Daily Market Update: Apr 3, 2023

April 3, 2023

BTC is currently trading around $28,300 and ETH around $1,800. Notable gainers in the last 24 hours are SXP, FXS, and RPL. The global crypto market cap is ~$1.23T, down ~0.1% over the last day. DeFi Total Value Locked is ~$50b and BTC dominance is around 48%.

Markets are mixed and generally little-changed, with oil being the notable exception as WTI and Brent rallied more than 5% after a surprise ~1.2m bbl/d supply cut from OPEC+ members. The supply cut will add to inflationary pressures in the already challenging macro backdrop. Lastly, despite a short week in many countries for Good Friday, the week’s headline nonfarm payroll release will still come on Friday morning.

Notable news includes: Uniswap v3’s code is now free to fork after its BSL license expired on April 1st; the U.S. government sold nearly ~10k bitcoin on March 14th that it seized following last year’s arrest of James Zhong, and the U.S. government intends to liquidate the remaining ~41.5k bitcoin in four tranches over the rest of the calendar year; Arbitrum fell over the weekend as the Arbitrum Foundation sold ARB tokens ahead of its so-called ratification vote, casting a widely negative light on its governance process; SBF pleaded Not Guilty to new charges that included bribing Chinese officials; Bittrex announced it will halt U.S. operations by the end of April due to the unfavorable regulatory environment; Japanese regulators warned that Bybit, Bitget, BitForex, and MEXC are operating without registration in the country; The Block reportedly laid off ~33% of its staff, and the firm’s VP of Research, Larry Cermak, was appointed as the new CEO; Nomura-backed Komainu plans to offer a regulated and segregated collateral management product for institutional clients; Re7 Capital and Republic Crypto launched a $100m fund for investing in liquid tokens; Alchemy Pay raised $10m at a $100m valuation; and, a group of MEV bots lost more than $25m in a sophisticated block proposer attack.

Matt Kunke, Research Analyst | TwitterTelegramLinkedIn
Brian Rudick, Senior Strategist | TwitterTelegramLinkedIn

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.

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.