Crypto Daily Report – July 29

Jul 29, 2022
Most Important Daily
Data and News for Digital Assets

Crypto Daily Report

July 29, 2022
THIS MESSAGE IS SENT SOLELY TO MEMBERS OF FSINSIGHT
Tickers on this report: AVAX, BNB, BTC, ETH, MATIC, OP
Market Update
Crypto Daily Report – July 29

FSInsight

Digital Asset Research Team

  • Markets are slightly mixed today, with equities continuing their upward trend on the week as the S&P500 and Nasdaq trade 0.66% and 0.77% higher, respectively. BTC is up 0.57% and ETH is down slightly at -0.46%, trading at $23,989 and $1,717, respectively. Other alt-L1 tokens have continued their rally, with AVAX and BNB up 2.52% and 6.06%, respectively. An interesting trend to watch is the price action of various Ethereum Layer 2 networks and their ecosystems, as these names might serve as high beta plays on the proposed Merge. When looking at TVL growth over the past month, L2s Polygon (MATIC), Arbitrum, and Optimism (OP) have seen an average increase of 40% compared to just 7% average growth amongst Solana, Avalanche, and BSC ecosystems.
  • The Arbitrum Network is an L2 scaling solution for the Ethereum Network. On Monday, it started testing its "Nitro" upgrade, which should increase the number of transactions the network can handle while decreasing transaction fees for users. In addition to benefitting end-users, Nitro will make it easier for Ethereum developers to be onboarded to the Arbitrum Network. If the testing goes well, Nitro is expected to be implemented within the next few weeks allowing for further Ethereum scaling potential heading into The Merge.
  • Further details pertaining to the collapse of Babel Finance, a Hong Kong-based crypto lending company, were revealed in a leaked restructuring proposal. As a reminder, Babel was among the crypto lenders in hot water following the Luna/Terra collapse. According to the proposal, Babel reportedly traded with customers' funds and lost $280 million of their clients' money. The total losses amounted to over 8,000 BTC and 56,000 ETH, with reports indicating that they had little to no hedging of downside risk. These losses prevented Babel from meeting margin calls and consequently halted all withdrawals. Babel is now trying to convert hundreds of millions of debt into convertible loans to raise capital.
Daily Technical Strategy
Crypto Daily Report – July 29

Mark L. Newton, CMT

Head of Technical Strategy

Chainlink has successfully broken out to the highest levels since early June this week, and Friday's (7/29) push to new monthly highs is encouraging given that many other Altcoins have not yet exceeded mid-July highs. This uptick in relative strength should be favorable towards owning LINKUSD for continued absolute and relative strength in the weeks to come. Near-term, this rally likely encounters some resistance in early August which could happen between $9 and $9.50 that could limit near-term progress. Yet, pullbacks back lower to $6-$7.50 would constitute an attractive risk-reward area to add to dips. Overall, LINK has gained in attractiveness on an intermediate-term basis given this week's progress. IT looks right to be long, and simply use dips to add to positions.

Daily Important Metrics

Crypto Size

Bullish signal is tied to the crypto market growing

Market Cap $1.08T +$30B (+2.85%)

BTC Dominance   41.71% (+0.06%)

Stable Coins

Increase in circulating stablecoins is a Bullish signal

In Circulation $66B (+0.13%)

In Exchanges $17B (--0.11%)

BTC Metrics

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

# BTC in Exchanges 2.4M (0.18%)

Funding Rates

Positive funding rates indicate traders are Bullish

Aggregate 0.0104% (0.0041)

Binance 0.0100% (0.0115)

Bitfinex 0.0105% (0.0057)

Bitmex 0.0100% (0.0115)

ByBit 0.0100% (0.0043)

Deribit 0.0005% (0.0004)

FTX 0.0096% (-0.0008)

Huobi 0.0100% (0.0047)

Kraken 0.0239% (0.0253)

Mean 0.0104% (0.0041)

OKex 0.0157% (0.0111)

SENTIMENT

Crypto Daily Report – July 29

BMI: 44 (4.76%)

Futures All Exchanges

A positive spread between Futures Prices and Spot Prices is Bullish

CME BTC Price $23,655 (2.31%)

Spot Basis   $-275 (-1.15%)

Volume 1.9M (3.47%)

Open Interest  458,779 (-1.73%)

Options All Exchanges

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

Volume 20,210 (-2.14%)

Open Interest 253,463 (2.00%)

Volume Put/Call Ratio 0.7238 (-14%)

Open Interest Put/Call Ratio 0.6102 (1.67%)

