Daily Bullets 💊: Uptober After All?

💊 M6 Daily Bullets 💊 Tuesday, October 4th

Oct 04, 2022

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

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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?

M6 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:

Ansem 🦋 @conzimp

September Recap - most crypto charts flat but holding ranges - continued weakness on trad charts & surprising crypto relative strength - merge plays sell-the-news - upside surprise on CPI numbers + 75 bps raise -> priced in 50 bps more of hikes thru eoy w/ target of 4.25% FFR

Ansem 🦋 @conzimp

September Monthly Plan - L1/0s: ATOM, ETH - arbitrum: GMX, DPX - memes: BONE - lowcaps: cosmos coins + battered gamefi - hedges: BTC, AVAX - August printed local highs across board on trad + crypto charts, will see soon if we put in a higher low ahead of the merge https://t.co/ds8JD6XAFN

ZachXBT @zachxbt

1/ Time for an investigation into the @beeple Twitter hack which resulted in $450k+ stolen, where those funds are now, and tracking down the three people responsible. Let’s jump in.

Justin Bons @Justin_Bons

1/25) Solana has been marred in controversy since its founding With frequent downtime, failures, hacks & scandals! This is why I have put together a short & incomplete history of SOL's skeletons Working our way down a colorful history of lies, fraud & dangerous trade-offs:

PC Principal @PC_PR1NCIPAL

Long coins that have upcoming conferences/summits until it doesn't work anymore. - Exit way before the event starts - Market short any cringe dance/rap performances - Expect to be disappointed by any 'big news' - Find the next events before the herd > repeat $EGLD

PC Principal @PC_PR1NCIPAL

13/ - $EGLD EGLD have a conference on the 3-5th of November. Not October, but we could probably see a pre pump before November - I think conferences are a hot game at the moment while the market is dry and attention is so concentrated. Watching for outperformance/strength https://t.co/dtHGV5HFXS

db @tier10k

07:28 - North Korea Appears to Have Fired Missile 07:29 - Japan Warns Citizens to Seek Shelter From N. Korean Missile 07:44 - Japan Says N. Korean Missile Passed Overhead to Pacific Ocean Scary 15 minutes, it's unusual to issue a shelter warning for the NK missile tests right?

Zeneca_33 (🔮,🔥) @Zeneca_33

All eyes are on RENGA. If you missed it, you might feel bad. If you were in it but sold too early, you might feel bad. If you want to know how and why it's pumping so much, read on. I'll tell you. I'm going to share why certain projects succeed and why others don't:

Ray Dalio @RayDalio

Today is a very special day for me and Bridgewater Associates because I transitioned my control of Bridgewater to the next generation and I feel great about the people and "machine" now in control. This transition moment is the culmination of a 47-year journey (1/11)

📈 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!