- 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.
Crypto Daily Report – October 5
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