All metrics as of July 29, 2022 11:14 AM
Crypto Prices
SymbolMarket CapLast PriceDaily ChangeYear to DateRelative to BTC YTD
BTC$459B$23,9990.84%-49%
ETH$210B$1,721-0.75%-54%-5.08%
ADA$18B$0.52902.79%-60%-11%
SOL$15B$42.681.84%-75%-27%
DOGE$9.2B$0.06921.50%-60%-11%
DOT$8.2B$8.274.65%-70%-21%
MATIC$7.6B$0.94121.87%-63%-14%
LINK$3.7B$7.9312%-60%-11%
NEAR$3.3B$4.402.09%-70%-21%
HNT$1.1B$9.19-2.71%-76%-27%
FTM$860M$0.3381-0.38%-85%-36%
Our Deep Research Projects
AVAX$7.1B$24.983.18%-77%-28%
IOTA$876M$0.31521.99%-77%-28%
ZIL$561M$0.04282.72%-44%5.02%
AMP$377M$0.0089-0.53%-82%-33%
ZEN$229M$18.117.72%-71%-22%

All prices as of July 29, 2022 11:58 AM

Exchange Traded Products (ETPs)
SymbolPremium to NavLast PriceDaily ChangeYear to DateRelative to BTC YTD
GBTC-29%$14.834.22%-57%-7.94%
BITW-41%$12.274.69%-68%-19%
ETHE-25%$12.769.43%-61%-12%
QBTC-7.84%$23.714.73%-61%-12%
BTCC-0.23%$4.434.73%-49%0.15%

All prices as of July 29, 2022 7:03 AM

Stocks
SymbolMarket CapLast PriceDaily ChangeYear to dateRelative to BTC YTD
PYPL$216B$86.430.66%-54%-5.41%
SQ$76B$73.92-1.02%-54%-5.48%
COIN$65B$62.18-0.11%-75%-27%
SBNY$18B$185-0.26%-43%5.94%
HOOD$15B$8.99-1.32%-49%-0.62%
MSTR$6.1B$273-1.06%-50%-1.14%
SI$4.2B$92.100.16%-38%11%
MARA$3.5B$13.320.91%-59%-11%
RIOT$2.7B$7.420.27%-67%-18%
MOGO$223M$0.99521.57%-71%-22%

All prices as of July 29, 2022 12:01 PM

News
QUICK BITS
FDIC Ordered Voyager To Stop Spreading Misleading Insurance Claims
DCForecasts
The FDIC ordered Voyager to stop spreading misleading insurance claims and the company has to remove the claims that it and its customers are FDIC insured so let’s read more today in our latest cryptocurrency news today. The US Banking regulators fro...
Celsius Client Data Was Exposed In Same Breach As OpenSea
DCForecasts
The Celsius client data was exposed in the same breach as OpenSea and Customer.io admitted that the data was exposed as well so let’s read more today in our latest cryptocurrency news. According to the Celsius community, the company said contacted us...
Ethereum Merge: How will the PoS transition impact the ETH ecosystem?
Coin Telegraph
Ethereum is all set to transition to PoS by the third week of September, but most of the promised scalability features would only be available after 2023.
Brasil Santander to Launch Crypto Services as Customer Demand Grows
CryptoPotato
The Brazilian subsidiary of Santander Group could become the next domestic institution that offers crypto services to users.
MARKET DATA
Arbitrum testing Nitro upgrade ahead of mainnet launch
The Block
Arbitrum has begun testing its Nitro upgrade and, assuming the test goes well, will implement it within a few weeks. The post Arbitrum testing Nitro upgrade ahead of mainnet launch appeared first on The Block.
Babel Finance Lost $280M Trading Customer Funds: Report
CoinDesk
Babel Finance, the Hong Kong crypto lender that suspended withdrawals in June, reportedly lost $280 million in proprietary trades with customer funds.
NEAR aims at NFT market to leverage growth but issue persists
AMBCrypto
NEAR protocol has been gradually rising in the ranks as one of the top blockchain networks by market cap. However, it has for the most part been overshadowed by more popular networks but this has not hindered its growth. The network is going through ...
Cardano's Vasil Upgrade Is Delayed Again for More Testing
CoinDesk
The hard fork has been pushed back by at least “a few more weeks” until more testing is complete, developers said.
REGULATION
Call for Creation of Common African Digital Currency, Kenyan Activists Turn to Crypto Funding, Ghana on the Brink
Bitcoin.com
In Bitcoin.com News’ inaugural newsletter featuring the biggest crypto and economic news stories from Africa, the head of an African regional central bank, Herve Ndoba, implores the bank’s board to introduce a common digital currency. At the same tim...
Report: IMF Warns Kenyan Central Bank Against Introducing a CBDC That Harms Fintechs and Banks
Bitcoin.com
The global lending institution, the International Monetary Fund (IMF) has told the Kenyan central bank that its proposed digital shilling must “do no harm” to existing private sector digital money. The lender insisted the proposed central bank digita...
UK Proposes To Expand Property Law
Coinnounce
The UK continues to ramp up efforts to establish a regulatory framework for cryptocurrencies, with various proposals being made. In this section, the Law Committee of the region published a consultation paper focusing on determining cryptocurrency ow...
PRODUCT UPDATES AND PARTNERSHIPS
UFO Gaming introduces staking dApp on Polygon
CoinJournal
Digital gaming platform UFO Gaming is throwing a Metaverse Launch Party to celebrate the… The post UFO Gaming introduces staking dApp on Polygon appeared first on CoinJournal.

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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