Crypto Daily Report – August 16

Aug 16, 2022
Most Important Daily
Data and News for Digital Assets

Crypto Daily Report

August 16, 2022
THIS MESSAGE IS SENT SOLELY TO MEMBERS OF FSINSIGHT
Tickers on this report: ACA, BTC, CEL, DAI, DOGE, DOT, ETH, KSM, SHIB, USDC, UST, stETH, wBTC
Market Update
Crypto Daily Report – August 16

Walter Teng

Digital Asset Strategy Associate

  • Crypto markets are trading 1.4% lower over the past day - BTC and ETH continue their retracements since the weekend at $23.7k (-1.7%) and $1.88k (-1.6%). Traditional markets have also opened lower, with NDAQ and SPX trading at 0.9% and 0.13% lower, respectively. Memecoins DOGE and SHIB have been the top gainers over the past week, trading 21.2% and 28.0% higher, respectively. Their price appreciation can be attributed to the launch of Dogechain, an EVM-compatible network that counts DOGE as its Layer-1 token. At this point, Dogechain doesn't have a native stablecoin or a functional bridge back to Mainnet yet, allowing users only to take profits into DOGE.
  • According to new court filings provided by Kirkland & Ellis, crypto lender Celsius may deplete its cash reserves as soon as October. The insolvent firm owes depositors ~$2.8b more than the assets it currently holds, significantly more than the ~$1.2b initially reported. The gap comprises net liabilities in ~$2b BTC, ~$1b ETH, ~$666m USDC, and ~$625m other coins, along with net assets in ~$554m $wBTC, $683m $stETH, and $438m CEL. However, the net asset position for CEL is likely overstated since most of the token is held on the Celsius platform itself and is thinly traded. Celsius' operating expenses for August through October that total up to ~$85m are a major contributor to its depletion of cash, which stands at ~130m.



  • Last weekend, Acala's native stablecoin, aUSD, de-pegged to the downside after a "misconfiguration" of the newly-launched iBTC/aUSD pool allowed hackers to mint ~1.3b aUSD tokens and drained the pool. After rectifying the bug yesterday, Acala resumed network trades and burnt the additional tokens minted by exploiters. Doing so pushed the peg back to near parity with the US dollar, currently at $0.92 at the time of writing. While it is easy to categorize this de-pegging event as another failed stablecoin experiment, aUSD isn't an algorithmic stablecoin. Instead, it is collateralized by multiple assets, including DOT, KSM, ACA, and others, making it more similar to DAI than LUNA's failed UST
Daily Technical Strategy
Crypto Daily Report – August 16

Mark L. Newton, CMT

Head of Technical Strategy

Following three straight days of minor consolidation, Ethereum has pulled back to an excellent area of trendline support that should bode well for dip-buying ahead of a push back higher to new monthly highs. Daily charts of ETHUSD show this acceleration higher over the last month with prices having begun a sharp uptrend of higher highs and higher lows. Upside targets look likely to materialize near $2231 initially, with an outsized shot of $2549 into early September before consolidation follows post ETH's transition to Proof of Stake. Upside targets line up with a 50 and 61.8% Fibonacci retracement target of the prior decline along with lining up right near former lows from earlier this year. DeMark counter-trend indicators like TD Sequential look to be two weeks from registering a possible TD Sell Setup on this rally, which also lines up with an early September initial peak for ETHUSD. Overall, it looks right to buy this pullback between 1800-1900, expecting a continuation of this rally ahead of the upcoming "Merge".

Daily Important Metrics

Crypto Size

Bullish signal is tied to the crypto market growing

Market Cap $1.14T +$54M (+0.00%)

BTC Dominance   40.08% (--0.25%)

Stable Coins

Increase in circulating stablecoins is a Bullish signal

In Circulation $68B (+0.22%)

In Exchanges $17B (--0.24%)

BTC Metrics

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

# BTC in Exchanges 2.4M (0.01%)

Funding Rates

Positive funding rates indicate traders are Bullish

Aggregate -0.0011% (0.0004)

Binance 0.0003% (0.0026)

Bitfinex 0.0111% (-0.0018)

Bitmex 0.0003% (0.0026)

ByBit 0.0100% (0.0000)

Deribit 0.0003% (-0.0030)

FTX 0.0032% (0.0056)

Huobi -0.0049% (-0.0014)

Kraken -0.0307% (-0.0184)

Mean -0.0011% (0.0004)

OKex -0.0177% (-0.0109)

SENTIMENT

Crypto Daily Report – August 16

BMI: 54 (-5.26%)

Futures All Exchanges

A positive spread between Futures Prices and Spot Prices is Bullish

CME BTC Price $24,075 (-0.02%)

Spot Basis   $61.90 (0.26%)

Volume 1.8M (72%)

Open Interest  443,796 (-1.62%)

Options All Exchanges

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

Volume 14,771 (120%)

Open Interest 205,808 (1.67%)

Volume Put/Call Ratio 0.7006 (48%)

Open Interest Put/Call Ratio 0.5186 (1.58%)

