Crypto Daily Report – July 20

Jul 20, 2022
Most Important Daily
Data and News for Digital Assets

Crypto Daily Report

July 20, 2022
THIS MESSAGE IS SENT SOLELY TO MEMBERS OF FSINSIGHT
Tickers on this report: AVAX, BTC, ETH, LDO, MATIC, NEAR, SOL
Market Update
Crypto Daily Report – July 20

FSInsight

Digital Asset Research Team

  • Crypto markets have had a volatile day, rising sharply this morning before retracing at the time of writing. BTC is currently up .21% and ETH is up .02%. Lido (LDO) was a standout - increasing by 27.6% this morning (it has since retraced and is up 3.28%). Alt layer 1 protocols SOL, AVAX, and NEAR are down 3.66%, 2.14%, and 4.30%, respectively. Interestingly, altcoins initially led the crypto rally over the weekend, but Bitcoin has started catching up, evidenced by the BTC dominance metric increasing by 3.23% in the past couple of days. When Bitcoin dominance rises, it indicates that Bitcoin is outperforming altcoins and vice versa. Traditional markets have moved similarly to crypto - SPX and NDQ have risen .03% and .81%. 
  • At the Ethereum Community Conference (EthCC) in Paris this Tuesday, Polygon (MATIC) announced the launch of Polygon zkEVM, which the company describes as a "major leap forward" in zero-knowledge (ZK) technology. Polygon said that zkEVM would be the "first Ethereum-equivalent scaling solution that works seamlessly with all existing smart contracts, developer tools, and wallets, harnessing advanced cryptography called zero-knowledge proofs." Polygon is an Ethereum scaling solution that allows for quicker and faster transactions. It has $1.88 billion in total value locked according to DefiLlama, making it the current largest Ethereum scaling solution. 
  • Vauld, an Asian Crypto lending platform, owes $363 million to retail investors, according to legal documents. This news comes after the lender halted client withdrawals earlier this month. An affidavit filed by Vauld co-founder and CEO Darshan Bathija reveals that Vauld owes a total of $402 million to creditors ($363 million of which come from individual retail investors' deposits). Three creditors are owed more than $10 million each, with the largest owed $34 million. Bathija told the Block in an interview that Vauld's assets are worth around $330 million, consisting of various cryptocurrencies and bank balances. This would put Vauld around $70 million short of what they owe to creditors. 
Daily Technical Strategy
Crypto Daily Report – July 20

Mark L. Newton, CMT

Head of Technical Strategy

Ethereum Classic has begun to stall out in the last 24 hours after recording one of the sharpest moves off the lows that's been seen since mid-March. Similar to that prior advance four months ago, ETCUSD managed to double off its lows, which typically can provide initial resistance to a rally. Tuesday's peak at $27.89 nearly exactly coincided with a meaningful 38.2% Fibonacci retracement level from its prior high to low range from late March, and is considered important in the short run. While momentum has gotten a bit stretched near-term, pullbacks to 20.66 to 22.36 looks important as a support range which should offer attractive buying opportunities on dips. Additional strength in August looks likely, and movement back over 27.89 should lead to 32.50 and then $37.25 without much trouble. Overall, ETC looks attractive to own technically, but pullbacks should provide a better risk/reward opportunity in the week ahead.

Daily Important Metrics

Crypto Size

Bullish signal is tied to the crypto market growing

Market Cap $1.07T +$43B (+4.16%)

BTC Dominance   42.35% (+3.28%)

Stable Coins

Increase in circulating stablecoins is a Bullish signal

In Circulation $66B (--0.03%)

In Exchanges $17B (+0.75%)

BTC Metrics

A decrease in Bitcoin on exchanges is bullish, indicates investors are moving coins to cold storage

# BTC in Exchanges 2.4M (-0.11%)

Funding Rates

Positive funding rates indicate traders are Bullish

Aggregate 0.0077% (0.0019)

Binance 0.0100% (0.0040)

Bitfinex 0.0167% (0.0053)

Bitmex 0.0100% (0.0040)

ByBit 0.0100% (0.0000)

Deribit 0.0012% (0.0001)

FTX 0.0048% (0.0080)

Huobi 0.0078% (-0.0022)

Kraken 0.0276% (0.0228)

Mean 0.0077% (0.0019)

OKex 0.0060% (-0.0001)

SENTIMENT

Crypto Daily Report – July 20

BMI: 45 (4.65%)

Futures All Exchanges

A positive spread between Futures Prices and Spot Prices is Bullish

CME BTC Price $23,690 (1.76%)

Spot Basis   $175 (0.74%)

Volume 2.9M (21%)

Open Interest  468,387 (3.07%)

Options All Exchanges

Higher open interest change in a bull market is bullish for the sector

Volume 27,419 (-3.80%)

Open Interest 234,169 (3.00%)

Volume Put/Call Ratio 0.6668 (-5.02%)

Open Interest Put/Call Ratio 0.6228 (0.69%)

All metrics as of July 20, 2022 1:13 PM
Crypto Prices
SymbolMarket CapLast PriceDaily ChangeYear to DateRelative to BTC YTD
BTC$449B$23,5151.59%-50%
ETH$188B$1,548-0.54%-58%-8.68%
ADA$17B$0.51191.16%-61%-12%
SOL$15B$43.61-5.88%-75%-25%
DOGE$9.4B$0.07072.86%-59%-9.00%
DOT$7.6B$7.67-2.78%-72%-22%
MATIC$6.8B$0.8538-7.13%-66%-16%
LINK$3.3B$7.11-1.61%-64%-14%
NEAR$3.2B$4.35-1.65%-70%-20%
HNT$1.2B$9.840.87%-74%-24%
FTM$820M$0.3223-4.73%-86%-36%
Our Deep Research Projects
AVAX$7.0B$24.51-3.99%-78%-28%
IOTA$842M$0.3031-1.44%-78%-28%
ZIL$561M$0.0429-2.03%-44%6.25%
AMP$410M$0.00973.91%-80%-30%
ZEN$221M$17.47-2.54%-72%-22%

