Recession Fears Recede, OKX Brings Blinks to EVM Chains
Crypto Market Update
The goldilocks economic scenario, where inflation recedes while the economy avoids a recession, is back in view after strong retail sales data and lighter-than-expected jobless claims have eased fears of a Fed policy error. The SPY -0.17% has gained to $552, and the QQQ -0.21% has surged to $473, erasing all of August’s declines. Crypto assets are also increasing, with BTC -1.55% approaching $60k and ETH -2.19% trading near $2,670. Chainlink (LINK -0.72% ) is outperforming today after its Data Streams and Verifiable Random Function (VRF) products went live on the Base network, enabling its full product suite on the network. Base continues to gain traction, with Daily Active Addresses reaching a new all-time high of nearly 800k wallets.
![Recession Fears Recede, OKX Brings Blinks to EVM Chains](https://cdn.fsinsight.com/wp-content/uploads/2024/08/image-49.png)
OKX brings Blinks to EVM Chains
Blinks, or blockchain links, are hyperlinked URLs that can interact with smart contracts without the user needing to leave the webpage. For example, a user can click a link on Twitter and instantly mint an NFT without ever leaving Twitter. Blinks was first implemented on Solana with development from Dialect and the Solana Foundation, but OKX’s native wallet is bringing the feature to EVM chains, claiming to be the first wallet provider to support multi-chain functionality. OKX’s product will have specific OKX wallet URLs that can be posted and interacted with, and OKX worked with Dialect to make interactions gasless. Blinks are an improvement in user-experience and will likely become a standard way for users to transact on-chain as smart contracts get seamlessly integrated into web2 websites.
Defiance Launches Leveraged MicroStrategy ETF
Defiance ETFs has launched the first single-stock long leveraged ETF for Microstrategy (MSTX). MSTX seeks to provide 175% long daily targeted exposure of Microstrategy and continue Defiance’s mission of providing leveraged exposure to disruptive companies without needing a margin account. MSTX aims to amplify the potential for investors seeking long-leveraged exposure to Bitcoin, given Microstrategy’s high Bitcoin beta. Since Microstrategy adopted its Bitcoin strategy in August 2020, it has outperformed 499 out of 500 of the S&P 500 constituents, only being beaten by SMCI -2.26% . As of June 24th, MicroStrategy owns 226,500 BTC at an average cost of approximately $35.2k, equivalent to about $13.5 billion. MSTR -1.21% is up over 4% in today’s trading.
![Recession Fears Recede, OKX Brings Blinks to EVM Chains](https://cdn.fsinsight.com/wp-content/uploads/2024/08/image-50.png)
Technical Strategy
As Mark Newton is on break, there will be no Technical Strategy section for this week. Mark will be returning on Tuesday, August 20th.
Daily Important MetricsAll metrics as of 2024-08-15 13:22:15 All Funding rates are in bps Crypto Prices
All prices as of 2024-08-15 12:00:12 Exchange Traded Products (ETPs)
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