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27 Oct, 10 tweets, 4 min read
0/ Crypto markets cooled off today with one notable exception—Shiba Inu coin—which is up more than 67%.

In today’s Delphi Daily, we analyzed the pullback of top performers, the large leverage wipeout, and the resurgence of meme coins.

For more 🧵👇
1/ The last 24 hrs have been a whirlwind for crypto markets with base layer tokens taking the biggest hit, many of which are down from yesterday’s highs.

ATOM’s two-day performance is still in the green thanks to yesterday’s rally; SOL, AVAX, and NEAR are all down at least 8-12%
2/ Outliers in today’s ugly market comes, surprisingly, in the form of DeFi tokens and SHIB (aka “the DOGE killer”).

1INCH and AAVE price action today was overwhelming and likely catalyzed by the token’s listing on Korean exchange @Upbitglobal.
3/ The steep dip in prices caused a meaningful liquidation cascade, the vast majority of which occurred within a 40 min time period at around 7:30 AM UTC today.
4/ The average daily funding rate across exchanges is down from its recent high a few days ago, but it looks like there’s still some room for rates to fall.

OI on exchanges like Binance and Huobi experienced a massive wipeout, which confirms the aforementioned deleveraging.
5/ CREAM Finance was the target of a nine-figure exploit

6/ The state of the NFT market

7/ Adobe partners with NFT marketplaces to improve creator attributions

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

members.delphidigital.io/reports/levera…
9/ 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
28 Oct
0/ DOGE and SHIB faceoff in the battle of the dog tokens.

In today’s Delphi Daily, we analyzed the correlation of DOGE and SHIB, L2 activity has slowed down, and gas prices have been soaring.

For a deeper dive 🧵👇 Image
1/ Most of the crypto market was sidelined by liquidations, while dog coin connoisseurs showed up in a big way.

SHIB recorded a whopping $23B in volume on the top two spot exchanges yesterday. Image
2/ As the two dog coins faced off today, DOGE bounced upward while SHIB wound up remaining relatively flat.

While coins in a category tend to be highly correlated, we’re seeing the opposite with DOGE and SHIB. Image
Read 10 tweets
Delphi Digital Profile picture
28 Oct
Delphi has grown and changed as an organization a lot this past year, now with a team of 69

We're proud to release a new site that better reflects who we are and what we're currently focused on! 🧵👇
delphidigital.io/?join
At its heart, we believe Delphi is a DAO

We're a family of independent projects collaborating with a shared set of values, vision, people and resources united under the Delphi brand

Our team of 69 are broken out as follows:
🔬Research 20
🧪Labs 21
💸Ventures 12
💻Product 16
Before we give an update on each arm, the most important part of today's launch is the new platform we’ve been building behind our 3.0 Portal

Here's a sneak peak, but stay tuned for constant updates and new tools hitting the portal in the coming weeks!
vimeo.com/639697617
Read 15 tweets
Delphi Digital Profile picture
26 Oct
0/ In today’s Delphi Daily, extreme greed returns as Bitcoin dominance falls.

We examined GBTC’s recovery from BITO launch, greed in the market, ETH OI ATH, and some of the top performers in the last 7 days.

For a deeper dive 🧵👇
1/ The discount on GBTC dropped to ~20% on October 18th due to the anticipation of BITOs launch on the 19th.

GBTC volume and discount has recovered since the BITO launch.
2/ After rising for a month with ETF anticipation, we’ve seen a slight pullback as the broader crypto market rallied.

The Crypto Fear and Greed Index is back to highs we haven’t seen since early March, officially marking “Extreme Greed” levels.
Read 10 tweets
Delphi Digital Profile picture
25 Oct
0/ In today’s Delphi Daily - @CurveFinance hits $100B lifetime volume!

We explore Curve’s tokenomics design and growth, the broader implications for DeFi, and the recent rise of meme coins.

For a deeper dive 🧵👇 Image
1/ @CurveFinance has facilitated over $100B of volume since launching in Jan. 2020.

CRV’s token economics were heavily criticized because of incredibly small float and rapid emissions, but they’ve since proven their token model works and is one of the most efficient across DeFi Image
2/ Curve’s liquidity provision and token locking model have led to competition amongst farming products built on top of Curve.

Convex’s model has quickly helped it establish itself as the leader with over 35% of veCRV supply held by Convex. Image
Read 10 tweets
Delphi Digital Profile picture
20 Oct
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.
Read 11 tweets
Delphi Digital Profile picture
18 Oct
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.
Read 12 tweets

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