All prices as of July 20, 2022 1:13 PM

Exchange Traded Products (ETPs)
SymbolPremium to NavLast PriceDaily ChangeYear to DateRelative to BTC YTD
GBTC-29%$15.389.23%-55%-5.31%
BITW-26%$11.934.40%-69%-19%
ETHE-23%$11.778.18%-64%-14%
QBTC-7.84%$23.479.06%-62%-12%
BTCC-0.02%$4.368.46%-49%0.37%

All prices as of July 20, 2022 7:08 AM

Stocks
SymbolMarket CapLast PriceDaily ChangeYear to dateRelative to BTC YTD
PYPL$216B$79.091.74%-58%-8.27%
SQ$76B$73.806.57%-54%-4.52%
COIN$65B$73.1811%-71%-21%
SBNY$18B$185-1.03%-43%7.09%
HOOD$15B$9.201.88%-48%1.59%
MSTR$6.1B$2866.88%-48%2.23%
SI$4.2B$88.0311%-41%9.19%
MARA$3.5B$12.27-4.88%-63%-13%
RIOT$2.7B$6.92-0.86%-69%-19%
MOGO$223M$1.044.52%-70%-20%

All prices as of July 20, 2022 1:19 PM

News
QUICK BITS
Digital Token Issued In Russia to Facilitate Investments in Palladium
Bitcoin.com
Transactions with digital assets backed by precious metals are beginning in Russia with the launch of a token for palladium. The rare metal, which is used in jewelry and has some high-tech applications, is not a publicly available asset in the Russia...
Solana's New Daily Address Growth Outpaces Other Blockchains, SOL Jumps
CoinDesk
Data shows that active wallets using the popular network have grown by over 58% since the start of this year.
Crypto lender Vauld owes $363 million to retail investors after halting withdrawals
The Block
Vauld owes retail investors $363 million out of its total liabilities of $402 million, an affidavit obtained by The Block shows. The post Crypto lender Vauld owes $363 million to retail investors after halting withdrawals ...
Su Zhu Of 3AC Had $1.4B Stake In The Company: Court Documents Show
DCForecasts
Su Zhu of 3AC as one of the founders had a $1.4 billion stake in the company according to an affidavit which also shows that Three Arrows Capital owes Kyle Davies’ wife $65 million so let’s read more today in our latest cryptocurrency news. Three Arr...
THOUGHTS AND OPINIONS
Ethereum will define web3’s ‘benchmark interest rate’ post-merge, according to Raoul Pal
The Block
In this episode of The Scoop, Real Vision CEO Raoul Pal shares why Ethereum’s upcoming merge could represent a defining moment for the industry. The post Ethereum will define web3’s ‘benchmark interest rate’ post-merge, ac...
REGULATION
US Bipartisan Crypto Bill Postponed to Next Year
Coinnounce
According to the two U.S. Senators, Cynthia Lummis (Republican) and Kirsten Gillibrand (Democrat), the significant bipartisan crypto measure would likely be postponed until next year. The Senators said there is a remote possibility that the full law ...
FUNDRAISING AND M&A
NFT fraud fighters Optic raise $11 million in seed funding round
The Block
NFT authentication company Optic has completed an $11 million seed funding round led by early-stage VC fund Kleiner Perkins and Pantera Capital. The post NFT fraud fighters Optic raise $11 million in seed funding round app...
HIRING
Crypto Exchange Gemini Axes 7% of Its Staff in Second Wave of Layoffs
Bitcoin.com
Gemini, the cryptocurrency exchange owned by the Winklevoss twins, is laying off more staff. According to reports, the company is axing 7% of its current workforce, as it engages in significant cost-cutting policies. This is the second wave of layoff...
Tribe Capital Hires Republic Capital Co-Founder Revsin as Managing Partner
CoinDesk
Boris Revsin will oversee equity and crypto funds plus Tribe’s new $25 million crypto incubator.
PRODUCT UPDATES AND PARTNERSHIPS
Polygon Deploys ZK Rollup Testnet; Eyes Mainnet Launch
CoinDesk
Ethereum scaling solution zkSync announces mainnet launch in 100 days
The Block
ZkSync 2.0 will go live on mainnet before the end of 2021 and will support Ethereum’s two main scripting languages: Solidity and Vyper. The post Ethereum scaling solution zkSync announces mainnet launch in 100 days appeare...

Reports you may have missed

Crypto markets are declining following news that most of the SEC’s lawsuit against Coinbase will proceed (more below). BTC (-1.27%) reached intraday highs of $71.8k before declining to $69k after the news. Rumors have circulated that Morgan Stanley and PNC will soon approve access to Bitcoin ETFs on their wealth management platforms. Together, Morgan Stanley and PNC hold over $1.5 trillion in client assets and likely will provide a tailwind...

Following the worst week of ETF flows since inception, BTC (+3.89%) is rebounding, rising to $69.6k, and ETH (+4.09%) has reclaimed the $3,500 mark. Last week’s outflows totaled $888 million, representing about a fifth of the inflows seen in the previous two weeks. ONDO, an institutional RWA protocol, is one of the top performers today, rising 7.61% as investors remain optimistic about the future of tokenized assets and their ability...

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