Injective Launches Ecosystem Fund and BlockFi Leaks Financials

Jan 25, 2023
Most Important Daily
Data and News for Digital Assets

Crypto Daily Report

January 25, 2023
THIS MESSAGE IS SENT SOLELY TO MEMBERS OF FS INSIGHT
Tickers on this report: APT, BTC, ETH, OP
Market Update
  • After a bit of a correction last night, crypto markets remain largely flat on the day. BTC 0.13%  is down 0.29% and ETH -0.05%  is down 0.72%. Traditional markets have pulled back a bit as well, with SPX down 1.34% and NDQ down 1.88%. An interesting development we've seen over the past couple of weeks is a 12.4% pullback in the ETH/BTC ratio. This could potentially be due to investors positioning into Bitcoin before the BTC halving, which is set to occur in 2024, and investors selling Ethereum ahead of its Shanghai upgrade in March, which will bring unstaked Ethereum to the market as potential selling pressure. The top performers today are APT -14.03%  (up 30%) and OP 1.42%  (up 11.72%), which continue their impressive moves off the lows (Aptos is up 418%, and Optimism is up 250% in the past couple of months).
  • Injective, a decentralized smart contract platform built using Cosmos SDK, has launched a $150M ecosystem fund to support developers building on the Cosmos network. The ecosystem fund is backed by several VC and Web3 firms, including Pantera, Kraken Ventures, Jump Crypto, and Delphi Labs, among others. Developers selected for the fund will receive support through capital investment, mentorship, technical assistance, business development, and more. In terms of how funds will be allocated, Injective Lab's CEO Eric Chen stated, "The group is primarily targeting early-stage projects (seed to Series B), but follow-on funding can also be considered on a case-by-case basis. The size of the funding awarded will vary depending on the stage and needs of the project, with the goal of providing the right level of support for each project to succeed."
  • Bankrupt crypto lender, BlockFi, accidentally uploaded uncensored financials that revealed $1.2 billion in assets tied up in FTX and Alameda Research. The previously censored financials were leaked as part of a presentation by M3 Partners, an advisor to the creditor committee. According to a report yesterday from CNBC, the filings show that BlockFi had $415.9M of assets linked to FTX and $831.3M in loans to Alameda. While these uncensored financials provide more information, it was already known that BlockFi had assets tied up with FTX.  On November 29th, BlockFi's lawyers stated the figures were $355M stuck on FTX and $680M in loans to Alameda (the value of this has increased with the price of Bitcoin rising). 
Daily Technical Strategy
Injective Launches Ecosystem Fund and BlockFi Leaks Financials

Mark L. Newton, CMT

Head of Technical Strategy

Aptos stunning advance still looks to have further upside, with initial technical targets likely materializing at $20 over the next 3-5 trading days. Technically, the act of exceeding last October's lows on Friday 1/20 occurred on above-average volume on a huge range day where APTUSD rose more than 30% during that one session. Volume confirmed this breakout as being important and positive technically, and price has not shown any real signs of exhaustion in recent days. While momentum based on gauges like RSI is certainly overbought in the short run, until price shows some evidence of reversing course to break its 5-day moving average and/or moving to multi-day lows, it still looks right to expect more upside into end of week. DeMark indicators remain possibly three days away from signaling the first TD Sequential 13 countdown signal on this rally, and it's thought that the act of finalizing this count into end of week might coincide with at least a minor peak in price. At present, until price shows upside exhaustion, this rally looks to continue.

Daily Important Metrics

Crypto Size

Bullish signal is tied to the crypto market growing

Market Cap $1.03T $-22.0B (-2.10%)

BTC Dominance   42.48% (+1.07%)

Stable Coins

Increase in circulating stablecoins is a Bullish signal

In Circulation $67B (-0.00%)

In Exchanges $17B (+0.06%)

BTC Metrics

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

# BTC in Exchanges 2.3M (-0.18%)

Funding Rates

Positive funding rates indicate traders are Bullish

Aggregate 0.0088% (-0.0010)

Binance 0.0100% (0.0000)

Bitfinex 0.0000% (-0.0138)

Bitmex 0.0100% (0.0000)

ByBit 0.0100% (0.0000)

Deribit 0.0080% (-0.0003)

