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Crypto Daily Report | August 5, 2022 |
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THIS MESSAGE IS SENT SOLELY TO MEMBERS OF FSINSIGHT |
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| Tickers on this report: AVAX, BNB, BTC, ETH, SOL |
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- A better-than-expected jobs report was released this morning, with the US adding 528k jobs versus 258k expected. The unexpected growth has led investors to speculate that the Fed will continue raising rates aggressively and delay the “Fed pivot.” See below for a depiction of rate expectations following today’s jobs report. Markets are mixed following the news; traditional markets are reacting negatively, with the S&P500 and Nasdaq down 0.70% and 1.41%, respectively. Crypto markets have largely ignored the news with $BTC up 1.50% (23.0k) and $ETH up 3.39% (1.66k). Similarly, alt-layer 1s are sharing a positive day with $SOL, $AVAX, and $BNB all up 2.21%, 3.33%, and 0.10%, respectively. Crypto's relative strength could be attributed to crypto assets lagging equities on the week. $BTC is down 1.20% on the week compared to the S&P500 and Nasdaq being up 0.17% and 1.97% on the week, respectively.
Figure: Fed Funds Rate Expectations 
- It has been a strong year for crypto deals. According to a report by Messari, $30.3 billion has been raised across 1,199 deals through the first half of 2022. Comparatively, in the entirety of 2021, only $25.2 billion was raised across 1,247 deals. Web3 and NFT projects are attracting investors’ attention, making up 44% of all deals through the first half of 2022. Web3 and NFTs include the gaming sector, which is highly expected to be one of the hot investment categories over the next few years. DeFi is the laggard category, as they have only garnered 6% of the $30 billion in investments. Hedge funds are increasingly looking for an edge over competitors, and digital assets are becoming a way for managers to distinguish themselves. According to a June PWC report, 38% of hedge funds are now investing in digital assets, an 81% yearly increase.
- Following the Terra Luna collapse, many firms suffered crippling losses, including Voyager Digital Holdings, which declared for bankruptcy in July. After filing Chapter 11, Voyager sought to return roughly $270 million in cash sitting in a custodial account at Metropolitan Commercial Bank to its customers. Yesterday, Voyager received court approval from Judge Michael Wiles to allow customers access to the cash account. Despite a small win for Voyager customers, there is still about $1.3 billion in digital assets on Voyager’s balance sheet that will remain tied up in bankruptcy court. The timing and distribution of the proceeds from those assets remain to be seen. Voyager is seeking to complete a sale by September, hoping to maximize the value it can return to its customers.
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NEAR's bullish breakout above the last few week's highs on Friday (8/5) looks important and positive for further gains in the days ahead. Following a steep decline back from April peaks when this fell over 80% in a span of just two months, we've seen steady signs of stabilization in trends over the past six weeks. The minor breakout in mid-July on heavy volume gave way to sideways consolidation as a bullish base developed above the prior trading range from June. Friday's rally back above $4.77 served to exceed the highs of this recent base, and should provide a technical catalyst for this to continue higher in the days/weeks ahead. Volume is expanding on Friday's gains, and the first meaningful upside Fibonacci target to watch lies near $6.67 with intermediate-term targets at $9.15 then $11.15. $NEARUSD pullbacks should prove buyable barring any move back under $3.57 which would postpone the rally while further consolidation happens. | |
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Crypto Size  Bullish signal is tied to the crypto market growing Market Cap $1.09T +$21B (+2.01%) BTC Dominance 40.55% (--1.26%) | Stable Coins Increase in circulating stablecoins is a Bullish signal In Circulation $66B (+0.08%) In Exchanges $18B (+0.09%) | BTC Metrics A decrease in Bitcoin on exchanges is bullish, indicates investors are moving coins to cold storage # BTC in Exchanges 2.4M (-0.33%) | Funding Rates Positive funding rates indicate traders are Bullish Aggregate -0.0010% (-0.0026) Binance -0.0071% (-0.0171) Bitfinex -0.0000% (0.0000) Bitmex -0.0071% (-0.0171) ByBit 0.0019% (0.0041) Deribit 0.0001% (-0.0027) FTX -0.0096% (-0.0032) Huobi 0.0061% (-0.0005) Kraken -0.0146% (-0.0126) Mean -0.0010% (-0.0026) OKex 0.0008% (-0.0134) |
| SENTIMENT | BMI: 47 (0.00%) |
| Futures All Exchanges A positive spread between Futures Prices and Spot Prices is Bullish CME BTC Price $23,425 (2.16%) Spot Basis $233 (1.00%) Volume 1.3M (-1.43%) Open Interest 456,878 (-1.13%) | Options All Exchanges Higher open interest change in a bull market is bullish for the sector Volume 9,819 (-24%) Open Interest 204,580 (1.06%) Volume Put/Call Ratio 0.5621 (-35%) Open Interest Put/Call Ratio 0.5133 (-0.56%) |
