OpenTrade Launches On-Chain Treasuries, Su Zhu Apprehended in Singapore
Market Update
- Equity indices are relatively flat in the last trading session of the third quarter, with the QQQ (+0.04%) faring slightly better than the SPY (-0.11%). U.S. Treasury yields are retreating after August PCE data showed softer than expected readings for MoM headline and core PCE. ETH (+1.07%) is leading crypto markets, trading at $1,670, as the first Ether Futures ETFs are set to begin trading early next week, while BTC (-0.67%) is lagging, trading just below $27k. The Arbitrum ecosystem has seen increased interest this week as the Arbitrum DAO approved a 50m ARB N/A% budget for its short-term incentive program. Arbitrum altcoins such as GMX and GRAIL have risen 13.44% and 34.94% this week in anticipation of potential grant approvals.
- OpenTrade, a blockchain-based structured products platform, has launched a tokenized U.S. Treasury pool. The pool will be accessible to accredited investors, institutions, funds, and DAOs. OpenTrade is working with Enigma Securities, WOO X, Resonate, Sino Global Capital, and Kyber Network as its distribution partners, direct lenders, and liquidity providers. The treasury pool was developed by leveraging Circle’s Perimeter Protocol, an open-source codebase for on-chain lending products. The tokenization of real-world assets (RWA) is becoming one of the most popular trends across crypto as a high interest-rate environment has increased demand for traditional investments. The tokenized treasury market has grown to $668 million this year, marking a 6x increase year-to-date. OpenTrade plans to expand its services, eventually bringing investment-grade commercial paper and supply chain financing on-chain.
Source: rwa.xyz
- Three Arrows Capital (3AC) cofounder Su Zhu was apprehended at a Singapore airport this morning while trying to flee the country. 3AC was formerly one of the largest crypto hedge funds before crumbling in the aftermath of the Terra/Luna collapse. 3AC filed for bankruptcy in July 2022 and owes more than $3.5 billion to creditors. The bankruptcy process has been ongoing, and 3AC’s liquidator, Teneo, has continually failed to receive cooperation from Zhu. As a result, Teneo obtained a committal order against Zhu on September 25th, subjecting him to four months in prison. A similar committal order was issued against Kyle Davies, 3AC’s other founder, but his whereabouts remain unknown.
Daily Technical Strategy
Mark L. Newton, CMT
Head of Technical Strategy
ETHBTC has turned up sharply this week given the anticipation surrounding the introduction of Ethereum's futures-based ETF set to roll out next week. ETHBTC has rallied for seven of the last eight trading sessions, and the ability to exceed $0.0625 would argue for a quick move higher to challenge the intermediate-term area of resistance near $0.065. While Bitcoin has outperformed Ethereum over the last year, any breakout above $0.065 would cause Ethereum to begin showing more outperformance, and ETHBTC would be expected to begin a lengthier rally back to challenge 2023 peaks. Movement above $1747 in ETH would help Ethereum begin its much-anticipated move back to $2100+. At present, ETHBTC has shown some improvement in momentum and breakouts in the short and intermediate-term trends would help it begin to turn higher.
Daily Important Metrics
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All metrics as of September 29, 2023 1:13 PM
All Funding rates are in bps
Crypto Prices
| Symbol | Market Cap | Last Price | Daily Change | Year to Date | Relative to BTC YTD |
 BTC | $524B | $26,863 | ↓ -1.10% | ↑ 62% | |
 ETH | $200B | $1,667 | ↑ 0.33% | ↑ 39% | ↓ -23% |
 ADA | $8.9B | $0.2521 | ↑ 0.95% | ↑ 2.15% | ↓ -60% |
 DOGE | $8.7B | $0.0618 | ↑ 0.41% | ↓ -12% | ↓ -74% |
 SOL | $8.3B | $20.19 | ↑ 3.20% | ↑ 104% | ↑ 42% |
 DOT | $5.0B | $4.08 | ↓ -0.23% | ↓ -6.16% | ↓ -68% |
 MATIC | $4.9B | $0.5233 | ↑ 0.48% | ↓ -31% | ↓ -93% |
 LINK | $4.3B | $7.81 | ↓ -0.76% | ↑ 41% | ↓ -21% |
 NEAR | $1.1B | $1.11 | ↑ 1.08% | ↓ -13% | ↓ -75% |
Exchange Traded Products (ETPs)
| Symbol | Premium to Nav | Last Price | Daily Change | Year to Date | Relative to BTC YTD |
| GBTC | ↓ -21% | $19.04 | ↑ 0.21% | ↑ 130% | ↑ 68% |
| BITW | ↓ -47% | $11.89 | ↑ 0.21% | ↑ 122% | ↑ 59% |
| ETHE | ↓ -28% | $11.19 | ↑ 3.23% | ↑ 135% | ↑ 73% |
| BTCC | ↑ 0.25% | $4.92 | ↓ -1.01% | ↑ 62% | ↑ 0.22% |
News
QUICK BITS
Coin Telegraph 3AC's Su Zhu arrested in Singapore Su Zhu was arrested at Changi Airport while attempting to leave the country after the Singapore Courts granted a commi... |
DOSE OF DEFI
CoinDesk OpenTrade Unveils Tokenized U.S. Treasuries Offering as Tokenization Race Gains Steam The tokenized Treasuries market has grown sixfold this year to $668 million, according to rwa.xyz data. |
REGULATION
CoinJournal Gemini to halt services in the Netherlands due to regulatory challenges Regulatory compliance issues have forced Gemini to suspend Dutch operations. Gemini is a New York-based cryptocurrency exchange. Gemini’s decision follows a sim... |
CoinDesk Valkyrie Gets Approval to Start Buying ETH Futures For its Existing Bitcoin ETF The fund's new strategy to combine ether and bitcoin will be effective formally on Oct. 3. |
Coin Telegraph SEC delays spot Bitcoin ETF decision for BlackRock, Invesco and Bitwise Invesco, Bitwise and Valkyrie are the other three firms that were hit with delays by the SEC. The ... |
FUNDRAISING AND M&A
BTC Manager Fireblocks acquires Australian defi startup BlockFold for $10m Blockchain company Fireblocks, which is backed by Sequoia Capital, has acquired BlockFold for a reported $10 million |
NFTS
BTC Manager Paris museum to mint Van Gogh’s NFTs on Tezos A Paris art museum announced an NFT collection dedicated to Van Gogh to launch alongside the upcoming exhibition of the artist's artwork |
PRODUCT UPDATES AND PARTNERSHIPS
CryptoPotato Crypto.com Partners PayPal to Become Preferred Exchange for PYUSD The crypto trading platform has amassed and now holds the deepest liquidity for PYUSD trading pairs globally. |
WEB 3.0
BTC Manager Tottenham Hotspur launches token following partnership with Socios.com Tottenham Hotspur is collaborating with Socios.com to unveil an exclusive Spurs Fan Token to enhance fan engagement and offer personalized rewards |
BTC Manager Universal Pictures unveils web3 demo for next ‘Exorcist’ movie Universal Pictures will launch a digital experience for its upcoming "The Exorcist: Believer" movie in collaboration with Aptos Labs, a web3 company |
HACKS, EXPLOITS, AND SCAMS
Coin Telegraph Hong Kong and Macau police seize over $2.8M related to JPEX fraud case One suspect was arrested while trying to destroy potential evidence with paper shredders and bleach in the bathtub of ... |
Coin Telegraph FTX founder Sam Bankman-Fried criminal trial schedule revealed In a hearing, Assistant U.S. Attorney Danielle Kudla said the Department of Justice estimated the case could last four... |
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