BlackRock Moves and Market Slumps

GM, Anon! Welcome to this week's Crypto Market Watch by M6 Labs. The latest market movements feel surreal, with insane price pumps underway, and it's astonishing that the retail sector hasn't even arrived yet 

Quick note on the BlackRock ETF. On November 15th, BlackRock took a significant step by submitting an S-1 application to the SEC for its Ethereum ETF, specifically targeting the spot market. This S-1 filing is a crucial registration statement that companies must submit to the SEC when seeking to list their ETFs. In summary ETF SOON

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Alpha Take Of The Week

Don’t be scared of pullbacks anon, it’s all part of the game

Narratives of the Week: Market Cools Off, How Are Things Looking?

After a few weeks of some pretty crazy price action, the market has taken a few steps back and things are cooling down. Though this isn't true for every coin, TIA skyrocketed after the market initially showed very little interest in it after the airdrop. Let’s make sense of all the recent chaos and reflect on how some crucial on-chain metrics are looking 

TLDR

• Digital asset investment products had $293M in net inflows last week, bringing the 2023 total to $1.14B

• Major crypto exchanges experienced significant increases in trading volumes and website traffic in October

• Retail interest in crypto is still low, indicating the early stages of a potential bull market.

• Various blockchain networks have seen increased activity, with Solana, Polygon, Thorchain, and Avalanche performing well

• DeFi dominance is on the rise, and derivatives platforms are seeing increased user activity

• Developer activity has decreased but may pick up as the market recovers

• Liquid staking remains strong in DeFi, with a market value of around $26B

• Fee generation has surged, particularly on platforms like Uniswap after the introduction of its fee switches

Volume across most chains has increased in the last 7 days significantly. Some of the best performers include Solana, Polygon, Thorchain, and Avalanche amongst others 

Project Spotlight: Ondo Finance

The recent developments involving Ondo Finance and Axelar are significant for several reasons, so Ondo Finance is in the spotlight this week! 

• USDY Stablecoin: USDY is a stablecoin backed by short-term U.S. treasuries and bank demand deposits. This backing by real-world assets adds a layer of security and stability to the coin, differentiating it from other stablecoins that may not have such strong backing

• Cross-Chain Functionality and Security: By partnering with Axelar, Ondo Finance can manage USDY supply across different blockchain networks

• This is done through a "burn-and-mint" mechanism, which ensures that tokens remain native to each network and mitigates the risks typically associated with wrapped assets. This functionality is crucial for maintaining the integrity and stability of the token across various platforms

Bitcoin Weekly Update

Navigating the daily BTC chart: 33k or 42k?

• Our RSI on the daily timeframe recently found support at the uptrend trendline and made a strong rebound

• However, the channel's current formation appears to resemble a bearish expanding triangle

• In the event that the RSI uptrend trendline is breached, a potential revisit to the 33k region may be on the horizon

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News

• Ether.fi 's liquid staking token, eETH, has gone live on mainnet. Currently, only whitelisted users can mint eETH. ether.fi will continue to whitelist more users to mint over the upcoming days 

• Ondo Finance has established a partnership with Axelar to create a short-term US Treasury bill-backed yield-bearing stablecoin

• Uniswap Labs has made over $1M in the 27 days since turning on the 0.15% fee switch for the Uniswap Protocol last month

• Tensor reveals snapshot of holders for potential airdrop

• Baby Shark Universe is coming to Sei

• Aave resumed business as usual following security concerns.

• Opyn co-founders step down

• Near Foundation partners with Eigen Labs 

• South Korean crypto exchange Bithumb is reportedly planning an IPO on Kosdaq in the second half of 2025, with Samsung Securities chosen as its underwriter

Recent data analysis has revealed that around 70% of the Bitcoin supply has remained inactive for over a year, reaching an all-time high in terms of dormancy. This trend is not limited to a single cohort but is observed across various timeframes, with 57% of the supply untouched for over two years, 41% for three years, and even 30% for over five years

Blue Chip and Majors Overview

• CEL the native utility crypto of the now-defunct Celsius Network,  witnessed a substantial rise of 128% in the last 30 days, reaching levels not seen since April

• Celestia has emerged as one of the recent standout performers, defying initial expectations. Over the past week, TIA has experienced a remarkable appreciation of approximately 152%

• Solana has exceeded expectations by delivering an impressive return of approximately 312.76% since its June lows. The Solana ecosystem has demonstrated exceptional performance across various metrics, with notable gains in the gaming and NFT sectors

• LUNA recently surged by 35% in a single night and is poised to re-enter the top 100 cryptos by market capitalization

• HEX increased by over 160% in the past month. It's worth noting that HEX founder Richard Heart is facing securities fraud charges by the SEC

• FTT stands out as one of this week's top performers, registering a staggering 240% increase in value, driven by news speculating about the potential restart of FTX. While the viability of this option remains uncertain, users are taking the gamble

Smart Money Movements

Tokens:

• Many Smart Money addresses have been interacting with $Mubi recently, trading it constantly

• $HYPR has caught the attention of some smart money addresses as well, being a new L2 for scaling ZK gaming

• Smart Money has been accumulating $Beam, $dinero, and $MPL recently

• $TAO and $OLAS got bids from smart money too

• Smart Money is taking profit on $Banana after a significant upside price surge

Yield Farms:

• Smart Farmers are farming Aerodrome AMM-DAI+/USD+ Stable Pool with $4.6m TVL at 11.25% APR

• TimeSwap and Spark protocols have caught the attention of smart farmers too

NFTs:

• Some smart money addresses minted Baboon Tools NFTs, a collection of TG tools for degens, and analyzing low caps and new pairs

Interesting Onchain events:

• $SPX's official NFT collection dropped yesterday, 'Aeons’' and it made a 110 ETH profit for $SPX holders as they had WL to mint 2/3 of the supply and flip it for 5-6x profit

• An unknown bidder targeted $YFI and bought over $4.4m tokens, becoming a new top holder. Check out their address here

Wintermute acquired $300k worth of $MPL, resulting in an immediate price surge in Maple. Address

News

• LootRush releases update to allow users to list NFTs securely for rent

• EverQuest,  Call of Duty vets unveil metaverse game Avalon

• PancakeSwap release NFT gaming marketplace

• Phantom Galaxies launches in early access on Epic Games Store and Steam

• Aptos Foundation is partnering with Seoul Land, a leading South Korean amusement park and media group

• Gaming keys giant G2A launches 'Geekverse' NFT marketplace

• Disney to launch NFT Platform in partnership with Dapper Labs

Blue Chip Overview

Traditional NFTs have been on a steady ascent, mirroring the overall market's upward trend. In an unexpected twist, Mad Lads has dethroned Bored Ape Yacht Club from its top position in terms of trading volume

Alien Worlds has garnered significant attention from users as an NFT metaverse game, residing primarily on the WAX blockchain. It's worth noting that this intriguing game also offers functionality on other blockchain networks, including Ethereum and BNB Smart Chain

Degen Corner

• Genopets has introduced a significant update, featuring a new racing mini-game, an in-app shop, and enhanced meal and toy options 

• Pixelmon has exciting news to share as they unveil a strategic partnership with Horizen Labs Venture, the same company behind the successful ApeCoin launch 

• The gaming sector continues to sizzle this week, showcasing impressive performances from tokens like ILV (+36%), IMX (+45%), PRIME (+48%), RON (+30%), and MC (currently migrating to BEAM, with a +80% gain)

• NFTFi, a platform for NFT lending on Ethereum, has witnessed remarkable growth, boasting a substantial TVL  increase of 103%

This is just a preview, be sure to check out the full version of this report here!

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