Daily Market Update: September 25, 2023

September 25, 2023

BTC is currently trading around $26,100 and ETH around $1,550.  Notable gainers in the last 24 hours are IMX, FXS, and APT.  The global crypto market cap is $1.08T, down 1.2% over the last day.  DeFi Total Value Locked is ~$38b and BTC dominance is around 50%.

Traditional markets are little changed while crypto prices are down small as we head into the final week of the quarter.  Friday will see key inflation data from both the EU and US, as well as the quarterly options expiry.  Traders are also watching whether the US can avoid a government shutdown slated for October 1 that would see all nonessential functions brought to a halt should Congress fail to agree on a new government funding deal.

Notable news includes: Mixin Network was exploited on Sunday for up to $200m after its cloud service provider was attacked; South Korea’s largest crypto exchange Upbit temporarily halted withdrawals after reportedly mistaking scam APT tokens for legitimate ones; a security breach of a third party vendor for NFT marketplace OpenSea potentially exposed API keys for certain OpenSea users; Hong Kong’s securities watchdog announced that it will disclose all crypto license applicants in the wake of the JPEX incident; Australia’s financial regulator filed a civil lawsuit against a subsidiary of crypto exchange Kraken for allegedly failing to comply with regulations related to its margin trading product; trading giant eToro received approval to operate crypto services in Cyprus, allowing it to offer regulated services to the EU once MiCA takes effect in December 2024; Coinbase became a registered crypto exchange in Spain; Coinbase reportedly explored the acquisition of FTX Europe; crypto asset manager CoinShares launched operations in the US; Amazon invested $4b into AI startup Anthropic; MicroStrategy purchased another $147m of bitcoin; the bitcoin mempool is the highest its ever been due to inscriptions; ETH turned inflationary as network revenue fell to a nine month low; Ethereum’s Dencun upgrade will likely be delayed into 2024, per developer comments; the Terra Classic community voted in favor of ceasing all minting activities related to TerraClassicUSD (USTC); ApeCoin DAO revealed plans to launch a sister DAO tasked with acquiring influential NFTs; and, the Arbitrum Foundation sent $56m of unclaimed ARB tokens to Arbitrum’s DAO after its airdrop period ended.

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.

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.