Crypto Daily Report – May 17

May 17, 2022
Most Important Daily
Data and News for Digital Assets

Crypto Daily Report

The Most Important Daily
Data for Digital Assets

Daily Updates from FSInsightMay 17, 2022
  • The global crypto market cap is currently sitting at $1.4T, representing a 3.1% increase over the last 24hrs. BTC and ETH are up c.2% at $30.2k and $2.1k, while other majors SOL and AVAX are also up c. 1.5% at $55 and $34, respectively. The DeFi subvertical is trading at $58b market cap (-19% 24h change), NFT tokens are trading at $24b market cap (+2.5% 24h change), while Metaverse tokens are trading at $15b market cap (+2.2% 24h change). While markets have been tumultuous due to the LUNA / UST saga last week, CoinShares reported c.$300m in BTC ETP products inflows during the same period. It is worth noting that despite $2.8b of liquidity from LFG, BTC held 29k levels relatively well.

  

  • In light of last week's events, the regulatory environment for digital assets has become stringent, in line with our expectations. The Dutch Authority for Financial Markets has expressed a desire to ban retail investors from trading crypto derivatives, making it only accessible in wholesale markets. The announcement suggests that the Netherlands aligns with the stance of U.K. Financial Conduct Authority, which banned options and futures trading for retail customers in 2020. Portugal has also announced its intention to begin taxing cryptocurrency gains, although there is no effective start date yet. This decision reverses the Iberian state's long-standing tax exemption on digital assets, to the dismay of Golden Visa holders. 
  • In yesterday's Crypto Daily, we reported that Japan's largest investment bank Nomura (AUM: $569b) is establishing a new subsidiary to help institutional clients invest in cryptocurrency and nonfungible tokens (NFTs). Nomura plans to hire about 100 personnel in preparation for launch by 2023. The subsidiary launch comes a week after Nomura started offering BTC derivatives trading to Asian clients, executed on CME-offered products. Nomura joins its competitor Goldman Sachs in investing in a digital future, with Goldman announcing a $70m Series A in Elwood Technologies, a crypto-focused trading platform.
Daily Technical Strategy - Mark Newton, CMT

Ethereum Classic looks to be finding strong resistance right near an area of prior lows from January at $21.  These levels often provide meaningful technical support and then resistance when tested and always important to watch carefully. Overall, ETCUSD has fallen on tough times after pulling back to the lowest levels since last Spring.  Momentum showed some positive divergence in oversold territory on this recent breakdown, yet trends remain very sharply negative and still difficult to have much conviction in prices stabilizing barring a move back to new weekly highs following eight straight weeks down.  The ability to recoup $25 would be a meaningful first step which should count as the first sign of structural improvement. However, gains back over $27 are necessary before weighing in on the possibility of this turning higher in more meaningful fashion. Meanwhile, pullbacks down to test May lows of $15 look likely into early June and this is an important area which needs to hold on further weakness to give some confidence of the possibility of a trading low getting underway.  At present, this remains quite weak, and additional downside looks likely over the next few weeks.

Daily Important Metrics

Sentiment

Crypto Daily Report – May 17

Crypto Size  Bullish Signal

Bullish signal is tied to the crypto market growing

Market Cap $1.29T +$12B (+0.94%)

BTC Dominance   44.27% (-0.34%)

Stable Coins   Bullish Signal

Increase in circulating stablecoins is a Bullish signal

In Circulation $76B (+0.00%)

In Exchanges $12B (+3.82%)

Stablecoin Supply Ratio  Bullish Signal

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

SSR 3.70 (-4.73%)

SSR Oscillator -1.30 (8.99%)

Funding Rate   Bullish Signal

Positive funding rates indicate traders are Bullish

Bitmex -0.0030% (-82%)

Binance 0.0084% (+22%)

BTC Metrics Bullish Signal

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

# BTC in Exchanges 2.5M (-0.40%)

Futures CME Bearish Signal

A positive spread between Futures Prices and Spot Prices is Bullish

BTC Price $29,595 (0.73%)

Spot Basis   $-9.91 (-0.03%)

Volume 6,944 (-12%)

Open Interest  11,539 (-0.61%)


Options CME No Signal

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

Volume 53.00 (-61%)

Open Interest 2,784 (1.13%)

Calls CME Bullish Signal

Calls Volume 18.00 (200%)

Calls Open Interest 1,128 (1.53%)

Puts CME Bearish Signal

Puts Volume CME 35.00 (-73%)

Puts Open Interest 1,656 (0.85%)

All metrics as of May 17, 2022 2:38 PM
Crypto Prices
SymbolMarket CapLast PriceDaily ChangeYear to DateRelative to BTC YTD
BTC$564B$29,605-0.85%-37%
ETH$244B$2,017-0.78%-46%-9.12%
ADA$19B$0.5544-2.57%-58%-21%
SOL$18B$53.51-2.72%-69%-32%
DOGE$12B$0.0875-0.27%-49%-12%
DOT$10B$10.50-2.41%-61%-25%
MATIC$5.5B$0.68620.04%-73%-36%
LINK$3.4B$7.35-1.43%-63%-26%
HNT$1.0B$8.55-4.73%-77%-41%
FTM$863M$0.3391-1.78%-85%-48%
Our Deep Research Projects
AVAX$8.7B$32.39-2.80%-70%-34%
IOTA$1.0B$0.37062.57%-73%-36%
ZIL$645M$0.0504-0.29%-34%3.10%
AMP$579M$0.01371.25%-72%-35%
ZEN$251M$20.26-2.75%-67%-30%
VGX$227M$0.8152-2.82%-73%-36%

