Crypto Daily Report – October 8

Oct 8, 2021
Most Important Daily
Data and News for Digital Assets

Crypto Daily Report

The Most Important Daily
Data for Digital Assets

Daily Updates from FSInsightOctober 8, 2021
  • At the time of writing, the overall crypto market is trading 1% higher over the prior 24 hours as Bitcoin and Ethereum trade 1.5% and 0.5% higher, respectively, over the same period. Funding rates for perpetual futures contracts are positive across all major exchanges as derivatives markets have turned uniformly bullish. However, we note that the leverage ratio remains relatively low at 0.14, about equal to the ratio following the deleveraging event in early September. 
  • JPMorgan noted on Thursday that institutional investors are returning to Bitcoin in droves. In addition to a recent increase in regulatory certainty, they suggested that many are allocating to the leading cryptoasset due to increased layer 2 adoption (Lightning Network) and because it serves as a better inflation hedge than gold. This is significant because two major criticisms of BTC are that it lacks practical use cases and it is too volatile to be a true inflation hedge. 
  • On Thursday, Bloomberg published a story on Tether and its opaque history of financial reporting. The article confirmed the stablecoin issuer's exposure to Chinese commercial paper and revealed that Tether had loaned crypto lending platform Celsius a portion of its reserves with BTC held as collateral. Our view is that the story is likely accurate but largely insignificant due to the lack of new information provided on the situation.
Daily Important Metrics

Sentiment

Crypto Daily Report – October 8

Crypto Size  Bullish Signal

Bullish signal is tied to the crypto market growing

Market Cap $2.3T +$22B (+0.95%)

BTC Dominance   44.48% (-1.08%)

Stable Coins   Bullish Signal

Increase in circulating stablecoins is a Bullish signal

In Circulation $68B (+0.25%)

In Exchanges $4.1B (-3.63%)

Stablecoin Supply Ratio  Bearish Signal

Ratio between Bitcoin supply and the supply of stablecoins, denominated in BTC

SSR 8.35 (2.63%)

SSR Oscillator -0.2354 (-21%)

Funding Rate   Bullish Signal

Positive funding rates indicate traders are Bullish

Bitmex 0.0100% (0.00%)

Binance 0.0284% (+184%)

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 Bullish Signal

A positive spread between Futures Prices and Spot Prices is Bullish

BTC Price $55,910 (2.37%)

Spot Basis   $1,426 (2.62%)

Volume 6,867 (-46%)

Open Interest  10,427 (3.83%)


Options CME No Signal

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

Volume 17.00 (-72%)

Open Interest 933 (1.30%)

Calls CME Bullish Signal

Calls Volume 8.00 (-83%)

Calls Open Interest 352 (1.44%)

Puts CME Bearish Signal

Puts Volume CME 9.00 (-40%)

Puts Open Interest 581 (1.22%)

All metrics as of October 7, 2021 11:18 PM
Crypto Prices
SymbolMarket CapLast PriceDaily ChangeYear to DateRelative to BTC YTD
BTC$1.0T$54,484-0.18%88%
ETH$424B$3,5961.54%388%300%
BNB$74B$4380.03%1,072%984%
ADA$73B$2.293.80%1,159%1,071%
XRP$50B$1.08-0.09%392%304%
DOT$34B$34.016.77%267%179%
DOGE$32B$0.24660.28%5,261%5,173%
LINK$12B$27.032.09%140%52%
LTC$12B$179-2.70%44%-44%
BCH$11B$607-2.29%77%-11%
Our Deep Research Projects
AVAX$14B$62.795.34%1,874%1,787%
IOTA$3.7B$1.333.55%348%261%
BSV$3.4B$18019%10%-78%
AMP$2.0B$0.0472-4.32%615%527%
ZIL$1.2B$0.10173.90%22%-66%
ZEN$930M$80.140.70%593%505%

All prices as of October 8, 2021 7:30 AM

Exchanged Traded Products (ETPs)
SymbolPremium to NavLast PriceDaily ChangeYear to DateRelative to BTC YTD
GBTC-17%$41.55-2.88%18%-69%
BITW-11%$50.01-0.18%-4.92%-93%
ETHE-5.24%$34.35-1.18%186%98%
QBTC-5.34%$62.821.72%16%-72%
QETH-5.64%$58.291.82%170%82%

All prices as of October 8, 2021 5:40 AM

Stocks
SymbolMarket CapLast PriceDaily ChangeYear to dateRelative to BTC YTD
PYPL$310B$264-0.20%14%-74%
SQ$115B$2494.20%13%-75%
COIN$66B$2520.48%-34%-122%
HOOD$35B$41.84-0.52%Infinity%Infinity%
SBNY$18B$2930.74%116%28%
MSTR$7.1B$6932.82%63%-25%
SI$4.0B$152-6.75%127%39%
MARA$3.8B$38.42-1.39%249%161%
RIOT$2.5B$26.12-1.84%58%-29%
MOGO$312M$4.43-3.06%10%-78%

