dYdX Postpones Token Unlock, Moonbirds Founder Kevin Rose Hacked

Jan 26, 2023
Most Important Daily
Data and News for Digital Assets

Crypto Daily Report

January 26, 2023
THIS MESSAGE IS SENT SOLELY TO MEMBERS OF FS INSIGHT
Tickers on this report: BTC, DYDX, ETH, FTM
Market Update
  • Stocks are reacting positively to this morning’s U.S Q4 GDP release, which showed GDP grew 2.9% annualized, beating Dow Jones’ 2.8% estimate. The S&P was up 0.27%, while the Nasdaq gained 0.74%. Although the growth rate slowed compared to Q3, the beat above expectations gives bulls additional ammo in their outlook for a soft landing. Attention now turns to the remaining Q4 earnings releases and next week’s Fed meeting, where the Fed expected to raise rates by a slower pace of 25 bps. BTC is down 0.14%, trading near $23k. After attempting to break out yesterday, it faced resistance at $23.8k and returned between $22.3k - $23.3k, where it has ranged since last Friday. ETH is underperforming, down 0.90%. Layer-1 competitor FTM is the top gainer of the top 100, up 21.9%, following an announcement to upgrade account abstraction on its network. The upgrade will enhance the dApp user experience by turning wallets into smart contracts, enabling Web2-like features such as password recovery, and allowing users to pay network fees in tokens other than FTM.
  • The governance token of decentralized exchange dYdX has risen 16.79% over the past day after the team announced they would postpone a scheduled token unlock. The unlock was originally scheduled for Feb. 3rd, which would have seen more than 150 million tokens allocated to early investors, or 15% of its total supply, become eligible for trading. This allocation is now set to unlock 83 million tokens on Dec. 1st, with the remaining vesting throughout 2024 - 2026. Shorting token unlocks had become a widespread trade throughout the bear market as traders bet there wouldn’t be enough buying demand to support selling pressure from additional tokens. DYDX is one of many protocols that have seen price action around unlocks reverse, counterintuitively gaining value as more supply is set to enter the market. While DYDX runs a profitable exchange business, it has been criticized for exclusively accruing profits to its foundation entity rather than token holders.   
  • NFT creator and Moobirds collection co-founder Kevin Rose has fallen victim to a hack that stole more than $1.1 million of his NFT holdings. According to Moonbird’s collaborator Arran Schlosberg, Rose “was phished into signing a malicious signature,” allowing the hacker to transfer over the tokens. On-chain analyst “Quit” explained that the exploiter gained access through a phishing site that replicated OpenSea’s seaport contract, allowing the NFTs to be sold as one listing. He recommended “proper wallet segregation,” where users have separate wallets for selling and storing NFTs. While wallet segregation can help avoid future hacks, sadly, this is another episode showing how far user experience in crypto still has to go, as even the most prominent crypto natives fall victim to misleading transactions. 
Daily Technical Strategy
dYdX Postpones Token Unlock, Moonbirds Founder Kevin Rose Hacked

Mark L. Newton, CMT

Head of Technical Strategy

Following nearly two weeks of consolidation, Polygon is turning up sharply in Thursday's session to the highest levels since November 2022. This represents a bullish breakout which should result in a rally to test and exceed recent highs near $1.31. Back in November 2022, this 1.31 level represented a perfect 38.2% Fibonacci retracement of MATICUSD Dec 2021-June 2022 decline. It's expected that this might prove to be just temporary resistance before a further rally up to $1.61, or the 50% retracement area of this prior high to low range. Volume is expanding on this breakout which is encouraging, and further gains look likely into mid-February before prices start to consolidate gains. Minor pullbacks to $1.00-$1.05 should represent excellent opportunities to buy dips, but it's expected that Thursday's rally should lead to immediate acceleration and might not offer any real immediate pullback in the short run. Overall, while MATICUSD's pattern since last July has proven to be quite choppy, Thursday's rally is seen as a constructive development, and should lead prices immmediately higher in the days/weeks to come, technically speaking.

Daily Important Metrics

Crypto Size

Bullish signal is tied to the crypto market growing

Market Cap $1.06T +$30B (+2.88%)

BTC Dominance   42.30% (-0.41%)

Stable Coins

Increase in circulating stablecoins is a Bullish signal

In Circulation $67B (+0.50%)

In Exchanges $17B (+0.11%)

BTC Metrics

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

# BTC in Exchanges 2.3M (0.07%)

Funding Rates

Positive funding rates indicate traders are Bullish

Aggregate 0.0107% (0.0019)

Binance 0.0100% (0.0000)

Bitfinex 0.0000% (0.0000)

Bitmex 0.0100% (0.0000)

ByBit 0.0100% (0.0000)

Deribit 0.0105% (0.0025)

Huobi 0.0246% (0.0038)

Kraken 0.0089% (0.0025)

Mean 0.0107% (0.0019)

OKex 0.0128% (0.0068)

SENTIMENT

dYdX Postpones Token Unlock, Moonbirds Founder Kevin Rose Hacked

BMI: 61 (103%)

