Tuesday, 12 April 2022

Market Summary

Market Summary 12 April 2022

Bitcoin Price: US$ 39,530.45 (-6.23 %)
Ethereum Price: US$ 2,979.74 (-6.97 %)


ETH Put Volume Swells, BTC Retests, & NBA DAO

  • Options traders are seemingly bearish for ETH in the near-term as volume skews rather heavily towards puts as compared to BTC in the same expiry period. BTC options traders seem to be undecided on where the market will head in the near term.
  • Implied volatility (IV) continues to trend downwards, hitting new yearly lows over the weekend. IV tends to indicate the market’s sentiments on how likely the underlying asset is expected to move, lower means less likely, and higher means more likely.
  • All eyes will be on tomorrow’s CPI release, the first CPI since the start of the Russian-Ukraine war. The estimates are that US CPI hits 8.4%, making it a four-decade high in inflation, amidst a backdrop of war and supply-chain complications. The high inflation is likely to push the Fed to tighten monetary policy and raise rates quicker.
  • A contrarian view on why high ETH put volumes could be bullish here is that investors may be buying cheap protection ahead of CPI release as IV falls. Coupled with a continuous net outflow of ETH from exchanges, one can speculate that investors are continuing to accumulate ETH ahead of the merge.
  • The first report Delphi ever published was back in December 2018 when we called the bottom in bitcoin’s price. One of the key indicators that gave us such conviction was our analysis on UTXO trends, specifically the trend in long-term holder behavior. We looked at the % of BTC that hadn’t moved in at least a year and found that each BTC price cycle tended to coincide with the trend in this metric.
  • Historically, we tend to see this percentage top out close to BTC price bottoms (and vice versa). During BTC bull runs, longer term holders sell into price strength; during bear markets, we see accumulation.
  • We saw the % of this dormant BTC supply start to bottom late last year just as prices were peaking. We’ve since seen a strong accumulation trend, which is typical of periods of bearish price action. This metric may not have peaked yet, but is certainly one to watch as it nears prior highs (~63%).
  • Flex Chapman is the Co-founder of Krause House DAO, a community of basketball fanatics aiming to buy and operate an NBA team. We discuss the feasibility of buying an NBA team, the implications of a fan-governed team, Krause House’s operational structure, and much more.


ETH devs implement first-ever ‘shadow fork’ as PoS testing continues

  • Ethereum developers implemented the network’s first-ever “shadow fork” on Monday, marking an important milestone in the ongoing shift to a proof-of-stake (PoS) consensus. 
  • The shadow fork provides a venue for developers to stress test their assumptions around the network’s complex shift to PoS, according to Ethereum Foundation developer Parithosh Jayanthi. “The aim of the Kiln merge testnet was to allow the community to practice running their nodes, deploying contracts, testing infrastructure, etc.,” he tweeted on Sunday.
  • Kiln refers to the last testnet of the so-called merge, which involves transitioning Ethereum’s Execution Layer from proof-of-work to PoS. In a March 14 blog post, the Ethereum Foundation described the merge as a “culmination of six years of research and development” intended to make the network more secure and energy-efficient. 
  • Ethereum Foundation developer Marius van der Wijden confirmed on Monday that PoS testing was underway. “Today will be the first mainnet shadow fork ever. We’re roughly 690 blocks (~2 h) away from TTD,” he tweeted.


Mr. Wonderful Kevin O’Leary reveals his top crypto picks

  • Cointelegraph business editor Sam Bourgi sat down with Kevin O’Leary at this year’s Bitcoin conference in Miami to discuss the latest developments in the crypto asset space. O’Leary, who’s known as “Mr. Wonderful” for his starring role on Shark Tank, provided a hard-hitting analysis of crypto’s role in reshaping the investment landscape.
  • After admitting in December 2021 that crypto could reach 20% of his portfolio, O’Leary revealed to Cointelegraph some of his top picks for 2022 and beyond. Suffice it to say, Mr. Wonderful has a well-diversified portfolio of top crypto plays — he also made it abundantly clear that no “shitcoin” made the list. Visit youtube post here.


