Daily Bullets 💊: When You Go Up, Down, Jump Around

💊 M6 Daily Bullets 💊Thursday, September 22nd

Sep 22, 2022

The price action on some of these charts is absolutely wild - both longs and shorts getting rekt. Yesterday the US Federal Reserve did end up raising rates by 75 basis points, as most people expected, in their ongoing attempt to fight high inflation. Their stance is clear about staying this course and the expectation for the rest of the year over 2 more FOMCs is to have 100-125 bps in combined hikes. Could that mean a 75, 50 split or ? Next important macro date will be the September CPI data released on October 13.

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Celsius revival plan proposal may include issuing tradable wrapped assets to customers

FTX is reportedly in talks to raise up to $1B and preserve its $32B valuation

Trading firm Alameda Research is launching a permissioned pool in Clearpool's ecosystem

Binance announced the creation of a new Global Advisory Board made up of former government and finance officials to navigate regulation

Helium community approves crypto wireless network's migration to Solana

Uniswap Foundation has announced $1.8M in its first round of grants to 14 recipients working on various projects

Kraken's Jesse Powell is stepping down as CEO

Binance receives approval for crypto services in Dubai

CoinFLEX has announced a restructuring proposal that would see creditors own 65% of the company

Coinbase is approved by De Nederlandsche Bank, the central bank of the Netherlands

Korean tax authorities seize $185M worth of crypto from tax evaders since 2021

Buy now, pay later firm Klara cuts more staff, following a 10% reduction in May and a major down round in July

Royal Family of Dubai partners with CoinCorner to enable Bitcoin transactions in the country

Wormhole has deployed generic messaging support for the Aptos devnet, enabling asset cross-chain asset transfers

Blockchain infrastructure firm Coinbase Cloud has officially launched its Web3 developer platform called ‘Node’

Cronos is moving out of beta - roadmap update on Sept 30

Cardano Vasil upgrade ready with all ‘critical mass indicators’ achieved

Web3 crypto browser Opera plans to integrate Elrond blockchain services for over 300 million users

EOS Network has successfully completed its consensus upgrade to AntelopeIO Leap 3.1

Coinbase Prime now supports custody of SWEAT (ERC-20)

New LlamaLend/tubbysea release will have built-in rate-limits

Lark - Expanding access to exclusive investment deals. Goldfinch community launched lark.market to enable open trading of Borrower Pool positions

Former Bolt CEO Ryan Breslow published the litepaper for Love, his "truth seeking" pharma DAO

Announcing Shinami - building foundational developer infrastructure to power the next wave of dApps, built on Sui

Introducing the Cruize Protocol - enables capital-efficient protection from downside volatility by tokenizing hedged positions into useable assets across all of DeFi

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: Low volume inflowing today, mostly into Matic. Most outflow today from USDC, WETH and USDT. Biggest weekly inflow is into Compound ETH, Aave stETH, stETH. Biggest weekly outflow is still USDC followed by DAI. Azuki floor up ~ 20% over past 3 days and today news of $30M raise. DigiDaigaku floor up almost 30% today

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

- Inflow (1D): MATIC ($7.4M), stETH ($5.1M), cETH ($1.2M), BONE ($794k), DAI ($605k)

- Outflow (1D): USDC ($19.1M), WETH ($15M), USDT ($13.4M), COMP ($5.3M), cUSDC ($2M)

Weekly:

- Inflow (7D): cETH ($70.1M), aSTETH ($15.5M), stETH ($13.9M), WBTC ($13.3M), MATIC ($6.4M)

- Outflow (7D): USDC ($89.9M), DAI ($19.3M), RPL ($11.9M), cCOMP ($9.7M), MIM ($7.7M)

Nansen NFT Hot Contracts:

Legendary Dancing Seahorse: 1710 ETH
Hedz by Matt Furie: 723 ETH
Exosama: 556 ETH
ENS: 520 ETH
Azuki: 514 ETH

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

🎓 Research:

Atom 2.0 — The Next Big Narrative After Eth Merge - source

Crypto Adoption Steadies in South Asia, Soars in the Southeast - source

How high do we want gas fees to be on Ethereum? - source

The power of valves for better flow control, improved reliability & lower expected payment failure rates on the Lightning Network - source

Have you seen our institutional-quality research?

