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| Daily Updates from FSInsight | June 2, 2022 |
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- After retreating below $30k and $1.8k this morning, bitcoin (+0.7%) and ether (-0.7%) have rallied in concert with traditional risk assets. Since the US market opened, Nasdaq has increased nearly 2% despite weak guidance from Microsoft and continued hawkish sentiments from Fed officials. Overall, leading altcoins have not shown nearly as much resilience as bitcoin. Bitcoin dominance (BTC market cap / global crypto market cap) continues to rise, nearing 47% this afternoon. The rise in bitcoin dominance is likely due to crypto natives reducing exposure to alts and many recognizing the long-term asymmetric upside to bitcoin at current price levels.
Figure: YTD Bitcoin Dominance 
- In what is becoming a seemingly weekly tradition, layer 1 network Solana suffered yet another outage yesterday, halting block production for over four hours. The outage was caused by a bug in how the network processes "durable nonce transactions." This feature was removed from the code, validators restarted the network, and things have since been running smoothly. While many of the apps developed on Solana have demonstrated a high-quality user experience relative to other blockchain-based applications, the network has clearly shown signs of fragility, which could negatively impact investors with real wealth tied up on the network. This latest incident marks the 7th time over the past 12 months that Solana has suffered a complete or partial outage.
- Yesterday, a grand jury indicted Nathaniel Chastain, the former head of product at NFT marketplace OpenSea, on wire fraud and money laundering charges. These charges stem from an insider trading scandal that led to Chastain being relieved of his duties at OpenSea. As head of product, Chastain was tasked with choosing which NFTs would be featured on the front page of the OpenSea website. He is accused of using un-doxxed Ethereum wallets to front-run confidential NFT listings on OpenSea's front page and flipping the NFTs for a profit after the listing. As sources close to the matter clarified, wire fraud applies to assets other than securities. Therefore, there is good reason to think that this is not an effort to set any securities-law precedent and bears no immediate regulatory risk to the NFT industry.
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| Daily Technical Strategy - Mark Newton, CMT | | Stellar is shaping up as an attractive risk reward following this week's trend breakout and minor consolidation. The surge which started late last week saw XLMUSD push up over 0.143 which is an important area of resistance based on the recent two-month downtrend from late March. This area was exceeded on above average volume before the minor settling in recent days. Similar to other Cryptocurrencies, XLM has made a steady habit of peaking and troughing at similar times to the NASDAQ, and this correlation looks to be ongoing. Thus, at 0.14 currently, this looks actionable to buy this week's dip, expecting a push higher to test and exceed early week highs near .15397. Targets initially lie near .171, then .188, which line up with meaningful retracement ratios of 50% and 61.8% of the former drawdown. Only a pullback down under .118 would serve to postpone the rally, which at present, looks unlikely in the short run. | |
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| Daily Important Metrics | | Sentiment 
Crypto Size Bearish Signal Bullish signal is tied to the crypto market growing Market Cap $1.24T $-65.3B (-4.98%) BTC Dominance 46.08% (-0.29%) | Stable Coins Bullish Signal Increase in circulating stablecoins is a Bullish signal In Circulation $73B (+0.00%) In Exchanges $11B (+0.88%) | Stablecoin Supply Ratio Bullish Signal Ratio between Bitcoin supply and the supply of stablecoins, denominated in BTC SSR 3.69 (-6.57%) SSR Oscillator -1.26 (19%) | Funding Rate Bearish Signal Positive funding rates indicate traders are Bullish Bitmex -0.0193% (+271%) Binance -0.0038% (-140%) |
| 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 (0.11%) | Futures CME Bearish Signal A positive spread between Futures Prices and Spot Prices is Bullish BTC Price $30,220 (0.30%) Spot Basis $-0.9026 (-0.00%) Volume 8,565 (-47%) Open Interest 11,469 (-3.28%)
| Options CME No Signal Higher open interest change in a bull market is bullish for the sector Volume 147 (60%) Open Interest 2,378 (6.40%) Calls CME Bullish Signal Calls Volume 26.00 (-61%) Calls Open Interest 1,106 (2.12%) Puts CME Bearish Signal Puts Volume CME 105 (304%) Puts Open Interest 1,272 (10%) |
