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Data for Digital Assets |
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| Daily Updates from FSInsight | May 10, 2022 |
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- Recovering from an 11.7% selloff yesterday, BTC is trading at $31.4k at writing, representing a 4.3% gain on the day. ETH closely follows suit, up 5.7% with 1.32 implied 24h BTC beta. Majors Solana and AVAX are trading at 8% and 11% premium over the last 24 hours, while LUNA has retraced 46% due to its UST de-peg event. Altcoins are correlated with the majors as markets take a breather from Terra ecosystem's death spiral transpiring over the last 48 hours. As UST is currently trading at a 10% discount to the US Dollar, Do Kwon and team are fundraising from institutions to restore the peg. Even if they succeed, it is premature to conclude whether trust in the algorithmic stablecoin will return with the re-peg.
- In this week's crypto weekly, our Head of Digital Assets Strategy Sean Farrell dives deep into the sequence of events that de-pegged leading algorithmic stablecoin TerraUSD (UST). We could see this event being used as ammunition by regulators looking to bring all stablecoins under strict KYC regulations and as a tailwind for CBDCs. Despite early signs of a market trough, the crypto team is not calling for a bottom just yet because of macro headwinds, the most notable of which is April's CPI numbers released tomorrow.
- In its semiannual Financial Stability Report, the Federal Reserve Board accredits recent persistent inflation (March: 8.5%) to the Russia-Ukraine conflict and the omicron variant of COVID-19. They added that stablecoins and some other money market funds are other instability sources that are prone to 'bank runs.' These comments come on the day that prominent stablecoin UST lost its $1 peg to the US Dollar. The report also reiterated the Board's findings in January that the U.S. CBDC would best meet the country's needs if it were privacy protected, identity verified, intermediated, and transferable, while maintaining its neutral position on creating a U.S. CBDC.
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| Daily Technical Strategy - Mark Newton, CMT | | Ethereum’s outperformance Tuesday (5/10) is resulting in a breakout in ETHBTC which looks important and positive technically speaking. While it’s difficult to make a strong case for a technical bottom in absolute terms in either Ethereum or Bitcoin, today’s strength in Ethereum makes this attractive to consider relative to Bitcoin in the days/weeks to come. Tuesday’s ETHBTC gains have surpassed early May peaks and could be set to record the highest daily close since early April. Bottom line, the ability to remain above +.075712 should allow for some outperformance in ETH vs BTC, and Ethereum would be favored. | |
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| Daily Important Metrics | | Sentiment 
Crypto Size Bearish Signal Bullish signal is tied to the crypto market growing Market Cap $1.45T $-49.7B (-3.31%) BTC Dominance 41.51% (-0.59%) | Stable Coins Bearish Signal Increase in circulating stablecoins is a Bullish signal In Circulation $83B (-0.06%) In Exchanges $6.9B (-7.30%) | Stablecoin Supply Ratio Bullish Signal Ratio between Bitcoin supply and the supply of stablecoins, denominated in BTC SSR 3.63 (-10%) SSR Oscillator -1.40 (21%) | Funding Rate No Signal Positive funding rates indicate traders are Bullish Bitmex -0.0162% (+32%) Binance 0.0100% (0.00%) |
| 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 (2.22%) | Futures CME Bearish Signal A positive spread between Futures Prices and Spot Prices is Bullish BTC Price $31,580 (-1.74%) Spot Basis $-51.37 (-0.16%) Volume 14,066 (121%) Open Interest 10,755 (6.22%)
| Options CME No Signal Higher open interest change in a bull market is bullish for the sector Volume 552 (261%) Open Interest 1,927 (18%) Calls CME Bullish Signal Calls Volume 71.00 (238%) Calls Open Interest 472 (20%) Puts CME Bearish Signal Puts Volume CME 207 (1,194%) Puts Open Interest 1,455 (18%) |
