Trading Desk Market Update: 11/19

19.11.2021

GSR Markets

BTC is currently trading around $57,700 and ETH around $4,200.  Notable gainers in the last 24 hours are LRC, MANA, and AR.  The global crypto market cap is $2.69T, down 0.8% over the last day.  DeFi Total Value Locked is ~$251b and BTC dominance is around 43%.

ConstitutionDAO, the decentralized autonomous organization set up to bid on a rare first edition copy of the US Constitution, failed to win the auction. Although the community raised ~$47m, the document was sold to an unknown bidder for $41m.  Supporters speculated that the DAO lost because it couldn’t produce enough additional funds to maintain the document, or that its bid could have been stronger had it used a layer two solution instead of Ethereum’s mainnet.  Nevertheless, 17,437 wallets contributed to ConstitutionDAO’s auction bid, and it set a new record for the largest sum of money raised within 72 hours. 

In other news, it’s been a busy week for fundraising as companies look to take advantage of the strong environment.  Leading NFT marketplace OpenSea is said to be fielding fundraising offers valuing the company at $10b, crypto custodian Anchorage is reportedly raising a funding round at a $3b valuation, crypto exchange Gemini revealed it is seeking to raise $400m at a $7.1b valuation, crypto custodian Copper is reportedly in process of raising $500m at a $3b valuation, crypto mining firm Bitdeer intends to go public via a merger with a SPAC at a $4b valuation, Ethereum infrastructure company ConsenSys raised $200m at a $3.2b valuation, ZK-rollup developer StarkWare raised $50m at a $2b valuation, and blockchain gaming services company Forte raised $725m.

2021.11.19

This material is a product of the GSR Sales and Trading Department. It is not a product of a Research Department, not a research report, and not subject to all 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 your interests. The Firm trades instruments discussed in this material for its own account. The author may have consulted with the Firm’s traders and other personnel, who may have already traded based on the views expressed in this material, may trade contrary to the views expressed in this material, and may have positions in other instruments discussed herein. This material is intended only for institutional investors. Solely for purposes of the CFTC’s rules and to the extent this material discusses derivatives, this material is a solicitation for entering into a derivatives transaction and should not be considered to be a derivatives research report.This material is provided solely for informational purposes, is intended for your use only and does not constitute an offer or commitment, a solicitation of an offer or comment (except as noted for CFTC purposes), or any advice or recommendation, to enter into or conclude any transaction (whether on the indicative 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. Information is based on sources considered to be reliable, but not guaranteed to be accurate or complete. Any opinions or estimates expressed herein reflect a judgment made 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. GSR will not be liable whatsoever for any direct or consequential loss arising from the use of this Information. Copyright of this Information belongs to GSR. Neither this Information nor any copy thereof may be taken or rented or redistributed, directly or indirectly, without prior written permission of GSR. Not a solicitation to U.S. Entities or individuals for securities in any form. If you are such an entity, you must close this page.