Crypto Daily Report – October 5

Oct 5, 2022
Most Important Daily
Data and News for Digital Assets

Crypto Daily Report

October 5, 2022
THIS MESSAGE IS SENT SOLELY TO MEMBERS OF FS INSIGHT
Tickers on this report: BTC, ETH, MATIC, XLM
Market Update
Crypto Daily Report – October 5

FS Insight

Digital Asset Research Team

  • After rallying the past couple of days, crypto and traditional markets have begun to consolidate. BTC and ETH are down 1.70%, and 2.40%, respectively, and SPX and NDQ are down 1.26% and 1.66%. DXY, which corrected by ~4% over the past week, has started to turn higher again and is up 1.09% today. Despite general weakness in the market today, Polygon (MATIC) is showing strength and is up 1.46%. This comes after Polygon's recent partnership with Robinhood. Robinhood is launching a self-custody web3 wallet using Polygon as its first supported blockchain. Polygon has been especially active in forming partnerships over the past year - among these are Disney, Reddit, Meta, Adobe, Stripe, Draftkings, and Ticketmaster/NFL. 
  • Multi-trillion dollar investment firm Fidelity has launched a new Ethereum Index Fund to offer its clients exposure to ETH, as detailed by a document the firm filed with the SEC on September 26th. The fund requires a minimum investment of $50,000 and has already received over $5 million in sales. Fidelity has been active in crypto since 2018 when it launched a bitcoin trading business catered to institutional investors and hedge funds. Fidelity also launched a bitcoin index fund in 2020, receiving over $125 million in investments. 
  • Starry Night Capital, the NFT fund backed by bankrupt crypto hedge fund Three Arrows Capital, moved its NFTs for the first time in months. The NFTs were moved to Gnosis Safe, which is significant given Gnosis Safe requires multiple signatures to move assets - meaning various team members had to approve each transaction. Starry Night Capital is a $100 million NFT fund launched in 2021 by 3AC founders Zhu Su and Kyle Davies and pseudonymous NFT collector "Vincent Van Dough." Back when the fund was formed last year, it bought the most sought-after NFTs, such as a Fidenza, which sold for $1.1 million in November of 2021.
Daily Technical Strategy
Crypto Daily Report – October 5

Mark L. Newton, CMT

Head of Technical Strategy

Stellar Lumens continues to show constructive signs of bullish consolidation at a time of overall distress for most risk assets and remains well above September lows. This resilience helps establish XLMUSD as one to consider owning as gradual stabilization gives way to bullish rallies in many tokens as October progresses. Daily charts shows an ongoing series of higher lows in the last month, with constructive price action on good volume. Most of the bullish gains in recent weeks happened on much heavier volume than the declines, and rallies back to test the upper range of this giant consolidation looks likely in the weeks ahead. Initial upside levels of importance lie at 0.13-0.133 on rallies which might provide initial resistance. However, the ability to exceed this level will allow for a much larger period of acceleration, and intermediate-term targets lie at 0.228 with just minor resistance near 0.16. Bottom line, XLMUSD looks attractive to own for an upcoming breakout with only a decline back under 0.106 postponing this move.

Daily Important Metrics

Crypto Size

Bullish signal is tied to the crypto market growing

Market Cap $956B $-2.2B (--0.23%)

BTC Dominance   40.16% (+0.47%)

Stable Coins

Increase in circulating stablecoins is a Bullish signal

In Circulation $68B (+0.17%)

In Exchanges $18B (+0.46%)

BTC Metrics

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

# BTC in Exchanges 2.4M (-0.23%)

Funding Rates

Positive funding rates indicate traders are Bullish

Aggregate 0.0040% (-0.0011)

Binance -0.0206% (-0.0202)

Bitfinex 0.0056% (0.0056)

Bitmex -0.0206% (-0.0202)

ByBit -0.0038% (-0.0062)

Deribit 0.0000% (0.0013)

FTX 0.0008% (-0.0016)

Huobi 0.0094% (0.0010)

Kraken -0.0072% (0.0059)

Mean 0.0040% (-0.0011)

OKex 0.0090% (0.0023)

SENTIMENT

Crypto Daily Report – October 5

BMI: 53 (3.92%)

Futures All Exchanges

A positive spread between Futures Prices and Spot Prices is Bullish

CME BTC Price $20,035 (0.28%)

Spot Basis   $-225 (-1.11%)

Volume 1.8M (25%)

Open Interest  541,581 (9.84%)

Options All Exchanges

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

Volume 29,757 (20%)

Open Interest 248,515 (4.94%)

Volume Put/Call Ratio 0.4388 (-42%)

