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Crypto Market
| BTC | ETH | |
| Weekly High | $27,664 | $1,847 |
| Weekly Low | $26,418 | $1,772 |
BTC and ETH Market Insight
The Federal Reserve Chair Jerome Powell signaled an easing of rate hikes due to the pressures faced by banks resulting from previous tightening of policies. The cryptocurrency market remained within a similar range without significant changes. The BTC supply held by short-term holders has decreased by 300K coins. Similar to the BRC-20 token standard developed for Bitcoin, new tokens called "DRC-20" have been established on the Dogecoin blockchain. This enables developers to create tokens that utilize dogecoin as a means of payment for network fees. According to Nansen’s data, NFT marketplaces accounted for only 3% of ETH Mainnet gas fees this week.
Options Market
Implied volatility continued drifting lower to low and mid 40s as the 7-day rolling realised volatility fell to low 20s for BTC and sub-20s for ETH. We saw a collapse of high correlation between BTC and US equity markets, namely S&P 500 and Nasdaq from 0.85 peak at the end of April to nearly 0. Mid and long dated IVs traded slightly below their corresponding RVs, suggesting the dullness to persist due to broad market apathy and a lack of catalysts. 25D skew was little changed over the past week. Flow-wise, more downside protections on BTC in terms of puts and put spreads were printed whereas short-dated call sellers and put buyers were observed for ETH. The current market pricings on IVs and skew still imply BTC to outperform on any upward movement.
Altcoins and Blockchain News
- Tornado Cash has been hacked, with the attacker stealing 483,000 TORN tokens from the protocol's governance treasury. Of the stolen tokens, 379,300 TORN were sold on-chain for 375 ETH (approximately $680,000), which were then used to mix with other funds in Tornado Cash.
- Luka Burazer, a director at BitLucky, is suspected of running off with cryptocurrency assets worth €70 million, affecting at least 700 people.
- OKEx has officially launched spot trading for ORDI/USDT as of May 20th 20:00 UTC.
CyberConnect, a social graph protocol for Web3, has announced that its token sale on CoinList has ended, with all 3 million CYBER tokens sold at a price of $1.8 per token, raising a total of $5.4 million. - Binance spot trading has been integrated with the financial information platform TradingView. Users can connect their Binance accounts to the platform and trade spot assets directly on TradingView's web and desktop applications.
- Lido, a liquidity staking protocol, has proposed a new plan to introduce an LDO staking module and buyback program, allowing token holders to stake LDO in exchange for a portion of Lido DAO's revenue (through an LDO buyback and distribution plan), including 20-50% of future Lido DAO revenue which will be distributed weekly to LDO stakers based on governance decisions.
- Curve's native stablecoin, crvUSD, is now live with a user interface and currently supports sfrxETH as collateral for minting crvUSD, with stETH support to be added in the future.
- The V2 testnet of decentralized derivatives protocol GMX is now open to the public for testing on Avalanche Fuji. The new features of the V2 version include market orders, limit orders, stop-loss orders, and more.
- Tether has announced that it will regularly allocate up to 15% of its realized net profits towards purchasing Bitcoin, starting this month. As of the end of March 2023, Tether had approximately $1.5 billion worth of Bitcoin in its reserves.
Macro
All eyes have been on the debt ceiling negotiation as the deadline is due in less than two weeks. The White House is optimistic about the negotiation and President Biden stated his confidence in “no default” on Wednesday; both parties have shown some willingness to work out a bipartisan deal. Over the week, the Dow added 0.4%, the NASDAQ added 3%, and the S&P 500 added 1.6%.
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Weekly Market Update - 22 July 2024
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