Trading Desk Market Update: 2/25

February 25, 2022

BTC is currently trading around $39,400 and ETH around $2,700.  Notable gainers in the last 24 hours are OMI, AMP, and LUNA.  The global crypto market cap is $1.83T, up 10.2% over the last day.  DeFi Total Value Locked is ~$194b and BTC dominance is around 43%.

Equity and crypto markets staged a comeback yesterday after initially falling materially due to Russia’s invasion of Ukraine.  Some attributed the rebound to heavy sanctions imposed against Russia.  BTC had fallen as low as ~$35,300 over the last 24 hours, but has ranged between $38,000 and $39,400 since recovering.

Other news includes: Ukraine DAO is dropping 10,000 Ukrainian flag NFTs minted on Ethereum with proceeds benefitting Ukrainian civilian organizations helping those impacted by the war; BNY Mellon stated that it will begin offering its digital asset custody products to institutions later this year; Coinbase reported higher than expected 4Q revenues and strong growth in monthly transacting users though guided for a softer 1Q; Block’s Cash App generated ~$2b in revenue and $46m in profit from bitcoin purchases, though is also seeing a more sluggish 1Q; leading Japanese internet company Rakuten has launched an NFT marketplace; Monster Energy has filed NFT and metaverse trademark applications; and, ex-Diem developers announced a new smart contract blockchain named Aptos.

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.