Crypto Daily Report – October 6

Oct 6, 2022
Most Important Daily
Data and News for Digital Assets

Crypto Daily Report

October 6, 2022
THIS MESSAGE IS SENT SOLELY TO MEMBERS OF FS INSIGHT
Tickers on this report: ATOM, AVAX, BNB, BTC, ETH, NDQ, SOL, SPX, SUSHI
Market Update
Crypto Daily Report – October 6

FS Insight

Digital Asset Research Team

  • Markets are mostly negative today following large rallies earlier in the week. Major traditional indices are down with SPX trading around $3,760 (-0.61%) and NDQ hovering around $11,530 (-0.40%). Conversely, after breaking down earlier in the week, the US Dollar and US Treasury yields have churned higher. Crypto markets are mixed, with BTC trading around $20k (-0.80%) and ETH being one of the few positive names, holding around $1.36k (+0.49%). Alt-coins are following in Bitcoin’s steps with popular layer-1 tokens SOL, BNB, and AVAX down 0.44%, 0.15%, 0.86%, respectively. Ethereum may be re-gaining strength as the issuance dynamics of The Merge start to take effect. 
  • Asset management powerhouse Golden Tree has disclosed an approximate $5.2 million investment into the decentralized exchange SushiSwap. Golden Tree has roughly $50 billion in AUM and recently launched a new investment arm called Golden Chain, headed by Avi Felman, which is focused on crypto investments. Golden Tree announced the investment on the Sushi forum, stating they are “psyched to be more active in all things Sushi” and “we believe Sushi has incredible potential.” The forum post continues to suggest areas in which Golden Tree thinks it can add value, such as updated tokenomics and general design and strategy. It has been a busy week for Sushi; on Monday, the community elected Jared Grey as the protocol’s new CEO. Investors seem to be embracing the changes and announcements, with the protocol’s governance token, SUSHI, up nearly 30% this week.
  • The South Korean government has escalated its efforts to prosecute Do Kwon, the founder of failed coins LUNA and UST. Prosecutors froze $39.6 million worth of crypto assets allegedly belonging to Kwon. Do Kwon took to Twitter denying the reports and stating, “I don’t know whose funds they’ve frozen, but good for them, hope they use it for good.” Whether or not the assets truly belong to the Terraform Labs CEO remains unseen. On top of freezing funds, prosecutors have ordered Do Kwon to return his South Korean passport within 14 days or else it will be invalidated. The announcement was made online as Kwon’s whereabouts are currently unknown. Interpol has issued a Red Notice calling for international law enforcement agencies to locate and arrest Kwon. Despite the lack of success in apprehending Do Kwon, South Korean authorities made their first case arrest yesterday: Yoo Mo, the head of Terraform Labs business team.
Daily Technical Strategy
Crypto Daily Report – October 6

Mark L. Newton, CMT

Head of Technical Strategy

Cosmos has taken a step in the right direction following Thursday's push back up to the highest levels of the week. As ATOMUSD charts show below, this recent progress has helped to exceed the downtrend from September which had kept prices trending down over the last month. This technical weakness managed to successfully hold where it needed to in order to keep this larger uptrend from June intact. Now this week's gains should allow prices to begin to turn higher to test and exceed September's highs over the next couple months, with initial targets at $17, then $21.50 which lines up with mid-February 2022 lows along with a key 38.2% Fibonacci retracement of its January-to-June decline. Overall, this remains an outperformer to Bitcoin and Ethereum and is expected to continue outperforming in the weeks to come.

Daily Important Metrics

Crypto Size

Bullish signal is tied to the crypto market growing

Market Cap $966B +$9.6B (+1.00%)

BTC Dominance   40.01% (--0.38%)

Stable Coins

Increase in circulating stablecoins is a Bullish signal

In Circulation $68B (+0.22%)

In Exchanges $18B (--0.19%)

BTC Metrics

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

# BTC in Exchanges 2.4M (0.83%)

Funding Rates

Positive funding rates indicate traders are Bullish

Aggregate 0.0054% (0.0014)

Binance 0.0092% (0.0298)

Bitfinex 0.0000% (-0.0056)

Bitmex 0.0092% (0.0298)

ByBit 0.0053% (0.0091)

Deribit -0.0000% (-0.0000)

FTX 0.0016% (0.0008)

Huobi 0.0086% (-0.0008)

Kraken -0.0097% (-0.0025)

Mean 0.0054% (0.0014)

OKex 0.0036% (-0.0054)

SENTIMENT

Crypto Daily Report – October 6

BMI: 53 (77%)

Futures All Exchanges

A positive spread between Futures Prices and Spot Prices is Bullish

CME BTC Price $20,225 (0.95%)

Spot Basis   $-12.19 (-0.06%)

Volume 1.7M (-7.87%)

Open Interest  527,724 (-2.56%)

Options All Exchanges

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

Volume 12,453 (-58%)

Open Interest 250,223 (0.69%)

Volume Put/Call Ratio 1.19 (171%)

Open Interest Put/Call Ratio 0.5207 (2.34%)

