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Crypto Daily Report | January 5, 2023 |
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THIS MESSAGE IS SENT SOLELY TO MEMBERS OF FS INSIGHT |
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| Tickers on this report: BTC, DXY, ETC, ETH, NDAQ, SPX |
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- On the back of hot JOLTs data yesterday, equity markets continued to move lower while the dollar gained strength. $SPX and $NDAQ shed 1.1% and 1.5%, respectively, while $DXY is up 0.8%. Crypto markets maintain their correlations to traditional markets, albeit with a lower beta. $BTC and $ETH have been trading flat over the past day, ranging between $16.5k - 17.0k and $1.15k - $1.25k for the past three weeks. The muted volatility reflects indifference in the space - digital asset funds saw inflows in 2022 plummet 95% ($9.1b from 2021 to $433m in 2022), corresponding to a 60% decline in Bitcoin price. Bitcoin funds experienced the worst year since 2018, while Ethereum funds alone saw $400m in outflows.
- The collapse of FTX triggered a run on Silvergate Capital, a crypto-native bank, forcing it to sell assets at a steep loss to cover $8.1b in withdrawals. Silvergate sold $5.2b of debt securities to service the outflows, incurring a loss of $718m. The losses from selling the debt far exceed the bank's profits since 2013. The bank has also written off its $196m acquisition of Diem, scrapping its plans to leverage the IP formerly owned by Facebook to create a stablecoin. To protect its operating margins, the bank announced a 40% layoff of its staff, totaling about 200 employees. Despite this development, the bank has indicated that it 'remains focused on the crypto markets.' Since its filing with the SEC early today, the stock price plummeted ~48% to $11.50 per share at the time of writing, erasing its 27% gains on Thursday.
- Coinbase reached a $100m settlement with the New York Department of Financial Services (NYDFS) after failures in its compliance program, violating anti-money-laundering laws, specifically in money transmitting, transaction monitoring, and cybersecurity. The regulatory agency uncovered negligence after installing an Independent Monitor with the firm. The NYDFS alleged that Coinbase let its users open accounts without conducting sufficient background checks, allowing a $150m theft in one instance. As a result of exploding customer growth in 2021, Coinbase failed to scale accordingly and had a backlog of 100k transaction monitoring alerts and 14k enhanced due diligence requests from customers. The settlement involves a $50m fine and a $50m investment into its compliance program over the next two years.
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Following a period of lethargic consolidation in recent weeks as part of its five-month downtrend, Ethereum classic made a bullish breakout Wednesday which exceeded its downtrend going back to August 2022. Daily $ETCUSD charts show the surge to multi-day highs which helped lift ETC to its highest levels since mid-December. Volume remained subdued however, and more will be necessary to confirm this breakout before thinking a move right back to last year's highs is underway. However, near-term targets lie near $22.61, and above near $26.75 which are thought to be achievable on this first lift to new weekly highs. Support lies at $15.85 and cannot be broken without raising doubt about the validity of this week's progress. | |
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Crypto Size  Bullish signal is tied to the crypto market growing Market Cap $818B $-1.8B (-0.22%) BTC Dominance 39.59% (+0.09%) | Stable Coins Increase in circulating stablecoins is a Bullish signal In Circulation $66B (+0.00%) In Exchanges $18B (+0.22%) | BTC Metrics A decrease in Bitcoin on exchanges is bullish, indicates investors are moving coins to cold storage # BTC in Exchanges 2.3M (0.10%) | Funding Rates Positive funding rates indicate traders are Bullish Aggregate 0.0057% (-0.0008) Binance 0.0099% (0.0126) Bitfinex 0.0068% (-0.0141) Bitmex 0.0099% (0.0126) ByBit 0.0073% (-0.0027) Deribit -0.0000% (0.0001) Huobi 0.0100% (0.0000) Kraken 0.0045% (0.0052) Mean 0.0057% (-0.0008) OKex 0.0046% (-0.0010) |
| SENTIMENT | BMI: 55 (83%) |
| Futures All Exchanges A positive spread between Futures Prices and Spot Prices is Bullish CME BTC Price $16,735 (-0.51%) Spot Basis $-75.87 (-0.45%) Volume 716,067 (69%) Open Interest 388,243 (-3.07%) | Options All Exchanges Higher open interest change in a bull market is bullish for the sector Volume 23,776 (78%) Open Interest 178,904 (2.68%) Volume Put/Call Ratio 1.53 (177%) Open Interest Put/Call Ratio 0.5065 (2.54%) |