Open Interest Put/Call Ratio 0.5088 (-5.04%)

All metrics as of October 5, 2022 11:41 AM
Crypto Prices
SymbolMarket CapLast PriceDaily ChangeYear to DateRelative to BTC YTD
BTC$383B$19,980-0.60%-57%
ETH$163B$1,329-1.78%-64%-7.01%
ADA$15B$0.4276-1.08%-68%-10%
SOL$12B$33.64-1.73%-81%-23%
DOGE$8.5B$0.06385.06%-63%-5.50%
MATIC$7.4B$0.84800.89%-66%-9.03%
DOT$7.1B$6.33-2.13%-77%-19%
LINK$3.8B$7.821.09%-61%-3.19%
NEAR$2.9B$3.62-0.09%-75%-18%
HNT$701M$5.497.73%-85%-28%
FTM$567M$0.2229-2.03%-90%-33%
Our Deep Research Projects
AVAX$5.1B$17.06-1.93%-84%-27%
IOTA$754M$0.2712-3.64%-80%-23%
ZIL$418M$0.0312-1.28%-59%-1.58%
AMP$212M$0.0050-0.72%-90%-32%
ZEN$178M$13.81-2.30%-78%-20%

All prices as of October 5, 2022 11:46 AM

Exchange Traded Products (ETPs)
SymbolPremium to NavLast PriceDaily ChangeYear to DateRelative to BTC YTD
GBTC-29%$12.103.77%-65%-7.33%
BITW-41%$11.107.35%-71%-14%
ETHE-25%$9.504.86%-71%-13%
QBTC-7.84%$20.224.33%-67%-9.53%
BTCC-0.23%$3.753.59%-56%0.84%

All prices as of October 5, 2022 7:05 AM

Stocks
SymbolMarket CapLast PriceDaily ChangeYear to dateRelative to BTC YTD
PYPL$216B$91.36-1.54%-52%5.78%
SQ$76B$60.76-2.64%-62%-5.04%
COIN$65B$70.96-4.75%-72%-15%
SBNY$18B$158-3.69%-51%6.19%
HOOD$15B$10.71-1.02%-40%18%
MSTR$6.1B$237-4.80%-57%0.83%
SI$4.2B$76.45-5.47%-48%8.92%
MARA$3.5B$12.24-4.97%-63%-5.41%
RIOT$2.7B$7.12-6.19%-68%-11%
MOGO$223M$0.8889-7.01%-74%-17%

All prices as of October 5, 2022 11:59 AM

News
FUNDRAISING AND M&A
Horizon Blockchain Games Raises $40 Million From Ubisoft, Take-Two and Other Investors
CryptoPotato
Last year, Horizon Games raised $4.5 million. Today it got 10X more money from big fishes like Ubisoft and Take-Two Interactive.
Decentralized Web3 Protocol Golden Raises $40 Million Backed by A16z
Bitcoin.com
Golden, a startup that seeks to build a decentralized data hub, has raised $40 million dollars in a Series B funding round. The round, which was led by a16z crypto, will allow the company to keep building its concept, which revolves around combining ...
M31 Capital launches $100M Web3 investment fund with $50M in commitments so far
Coin Telegraph
The investment fund, which was founded by an early Bitcoin investor, said the current market cycle is the first time in a decade where prices and fundamentals have diverged so wildly.
NFTS
Three Arrows-Backed 'Starry Night' NFT Collection Moved to Gnosis Safe
CoinDesk
The crypto hedge fund had planned to assemble the world’s finest collection of crypto art before going bankrupt.
PRODUCT UPDATES AND PARTNERSHIPS
Fidelity and Citadel-backed exchange EDX Markets taps Paxos for custody
The Block
Charles Schwab, Citadel Securities, Fidelity Digital joint venture EDX Markets chooses Paxos as its custodian. The post Fidelity and Citadel-backed exchange EDX Markets taps Paxos for custody appeared first on The Block.
METAVERSE
Japan to Invest in Metaverse and NFT Expansion
CoinDesk
Prime Minister Fumio Kishida has been working on implementations of the metaverse and NFTs since his election last November.
INVESTMENT PRODUCTS
Bitwise launches Web3 ETF for institutional and retail investors
Coin Telegraph
The ETF tracks the Bitwise Web3 Equities Index, with over 85% exposure to companies in Web3.
Fidelity reveals Ethereum index fund with $5,000,000 in sales in new filing
The Block
Fidelity filed its Ethereum Index Fund targeting ETH with the U.S. Securities and Exchange Commission, and reported over $5,000,000 in sales. The post Fidelity reveals Ethereum index fund with $5,000,000 in sales in new fi...

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