Fortnite creators Epic Games raise $2B from Sony and LEGO to fund metaverse plans

  • Epic Games, the video game publisher behind the popular PC and console game Fortnite, announced a $2 billion funding round with plans to accelerate the company’s vision to make its mark in the Metaverse. The deal, which is still subject to customary regulatory approvals, would bring Epic’s equity valuation to $31.5 billion.
  • This round includes a respective $1 billion investment from existing investor Sony Group Corporation and from KIRKBI, the holding company behind the LEGO Group. Sony, the company behind PlayStation consoles, also invested $200 million into Epic in April 2021.
  • According to a statement, the three partners plan to combine expertise and technologies to influence the future of entertainment and digital play by developing new virtual production initiatives and digital fan experiences in sports and gaming. 


Swiss public exchange lists two new carbon-neutral crypto ETPs

  • Two new carbon-neutral cryptocurrency exchange-traded products (ETPs) have been launched on the Six Swiss Exchange, bringing the total number of crypto ETPs to 155.
  • The SIX Swiss Exchange just announced on Monday that Helveteq is introducing two new crypto ETPs, Bitcoin (Bitcoin Zero / BTCO2) and Ethereum (Ether Zero / ETH2O), becoming the third crypto ETP issuer to join SIX in 2022.
  • An ETP is a derivative financial instrument that trades based on assets such as commodities, currencies, share prices or interest rates. The BTCO2 and ETH2O ETPs seek to expose investors to the world’s two most valuable cryptocurrencies while offsetting their carbon footprints. They are part of the “crypto goes carbon neutral” campaign led by Helveteq in conjunction with the Swiss fintech innovation lab at the University of Zurich.
  • Christian Katz, CEO of Helveteq, said it is vital to provide carbon-neutral crypto ETPs while commenting on the latest listing. He added that:
  • “Awareness of the link between the environment and the blockchain economy is rising fast and we all must work together to find sustainable solutions. That’s why Helveteq sponsors and cooperates with the University of Zurich for research in this field, based on which we compensate the carbon footprint of our Zero ETP family.”


Axie Infinity sees ‘no signs of buyers’ as AXS price tumbles 30% in two weeks

  • Axie Infinity (AXS) price has fallen by nearly 30% two weeks after losing $625 million to a hacking incident involving its play-to-earn gaming platform’s underlying blockchain, the Ronin Network.
  • AXS/USD dropped to $46.69 on April 11, its lowest level since March 16, signaling a dampening buying sentiment among traders and investors following the hacking incident.
  • Independent market analyst TJ asserted that there is “no sign of buyers” even with the price entering areas with a history of attracting accumulators.
  • The bearish prospects appear despite a strong assurance from Sky Mavis — the company that built Axie Infinity — that they would reimburse all the users who lost funds in the $625 million theft. Last week, the firm announced a $150 million raise, led by Binance, to honor its promise.


Cathie Wood’s Ark Invest dumps PayPal, favoring Bitcoin-friendly Cash App

  • Crypto investment company Ark Invest founder Cathie Wood has dumped all of the firm’s holdings of PayPal and showed greater confidence in the long-term growth of the Cash App payment system which uses the Bitcoin (BTC) Lightning Network.
  • Wood explained her firm’s move at the Miami Bitcoin 2022 conference which wrapped up on Saturday.
  • The Lightning Network (LN) is a layer-2 solution for Bitcoin meant to facilitate faster and cheaper transactions. Financial technology company PayPal operates the payment app Venmo as a direct competitor with Block’s (formerly Square) Cash App.
  • Wood said in an interview with CNBC on Friday that she made the decision to drop PayPal for Cash App due to its more comprehensive approach toward digital asset wallet integration. She said that although Venmo has begun to accommodate Bitcoin, “it’s more of a follower of Cash App.”

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