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| | All metrics as of August 5, 2022 10:41 AM |
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| Symbol | Market Cap | Last Price | Daily Change | Year to Date | Relative to BTC YTD |
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| BTC | $439B | $22,959 | 0.30% | -51% | | | ETH | $203B | $1,663 | 2.92% | -55% | -4.42% | | ADA | $17B | $0.5063 | 1.05% | -62% | -11% | | SOL | $14B | $39.78 | 2.45% | -77% | -26% | | DOT | $9.2B | $8.36 | 2.73% | -69% | -18% | | DOGE | $9.1B | $0.0684 | 2.23% | -60% | -9.18% | | MATIC | $7.2B | $0.8986 | 0.16% | -64% | -13% | | NEAR | $3.9B | $5.12 | 15% | -65% | -14% | | LINK | $3.6B | $7.67 | 4.00% | -61% | -10% | | HNT | $1.1B | $8.71 | 0.47% | -77% | -26% | | FTM | $940M | $0.3694 | 0.73% | -84% | -33% | | Our Deep Research Projects | | AVAX | $6.9B | $24.15 | 3.16% | -78% | -27% | | IOTA | $924M | $0.3324 | 2.21% | -76% | -25% | | ZIL | $573M | $0.0437 | 2.35% | -43% | 8.43% | | AMP | $350M | $0.0083 | 0.84% | -83% | -32% | | ZEN | $227M | $17.90 | 2.22% | -71% | -20% |
All prices as of August 5, 2022 12:35 PM |
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| Exchange 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% | $13.99 | -3.65% | -59% | -8.18% | | BITW | -41% | $12.10 | -4.95% | -68% | -17% | | ETHE | -25% | $11.77 | -5.16% | -64% | -13% | | QBTC | -7.84% | $22.29 | -5.23% | -63% | -12% | | BTCC | -0.23% | $4.18 | -4.57% | -52% | -0.53% |
All prices as of August 5, 2022 7:01 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 | $95.20 | -1.84% | -50% | 1.46% | | SQ | $76B | $89.40 | -0.33% | -45% | 6.33% | | COIN | $65B | $93.55 | 5.23% | -63% | -12% | | SBNY | $18B | $188 | 0.81% | -42% | 9.05% | | HOOD | $15B | $10.30 | -5.33% | -42% | 8.97% | | MSTR | $6.1B | $315 | 1.94% | -42% | 8.89% | | SI | $4.2B | $102 | -0.44% | -31% | 20% | | MARA | $3.5B | $13.97 | 4.10% | -57% | -6.51% | | RIOT | $2.7B | $8.27 | 1.10% | -63% | -12% | | MOGO | $223M | $1.12 | 0.00% | -67% | -16% |
All prices as of August 5, 2022 12:39 PM |
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| | | | As for the remaining assets, crypto broker Voyager Digital said that the bankruptcy estate will distribute the funds to creditors. |
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| | | | The Messari report noted that more than $30 billion was raised from 1199 funding rounds in the first half of 2022. |
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| | | | Dorsey’s Block reported a Q2 profit of $1.47 billion, but only $41 million of it came from BTC trading services. The company attributed this to market volatility and a lack of consumer demand. Block Inc., the digital payments company owned by former ... |
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| | | | Meta, the social media company, is planning to issue its first set of bonds to finance new investments and operations, according to reports. The company will be selling $10 billion in debt, to maintain a healthy cash flow and fund buybacks, per state... |
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| | | | An investigation led by CoinDesk has revealed that two brothers — Ian Macalinao and Dylan Macalinao — used pseudonymous developer profiles to inflate the TVL on Solana by $7.5 billion. The post DeFi Sybil attack created $7.5B fake TVL on Solana from... |
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| | | | U.S. senators have introduced the “Digital Commodities Consumer Protection Act of 2022” to empower the Commodity Futures Trading Commission (CFTC) “with exclusive jurisdiction over the digital commodities spot market.” Digital Commodities Consumer Pr... |
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| PRODUCT UPDATES AND PARTNERSHIPS | |
| | | | Playstudios, a mobile gaming company, has recently announced it is diving into the world of Web3 gaming. The company is launching a blockchain gaming division that will introduce the concept of “rewarded play” to its users, who already enjoy real-wor... |
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| | | | PRESS RELEASE. In what many would agree is a groundbreaking achievement, StarHeroes recently obtained a Microsoft grant. As a result, the blockchain-based game now has access to Azure PlayFab, joining the legendary collection of games such as Forza H... |
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| | | | Binance teamed up with Mastercard to issue a Binance card in Argentina, according to an announcement last night. Binance teams up with @Mastercard to launch a new prepaid card in Argentina, bringing crypto payments into the region 🇦🇷 Users can enj... |
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| | | | MLB's deal with FTX is the first time a North American pro sports league has partnered with a cryptocurrency exchange. |
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