M6 Research

🖼 NFTs/Metaverse News:

Chiru Labs, the Los Angeles-based creator of the Azuki NFT collection, plans to raise at least $30M in a Series A funding round

Layer-1 blockchain Zilliqa to launch web3 games console in early 2023

Magic Eden announced a new journey of interoperability through cross-chain support of Ethereum NFTs - with the beta version of its aggregator - Magic Ethen

Hasbro is rebooting the Starting Lineup sports toy line with new figures that include NFT trading cards with NBA stars like LeBron James and Stephen Curry

OpenSea adds scarcity tool OpenRarity to tell you just how rare an NFT is

UNICEF's Giga initiative shows the value of blockchain-based NFTs for fundraising, with a recent public sale raising proceeds to connect schools to the internet in developing countries

🌍 Crypto Twitterverse:

Alf @MacroAlf

A very interesting Fed meeting. As always, the devil is in the details. Let's have a look at some of the most interesting nuances and market implications. A thread. 1/

Ben Lilly @MrBenLilly

1/ While Gensler throws a temper tantrum and the White House is publishing 'kicking the can down the road' commentary, there is a bill (below) flying below the radar that might be a regarded as... Crypto's 0 to 1 moment. Why? congress.gov/bill/117th-con…

McKenna @Crypto_McKenna

The next generation of crypto games will be instant. Instant games are browser based games that require no downloading and can be shared P2P via a simple link. Maximum possible virality is achieved this way plus significantly reduced on-boarding friction.

Harry @harrycanuck

This is the scariest chart in crypto @LidoFinance compounding their rewards back into staking This violates the expectation that all stakers earn the same % of rewards. Lido is a stake accumulating terminator Is this a massive problem? Yes. Is it fixable? Also yes

Pothu @cryptoPothu

The crypto space has been moving at lightspeed for years. Despite all the growth, one thing remains uncertain. What will regulation look like? The U.S. finally released a comprehensive framework that touches on this. Here’s everything that you need to know in 5 minutes 🧵

Alex Becker 🍊🏆🥇 @ZssBecker

🧵 It enrages me reading young dudes say "Oh next bull run I get rich. Bear is so boring...no money" Stop. This is what making money has ALWAYS been like. If you can't make GOOD $$ outside a crypto bull, you are not a person capable of long term wealth.

焼き🫐(💙,🧡)📦 @0xYakitori

We all know to watch whale wallets for alpha on what tokens they're buying. But what if whales created new wallets? 🤔 Have you ever thought about that, anon? Introducing the Stealth Money 🕵️ dashboard I made on @DuneAnalytics dune.com/0xYaki/stealth… 🧵

dune.comStealth MoneyBlockchain ecosystem analytics by and for the community. Explore and share data from Ethereum, xDai, Polygon, Optimism, BSC and Solana for free.

📈 Fundraises:

Digital asset investment firm GEM Digital Limited has committed $50M to finance ParallelChain Lab following its mainnet launch and native token listing, XPLL, in Q4 2022

Web3 game platform, Iskra, raises $40M and partners with Gate․io for Token Generation Event

Immunefi, a popular bug bounty system, has raised a $24M Series A funding round led by Framework Ventures

Blockchain startup Hyperlane raises $18.5M round led by Variant

Codacy raises $15M to improve code reviews with automation

Cryptography network Lit Protocol has raised $13M in a Series A round to hire developers creating a decentralized ownership and interoperability across protocols

Singaporean Fintech dltledgers raises $8.5M to fuel its North American expansion plans

Bain Crypto Capital led a $6.5M round for Skip protocol to democratize access to MEV opportunities and profits on the Cosmos ecosystem

Binocs raises $4M to help crypto investors stay on top of their taxe co-led by Beenext and Arkam

Peter Thiel's Founders Fund leads $3.7M round into Block Green

0xScope Protocol raises $3M seed round to create a new data layer of Web3

Sintra raises $2M seed round to spearhead social app & marketplace for NFT investors

Outscal raises $1.5M for building a community-first, ed-tech platform to upscale talent in the gaming industry

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!