Daily Market Update: November 13, 2023

November 13, 2023

BTC is currently trading around $36,800 and ETH around $2,100. Notable gainers in the last 24 hours are TIA, BGB, and FIL. The global crypto market cap is ~$1.46T, down 0.6% over the last day. DeFi Total Value Locked is ~$47b and BTC dominance is around 52%.

Asset prices are mostly lower to kickstart the week. Moody’s lowered its ratings outlook for the US government after Friday’s close, citing weak fiscal positioning as concerns of a US government shutdown return heading into Friday’s funding deadline. European equities are a notable exception to performance, realizing modest gains with broad participation across sectors. It’s a busy week for economic data releases, featuring US, UK, and EU CPI, as well as US PPI, US retail sales, and Japanese GDP.

Notable news includes: Foresight Ventures acquired a majority stake in The Block and funds were primarily used to buy out former CEO Mike McCaffrey’s ownership; Ondo Finance partnered with Axelar to introduce a bridge supporting native issuance of its onchain treasury token (USDY) across several different blockchain networks; BRC-20 tokens neared a ~$1.5b market cap while Bitcoin miners generated the most single-day revenue of the year due to increased transaction fees; Aave’s lending market resumed normal operations after being halted due to a security vulnerability; Near Foundation partnered with Eigen Labs to help create cheaper transactions for Ethereum rollups; and, Grayscale’s Solana Trust surged to a nearly ~800% premium vs. its NAV.

Sign up to conveniently receive GSR crypto content in your inbox.

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.  GSR is not authorised or regulated in the UK by the Financial Conduct Authority.  The protections provided by the UK regulatory system will not be available to you. Specifically, information provided herein is intended for institutional persons only and is not suitable for retail persons in the United Kingdom, and no solicitation or recommendation is being made to you in regards to any products or services. 

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.