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| | All metrics as of January 5, 2023 12:30 PM |
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| Symbol | Market Cap | Last Price | Daily Change | Year to Date | Relative to BTC YTD |
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| BTC | $324B | $16,811 | -0.10% | -64% | | | ETH | $153B | $1,250 | -0.21% | -66% | -2.38% | | DOGE | $9.7B | $0.0728 | 0.81% | -58% | 6.53% | | ADA | $9.2B | $0.2663 | 0.36% | -80% | -16% | | MATIC | $6.9B | $0.7950 | -1.06% | -68% | -4.37% | | DOT | $5.3B | $4.57 | -1.66% | -83% | -19% | | SOL | $4.8B | $13.17 | -1.62% | -92% | -28% | | LINK | $2.9B | $5.69 | -1.77% | -71% | -7.14% | | NEAR | $1.3B | $1.55 | 2.35% | -89% | -25% |
All prices as of January 5, 2023 9:14 AM |
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| Exchange Traded Products (ETPs) | |
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| Symbol | Premium to Nav | Last Price | Daily Change | Year to Date | Relative to BTC YTD |
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| GBTC | -46% | $8.38 | 2.20% | -76% | -11% | | BITW | -39% | $6.06 | -1.30% | -84% | -20% | | ETHE | -56% | $5.33 | -1.48% | -84% | -19% | | BTCC | -0.23% | $3.11 | 0.32% | -64% | 0.18% |
All prices as of January 5, 2023 2:14 PM |
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| Symbol | Market Cap | Last Price | Daily Change | Year to date | Relative to BTC YTD |
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| PYPL | $216B | $76.47 | -1.57% | -59% | 4.66% | | SQ | $76B | $66.30 | 2.56% | -59% | 5.15% | | COIN | $65B | $34.29 | -9.05% | -86% | -22% | | SBNY | $18B | $114 | -3.51% | -65% | -0.71% | | HOOD | $15B | $8.18 | -2.15% | -54% | 10% | | MSTR | $6.1B | $158 | -4.54% | -71% | -6.96% | | SI | $4.2B | $21.97 | 27% | -85% | -21% | | MARA | $3.5B | $4.04 | -4.15% | -88% | -24% | | RIOT | $2.7B | $4.08 | 5.03% | -82% | -18% | | MOGO | $223M | $0.6099 | -1.28% | -82% | -18% |
All prices as of January 5, 2023 12:30 PM |
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| | | | The crypto-focussed bank is writing off its acquisition of Diem's assets. |
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| | | | Crypto asset fund flows fell 95% in 2022 as the crypto winter set in, affecting investors' appetite. The post Crypto asset funds saw inflows plummet 95% last year to just $433 million appeared first on The Block. |
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| | | | DeFiLlama’s new DEX aggregator beta launched on Jan. 2, and has seen a surge in volume since it launched, ranking ahead of platforms such as Metamask and Coinbase. The post DeFiLlama’s new DEX aggregator passes Metamask a... |
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| | | | The formation of the National Cyber Crime Unit Crypto Cell will “signal an increased focus” on policing crypto assets. |
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| | | | The company will pay $50 million to New York's financial regulator and another $50 million to expand its compliance department. The post Coinbase to pay $100 million over failure to scale AML as business boomed appeared f... |
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| | | | They appear to have authorized a malicious DApp to transfer their tokens, leading the assets to be drained immediately. |
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| | | | Officials reportedly told a bankrup judge they were in the process of seizing 56 million shares of Robinhood tied to FTX and its former CEO Sam Bankman-Fried. |
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| | | | The U.S. Securities and Exchange Commission (SEC) accused alleged fraudster Neil Chandran and several others for orchestrating a scheme to get cash from tens of thousands of investors globally on the false promise that they were securing a lucrative ... |
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| | | | Sei Network previously raised $5 million in funding in August 2022. |
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| | | | The SEC wants to see more information included in the $1.022 billion deal between Binance’s U.S. arm and Voyager Digital before it agrees to the acquisition. |
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| PRODUCT UPDATES AND PARTNERSHIPS | |
| | | | The partnership hopes to bring the Metaverse directly into the living rooms of viewers. |
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| HACKS, EXPLOITS, AND SCAMS | |
| | | | A class action is seeking damages from the password manager following a data breach in August 2022. |
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