All prices as of May 17, 2022 2:38 PM

Exchanged Traded Products (ETPs)
SymbolPremium to NavLast PriceDaily ChangeYear to DateRelative to BTC YTD
GBTC-32%$18.75-4.82%-45%-8.47%
BITW-26%$19.359.01%-49%-12%
ETHE-33%$13.52-4.38%-58%-21%
QBTC-1.36%$31.72-1.55%-48%-11%
BTCC-0.02%$5.51-1.78%-36%0.71%

All prices as of May 17, 2022 8:01 AM

Stocks
SymbolMarket CapLast PriceDaily ChangeYear to dateRelative to BTC YTD
PYPL$216B$78.17-0.84%-59%-22%
SQ$76B$79.70-5.29%-51%-14%
COIN$65B$64.14-5.50%-75%-38%
SBNY$18B$192-4.46%-41%-3.79%
HOOD$15B$10.11-5.43%-43%-6.29%
MSTR$6.1B$20520%-62%-26%
SI$4.2B$72.04-5.05%-51%-15%
MARA$3.5B$10.32-9.39%-69%-32%
RIOT$2.7B$7.19-9.79%-68%-31%
VOYG.TO$1.5B$2.92-27%-82%-45%
VYGVF$1.2B$9.390.97%-25%12%
MOGO$223M$1.06-4.93%-69%-32%

All prices as of May 16, 2022 12:11 PM

News
QUICK BITS
ApeCoin Migration Draws Interest From Avalanche, Flow
CoinDeskRead the full story >
The firm behind the Bored Ape Yacht Club NFT collection is in talks with layer 1 suitors as the project considers a post-Ethereum future.
MARKET DATA
Ransomware Gang Extorted 725 BTC in One Attack, On-Chain Sleuths Find
CoinDeskRead the full story >
The infamous Conti ring’s internal messages, leaked in February, served as a jumping-off point for a new transaction analysis by Crystal Blockchain.
CRYPTO INFRASTRUCTURE
Cloudflare Expected to Run Ethereum Nodes as Merge Event Approaches
Decrypt.coRead the full story >
Internet security company Cloudflare has announced it will run and fully stake several Ethereum validator nodes in the coming months.
Fireblocks introduces Web3 Engine with developer tools to accelerate ecosystem growth
Coin TelegraphRead the full story >
This suite of tools is designed for developers to build products and services in the DeFi, GameFi, and NFT spaces.
Jump-Backed Wormhole Bridge Expands to Algorand Blockchain
CoinDeskRead the full story >
The cross-chain bridge is hoping to capture some of Algorand’s $136 million in DeFi TVL.
THOUGHTS AND OPINIONS
A16z Addresses Downturn in Inaugural State of Crypto Report
CoinDeskRead the full story >
The inaugural report discussed Web 3 trends and why Ethereum remains the dominant blockchain.
REGULATION
Dutch Finance Official Wants to Ban Retail Investors From Trading Crypto Derivatives
CoinDeskRead the full story >
Regulators think options and futures should only be for professional investors, but the Authority for Financial Markets doesn’t yet have powers for a UK-style ban.
Justice Department Charges Defendant With Sending $10M in Bitcoin to Sanctioned Country
Decrypt.coRead the full story >
“Like Jason Voorhees, the myth of virtual currency’s anonymity refuses to die,” a federal judge wrote about using Bitcoin to dodge sanctions.
Portugal to lose crypto tax haven status as state announces gains duties
Coin TelegraphRead the full story >
The small Iberian nation is set to reverse a long-standing tax law that excluded crypto gains on the grounds that they are not legal tender.
FUNDRAISING AND M&A
Encode Club Raises $5M for Web3 Developer Training
Decrypt.coRead the full story >
Galaxy Digital and Lemniscap led the round to help further Encode Club’s Web3 educational offerings.
Tiger Global leads $15 million Series A for web3 infrastructure startup Coinshift
The BlockRead the full story >
The Indian crypto startup that provides treasury management tools for DAOs and web3 firms plans to expand to new blockchains. The post Tiger Global leads $15 million Series A for web3 infrastructure startup Coinshift appe...
CyberConnect Raises $15M to Expand Social Graph Protocol
CoinDeskRead the full story >
The project seeks to make user data interoperable between Web 3 dapps.
Certora Announces $36 million Series B funding round led by Jump Crypto
The BlockRead the full story >
The Israel-based company provides security analysis tools for blockchain smart contracts. The post Certora Announces $36 million Series B funding round led by Jump Crypto appeared first on The Block.
HIRING
Japan’s largest investment bank Nomura readies new crypto subsidiary
Coin TelegraphRead the full story >
The leading Japanese bank plans on establishing a crypto subsidiary outside of Japan and will acquire about 100 personnel to work in the digital asset space.
PRODUCT UPDATES
EY unveils supply chain tracking service on Polygon Nightfall
The BlockRead the full story >
OpsChain will serve as a tool to help companies track supply chain information on the Nightfall blockchain. The post EY unveils supply chain tracking service on Polygon Nightfall appeared first on The Block.
Shopify merchants can now accept crypto payments using Crypto.com Pay
CoinJournalRead the full story >
Crypto.com, a growing crypto platform, has announced that Shopify merchants will now be able… The post Shopify merchants can now accept crypto payments using Crypto.com Pay appeared first on Coin Journal.
INVESTMENT PRODUCTS
BitMEX launches spot market in hopes of revival
The BlockRead the full story >
The firm is undercutting larger rivals in its bid to grow market share. The post BitMEX launches spot market in hopes of revival appeared first on The Block.

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...

Get invaluable analysis of the market and stocks. Cancel at any time. Start Free Trial

Articles Read 1/1

🎁 Unlock 1 extra article by joining our Community!

You are reading the last free article for this month.

Already have an account? Sign In