Futures All Exchanges

A positive spread between Futures Prices and Spot Prices is Bullish

CME BTC Price $22,970 (1.19%)

Spot Basis   $-21.49 (-0.09%)

Volume 1.5M (38%)

Open Interest  314,792 (-5.24%)

Options All Exchanges

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

Volume 37,288 (53%)

Open Interest 297,118 (3.88%)

Volume Put/Call Ratio 0.5123 (16%)

Open Interest Put/Call Ratio 0.4642 (2.44%)

All metrics as of January 26, 2023 1:10 PM
Crypto Prices
SymbolMarket CapLast PriceDaily ChangeYear to DateRelative to BTC YTD
BTC$443B$22,9911.63%39%
ETH$195B$1,5942.75%33%-5.80%
ADA$13B$0.37655.26%53%14%
DOGE$11B$0.08571.39%22%-17%
MATIC$9.4B$1.0813%42%2.93%
SOL$9.0B$24.322.88%146%107%
DOT$7.4B$6.423.74%48%8.95%
LINK$3.6B$7.003.58%26%-13%
NEAR$2.2B$2.556.59%100%62%

All prices as of January 26, 2023 1:10 PM

Exchange Traded Products (ETPs)
SymbolPremium to NavLast PriceDaily ChangeYear to DateRelative to BTC YTD
GBTC-42%$9.80-0.81%18%-21%
BITW-54%$9.89-0.55%84%45%
ETHE-51%$8.09-4.03%70%31%
BTCC0.06%$4.25-0.23%40%1.48%

All prices as of January 26, 2023 6:10 PM

Stocks
SymbolMarket CapLast PriceDaily ChangeYear to dateRelative to BTC YTD
PYPL$216B$79.580.10%12%-27%
SQ$76B$80.79-1.07%29%-10%
COIN$65B$53.55-4.30%51%13%
SBNY$18B$127-1.30%11%-28%
HOOD$15B$9.710.00%19%-19%
MSTR$6.1B$248-1.09%75%36%
SI$4.2B$14.27-11%-18%-57%
MARA$3.5B$9.040.47%164%126%
RIOT$2.7B$6.21-4.09%83%45%
MOGO$223M$0.7800-2.13%47%8.66%

All prices as of January 24, 2023 4:30 PM

News
QUICK BITS
DYdX pushes back $282 million of token unlocks for investors, employees to December from February
The Block
The DEX has delayed the token unlocks for investors, employees and consultants to the end of this year instead of February. The post DYdX pushes back $282 million of token unlocks for investors, employees to December fro...
Tesla Did Not Buy or Sell Any Bitcoin in the Fourth Quarter
CoinDesk
The company reported $34 million in impairment charges to its bitcoin holdings, however.
MARKET DATA
On-chain activity on Optimism drops after end of NFT incentive program
The Block
Transaction volumes on Layer 2 network Optimism have dropped 70% following a major spike earlier. The post On-chain activity on Optimism drops after end of NFT incentive program appeared first on The Block.
Binance USD Stablecoin Sees $2B Reduction in a Month Amid Token Mismanagement
CoinDesk
BUSD’s circulating supply fell to $15.4 billion on Wednesday, paring down $1 billion over the past week and $2 billion in a month, according to cryptocurrency price tracker CoinGecko.
REGULATION
Breaking: Coinbase fined $3.6M in the Netherlands
Coin Telegraph
United States-based crypto exchange Coinbase is fined 3.3 million euros ($3.6 million) by the Dutch central bank for the lack of registration. De Nederlandsche Bank (DNB), the Dutch centra...
FUNDRAISING AND M&A
BTC Miner Core Scientific Raises $500M From BlackRock, Ibex Investors (Report)
CryptoPotato
BlackRock lent Core Scientific approximately $38 million by purchasing its secured convertible notes.
NFTS
Pudgy Penguins launches cross-chain transactions for Polygon, BNB Chain, Arbitrum
CryptoSlate
Pudgy Penguins announced that it is using Layer-0 to allow cross-chain transactions on adding Polygon (MATIC), BNB Smart Chain, and Arbitrum (ARBI) to improve access for people beyond the Ethereum (ETH) blockchain. The post Pudgy Penguins launches c...
HACKS, EXPLOITS, AND SCAMS
Mango Labs Sues Avraham Eisenberg Over Mango Markets Exploit
Decrypt.co
The civil lawsuit from Mango Labs against Eisenberg is in addition to three additional cases brought by the DOJ, CFTC and SEC.
Moonbirds creator Kevin Rose hacked, at least $1 million in NFTs stolen
The Block
The exact cause of the hack has not confirmed. Rose's estimated losses from stolen NFTs appear to exceed $1 million.  The post Moonbirds creator Kevin Rose hacked, at least $1 million in NFTs stolen appeared first on The B...

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...

Get invaluable analysis of the market and stocks. Cancel at any time. Start Free Trial

Articles Read 1/1

🎁 Unlock 1 extra article by joining our Community!

You are reading the last free article for this month.

Already have an account? Sign In