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11 Oct, 11 tweets, 4 min read
0/ In today’s Delphi Daily, BTC is leading the way and @0xPolygon transactions drop.

BTC’s dominance has been rising and taking the total crypto market cap with it.

For a deeper dive 🧵👇 Image
1/ Market Update-

Besides a market sell of $40m worth of BTC leading to pullback yesterday, the weekend was rather uneventful, with a handful of altcoins outperforming BTC.

Bitcoin swiftly recovered and continues exuding strength, relative to most of the digital assets market.
2/ It’s officially Bitcoin season. In the last 24 hours, only 4 crypto assets in the CoinGecko top 100 have managed to outperform Bitcoin’s immense strength.

In the last 7 days, only 12 crypto assets outperformed BTC. Image
3/ ETH and BTC OI have been mirroring each other from July until End of September. This changed in early October when a clear divergence between the two emerged.

BTC OI is still 30% away from May highs, suggesting that markets have yet to reach a state of euphoria & FOMO. Image
4/ Since May 2021, crypto-margined futures have been on a multi-month downtrend as cash-margined futures gain a significant share of futures OI.

One of the main implications of this is reduced directional convexity. Image
5/ On Saturday, @0xPolygon’s made a decision to push a client update to increase min gas to fight spam and improve network health.

Average gas has spiked and is consistently above 50+ Gwei since then and the increased fees have likely caused daily tx count to fall substantially Image
6/ Tweets of the day!

Fantastic $MIM explainer from our very own @larry0x.

7/ @ourZORA now supports every NFT.

8/ Check your wallets for the $BOTTO airdrop.

9/ For the full report that inspired today’s thread 👇👇

delphidigital.io/reports/btc-le…
10/ Crypto moves fast. Delphi has you covered. Sign up here to get Delphi's free daily newsletter delivered right to your inbox every weekday

delphidigital.io/daily/

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More from @Delphi_Digital

Delphi Digital Profile picture
12 Oct
0/ In today’s Delphi Daily, we analyzed @MonteCarloDEX, an on-chain futures and derivatives platform.

We examined perpetual trading volume and funding rates for both ETH and BTC.

For a deeper dive 🧵👇 Image
1/ Market Update-

🔹Crypto is having a slow day as BTC finds it difficult to climb above $58K.

🔹BTC is still well above the trend break we outlined last week, but considering BTC is leading the market at the moment, a downturn could turn ugly for all of crypto.
2/ MCDEX is an on-chain platform to trade futures and derivatives.

The project launched on mainnet alongside Arbitrum on Aug. 31, and followed through with a deployment to BSC on Sep 28.

Over $1B of volume has been traded on MCDEX since it launched. Image
Read 12 tweets
Delphi Digital Profile picture
8 Oct
0/ Paging all $DYDX holders

When the $DYDX token was launched, several recipients of the airdrop and liquidity rewards staked their $DYDX tokens into the protocol’s safety module

dydx.community/dashboard/prop…
1/ The safety module is an insurance mechanism that allows $DYDX holders to stake their tokens to create a backstop, and earn rewards for providing this service
2/ What was unknown at the time was that there was an error in the implementation. The ratio of DYDX to staked DYDX was supposed to be 1:1, but was actually 1:0

dydx.foundation/blog/en/outage…
Read 5 tweets
Delphi Digital Profile picture
7 Oct
0/ In today’s Delphi Daily, we examined how incentives have recently been ruling the multichain crypto world.

We analyzed the similarities between @FantomFDN, @avalancheavax, and @AlgoGrand’s recent growth.

For a deeper dive 🧵👇 Image
1/ Market Update-

🔹After yesterday’s rally, BTC is having a breather as L1s take center stage again.

🔹Apart from L1s, DeFi is surprisingly the only other sector in the green.

🔹Top performers over the last 24 hours are FTM, SHIB, AR, and DOT.
2/ Flows from Ethereum to @FantomFDN averaged $10-25M per day over September. But over the last two days, flows to Fantom increased by an unprecedented amount on the back of a new yield farm.

@GeistFinance, a fork of @AaveAave, was giving LPs ridiculous incentives. Image
Read 11 tweets
Delphi Digital Profile picture
4 Oct
0/ In today’s Delphi Daily, we examined delta neutral AXS farming, LUNA burning, recent L1 rally, and yield generating NFTs.

For a deeper dive 🧵👇
1/ Market Update-

🔹The broader crypto market is seeing a slight pullback after the weekend run-up, seemingly weighed down by traditional markets, with major equity indices down on the day.

🔹Nonetheless, AXS, LUNA, and DYDX were among today’s top gainers.
2/ AXS staking began on Friday and opened up opportunities for yield arbitrage via perpetual futures.

This can be done by buying spot AXS to stake, while shorting the AXS-perpetual future. The trade is delta-neutral, meaning there’s no price risk, and captures the difference.
Read 12 tweets
Delphi Digital Profile picture
29 Sep
0/ In today’s Delphi Daily, we examine the near-term bull case for ETH, and offer the slightest bit of hopium.

We analyzed ETH open interest, options buying, and usage levels.

For a deeper dive 🧵👇
1/ Market Update-

🔹It’s a relieving sight to see green across the board for crypto today, although it isn’t a very convincing bounce for majors such as BTC and ETH.

🔹Coins like DYDX (+12.1%), AR (+11.6%), AXS (+10.5%), and BNB (+10.3%), are leading this bounce at the moment
2/ OI for ETH futures and options is down nearly 40% since the start of September. The market is crippled by fear, but, thankfully, there is a silver lining.

Options open interest fell as dramatically as it did at the end of this month due to a large number of recent expiries.
Read 11 tweets
Delphi Digital Profile picture
28 Sep
0/ Today’s Delphi Daily focused on Bitcoin’s current market structure, miner fees, and lightning Network activity.

For a deeper dive 🧵👇 Image
1/ Market Update-

Virtually all of crypto is in the red today.

The Sep. 21st bottom remains intact, but the market still looks fairly weak.

For now, the signs point to a ranging market, so it’s probably wise to prepare yourself for some incredibly frustrating price action.
2/ Last Friday saw the largest expiration of BTC options since Apr. 2021. This isn’t all too surprising, as quarter-end expirations tend to be larger than regular monthly expirations.

However, OI tends to recover quite dramatically over the course of the month post-expiration. Image
Read 11 tweets

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