GoldenTree Moves Sushi Tokens, Do Kwon Arrested in Montenegro

Mar 24, 2023

Market Update

  • Stock are trading slightly lower relative to yesterday's close after the 10Y yield plunged overnight before rebounding at writing. SPX and QQQ are trading at -0.2% and -0.4%, respectively. Correlations between digital asset markets and traditional markets also continue to break down since two weeks ago. BTC and ETH are trading -1.6% and -3.2%, respectively. The market-wide price decrease followed the SEC's bulletin urging investors to exercise caution when investing in digital assets. Over the last week, MASK has appreciated by 49.3% largely due to its ARB airdrop. As alluded to yesterday, Arbitrum executed its long-anticipated airdrop, allowing it to process more than twice Ethereum's transaction in 24 hours, rivaling that of Polygon.

  • GoldenTree Asset Management, a US-based asset manager, has moved the majority ($5m) of its holdings in SUSHI to Cumberland, sparking concerns that GoldenTree is exiting its position in the platform. Despite GoldenTree had invested $5.2 million in SushiSwap last year, its crypto wallet currently holds only $1 million in SUSHI tokens. The sale comes as SushiSwap faces fresh regulatory scrutiny in the US, with CEO Jared Grey subpoenaed by the US Securities and Exchange Commission. On-chain data suggest that GoldenTree shuffled its holdings recently, swapping 4.4 million xSUSHI tokens for 5.95 million SUSHI tokens, which it had staked with Sushi. GoldenTree then sent two batches of tokens, valued at $5.4 million in total, to an address controlled by crypto trading desk Cumberland, with the first half of the tokens sent to a Binance deposit address. Neither GoldenTree nor SushiSwap's teams commented on the asset manager's SUSHI position.
  • Do Kwon, the founder of Terraform Labs, has been arrested in Montenegro for alleged fraud and financial crimes in connection with the collapse of the firm's cryptocurrency, TerraUSD, which erased around $40bn in market value for investors. Kwon is also wanted in the US and South Korea, with the former having indicted him on fraud charges and the latter issuing an arrest warrant and requesting Interpol to circulate a "red notice" across its member nations. The Securities and Exchange Commission (SEC) also filed civil charges against Kwon last month. Suspected to be traveling to Dubai, Kwon and another man were arrested at Podgorica Airport with fake Costa Rican passports. 

Daily Technical Strategy

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Mark L. Newton, CMT

Head of Technical Strategy

Optimism's 8% decline Friday suggests that some minor consolidation might be in store before price can turn back higher. OP has largely traded in range-bound consolidation for the last two months following its run-up from last December. Several stabs at new highs since the early February peak have failed, but yet pullbacks have proven minimal, with little to no real technical damage. At a price of $2.30, price still lies in the upper quartile of OP's low to high range from late last year. Furthermore, weekly gauges of momentum, like MACD for instance, continue to show positive but not overbought readings. Overall, pullbacks should prove minimal, with support materializing at $1.80-$2.00 before turning back higher to challenge highs. Any daily close above $3.00 should allow for a push higher to $4.14 initially which proved to be the intra-week spike high from May 2022. Bottom line, the intermediate-term picture is positive. However, some minor back and filling looks to be necessary after Friday's decline.

Daily Important Metrics

Crypto Size

Bullish signal is tied to the crypto market growing

Market cap $1.17T +$9.7B (+0.83%)
BTC Dominance
46.43% (+0.88%)
Stablecoins

Increase in circulating stablecoins is a Bullish signal

In Circulation $78B(+1.36%)
In Exchanges $14B(-2.05%)
BTC Metrics

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

# BTC in Exchanges 2.3M(-0.23%)
Funding Rates

Positive funding rates indicate traders are Bullish

Aggregate0.62 (0.65)
Binance0.97 (-0.02)
Bitfinex-0.04 (-0.04)
Bitmex0.64 (0.89)
ByBit1.00 (0.97)
Deribit0.31 (0.36)
Huobi0.21 (0.41)
Kraken0.78 (1.31)
Mean0.62 (0.65)
OKex0.18 (-0.28)
Sentiment
GoldenTree Moves Sushi Tokens, Do Kwon Arrested in Montenegro

BMI : 70 (0.00%)

Futures

A positive spread between Futures Prices and Spot Prices is Bullish

CME BTC Price$28,020 (-1.77%)
Spot Basis
$146 (0.52%)
Volume1.7M (-25%)
Open Interest
302,249 (-1.41%)
Options all exchanges

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

Volume35,839 (-25%)
Open Interest447,848 (1.92%)
Volume Put/Call Ratio0.7055 (1.42%)
Open Interest Put/Call Ratio0.5351 (1.02%)

All metrics as of March 24, 2023 1:02 PM

All Funding rates are on bps

Crypto Prices

Symbol Market Cap Last Price Daily Change Year to Date Relative to BTC YTD
btc imageBTC
$539B $27,874 -2.28% 68%
btc imageETH
$216B $1,764 -3.70% 47% -21%
btc imageADA
$13B $0.3623 -4.71% 47% -21%
btc imageMATIC
$10.0B $1.10 -4.37% 44% -24%
btc imageDOGE
$9.9B $0.0745 -4.72% 6.22% -62%
btc imageSOL
$8.1B $21.03 -6.23% 112% 44%
btc imageDOT
$7.1B $6.10 -4.71% 40% -28%
btc imageLINK
$3.8B $7.31 -3.29% 32% -37%
btc imageNEAR
$1.7B $2.00 -3.10% 57% -11%

Exchange Traded Products (ETPs)

Symbol Premium to Nav Last Price Daily Change Year to Date Relative to BTC YTD
GBTC -37% $16.01 -0.56% 93% 25%
BITW -58% $10.18 -7.37% 90% 21%
ETHE -53% $8.07 -2.88% 69% 1.22%
BTCC 0.17% $5.17 -1.62% 70% 2.20%

News

QUICK BITS

CoinDesk

GoldenTree Moves $5M of SUSHI, Sparking Fear It’s Exiting

Much of the asset manager’s Sushi trove was deposited at Binance in the last 24 hours.

MARKET DATA

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DOSE OF DEFI

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Stablecoin Issuer MakerDAO Votes to Retain USDC as Primary Reserve Even After Depeg

The decision follows a turbulent period during which USDC temporarily lost its dollar peg when key banking partner SVB collapsed.

REGULATION

CoinDesk

SEC Urges Investors to Be Cautious With Crypto Securities

The Block

Terraform Labs CEO Do Kwon believed to be arrested in Montenegro

A person suspected to be Do Kwon, founder of the Terra blockchain that collapsed in spectacular fashion last year, was arrested in Montenegro, Yonhap reported, ...

FUNDRAISING AND M&A

CoinDesk

Cosmos-Based DeFi Protocol Quasar to Start Mainnet After Raising More Than $11.5M

Quasar is optimized for managing DeFi investments across multiple blockchains.

The Block

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PRODUCT UPDATES AND PARTNERSHIPS

CoinDesk

Binance Temporarily Halts Spot Trading Citing Bug in 'Matching Engine'

Bitcoin slightly dipped as Binance spot trading was suspended.

Coin Telegraph

ZkSync Era launches with Uniswap and Sushi — First zkEVM on mainnet

A new Era has dawned with the launch of the first Ethereum Virtual Machine compatible ZK rollup, enabling projects lik...

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