yWhales raises $5M for curating an exclusive community of CEOs, business leaders, and entrepreneurs from around the world

Decentralized machine learning protocol ChainML raises $4M led by IOSG Ventures

Magic Square welcomes Huobi Ventures as strategic investor to enter world’s first crypto app store

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!