BTC is currently trading around $21,500 and ETH around $1,700. Notable gainers in the last 24 hours are GNO and FXS. The global crypto market cap is $1.08T, down 8.1% over the last day. DeFi Total Value Locked is ~$81b and BTC dominance is around 41%.
Markets are selling off meaningfully this morning with the U.S. dollar being one of the few assets holding up. Equities, crypto, and bonds are all down with crypto being the standout loser. Fed officials reiterated a hawkish path moving forward and cautioned that policy would be unlikely to reverse course soon. $2.1 trillion of equity option notional is expiring today which could further exacerbate market moves. Crypto performance has diverged to the downside, falling ~8.1% in the last day as nearly $550m of long crypto positions were liquidated.
Notable news includes: Nigeria increased the features of its eNaira CBDC, targeting unbanked individuals; U.S. lawmakers appealed directly to four top mining firms for info into their energy consumption; Ontario crypto exchanges imposed a 30k CAD annual limit on altcoin purchases; CME Group announced plans to launch options on ETH futures ahead of The Merge; Gemini announced staking support for multiple assets; Robinhood landed a ~60% discount on its acquisition of crypto exchange Ziglu; Australian exchange Swyftx cut staff by ~20%; crypto lender Hodlnaut announced a police inquiry and an ~80% staff cut; the ETHW token has already fallen ~62% on Poloniex; crypto custodian Copper announced plans to connect to Solana for DeFi access; Mercado Libre launched its own Ethereum cash back token; Tether announced plans to issue monthly attestation reports with its new accounting firm BDO Italia; Safe, the recently rebranded spinoff protocol from Gnosis, announced plans for an airdrop; SBI Holdings cut its Bitcoin mining operations in Russia citing sanctions; Rarible proposed a zero fee BAYC-ecosystem NFT marketplace for ApeCoin users; $55m of BAYC and CryptoPunk NFTs risk liquidation on BendDAO; Blockchain VC funding was down ~43% in July; GitPOAP raised $4m to bring Github contributions on-chain; and, Ukraine spent ~$54m in crypto on drones and other military expenses.
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.