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| | All metrics as of June 2, 2022 1:54 PM |
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| Symbol | Market Cap | Last Price | Daily Change | Year to Date | Relative to BTC YTD |
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| BTC | $575B | $30,188 | 0.03% | -36% | | | ETH | $220B | $1,817 | -1.55% | -51% | -16% | | ADA | $20B | $0.5851 | 3.85% | -56% | -20% | | SOL | $14B | $40.47 | -3.72% | -77% | -41% | | DOGE | $11B | $0.0820 | -0.73% | -52% | -17% | | DOT | $9.5B | $9.60 | -1.80% | -65% | -29% | | MATIC | $4.8B | $0.6094 | -0.41% | -76% | -40% | | LINK | $3.3B | $7.02 | -1.08% | -65% | -29% | | HNT | $1.0B | $8.51 | -4.15% | -77% | -42% | | FTM | $952M | $0.3739 | -0.29% | -83% | -48% | | Our Deep Research Projects | | AVAX | $6.8B | $24.29 | -0.40% | -78% | -42% | | IOTA | $963M | $0.3463 | 1.46% | -75% | -39% | | ZIL | $656M | $0.0510 | 0.22% | -33% | 2.62% | | AMP | $503M | $0.0119 | -1.72% | -76% | -40% | | VGX | $285M | $1.02 | -1.99% | -66% | -30% | | ZEN | $257M | $20.61 | -2.10% | -66% | -31% |
All prices as of June 2, 2022 2:03 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 | -29% | $19.47 | -5.21% | -43% | -7.61% | | BITW | -26% | $15.20 | -5.00% | -60% | -25% | | ETHE | -34% | $11.96 | -5.00% | -63% | -27% | | QBTC | -2.23% | $31.19 | -7.34% | -49% | -13% | | BTCC | -0.16% | $5.61 | -4.75% | -35% | 0.62% |
All prices as of June 2, 2022 8:03 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 | $82.48 | -3.20% | -56% | -21% | | SQ | $76B | $81.91 | -6.40% | -49% | -14% | | COIN | $65B | $68.63 | -12% | -73% | -37% | | SBNY | $18B | $212 | -2.05% | -35% | 1.03% | | HOOD | $15B | $9.37 | -6.86% | -47% | -12% | | MSTR | $6.1B | $238 | -10% | -56% | -21% | | SI | $4.2B | $79.15 | 5.93% | -47% | -11% | | MARA | $3.5B | $9.22 | -9.87% | -72% | -36% | | RIOT | $2.7B | $6.52 | -9.32% | -71% | -35% | | VOYG.TO | $1.5B | $3.07 | -10% | -81% | -45% | | VYGVF | $1.2B | $9.39 | 0.97% | -25% | 11% | | MOGO | $223M | $1.24 | -7.46% | -64% | -28% |
All prices as of June 2, 2022 8:00 AM |
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| | | | Solana was briefly halted for more than four hours yesterday, triggering a massive sell-off of the network's native SOL cryptocurrency. |
| | | FTX became the second biggest centralized exchange by market share, overtaking Coinbase. The post FTX surpassed Coinbase as second-biggest centralized crypto exchange in May appeared first on The Block. |
| | | Digital asset exchange warns ‘turbulent market conditions’ are likely to persist |
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| | | | Genesis, one of the crypto market's biggest lending and trading firms, is ramping up its decentralized finance footprint by contributing $75 million to Maple's Solana-based lending platform. The post Genesis is parking $7... |
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| | | | Nearly 3,000 Chipotle restaurants across the U.S. will accept 98 cryptocurrencies as the Mexican-style fast food chain partners with Flexa to support crypto payments. |
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| | | | Tech lawyer Preston Byrne blasted the signatories, describing some of them as “unapologetic attention seekers.” |
| | | The bill “On Digital Currency,” meant to comprehensively regulate crypto transactions in Russia, will be a “tough” law, according to the head of the State Duma Financial Market Committee. The legislation is yet to be finalized and will not be reviewe... |
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| | | | The platform aims to help power the Web3 workforce. |
| | | The early-stage fund will invest in infrastructure projects for blockchain developers. |
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| | | | Kanye West's Yeezus brand has filed for 17 trademark applications indicating a possible move into the NFT space. The post Kanye West’s Yeezus files for NFT trademarks appeared first on The Block. |
| | | Department of Justice officials say it's the first time they've pursued an "insider trading" charge in digital assets. |
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| | | | Bitzero is planning to build the central headquarters for bitcoin mining operations in North Dakota valued at $500 million |
| | | Denver-based Crusoe Energy will help the Middle East nation to cut the gas flaring with the pilot project scheduled for the end of 2022. |
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