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https://twitter.com/Melt_Dem/status/1390014683709640709?s=20

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Meltem Demir◎rs

@Melt_Dem

18 May

@CoinSharesCo

1/ "at @CoinSharesCo, we use data to inform our perspective of the #bitcoin market"

thanks to @CNBC for having me and @jillruthcarlson on. let me just drop some facts here so we can stop talking about elon & other trivial BS and focus on FACTS

📹👇🏾
cnbc.com/video/2021/05/…

@GenesisVol

2/ over the last few weeks, BTC option skew was relatively bearish.

in #bitcoin, the tail (ie futures / options) wags the dog. this past week, we saw BTC spot prices drift lower, which proved options skews to be right.

TL;DR - traders were bearish

h/t @GenesisVol for data

3/ let's zoom out

in the last five months, bitcoin more than tripled its prior 2017 all time high of 20k, hitting 65k at one point.

ethereum has yet to triple its 2018 all time high of 1400, and is currently trading around 3400

traders are positioned to capture $ETH upside!

Read 12 tweets

Meltem Demir◎rs

@Melt_Dem

5 May

@compass_mining

1/ time for my monthly #Bitcoin mining update 🚀

i'm 90 days into my experiment, and i've mined 0.05 bitcoin.

let's run the numbers, fam 👋🏾

(i use @compass_mining to source hardware + manage ops, but make this report myself)

https://twitter.com/Melt_Dem/status/1377770319449055233?s=20

2/ in case you missed it, last months update covered each line item in great detail. i'll keep this update a little shorter since many of the line items haven't changed much.

https://twitter.com/Melt_Dem/status/1377770319449055233?s=20

3/ bitcoin mined - 86% of bitcoin mined to date is block rewards, 14% is transaction fees (up from 12% last month)

hardware - the market for mining equipment continues to be incredibly supply constrained, semiconductor shortages are everywhere in crypto compute

Read 7 tweets

Meltem Demir◎rs

@Melt_Dem

1 May

1/ USD stablecoins will soon hit $100B in market cap, and make up 4% of the crypto market

let's take a closer look

despite making up only 64% of the stablecoin market, tether dominates daily trading volume, with >90% of daily traded volume

@binance

2/ this chart tells a very clear story.

rumors of tether's demise are overstated. it is *the* dominant trade pair, which drives its staggering daily turnover.

bUSD is the only close competitor, b/c its @binance's preferred trade pair that they push to millions of traders.

3/ while market cap is an impressive number, its a poor measure of adoption.

the number that we should be focused on is daily traded volume and velocity, which is driven by the integration of stables into market structure via trade pairs.

this is *utility*

Read 6 tweets

Meltem Demir◎rs

@Melt_Dem

16 Apr

1/ "why is $DOGE pumping?"

pull up a chair, my friends, the answer is in plain sight

DOGE is up 500% over the last 7 days and is now $48B in market cap, making it the fifth largest cryptocurrency by market cap.

but why?

let's look at r/WallStreetBets

2/ on wednesday, ahead of the $COIN listing, the WSB mods changed their ban on crypto discussion to allow talk about 3 cryptocurrencies - #Bitcoin , ethereum, and... you guessed it... $DOGE

as you can imagine, the WSB community went wild

@business

3/ not 24 hours later, the mods reverse that decision and announced they would ban all crypto chatter on the forum indefinitely

according to some reports, the ban was a response to this @business article claiming WSB mods were bowing to pressure

bloomberg.com/news/articles/…

Read 7 tweets

Meltem Demir◎rs

@Melt_Dem

16 Apr

1/ today's #bitcoin sell-off has nothing to do with turkey 🇹🇷 banning the use of crypto in payments. at all.

it's the tail wagging the dog i.e. derivatives

traders were highly levered long going into the $COIN listing which everyone expected to be a catalyst for $BTC 🚀

2/ remember that leverage in crypto is EXPENSIVE AF.

cash borrow rates in crypto are now 20 – 40% while bitcoin borrow rates remain very low at 2-3%, highlighting the massive demand for cash borrow!

3/ coinbase listed. BTC moved, but not enough.

traders need volatility to profit. when volatility doesn’t materialize and cash funding is expensive, traders tend to close out positions

so those longs get unwound, cuz it's too EXPENSIVE to keep them open.

Read 7 tweets

Meltem Demir◎rs

@Melt_Dem

13 Apr

@CoinSharesCo

1/ crypto is not just an asset class, its an entirely new industry.

the Coinbase $COIN listing firmly plants that flag.

this industry will mint dozens of unicorns, including @CoinSharesCo, that bring equity ownership opportunities to public markets.

cnbc.com/video/2021/04/…

@CoinSharesCo

2/ these listings bring much needed transparency and insight into crypto business models, and highlight how profitable companies are

at @CoinSharesCo, we reported a 65% EBITDA margin in Q4, compared to traditional banks who reported an average 47% EBITDA margin in Q4

@JasonYanowitz

3/ coinbase reported 65M users and over $1.5B in EBITDA in Q1 alone, and is on track to book revenues and net income that exceed any other US exchange - ICE, Nasdaq, CME, and CBOE.

when it lists, i fully expect coinbase to valued higher than Goldman Sachs (h/t @JasonYanowitz)

Read 6 tweets

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