BTC is currently trading around $29,400 and ETH around $1,850. Notable gainers in the last 24 hours are HBAR, FLEX, and SHIB. The global crypto market cap is ~$1.22T, up ~1.0% over the last day. DeFi Total Value Locked is ~$41b and BTC dominance is around 51%.
Equities are down more than 1% and long-term interest rates are lower despite a light day of data releases. The week will pick up with US CPI, US PPI, and UK GDP later on Thursday and Friday. The financial sector is one of today’s headline losers after Moody’s lowered its outlook on 11 banks and announced that several larger banks, including BNY Mellon, State Street, and others are still under review for a potential downgrade. Crypto has been unfazed by the equity market decline and is still green on the day.
Notable news includes: DAI’s supply grew by ~$200m since its savings rate was increased to 8%; Lido’s dominance continued as 10,000 more ETH was staked through the protocol during July; Haun Venture has only deployed ~40% of the $1.5b raised during last year’s launch; Coinbase confirmed USDC’s market cap suffered from Binance converting USDC into another stablecoin over the last several weeks; the value held on Huobi fell ~$2.5b in response to Chinese investigations and insolvency rumors; Coinbase commenced an offer to repurchase up to $150m of its 3.625% senior notes expiring in 2031; Binance Labs announced four new investments through its incubator program despite its ongoing regulatory hurdles; and, Bitdeer completed its new Bhutan-based mining facility with an incremental 2.5 EH/s of hashrate coming from new rigs (~23k).
Sign up to conveniently receive GSR crypto content in your inbox each morning.
Authors:
Matt Kunke, Research Analyst | Twitter, Telegram, LinkedIn
Brian Rudick, Senior Strategist | Twitter, Telegram, LinkedIn
This material is provided by GSR (the “Firm”) solely for informational purposes, is intended only for sophisticated, institutional investors and does not constitute an offer or commitment, a solicitation of an offer or commitment, or any advice or recommendation, to enter into or conclude any transaction (whether on the terms shown or otherwise), or to provide investment services in any state or country where such an offer or solicitation or provision would be illegal. The Firm is not and does not act as an advisor or fiduciary in providing this material.
This material is not a research report, and not subject to any of the independence and disclosure standards applicable to research reports prepared pursuant to FINRA or CFTC research rules. This material is not independent of the Firm’s proprietary interests, which may conflict with the interests of any counterparty of the Firm. The Firm trades instruments discussed in this material for its own account, may trade contrary to the views expressed in this material, and may have positions in other related instruments.
Information contained herein is based on sources considered to be reliable, but is not guaranteed to be accurate or complete. Any opinions or estimates expressed herein reflect a judgment made by the author(s) as of the date of publication, and are subject to change without notice. Trading and investing in digital assets involves significant risks including price volatility and illiquidity and may not be suitable for all investors. The Firm is not liable whatsoever for any direct or consequential loss arising from the use of this material. Copyright of this material belongs to GSR. Neither this material nor any copy thereof may be taken, reproduced or redistributed, directly or indirectly, without prior written permission of GSR.