All metrics as of August 16, 2022 11:38 AM
Crypto Prices
SymbolMarket CapLast PriceDaily ChangeYear to DateRelative to BTC YTD
BTC$457B$23,878-1.42%-49%
ETH$230B$1,885-1.45%-49%-0.42%
ADA$19B$0.5593-0.99%-58%-8.85%
SOL$15B$43.43-2.16%-75%-26%
DOGE$11B$0.08429.23%-51%-1.89%
DOT$9.7B$8.79-1.20%-68%-19%
MATIC$7.6B$0.9426-2.02%-63%-14%
NEAR$4.1B$5.37-2.73%-63%-14%
LINK$4.0B$8.52-2.67%-57%-7.97%
HNT$1.0B$8.11-0.54%-78%-29%
FTM$941M$0.3698-2.87%-84%-35%
Our Deep Research Projects
AVAX$7.9B$27.65-1.26%-75%-26%
IOTA$948M$0.3412-0.92%-75%-26%
ZIL$598M$0.0454-1.65%-40%8.70%
AMP$347M$0.0082-0.08%-83%-34%
ZEN$258M$20.300.47%-67%-18%

All prices as of August 16, 2022 12:17 PM

Exchange Traded Products (ETPs)
SymbolPremium to NavLast PriceDaily ChangeYear to DateRelative to BTC YTD
GBTC-29%$15.06-1.05%-56%-7.02%
BITW-41%$14.123.29%-63%-14%
ETHE-25%$14.65-3.62%-55%-5.71%
QBTC-7.84%$23.92-0.33%-61%-12%
BTCC-0.23%$4.47-0.67%-48%0.87%

All prices as of August 16, 2022 7:02 AM

Stocks
SymbolMarket CapLast PriceDaily ChangeYear to dateRelative to BTC YTD
PYPL$216B$1020.65%-46%3.19%
SQ$76B$85.65-1.23%-47%2.04%
COIN$65B$90.80-1.27%-64%-15%
SBNY$18B$2060.65%-36%13%
HOOD$15B$11.121.00%-37%12%
MSTR$6.1B$340-2.67%-38%11%
SI$4.2B$104-1.87%-30%19%
MARA$3.5B$16.96-3.91%-48%0.63%
RIOT$2.7B$9.30-4.71%-58%-9.34%
MOGO$223M$1.336.40%-61%-12%

All prices as of August 16, 2022 12:54 PM

News
QUICK BITS
19 celebrities called out by consumer watchdog group for shilling NFTs
Coin Telegraph
Consumer watchdog group Truth in Advertising says celebrities promoting non-fungible tokens (NFTs) on their social media channels is an area "rife with deception."
ASU receives 1st cryptocurrency gift to support clean air work
Fundstrat AI Robot
As cryptocurrency continues to gain popularity for individuals looking to diversify their investment portfolios, it is also gaining traction as ...
MARKET DATA
Celsius report shows $2.8 billion in crypto liabilities, dwindling cash flow
The Block
Projections from law firm Kirkland & Ellis filed yesterday shows the lender could run out of funds by October. The post Celsius report shows $2.8 billion in crypto liabilities, dwindling cash flow appeared first on The...
DOSE OF DEFI
DeFi Firms Iron Bank, Yearn Finance Join Layer 2 Protocol Optimism
CoinDesk
Developers of the DeFi protocols said that layer 2 networks offer improved security and capital efficiency for users.
REGULATION
Korean regulators investigate banks over $6.5B tied to Kimchi premium
Coin Telegraph
South Korean financial regulators are looking into the massive amount of foreign remittances of cash that came from crypto exchanges.
Crypto Lender Hodlnaut Applies for Creditor Protection in Singapore
CoinDesk
Crypto lending platform Hodlnaut has filed an application to be put under creditor protection in Singapore.
Crypto.com signs pre-registration agreement with Canada’s OSC
CoinJournal
Crypto.com has become the first global cryptocurrency exchange to sign the undertaking with the… The post Crypto.com signs pre-registration agreement with Canada’s OSC appeared first on CoinJournal.
HIRING
Former CFTC Commissioner Dawn Stump Joins Crypto Risk Monitoring Firm Solidus Labs as Advisor
CoinDesk
The former commissioner of the U.S. Commodity Futures Trading Commission (CFTC) Dawn Stump has joined crypto risk monitoring firm Solidus Labs as an advisor.
PRODUCT UPDATES AND PARTNERSHIPS
Jump Crypto Plans New Solana Validator Client to Boost Performance, Decentralization
Decrypt.co
The Solana Foundation and Jump Crypto are teaming up on the project to provide more stability to Solana.
INVESTMENT PRODUCTS
Brazil brokerage giant with 3.6M clients launches BTC and ETH trading
Coin Telegraph
XP Inc has become the latest Brazilian fintech player to offer crypto trading services, following Nubank and MercadoLibre.
Huobi to End Crypto Derivatives Trading in New Zealand
CoinDesk
The Seychelles-based cryptocurrency exchange cited "local compliance policies" as the reason for blocking margin-traded products, options and exchange-traded products to users in New Zealand starting next week.
HACKS, EXPLOITS, AND SCAMS
Acala Stablecoins Near $1 Peg After Community Burns 1.2B aUSD Minted by Exploiters
CoinDesk
Developers said trace reports were underway to identify the transactions performed by the 16 wallet addresses connected to the exploit.

Reports you may have missed

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