Crypto Daily Report – September 14

Sep 14, 2022
Most Important Daily
Data and News for Digital Assets

Crypto Daily Report

September 14, 2022
THIS MESSAGE IS SENT SOLELY TO MEMBERS OF FSINSIGHT
Tickers on this report: BTC, ETH, LDO, RPL
Market Update
Crypto Daily Report – September 14

FSInsight

Digital Asset Research Team

  • Crypto and traditional markets stabilized this morning after their sell off from a hotter-than-expected CPI print yesterday. At the time of writing, BTC is up 0.03%, and ETH is up 0.91%, while SPX and NDQ have risen 0.48% and 0.88%. ETH/BTC, which saw some unwinding early this week, is recovering and up 5.34% from its low yesterday. The long-awaited Ethereum Merge is nearly here and is set to happen around 1:00 am ET tomorrow. A Merge countdown can be found here. Ethereum's funding rates continue to get progressively more negative leading into the merge - caused partly by traders doing the ETH Proof of Work airdrop trade (buy spot ETH and short ETH futures in order to collect the ETH POW airdrop without ETH price exposure). The negative funding is also due to ETH holders concerned about the technical risks of the merge hedging their exposure. If the merge is a success, many of these hedges will likely close, potentially leading to price squeezing higher. Interestingly, liquid staking providers LDO and RPL are struggling today - down 8.77% and 2.62%, respectively.
  • One of the largest investment management companies in the world, KKR, is set to tokenize its Health Care Strategic Growth Fund II (HCSG II) on the Avalanche Blockchain. KKR will tokenize this fund with the help of digital asset management company Securitize Capital. The tokenization will enable investors to own a token representing a share of the $4 billion healthcare-focused fund that invests in 23 North American and European companies in the pharmaceuticals, medical devices, and life sciences sectors. To buy and own the token, investors must submit their passports, fill out personal and tax information, and complete a "liveliness check" to be reviewed. Investors will also be subject to a 0.50% management fee.
  • Crypto custody firm, Bitgo, has sued Galaxy Digital, seeking more than $100 million in damages for allegedly breaching its $1.2 billion merger. The merger was announced in May of 2021 and was expected to close in the fourth quarter of 2021. In August of 2022, Galaxy Digital terminated the agreement, claiming that BitGo had failed to deliver audited financial statements for 2021. BitGo refuted Galaxy's claims, and Quinn Emanuel, BitGo's litigation partner, went on to say, "It is public knowledge that Galaxy reported a $550 million loss this past quarter, that its stock is performing poorly, and that both Galaxy and Mr. Novogratz have been distracted by the Luna fiasco. Either Galaxy owes BitGo a $100 million termination fee as promised, or it has been acting in bad faith and faces damages of that much or more."
Daily Technical Strategy
Crypto Daily Report – September 14

Mark L. Newton, CMT

Head of Technical Strategy

Lido DAO has taken the lead in turning back lower following the recent bounce from late August, and Tuesday's follow-through should likely result in weakness to test and break short-term support at $1.50 before any material low is at hand. From a wave perspective, the initial three-wave decline from mid-August was thought to be constructive for the current pattern in LDOUSD. However, the lackluster bounce and turn back lower has caused some structural damage that makes the current decline from mid-August likely to extend lower into late September before any real relief. Technical targets lie at $1.33, but under this would allow for a brief downside acceleration that could reach a likely max level near 0.75 before a rally back higher into November. Such a target would allow the initial leg of the decline from mid-August to be equal in price terms to the most recent from $2.18. However, recent technical deterioration makes it premature to buy dips until prices get below $1.50 with a time target near the end of September/early October for a low.

Daily Important Metrics

Crypto Size

Bullish signal is tied to the crypto market growing

Market Cap $998B $-24.9B (--2.43%)

BTC Dominance   39.06% (--2.31%)

Stable Coins

Increase in circulating stablecoins is a Bullish signal

In Circulation $68B (+0.10%)

In Exchanges $18B (--0.50%)

BTC Metrics

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

# BTC in Exchanges 2.4M (0.89%)

Funding Rates

Positive funding rates indicate traders are Bullish

Aggregate 0.0026% (-0.0022)

Binance 0.0022% (0.0178)

Bitfinex 0.0226% (0.0071)

Bitmex 0.0022% (0.0178)

ByBit 0.0073% (0.0077)

Deribit -0.0000% (-0.0001)

FTX -0.0088% (-0.0120)

Huobi 0.0045% (-0.0019)

Kraken -0.0044% (0.0037)

Mean 0.0026% (-0.0022)

OKex 0.0164% (0.0107)

SENTIMENT

Crypto Daily Report – September 14

BMI: 60 (-6.25%)