All metrics as of October 6, 2022 12:41 PM
Crypto Prices
SymbolMarket CapLast PriceDaily ChangeYear to DateRelative to BTC YTD
BTC$385B$20,070-0.10%-57%
ETH$167B$1,3631.81%-63%-6.31%
ADA$15B$0.42980.34%-68%-10%
SOL$12B$33.870.49%-80%-23%
DOGE$8.5B$0.0641-0.29%-63%-5.50%
MATIC$7.4B$0.8435-0.22%-67%-9.40%
DOT$7.2B$6.380.56%-77%-19%
LINK$3.8B$7.74-0.61%-61%-3.76%
NEAR$2.9B$3.650.61%-75%-18%
HNT$664M$5.20-6.55%-86%-29%
FTM$571M$0.22430.34%-90%-33%
Our Deep Research Projects
AVAX$5.1B$17.240.59%-84%-27%
IOTA$752M$0.2706-0.79%-80%-23%
ZIL$420M$0.03140.34%-59%-1.51%
AMP$213M$0.0050-0.50%-90%-32%
ZEN$180M$13.990.91%-77%-20%

All prices as of October 6, 2022 12:43 PM

Exchange Traded Products (ETPs)
SymbolPremium to NavLast PriceDaily ChangeYear to DateRelative to BTC YTD
GBTC-29%$11.99-0.91%-65%-7.85%
BITW-41%$11.210.99%-71%-13%
ETHE-25%$9.31-2.00%-71%-14%
QBTC-7.84%$19.98-1.19%-67%-10%
BTCC-0.23%$3.73-0.53%-57%0.42%

All prices as of October 6, 2022 7:06 AM

Stocks
SymbolMarket CapLast PriceDaily ChangeYear to dateRelative to BTC YTD
PYPL$216B$95.061.31%-50%7.55%
SQ$76B$62.450.48%-61%-4.19%
COIN$65B$73.921.30%-71%-14%
SBNY$18B$159-0.85%-51%6.42%
HOOD$15B$11.012.32%-38%19%
MSTR$6.1B$241-0.30%-56%1.49%
SI$4.2B$73.95-6.29%-50%7.04%
MARA$3.5B$13.212.88%-60%-2.65%
RIOT$2.7B$7.24-0.14%-68%-10%
MOGO$223M$0.9240-4.74%-73%-16%

All prices as of October 6, 2022 1:12 PM

News
QUICK BITS
Certain Switzerland McDonald's Branches will now accept payments in Tether and Bitcoin
Coinnounce
Based on Its citizens, the Swiss city of Lugano is set to become the newest hotspot for cryptocurrency acceptance in Western Europe, similar to El Salvador's decision to make Bitcoin legal tender.
Do Kwon denies prosecutors froze $67mn of crypto assets
Financial Times
‘I don’t know whose funds they’ve frozen, but good for them,’ fugitive Terraform Labs founder says
Do Kwon ordered to return passport by South Korean authorities
The Block
South Korea's Ministry of Foreign Affairs has ordered Terra founder Do Kwon to return his local passport in 14 days. The post Do Kwon ordered to return passport by South Korean authorities appeared first on The Block.
DOSE OF DEFI
DeFi Platform Ribbon Finance's Unsecured Lending Product Sees Crypto Firms Folkvang and Wintermute Borrow Over $10M
CoinDesk
Ribbon's Lend, which went live on Monday, allows institutions to borrow funds without having to lock in collateral.
Asset management firm GoldenTree invests $5.2 million in Sushiswap
CoinJournal
Asset management giant GoldenTree has taken another leap in the crypto space after investing… The post Asset management firm GoldenTree invests $5.2 million in Sushiswap appeared first on CoinJournal.
REGULATION
Kazakhstan grants Binance permanent license to offer digital asset services
Coin Telegraph
The AIFC Financial Services Authority in Kazakhstan granted Binance a permanent license to a digital asset platform and provide custody services in the country.
FUNDRAISING AND M&A
Resy co-founder Ben Leventhal raises $11 million for new web3 hospitality platform
The Block
Web3 hospitality platform Blackbird has raised $11 million in a seed round co-led by Union Square Venture, Shine Capital and Multicoin Capital.  The post Resy co-founder Ben Leventhal raises $11 million for new web3 hospit...
INVESTMENT PRODUCTS
Grayscale’s New Venture Aims to Capture Bear Market Opportunities in Bitcoin Mining
CoinDesk
Foundry will manage the day-to-day operations of Grayscale’s new co-investment vehicle.
It’s happened: Someone’s filed for Cramer ETFs with the SEC
Coin Telegraph
Tuttle Capital Management hopes for a short ETF named Inverse Cramer ETF (SJIM), and a long ETF called Long Cramer ETF (LJIM).

Reports you may have missed

Crypto markets are declining following news that most of the SEC’s lawsuit against Coinbase will proceed (more below). BTC (-1.27%) reached intraday highs of $71.8k before declining to $69k after the news. Rumors have circulated that Morgan Stanley and PNC will soon approve access to Bitcoin ETFs on their wealth management platforms. Together, Morgan Stanley and PNC hold over $1.5 trillion in client assets and likely will provide a tailwind...

Following the worst week of ETF flows since inception, BTC (+3.89%) is rebounding, rising to $69.6k, and ETH (+4.09%) has reclaimed the $3,500 mark. Last week’s outflows totaled $888 million, representing about a fifth of the inflows seen in the previous two weeks. ONDO, an institutional RWA protocol, is one of the top performers today, rising 7.61% as investors remain optimistic about the future of tokenized assets and their ability...

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