Daily Bullets 💊: Bulls Are Back, Baby

💊 Daily Bullets 💊 Wednesday, October 26th

Oct 26, 2022

Uptober may be saved. Bulls are back in the driver's seat for now. Bitcoin is holding above $20k and ETH above $1500. Enjoy the gains while you can but don’t forget that the macro hasn’t improved yet. Today we saw the Bank of Canada surprise with a smaller than expected rate hike and new home sales in the U.S. continued to weaken. Will this pump last into Moonvember or will the Nov 2nd FOMC throw cold water all over our parade? Something very interesting to note is that yesterday was the single largest liquidation event on FTX in its history - so many shorts blown out. FTX is also listing JPY perp futures - looks like they’re stepping more onto the forex stage after recently listing DXY perp futures. Also more countries progressing with their CBDC plans - today we see UAE and Turkey

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⛓ Crypto News:

a16z's largest crypto fund loses 40% value in first half of 2022

Blockchain Interoperability Network Axelar will deliver cross-chain communications for Polygon’s Supernets

Binance launched its native oracle service to enable smart contracts to run on real-world inputs and outputs, starting with the BNB Chain ecosystem

BitPay to introduce USDC and ETH payments on Polygon network

$3.5M total has been stolen by phishing scammer known as Monkey Drainer according to ZachXBT

⁠CashApp adds support for Bitcoin Lightning Network with a limit of $999 every seven days for BTC transactions on the Lightning Network

Filecoin Green, a Protocol Labs initiative designed to reduce the environmental impact of FIlecoin and make it verifiably sustainable, has spearheaded an initiative to power Web3 technology with verifiably clean energy

SEBA bank, a crypto-friendly bank based in Switzerland, added an NFT custody solution that gives customers the ability to hold well-known NFTs without managing private keys

Amberdata, a company that provides blockchain and crypto data for institutions, has bought out Genesis Volatility, which provides analytics on crypto options

Western Union may be preparing to offer crypto-related services, based on trademark applications recently filed hinting at an asset and commodities exchange, insurance, and token

👨‍⚖️ Economic/Government/Regulatory:

UAE's central bank pilots cbank digital currencies transactions

Turkey to launch a central bank digital currency (CBDC) next year. The responsible institution is Turkey’s central bank, with the cooperation of the local Ministry of Finance and Scientific and Technological Research Institution

Singapore’s financial watchdog has proposed restrictions on the use of credit or leverage when trading cryptocurrencies

💸 Exchange News:

Bybit has introduced its web3 wallet Bybit Wallet

Crypto exchange Gate.io signed a Memorandum of Understanding (MoU) with the South Korean city of Busan to develop blockchain infrastructure jointly in the city

FTX will list Japanese Yen (JPY) perpetual futures

Toncoin (TON) Gets Listed on KuCoin

🏦 DeFi News:

P2E gaming DAO Merit Circle has voted to burn nearly $170M worth of its native MC tokens with 99.7% voting in favor. 200M of Merit Circle's total supply of 1B tokens will be taken out of circulation

BNB Chain launches $10M gas fee incentive to support growth of web3 dapps

SushiSwap approves restructuring - the development of the DAO will be managed by three organizations, which would be based in Panama and the Cayman Islands

Range Bound Stability is the start of a new chapter called Olympus V3

Synthetix Perps V2 summary and updates

Integral SIZE Liquidity Farming Program for Arbitrum

🖼 NFT/Gaming/Metaverse News:

2.6M SAND will be distributed to LAND Owners on the Polygon network. Snapshot was taken on August 30th, 2022, 1pm UTC

Axie's AXS recent token unlock saw recipients send $5.7M worth to exchanges - possible sell pressure

The breakout adult animated series, The Gimmicks, is dropping Season 2 on Avalanche. Created by Toonstar, a pioneer Web3 animation studio

💰 Fundraises:

Yoom raised $15M from star-studded investor list - YOOM’s volumetric technology allows the creation of photorealistic digital content and experiences for the Metaverse and Web3

Arf, the VQF-regulated global settlement banking platform using Web3 technologies, raised $13M in seed funding. Coinbase, Solana, FTX, Kabbage, Circle Ventures, Stellar Development Foundation participated

Origami raised $6.2M led by Bloomberg Beta to ease that transition with technological framework and guidance for DAOs, The project has row