Futures All Exchanges

A positive spread between Futures Prices and Spot Prices is Bullish

CME BTC Price $20,220 (-10%)

Spot Basis   $-23.06 (-0.11%)

Volume 3.0M (51%)

Open Interest  490,442 (-4.13%)

Options All Exchanges

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

Volume 42,488 (38%)

Open Interest 253,624 (4.73%)

Volume Put/Call Ratio 0.6278 (76%)

Open Interest Put/Call Ratio 0.5094 (1.60%)

All metrics as of September 14, 2022 11:47 AM
Crypto Prices
SymbolMarket CapLast PriceDaily ChangeYear to DateRelative to BTC YTD
BTC$387B$20,225-2.78%-57%
ETH$195B$1,594-1.42%-57%-0.43%
ADA$16B$0.48221.63%-64%-6.86%
SOL$12B$33.45-4.62%-81%-24%
DOGE$8.1B$0.06100.86%-64%-7.66%
DOT$8.0B$7.21-0.67%-74%-17%
MATIC$7.4B$0.8512-1.58%-66%-9.43%
LINK$3.6B$7.361.41%-63%-6.00%
NEAR$3.5B$4.44-2.92%-70%-13%
FTM$636M$0.2499-2.18%-89%-32%
HNT$530M$4.20-12%-89%-32%
Our Deep Research Projects
AVAX$5.6B$18.99-3.84%-83%-26%
IOTA$751M$0.2703-2.14%-80%-23%
ZIL$461M$0.0347-1.76%-54%2.47%
AMP$237M$0.0056-1.66%-88%-32%
ZEN$193M$15.05-1.29%-75%-19%

All prices as of September 14, 2022 1:20 PM

Exchange Traded Products (ETPs)
SymbolPremium to NavLast PriceDaily ChangeYear to DateRelative to BTC YTD
GBTC-29%$12.65-11%-63%-6.25%
BITW-41%$12.10-6.92%-68%-11%
ETHE-25%$12.08-6.14%-63%-5.85%
QBTC-7.84%$20.14-11%-67%-10%
BTCC-0.23%$3.76-9.83%-56%0.43%

All prices as of September 14, 2022 7:05 AM

Stocks
SymbolMarket CapLast PriceDaily ChangeYear to dateRelative to BTC YTD
PYPL$216B$97.072.17%-49%8.29%
SQ$76B$67.22-3.39%-58%-1.56%
COIN$65B$78.594.44%-69%-12%
SBNY$18B$1780.02%-45%12%
HOOD$15B$10.632.11%-40%17%
MSTR$6.1B$227-1.64%-58%-1.41%
SI$4.2B$89.08-0.18%-40%17%
MARA$3.5B$12.930.86%-61%-3.84%
RIOT$2.7B$7.59-0.52%-66%-9.19%
MOGO$223M$1.08-0.92%-68%-12%

All prices as of September 14, 2022 1:20 PM

News
QUICK BITS
$491B asset manager KKR’s health care fund tokenized on Avalanche
Coin Telegraph
To access the fund on the Securitize protocol, investors need to submit their passport, fill out personal and tax information and complete a "liveness check."
BitGo sues Galaxy Digital for $100M- Deciphering the reasons
AMBCrypto
Cryptocurrency custody firm BitGo has sued the crypto financial services firm Galaxy Digital, seeking more than $100 million in damages for allegedly breaching its $1.2 billion merger. The lawsuit has been filed in the Delaware Chancery Court. Galaxy...
China’s Metaverse Gaming Market Might Explode to Over $100 Billion According to JPMorgan
Bitcoin.com
Analysts from JPMorgan believe that the metaverse gaming market could explode in China even with the current state of regulation, which presents certain difficulties for adoption. Companies like Tencent, Netease, and Bilibili are JPMorgan’s picks whe...
FUNDRAISING AND M&A
Web3 unicorn Alchemy is raising for a new venture fund
The Block
Blockchain development platform and web3 unicorn Alchemy is raising a $12 million venture fund following its first acquisition. The post Web3 unicorn Alchemy is raising for a new venture fund appeared first on The Block.
Tech investor SoftBank considering a third startup investment fund: WSJ
The Block
Tokyo-based tech investor SoftBank Group is considering launching a new startup investment fund, according to a report on Wednesday from the Wall Street Journal citing people familiar with discussions at the company. The p...
Blockchain Startup Diamond Standard Raises $30M to Fund Expansion
CoinDesk
The Series A round is led by venture capital firm Left Lane and investment management firm Horizon Kinetics.
North Island Ventures launches $125 million investment fund
The Block
Crypto-focused investment firm announced a new $125 million investment fund looking to make 30 to 40 early-stage investments. The post North Island Ventures launches $125 million investment fund appeared first on The Bloc...

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