BTC is currently trading around $28,400 and ETH around $1,600. Notable gainers in the last 24 hours are OKB, KAS, and BSV. The global crypto market cap is ~$1.13T, up 0.6% over the last day. DeFi Total Value Locked is ~$37b and BTC dominance is around 52%.
US retail sales came in much stronger than expected this morning, sparking a sharp increase in interest rates and equity market weakness. The US 10Y briefly reached a local high of 4.85%. Crypto markets have remained relatively insulated from the move, and bitcoin dominance continued its recent exhibition of strength.
Notable news includes: BlackRock’s Larry Fink called yesterday’s crypto rally a “flight-to-quality”; FTX has released a revised plan aimed at returning more than 90% of creditor holdings that were held at the exchange prior to its collapse, totaling more than $9b of funds across FTX and FTX US; FTX is also seeking to clawback 15% from customers that withdrew more than $250k in the nine days before bankruptcy; Uniswap introduced a 0.15% fee to use its UI to swap via certain pools, but notably this will accrue to Uniswap Labs and not UNI token holders; Scroll’s zkEVM went live on mainnet; Lido is winding down on Solana in response to low fees; Coinbase delisted 80 non-USD trading pairs in its latest drive to consolidate liquidity; a Pennsylvania law maker scrapped a proposed two-year crypto mining moratorium from his energy conservation bill to give it a better chance of success; draft guidance published by the Basel Committee will require banks to disclose their crypto exposure by 2025; Animoca Brands’ Forj launched an ApeCoin community accelerator; fractionalized art platform Artfi has attracted 25,000 interested collectors via its Genesis Pass NFT ahead of its launch; Roblox integrated XRP as a payment method; TrueCoin’s third-party vendor breach may have leaked TUSD user data; Israel froze 100 Binance accounts with suspected links to Hamas; and, developer platform Stack Overflow axed nearly 1/3rd of its headcount in response to competition from LLMs.
Sign up to conveniently receive GSR crypto content in your inbox.
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. GSR is not authorised or regulated in the UK by the Financial Conduct Authority. The protections provided by the UK regulatory system will not be available to you. Specifically, information provided herein is intended for institutional persons only and is not suitable for retail persons in the United Kingdom, and no solicitation or recommendation is being made to you in regards to any products or services.
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.
