0/ In today’s Delphi Daily, $BTC on #Ethereum won’t slow down, BTC largest daily outflow, and DeFi loans recover from lows.

Full analysis below👇 👇

1/ Market Update-

🔹The market had a weak open during Asia hours and the futures premium on BTC has eroded.

🔹BTC is still holding $30,000 implying there’s a strong spot bid.

🔹However, this can change quickly and sellers have continued to offload coins with a vengeance.
2/ 1% of all BTC that can ever exist is currently locked on the Ethereum blockchain. $WBTC continues to lead the way and expand its market share.

BTC’s use as collateral in DeFi has skyrocketed in the past 1.5 yrs and is expected to continue growing as it gathers more traction.
3/ Yesterday marked the largest daily outflow of BTC from exchanges in over 7 months, with nearly 22,500 BTC leaving various exchange wallets.

Large exchange outflows have been a sign of long-term accumulation but as BTC grows in DeFi, these coins could be used as collateral.
4/ Futures basis on @DeribitExchange and @CMEGroup have slipped into backwardation after a weeks of ranging near 0%.

Term Check: Backwardation refers to a condition where spot price is higher than futures. Contango is a situation where futures prices are higher than spot prices
5/ Loans outstanding in DeFi protocols are recovering despite muted market conditions, with @AaveAave surpassing it’s previous ATH and @MakerDAO closing in on fresh highs.

@Compoundfinance, however, has been a laggard with a sharp decrease in TVL and is yet to recover.
6/ Tweets of the day!

Interesting thread speculating @ElonMusk’s long term plans for BTC.

7/ The Federal Government seized $2.3m worth of BTCs from the Colonial Pipeline ransomware attack with private key access.

8/ Options flow continues to be mildly bearish with very little volume.

9/ Subscribe below so you do not miss important market updates!


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More from @Delphi_Digital

9 Jun
0/ In today’s Delphi Daily, mixed trading signals for $BTC, @terra_money and #ethereum undervalued, and $ETH supply in smart contracts.

1/ Market Update-

🔹El Salvadore passed the bill that makes BTC legal tender in Central American country.

🔹Technical indicators are giving mixed signals with a bullish divergence forming while BTC defends its H&S neckline.

🔹ETH supply in smart contracts makes new highs.
2/ Yesterday, BTC attempted a test of its 2021 yearly open support level at $29,400. This level is crucial to defend if the longer-term bull market structure is to continue. This is accompanied by dip-buying and exchange withdrawals as mentioned in our previous daily.
Read 10 tweets
7 Jun
0/ In today’s Delphi Daily, ETH/BTC shrugs off the correction, the battle for @CurveFinance, and DEX spot volumes hit YTD lows.

Check out the full analysis below 👇 👇

1/ Quick Market Update-

🔹The market had yet another quiet weekend with little volume across the top 100 coins (likely a result of most of the industry gathering in Miami).

🔹Despite $BTC falling less than $ETH from current ATHs, ETH looks like the stronger asset for now.
2/ If you look at the YTD ETH/BTC chart in isolation, you probably wouldn’t guess fear in the crypto market is the highest it’s been in a year.

It’s worth noting that in 2017, ETH/BTC topped out mid cycle and proceeded to trend down as BTC ripped to $20,000. Image
Read 9 tweets
2 Jun
0/ In today’s Delphi Daily, we analyzed a few key $BTC data points to gauge sentiment.

These include BTC futures basis, net flow to/from miners, and BTC MVRV ratio.

Check out the full analysis 👇 👇

1/ Quick Market Update-

🔹Today’s looking like another (mildly) green day for crypto.

🔹 $ETH and BTC are up 5% and 2% respectively, while $CRV and $DOGE lead the way up 30% each.
2/ The MVRV ratio is a on-chain metric that measures Bitcoin’s market value (MV) against it’s realized value (RV).

The MVRV overextended in early 2011, late 2013, and early 2018, representing cycle tops.

May 2021’s reading could very well indicate the top for this cycle. Image
Read 11 tweets
1 Jun
0/ In today’s Delphi Daily, $ETH gas prices reach pre-DeFi summer levels, utilization rates in DeFi markets remain high, and implied volatility of $BTC options have fallen.


1/ Market Update-

🔹Crypto markets enjoy bounce across the board.

🔹 @coinbase’s announced its 4% rewards card can be spent through Apple Pay and Google Pay

🔹Next few weeks of price action are likely to be choppy, but early data suggests volatility may be culled for now.
2/ Implied volatility for various durations of BTC options have fallen over the past week, indicating cheaper options across the board (good for buyers, bad for sellers).

Implied volatility, as the name suggests, is not a measure of actual volatility. Image
Read 11 tweets
19 May
0/ In today’s Delphi Daily, we break down $BTC exchange inflows, @DeribitExchange futures trading at -75% basis, and gas hitting 1700 gwei.

Check out the full analysis! 👇

1/ May 2021 hasn’t been kind to BTC bulls, but today was by far the worst day for the market since March 2020.

Over $2 billion in BTC positions —longs and shorts — were liquidated in today’s choppy market. Over $10 billion were liquidated across crypto perps and futures.
2/ As demand dried across BTC markets, the annualized basis for one month futures briefly traded at a big discount. @DeribitExchange had the worst reaction, with basis reaching -75%.

This was a result of heavy selling across futures market causing them to go into backwardation.
Read 9 tweets
18 May
0/ In today’s Delphi Daily, we look at @0xPolygon’s continued growth, DeFi tokens leading recent relief rally, and @uniswap v2 vs. v3 capital efficiency.

1/ Binance Smart Chain is experiencing capital outflow as Polygon’s TVL swells to $15 billion.

Price performance for both tokens is tracking capital flows, with $BNB experiencing a downturn and $MATIC flying.
2/ The Asia and Europe sessions caused a market bounce, with blue chips like $AAVE, $SNX, and $SUSHI leading the market.

Despite the US session opening with a sell off, these DeFi coins are still up over the past 2 days.
Read 9 tweets

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