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| | All metrics as of May 10, 2022 3:01 PM |
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| Symbol | Market Cap | Last Price | Daily Change | Year to Date | Relative to BTC YTD |
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| BTC | $597B | $31,349 | 0.21% | -33% | | | ETH | $284B | $2,354 | 2.59% | -37% | -3.79% | | SOL | $23B | $67.52 | 1.56% | -61% | -28% | | ADA | $22B | $0.6506 | 1.49% | -51% | -18% | | DOGE | $15B | $0.1112 | 1.90% | -35% | -2.14% | | DOT | $11B | $11.54 | 2.49% | -58% | -25% | | LUNA | $9.1B | $24.56 | -50% | -71% | -38% | | MATIC | $7.2B | $0.9173 | 9.19% | -64% | -31% | | LINK | $4.1B | $8.72 | 0.07% | -56% | -23% | | FTM | $1.4B | $0.5683 | -2.37% | -75% | -42% | | HNT | $1.4B | $11.94 | -0.23% | -68% | -35% | | Our Deep Research Projects | | AVAX | $12B | $45.83 | 1.30% | -58% | -25% | | BSV | $1.2B | $64.00 | 1.15% | -47% | -14% | | IOTA | $1.1B | $0.3953 | -4.16% | -71% | -38% | | ZIL | $895M | $0.0702 | 5.69% | -7.73% | 25% | | AMP | $598M | $0.0142 | 1.40% | -71% | -38% | | ZEN | $317M | $25.60 | -4.61% | -58% | -25% | | VGX | $284M | $1.02 | 5.41% | -66% | -33% |
All prices as of May 10, 2022 4:09 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 | -25% | $20.90 | -16% | -39% | -5.90% | | BITW | -26% | $20.25 | 1.94% | -47% | -14% | | ETHE | -28% | $16.71 | 4.63% | -48% | -15% | | QBTC | -1.28% | $33.85 | 3.90% | -45% | -11% | | BTCC | 0.11% | $5.78 | -14% | -33% | 0.12% |
All prices as of May 10, 2022 8:04 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 | $79.56 | 0.04% | -58% | -25% | | SQ | $76B | $86.01 | 2.56% | -47% | -14% | | COIN | $65B | $75.72 | -9.33% | -70% | -37% | | SBNY | $18B | $218 | -0.83% | -33% | 0.52% | | HOOD | $15B | $9.51 | 0.11% | -46% | -13% | | MSTR | $6.1B | $230 | 4.81% | -58% | -25% | | SI | $4.2B | $87.11 | -3.31% | -41% | -8.16% | | MARA | $3.5B | $12.15 | 0.58% | -63% | -30% | | RIOT | $2.7B | $7.65 | -0.26% | -66% | -33% | | VOYG.TO | $1.5B | $3.89 | -11% | -75% | -42% | | VYGVF | $1.2B | $9.39 | 0.97% | -25% | 8.30% | | MOGO | $223M | $1.50 | -5.34% | -56% | -23% |
All prices as of May 10, 2022 3:14 PM |
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| | | | Visa's global head of fintech and crypto will take over as chief executive officer of start-up DriveWealth next week, CNBC has learned. |
| | | Some 73% of all futures traders were long, or betting on a price rise. |
| | | AMC integrated cryptocurrency payment options a few months ago, and it is starting to… The post A third of AMC online payments are crypto or digital, says CEO appeared first on Coin Journal. |
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| | | | The report points out stablecoin’s possible low stress resistance and overuse in leveraged cyptocurrency trading, reiterates its position on CBDC. |
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| | | | Deal valuing Talos at $1.25bn comes as price of digital assets such as bitcoin tumbles |
| | | The firm previously raised $50 million for a tokenized fund focused on financial verticals, but its second fund will invest more broadly. |
| | | A16z, Coatue and Union Square Ventures are all committing money. |
| | | The news of the fundraise coincides with the launch of Casa API. |
| | | Highlight offers a no-code toolkit for creators to easily build NFT-based Web 3 communities. |
| | | KuCoin would use the capital to expand its product lineup, such as crypto wallets, and DeFi and NFT platforms. |
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| | | | The market value of UST, Terra’s stablecoin offering, recently fell below the expected $1 price point as LUNA’s price witnessed a sharp decline owing to a significant selloff. |
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| | | | Cryptocurrency and crypto-backed lending app Nebeus is always looking for innovative ways to help… The post Crypto lending app Nebeus introduces AVAX-backed loans appeared first on Coin Journal. |
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