0/ A monumental day with the first Bitcoin ETF going live.
In today's Delphi Daily, we analyze GBTC—now trading near its steepest discount all year—in addition to @terra_money's activity, a historic BNB burn, and @alamedaresearch $180M BitDAO proposal.
For a deeper dive 🧵👇
1/ Market Update-
🔹Proshare’s Bitcoin Futures ETF today, the first Bitcoin-linked ETF in the US, as it made its trading debut and over $1B worth changed hands.
🔹The Valkyrie Bitcoin ETF is due to debut tomorrow with the memorable ticker BTFD.
2/ GBTC is currently trading near its steepest discount of the year on the back of the ProShares Bitcoin Futures ETF launch today.
GBTC shares are locked up for 6 months and GBTC holders subject to such lock ups are unable to trade in reaction to market movements.
3/ Transactions on the @Terra_money blockchain have increased considerably since the middle of the year.
This growth comes on the back of several new protocol launches including Nexus Protocol, Valkyrie Protocol, and a bunch of NFT mints over the last few weeks.
4/ @Binance just announced their largest ever BNB burn at $635.44m in the 3rd quarter of 2021.
The formula for the quarterly token burns are not specifically disclosed, hence it is difficult to ascertain whether the burns are a direct result of higher trading volume and revenue.
5/ @AlamedaResearch has proposed a $180m token swap of FTT and BIT to the @BitDAO_Official Treasury, with a commitment of not to sell for 3 years.
The move expands FTX’s exposure to ByBit as BitDAO’s treasury is funded by 0.025% of ByBit’s futures trading volume.
0/ Crypto markets are on a roll lately, with BTC spot and futures OI nearing ATHs. Meanwhile, macro indicators have been giving mixed signals on Covid recovery and interest rate expectations.
Are things getting overheated?
For a deeper dive 🧵👇
1/ BTC just recorded its highest weekly close on record last week; let’s let that sink in.
BTC ended the week at $63K on Sunday, topping the $61.5K weekly close on Apr. 6.
2/ OI in BTC futures is nearing its all-time high. OI growth reflects an increase in leverage. However, when the price of an asset is increasing, OI measured in USD is bound to go up.
FTX, Binance, Bitfinex, and CME all hit their highest level of OI in the last few days.
0/ In today’s Delphi Daily, we look into ETH’s rebound, the launch of Banker Joe, and the recent performance of Perp and CEX tokens.
For a deeper dive 🧵👇
1/ After days of hovering at the bottom of the 0.06 to 0.08 range, ETH bounced from support rather abruptly to 0.066. Daily RSI14 also recovered from oversold levels (30), adding promise.
It’s too early to tell whether this is mean reversion or part of a larger move.
2/ @traderjoe_xyz’s TVL (and, by extent, @avalancheavax’s TVL) increased by close to $700m following the launch of Banker Joe, Trader Joe’s new lending product.
In the past 3 days, TVL on Trader Joe has increased by $700m.
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 🧵👇
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.
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 🧵👇
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.
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
🔹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.