BlackRock Moves and Market Slumps
Tokenized Treasuries Everywhere, DeFi is Back, Inflows Hit New Highs
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
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
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
Are you going to buy the dip?
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
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.
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
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 is taking profit on $Banana after a significant upside price surge
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:
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
Top NFT games. Source: Footprints.
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%
Do you have a Lens profile?
This is just a preview, be sure to check out the full version of this report here!
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