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?
📊 Data:
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)
Weekly:
- 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?
🎓 Research:
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?
📈 Fundraises:
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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