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Weekly trend (4/10 – 10/10)

  • 13/10/2021

Macro-environment of the crypto market

BTC price over $55,000 making BTC market cap to be $1 trillion.

  • Someone bought up $1.6B worth of BTC via market orders in just 5 minutes (on Oct 6).
  • Maybe risk investors tried to front-run in anticipation of a BTC future ETF, which is likely to be approved in Q4 by the U.S. Securities and Exchange Commission.
  • However, some whales are taking advantage of this pump to dump their holding. Thousands of BTC are being sent to exchanges and ready to sell. We haven’t seen data like this since Early May.

Crypto transactions surged 706% in Central and Southern Asia and Oceania

  • This region includes countries such as India, Pakistan and Vietnam.
  • Between July 2020 and June 2021, the value of the transactions amounted to $572.5 billion, or 14% of the global transaction value.
  • Institutional and large payments accounted for the highest percentage of transactions, offering further evidence of smart money adoption of cryptocurrency.
  • Northern and Western Europe has become the world’s largest crypto economy, with over $1 trillion in transactions over the same 12-month period. However, Asian countries are leading in terms of overall adoption, as measured by on-chain value received, on-chain retail transactions and peer-to-peer transaction volumes. Vietnam, India and Pakistan ranked first through third, respectively.

Grayscale Investments has added Solana and Uniswap to its Digital Large Cap Fund.

The current holding of the fund includes SOL, UNI, ETH, BTC, BCH, LTC, ADA, and LINK. BTC and ETH account for more than 90%, ADA’s allocation is 6%, $BCH, $LINK and $LTC stood at just below 1% each. SOL and UNI will make up 3% and 1% of the fund’s holdings.

Smart Contract Flatform

FTM price doubled compared to 7 days ago break ATH at $2.45 and currently trading at $2.26.

The first reason that contributed to the FTM price surge is Nansen added support for Fantom. Nansen is a leading blockchain analytics platform, which tracks blockchain data about token flows, smart contract interactions, and transactions to highlight behavioral patterns of wallets transacting on-chain. The second reason is the launch of Iron Bank Fantom and the first Fantom vaults on beta.yearn.finance; the first vaults on Fantom are: yvWFTM, yvUSDC, yvDAI, and yvMIM. Since new vaults usually offer high APY, it is possible that people are buying up FTM to prepare for this event. The TVL on Fantom has increased from $3.25 billion (Oct 7) to $8.16 billion with much of the TVL being locked at Anyswap and Geist Finance. Geist Finance is a lending and borrowing market which was just launched a few days ago. Some other finance protocols that attract capital flow to Fantom are Abracadabra.money and Beethoven X.

NFT

  • ENS now supports NFT avatars for your ENS profile

Ethereum Name Service announced a feature that allows users to upload NFT avatars to their ENS profile pictures. This new integration, supported by Uniswap and 1inch, helps provide further customization and serves as a step forward for unique Web 3.0 identities.

  • Axie Infinity 

Sky Mavis, creator of Axie Infinity, has raised $152 million in a Series B round led by Andreessen Horowitz. Sky Mavis is reportedly valued at nearly $3 billion following the raise. Sky Mavis will use the funds to expand its team and scale its blockchain gaming infrastructure, as well as build a distribution platform for other blockchain-driven games.

Speaking on a panel discussion about the metaverse at Token2049, Aleksander Larsen said that Axie Infinity has about two million daily active players, 50% of whom have never used any crypto application before, therefore, “It’s really hard to begin playing Axie right now.” In a bid to smooth the onboarding process for new players, Axie Infinity studio Sky Mavis last month announced plans to offer new players free starter Axies (currently, new players first need to buy three Axies, which can cost several hundred dollars each). Axie Infinity also wants to educate people who come to blockchain space through the game. It creates an opportunity to educate them about the broader crypto space.

  • The returns of dog-themed coins

The Shiba Inu (SHIB) coin rose by 266% after Elon Musk posted a picture of his dog. Although some argue that the association is hard to quantify, the coin sets new highs for daily trading volumes—$20 billion on Thursday—making it one of the most traded currencies after Bitcoin, Ethereum, and Tether. According to CoinGecko, DOGE coin ranks 10th and SHIB ranks 12th by market cap.

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