DeFi company Thala Labs raised $6M to build on Layer 1 Aptos co-led by ParaFi Capital, White Star Capital and Shima Capital

Exclusible raised €5M to take Metaverse experiences to a new level

Gamified digital asset platform Klink Finance raised $500,000 in a pre-seed funding round to drive its product launch by the end of 2022

👶 Early Stage Projects:

The regenesis of zkSync 2.0 testnet is now complete, and the documentation has been updated

Introducing Geo Genesis - a web3 browser and a decentralized knowledge graph app on Graph Protocol

Sui Developer Grant Program

Gnosis Safe, the most secure cross-functional multi-sig wallet, has launched on the Telos network as Telos Safe
Introducing Armada network - frontend hosting solution that is: Fully decentralized, Secure, Fast and easy to use

Silo Protocol - Introducing XAI: Cross-silos stablecoin

Introducing Hyperplonk: a super fast proof system specifically for zkEVMs

Liquid Splits: Transferrable Ownership Using NFTs

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: So basically, smart money isn’t yet jumping into this rally. As the rest of the crypto market pumps, smart money is primarily flowing into MATIC ($29M to the Polygon Foundation) and some Fantom. Light outflows today from USDC, WBTC and COMP. Weekly also shows a move into MATIC and some stETH. Weekly outflows from USDC, WBTC and WETH. The pump also isn’t currently flowing into NFTs - top collections still under 500 ETH daily. Stablecoins on exchanges is dropping - you’d want to see this go up to indicate continued buying

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

- Inflow (1D):

- Outflow (1D):

Weekly:

- Inflow (7D):

- Outflow (7D):

Nansen NFT Hot Contracts:

Stablecoins on Exchanges: You would want to see more stables flowing onto exchanges if buying was to continue

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

🎓 Research/Reads:

Arthur Hayes - Comeback - source

Jump Crypto - SAFU: Creating a Standard for Whitehats - source

The State of Ethereum L2s - source

Real World Assets: Finance’s Bridge to Crypto - source

Some ideas for sushi strategy (GoldenTree) - source

Reddit avoids crypto lingo, shows how to take NFTs mainstream - source

The Reddit NFTs Thesis - source

Metaverse musings at the intersection of entertainment, crypto & law - source

New NFT/Crypto Game model - Play to Die - source

Azuki PBT: Will real-world interaction with Web3 be the next narrative wave? - source

Southeast Asia leads the world in crypto adoption, propelled by P2E gaming - source

Andreessen Horowitz Went All In on Crypto at the Worst Possible Time - source

Why Crypto Is So Popular in Turkey - source

NFT Royalties: The $1.8bn Question - source

Have you seen our institutional-quality research?

M6 Research

🌍 Crypto Twitterverse:

Wu Blockchain @WuBlockchain

Exclusive: After FTX and other exchanges showed that users were stolen by contra trading due to API KEY leaks, an American user reported that his Coinbase Pro account was also stolen $7,700 by contra trading on October 22, which traded RLY, QSP, FOX , FIS, MCO2 and other shitcoin

Wu Blockchain @WuBlockchain

Review of the whole process: four FTX user funds were stolen by a strange contra trading, 3Commas claimed that the API KEY was leaked due to the phishing website, and finally SBF paid $6 million, the reason is still unclear. https://t.co/B9gp2LIwX2

Hsaka @HsakaTrades

Today was the single largest liquidation event on FTX in its history and the runner up isn't even close. ~$600m Someone get carried out on a stretcher? Seems excessive given the move. But then again there's like 12 people who understand how their liq engine works.

misaka @0xmisaka

ArtGobblers is the most hyped NFT by far the past few weeks Here was how I along with @OttoSuwenNFT and @ben_leimberger managed to win the @artgobblers competition against other top NFT bots during the 2-week-long test competition despite all the psyops and collusion 🧵👇 1/x

guleid @riddle245

1/ Let’s do a State of Cosmos thread and review various projects and progress. First up is Cosmos. After the hype of ATOM 2.0 there was a lot of concern given that ATOM inflation would be frontloaded. To offset this concern, a proposal was brought up to break up the inflation

M6 Labs @M6Labs

Portugal, a former tax haven, recently announced a 28% short-term tax on Cryptocurrency gains. Are you searching for new Crypto tax havens now that Portugal is out the window? Don't worry, keep reading for alternative Crypto tax havens 👇🧵

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!