Huobi 0.0207% (0.0107)

Kraken 0.0064% (0.0015)

Mean 0.0088% (-0.0010)

OKex 0.0060% (-0.0039)

SENTIMENT

Injective Launches Ecosystem Fund and BlockFi Leaks Financials

BMI: 61 (-1.61%)

Futures All Exchanges

A positive spread between Futures Prices and Spot Prices is Bullish

CME BTC Price $22,700 (-1.09%)

Spot Basis   $49.60 (0.22%)

Volume 1.1M (-6.00%)

Open Interest  332,196 (2.25%)

Options All Exchanges

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

Volume 24,306 (-17%)

Open Interest 286,029 (2.59%)

Volume Put/Call Ratio 0.4410 (0.64%)

Open Interest Put/Call Ratio 0.4531 (0.71%)

All metrics as of January 25, 2023 11:31 AM
Crypto Prices
SymbolMarket CapLast PriceDaily ChangeYear to DateRelative to BTC YTD
BTC$437B$22,650-1.25%37%
ETH$190B$1,550-4.38%29%-7.39%
ADA$12B$0.3565-5.41%44%7.70%
DOGE$11B$0.0842-5.08%20%-17%
SOL$8.7B$23.54-3.95%138%101%
MATIC$8.4B$0.9577-4.81%26%-11%
DOT$7.1B$6.19-4.62%42%5.60%
LINK$3.4B$6.72-4.54%21%-16%
NEAR$2.0B$2.40-5.22%89%52%

All prices as of January 25, 2023 11:31 AM

Exchange Traded Products (ETPs)
SymbolPremium to NavLast PriceDaily ChangeYear to DateRelative to BTC YTD
GBTC-42%$9.80-0.81%18%-19%
BITW-52%$9.89-0.55%84%47%
ETHE-47%$8.09-4.03%70%33%
BTCC-0.10%$4.25-0.23%40%3.54%

All prices as of January 25, 2023 4:31 PM

Stocks
SymbolMarket CapLast PriceDaily ChangeYear to dateRelative to BTC YTD
PYPL$216B$79.580.10%12%-25%
SQ$76B$80.79-1.07%29%-8.16%
COIN$65B$53.55-4.30%51%15%
SBNY$18B$127-1.30%11%-26%
HOOD$15B$9.710.00%19%-17%
MSTR$6.1B$248-1.09%75%38%
SI$4.2B$14.27-11%-18%-55%
MARA$3.5B$9.040.47%164%128%
RIOT$2.7B$6.21-4.09%83%47%
MOGO$223M$0.7800-2.13%47%11%

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

News
QUICK BITS
BlockFi reportedly posts uncensored financials revealing $1.2 billion FTX exposure
Coin Telegraph
The documents previously censored financial information relating to FTX and Alameda Research, but uncensored copies were released by mistake. Bankrupt crypto lending firm BlockFi has repor...
Maple Finance Plots Comeback With New $100M Liquidity Pool for Tax Receivables With 10% Yield
CoinDesk
After defaults and a major overhaul, crypto lending protocol Maple Finance moves away from uncollateralized lending toward bringing yield-generating real-world assets to crypto investors.
FUNDRAISING AND M&A
Injective launches $150M ecosystem fund to boost DeFi, Cosmos adoption
Coin Telegraph
“DeFi has proven to be a resilient and reliable option for users in the face of the overarching CeFi collapse in 2022,” said Eric Chen, CEO of Injective Labs. Injective, a layer-1 blockch...
Blockstream Raises $125 Million for Mining Despite Industry Bloodbath
Decrypt.co
Blockstream is deploying more capital toward expanding its hosting services.
Metaverse training software used by Nike and Carlsberg raises $18 million
The Block
The fresh funds will foster a growth push in EMEA and expansion in North America, a company release said.  The post Metaverse training software used by Nike and Carlsberg raises $18 million appeared first on The Block.
Mythical Games eyes $50 million raise, launches enhanced NFT-gaming marketplace
The Block
Blockchain-gaming unicorn Mythical Games’s plan for surviving a prolonged crypto winter? Go on the offensive. The post Mythical Games eyes $50 million raise, launches enhanced NFT-gaming marketplace appeared first on The...

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