All prices as of October 8, 2021 1:40 AM

*COIN YTD since 14/04/2021

Important Levels and Targets
BTCETH
LevelPriceDistancePriceDistance
TARGET$100,00084%$10,500192%
RESISTANCE II$63,00016%$7,500109%
RESISTANCE I$58,0006.45%$5,00039%
CURRENT PRICE$54,484$3,596
SUPPORT I$45,500-16%$3,000-17%
SUPPORT II$43,000-21%$2,000-44%
SUPPORT III$39,000-28%$1,490-59%
News
QUICK BITS
Tether fires back against report it is using reserves for investments and making crypto-backed loans
Coin TelegraphRead the full story >
"If those loans fail, even a small percentage of them, one Tether would become worth less than $1," said Bloomberg reporter Zeke Faux.
Billionaire Orlando Bravo’s Firm Plans to Invest in Blockchain Tech Companies
CryptoPotatoRead the full story >
After saying he was bullish on BTC last week, Orlando Bravo announced that his company will soon invest in the blockchain industry.
Protocol Labs Wants to Help Clean Up Crypto's Environmental Image Problem
Decrypt.coRead the full story >
A consortium of crypto industry projects is looking to change the narrative on cryptocurrency's impact on the environment.
Salvadorans are buying more Bitcoin (BTC) than withdrawing from Chivo ATMs
CryptoSlateRead the full story >
A new tweet from El Salvador’s President, Nayib Bukele has hinted that the mass adoption of the leading digital asset, Bitcoin, in the country is still growing en masse as more money is being used to purchase the coin. The post Salvadorans are buyin...
Pro-Crypto Senator Lummis Discloses Bitcoin Purchase Worth Up to $100K
CoinDeskRead the full story >
Lummis executed her latest purchase on Aug. 16 from the brokerage firm River Financial, according to a filing on Thursday.
George Soros’ Fund Holds Bitcoin, CEO Says Cryptocurrency Has Gone Mainstream
Bitcoin.comRead the full story >
Soros Fund Management, founded by billionaire investor George Soros, has invested in bitcoin. The CEO of the asset management company says bitcoin is not just an inflation hedge: “I think it’s crossed the chasm to mainstream.” Soros Fund Management’s...
DOSE OF DEFI
Synthetix Founder: DeFi Governance 'Pretty Terrible'
Decrypt.coRead the full story >
The derivatives liquidity protocol is working on a next-gen governance module that will be released as an open-source tool.
CRYPTO INFRASTRUCTURE
‘Public’ Adds Cryptocurrency Trading Citing Millions of Investors See Crypto as ‘Compelling Asset Class’
Bitcoin.comRead the full story >
Investing platform Public, with over 1 million users, is rolling out cryptocurrency trading. “Crypto is gaining momentum as a compelling asset class for millions of investors,” the company said. Public Launches Cryptocurrency Trading Investing platfo...
THOUGHTS AND OPINIONS
JPMorgan: Institutional Investors Dump Gold for Bitcoin Seeing It as Better Inflation Hedge
Bitcoin.comRead the full story >
Global investment bank JPMorgan says institutional investors are returning to bitcoin, seeing the cryptocurrency as a better hedge than gold. The firm’s analysts describe three key drivers boosting the price of bitcoin in recent weeks, including assu...
REGULATION
Democrats propose law to mandate disclosure of ransomware payments by US companies
The BlockRead the full story >
American companies targeted by ransomware attacks would be required to disclose payments made in connection with those incidents under a new law proposed in Congress. The post Democrats propose law to mandate disclosure of ransomware payments by US c...
FUNDRAISING AND M&A
Crypto staking platform Stader Labs raises $4 million in seed funding
The BlockRead the full story >
Stader Labs, an India-based crypto staking project, has raised $4 million in a seed funding round led by Pantera Capital. The post Crypto staking platform Stader Labs raises $4 million in seed funding appeared first on The Block.
DeFi for the Small Guy: Algorand-Based Tinyman Raises $2.5M Ahead of DEX Launch
CoinDeskRead the full story >
Tinyman, an automated market maker (AMM) on the Algorand blockchain, recently raised $2.5 million and is expected to launch in full on Thursday.It joins a crop of projects seeking to attract decentralized finance (DeFi) users to new chains. Be it Tra...
Colombian Fintech Movii Raises $15M in Series B Round
CoinDeskRead the full story >
Colombian fintech Movii raised $15 million in a Series B funding round to create a bitcoin purchasing service and expand other services, the company announced Wednesday.The round was co-led by payments services company Square and Hard Yaka, an invest...
Universal NFT2.0 Protocol DareNFT Raises $2.4 Million
CryptoPotatoRead the full story >
[PRESS RELEASE – Please Read Disclaimer] Oct 6th, 2020 : British Virgin Islands: DareNFT, a first-of-its-kind project with a universal NFT2.0 protocol for digital assets recently closed its strategic and private sale round with a staggering $2.4 mill...
NFTS
NFT marketplace selling ‘fantasy equity’ shuts down one day into open beta testing
The BlockRead the full story >
The founders allegedly did not seek permission from the startups featured in the game to sell NFTs of fake shares of their companies.  The post NFT marketplace selling ‘fantasy equity’ shuts down one day into open beta testing appeared first on The B...
Bitcoin NFTs Are Emerging on Stacks. Can They Thrive?
Decrypt.coRead the full story >
NFTs are launching on Bitcoin—sort of. It's being done through Stacks, which settles its transactions to the leading crypto's blockchain.

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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