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| Daily Updates from FSInsight | January 7, 2022 |
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- Crypto continues correcting, with the overall market dropping 1.9% over the past 24 hours. Bitcoin is down 0.7%, continuing to outperform Ethereum's slide of 2.5%. Of note is Bitcoin's strength in this downturn relative to the altcoin market, as Bitcoin's market dominance has jumped from 39.5% to over 40% in the past 3 days. This could be a sign that the current sentiment is more risk-off after the fed minutes were released, similar to the reaction in traditional financial markets, and that Bitcoin is seen by investors as a mature, lower-risk asset.
- Vitalik Buterin, the cofounder of Ethereum, published a proposal to help manage the painfully high Ethereum gas fees. The idea is to create separate (or "multidimensional") fee structures for typical simple, low-data transactions and complex, data-intensive ones. Buterin proposed two options: set limits on each stage of processing a transaction based on either a predefined total data limit or price gas fees around the intensity of each stage relative to the base fee.
- BTCS Inc., a NASDAQ-list miner focused on being a validator in a large number of Proof-of-Stake protocols, announced that they will give investors the option to receive dividends at $0.05 per share in Bitcoin as opposed to cash. This is the first publicly-traded company on NASDAQ to pay dividends denominated in a cryptocurrency.
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| Daily Technical Strategy | | Ethereum's pullback has begun to accelerate in recent days, losing ground vs Bitcoin and after losing more than 15% in the past three trading sessions, $ETHUSD has now given up more than 50% of the rally from last July's lows. Initial support could materialize near 2907, but given the severity of this decline, further weakness is expected into late January before much of a bounce. Daily momentum indicators like RSI are just entering oversold levels, while weekly momentum remains neutral. More serious support should arrive near 2472 which is near an absolute 50% retracement of the November 2021 peak as well as 50% of the 3/2020-11/2021 range. DeMark indicators suggest Weekly TD Buy Setups could materialize possibly after another 2-3 weeks of selling, but for now, remain premature. To have expectation of more than a minor bounce, prices require a move back above 3583, but at present, buying into current weakness seems early, technically speaking. | |
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| Daily Important Metrics | | Sentiment 
Crypto Size Bearish Signal Bullish signal is tied to the crypto market growing Market Cap $2.0T $-78.5B (-3.83%) BTC Dominance 39.93% (+0.79%) | Stable Coins Bearish Signal Increase in circulating stablecoins is a Bullish signal In Circulation $78B (-0.15%) In Exchanges $5.4B (-0.48%) | Stablecoin Supply Ratio Bullish Signal Ratio between Bitcoin supply and the supply of stablecoins, denominated in BTC SSR 5.53 (-6.24%) SSR Oscillator -1.51 (24%) | Funding Rate Bullish Signal Positive funding rates indicate traders are Bullish Bitmex -0.0014% (-119%) Binance 0.0100% (+2.93%) |
| BTC Metrics Bearish Signal A decrease in Bitcoin on exchanges is bullish, indicates investors are moving coins to cold storage # BTC in Exchanges 2.5M (0.09%) | Futures CME Bearish Signal A positive spread between Futures Prices and Spot Prices is Bullish BTC Price $41,540 (-2.93%) Spot Basis $-53.75 (-0.13%) Volume 5,769 (-41%) Open Interest 11,228 (-0.77%)
| Options CME No Signal Higher open interest change in a bull market is bullish for the sector Volume 196 (684%) Open Interest 1,288 (5.31%) Calls CME Bullish Signal Calls Volume 29.00 (71%) Calls Open Interest 276 (1.85%) Puts CME Bearish Signal Puts Volume CME 7.00 (-13%) Puts Open Interest 1,012 (6.30%) |
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| | All metrics as of January 7, 2022 2:30 AM |
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| Symbol | Market Cap | Last Price | Daily Change | Year to Date | Relative to BTC YTD |
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| BTC | $787B | $41,594 | -3.62% | 43% | | | ETH | $379B | $3,180 | -6.49% | 331% | 288% | | BNB | $74B | $446 | -4.71% | 1,095% | 1,052% | | SOL | $43B | $138 | -7.41% | 9,056% | 9,012% | | ADA | $41B | $1.21 | -1.40% | 567% | 524% | | XRP | $36B | $0.7498 | -1.56% | 242% | 199% | | DOT | $25B | $25.00 | -4.79% | 170% | 127% | | DOGE | $20B | $0.1528 | -3.44% | 3,223% | 3,179% | | LINK | $12B | $24.69 | 1.70% | 119% | 76% | | LTC | $9.1B | $132 | -2.60% | 6.00% | -37% | | BCH | $7.4B | $389 | -1.35% | 14% | -30% | | Our Deep Research Projects | | AVAX | $22B | $89.04 | -5.54% | 2,700% | 2,657% | | IOTA | $3.1B | $1.10 | -7.62% | 272% | 229% | | BSV | $2.1B | $110 | -1.03% | -32% | -76% | | AMP | $1.8B | $0.0432 | -4.36% | 555% | 511% | | ZIL | $771M | $0.0630 | -2.01% | -25% | -68% | | ZEN | $644M | $53.94 | -6.91% | 367% | 323% |
