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 -0.12% has gained to $552, and the QQQ -0.06% has surged to $473, erasing all of August’s declines. Crypto assets are also increasing, with BTC 1.08% approaching $60k and ETH 3.51% trading near $2,670. Chainlink (LINK 1.64% ) 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.
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 0.41% ). 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 -0.50% . As of June 24th, MicroStrategy owns 226,500 BTC at an average cost of approximately $35.2k, equivalent to about $13.5 billion. MSTR 0.30% is up over 4% in today’s trading.
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 Metrics
Crypto Size
Bullish signal is tied to the crypto market growing
Market cap 2.09T
$-7.3B(-0.35%)
BTC Dominance
55.80 % (-0.07%)
Stablecoins
Increase in circulating stablecoins is a Bullish signal
In Circulation +$117B
(0.30%)
In Exchanges +$20B
(-0.45%)
BTC Metrics
A decrease in Bitcoin on exchanges is bullish, indicates investors are moving coins to cold storage
# BTC Exchanges +$3.0M
(-0.08%)
Funding Rates
Positive funding rates indicate traders are Bullish
Aggregate
-0.2183(-0.4119)
Binance
+0.9395(-0.0564)
Bitfinex
0.0000(-1.3899)
Bitmex
-0.7988(-1.0417)
ByBit
+0.3059(0.2547)
Deribit
-0.0116(-0.1072)
Huobi
+0.2422(0.2422)
Kraken
-0.2102(-0.1238)
Mean
-0.2183(-0.4119)
OKex
+0.0072(-0.4286)
Sentiment
BMI : 45 (100.00%)
Futures
A positive spread between Futures Prices and Spot Prices is Bullish
CME Price $59,225(-0.34%)
Spot Basis +$222(0.38%)
Volume 687,202(12.60%)
Open Interest 281,846(3.41%)
Options all exchanges
Higher open interest change in a bull market is bullish for the sector
Coinbase, one of the largest U.S.-based cryptocurrency exchanges, has hinted at the launch of its own wrapped bitcoin alternative, cbbtc. On X, Coinbase posted the currency name, followed by another post stating that it was coming soon. Jesse Pollak, the creator of Base, Coinbase’s incubated L2, declared that they were “going to build a massive […]
OKX Wallet now supports blockchain links (Blinks) across all EVM-compatible chains, enhancing multichain transactions without switching platforms. OKX, a centralized cryptocurrency exchange and Web3 technology company, has announced the expansion of its OKX Wallet capabilities to support blockchain links (Blinks).According to a press release shared with Cointelegraph, the expansion will support all Ethereum Virtual Machine (EVM)-compatible chains.It will also facilitate multichain capabilities, enabling blinks across multiple blockchains and making OKX Wallet the first to extend Blinks beyond the confines of Solana.Read more
[PRESS RELEASE – Dubai, United Arab Emirates, August 15th, 2024] Bybit, the world’s second-largest crypto exchange by trading volume, proudly announces that all Bybit users can now deposit and withdraw PayPal USD (PYUSD) on the Solana blockchain. The first top-three exchange to offer this feature, Bybit users can now synergise their crypto investments with the […]
The ETF could offer more leveraged exposure to Bitcoin, especially for institutional investors looking to diversify their holdings. The first Bitcoin-related leveraged exchange-traded fund (ETF) has debuted in the United States in another significant development for institutional crypto adoption.The new leveraged MicroStrategy ETF, MSTX, seeks to provide 175% long daily targeted exposure to MicroStrategy.The ETF could help offer more leveraged exposure to Bitcoin (BTC), according to Sylvia Jablonski, the CEO of Defiance ETFs, who said in an Aug. 15 announcement:Read more
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