All prices as of January 7, 2022 1:58 PM |
| Exchanged Traded Products (ETPs) | |
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| Symbol | Premium to Nav | Last Price | Daily Change | Year to Date | Relative to BTC YTD |
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| GBTC | -20% | $35.71 | -2.70% | 1.80% | -42% | | BITW | -22% | $41.88 | -2.83% | -20% | -64% | | ETHE | -16% | $32.93 | -5.18% | 174% | 131% | | QBTC | -3.85% | $62.82 | 1.72% | 16% | -27% | | QETH | -4.13% | $58.29 | 1.82% | 170% | 126% |
All prices as of January 7, 2022 8:58 AM |
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| Symbol | Market Cap | Last Price | Daily Change | Year to date | Relative to BTC YTD |
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| PYPL | $216B | $185 | -0.99% | -20% | -64% | | SQ | $76B | $167 | -2.05% | -24% | -68% | | COIN | $65B | $251 | -1.94% | -34% | -78% | | SBNY | $18B | $299 | -0.21% | 121% | 77% | | HOOD | $15B | $18.26 | -4.55% | -52% | -95% | | MSTR | $6.1B | $563 | -2.99% | 32% | -11% | | SI | $4.2B | $137 | -1.58% | 105% | 61% | | MARA | $3.5B | $35.38 | -5.22% | 221% | 178% | | RIOT | $2.7B | $23.45 | -5.94% | 42% | -1.13% | | MOGO | $223M | $3.19 | -6.45% | -21% | -64% |
All prices as of December 15, 2021 8:38 AM *COIN YTD since 14/04/2021 |
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| | | | Mozilla has accepted crypto donations since 2014 but is pausing them after online backlash this week, including from a Mozilla founder. |
| | | A Nasdaq-listed company has announced that shareholders can receive dividends in bitcoin. The company claims to be the first one to pay dividends in the cryptocurrency. ‘First-Ever Dividend Payable in Bitcoin by a Nasdaq-Listed Company’ Blockchain co... |
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| | | | Panic sellers hold your horses because dips are still for buying, according to data from Santiment behavior analysis. |
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| | | | Calculating different gas prices for different resource usage may streamline the current fee structure for Ethereum according to Buterin. |
| | | Solana suffered a fourth network incident in the span of a few months. Two out of the four network issues happened this week. |
| | | The WisdomTree Managed Futures Strategy Fund (WTMF) has added an approximate 1.5% allocation to bitcoin futures contracts. WTMF will not invest in bitcoin directly. In addition to offering exposure to equity, commodity, currency and rates through fut... |
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| | | | As the SEC vs Ripple Labs lawsuit enters 2022, many in the XRP community expected that the next court update would come around 19 January. However, crypto watchers were in for a surprise after reading the SEC’s latest filing, which strikes at one of ... |
| | | Raphael Auer is currently an economist in the Innovation and the Digital Economy unit and has published many papers on central bank digital currencies. |
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| | | | Katie Haun, soon to be former partner at Andreesen Horowtiz (a16z) is looking to raise $900 million for a pair of crypto investment funds following her departure from the venture capital firm. |
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| | | | The Japanese entertainment conglomerate and video game company, Konami Holdings Corporation, has revealed a non-fungible token collection in order to celebrate the 35th anniversary of the firm’s franchise “Castlevania.” Konami follows the slew of gam... |
| | | GameStop will enter the NFT market by launching a new division dedicated to non-fungible tokens and crypto partnerships so lets’ find out more in our latest cryptocurrency news. The Wall Street Journal confirmed the development stating that the compa... |
| | | Quick Take This weekly series explores the most interesting insights in NFTs, blockchain gaming, and virtual worlds Over the last week, NFT trading activity on Ethereum, in particular, has been celebrating a meteoric comeback In the blockchain gamin... |
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| | | | A crackdown on bitcoin mining by China has led to an increase in the number of Thai investors that have acquired and are operating mining rigs, a report has said. The report adds that many of these investors are currently earning between $30 and $40 ... |
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| | | | Olympus DAO, a company building decentralized reserve currency protocol based on the OHM token, has teamed with crypto bug bounty and security services platform Immunefi to launch a bounty program. Olympus DAO consists of its protocol-managed treasur... |
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