Crypto - Sep 02, 2022 - 3 mins read

Lendaview Weekly #14

The Rundown Powered By Arcane Research

•    Market Take: August wrap-up: A crowded short. Several signals suggest that the crypto sell-off is getting overextended in the short term. Further, long-term metrics indicate that the time is ripe to initiate a more aggressive incremental BTC accumulation strategy, despite the horrendous macro backdrop. (Read article)
•    Digital asset investment products saw minor outflows last week totaling US$27m, marking the three consecutive weeks of outflows totaling US$46m. While history indicates this is partly due to seasonal effects, we believe it also highlights continued apathy following recent price declines.
•    The crypto market saw yet another downward push this week, leading BTC to retest the 2017 peak. BTC is now trailing in the lower end of its consolidation range after declining 4% over the last seven days.(Read article)
•    Bitcoin is trending downwards again and touched levels below $20,000 last week for the first time in over a month. Where is the next support level? (Read article)
•    While the price of ETH has declined by 51% YoY, the amount of staked ETH has more than doubled: from 6.5M to 13.4M. (Read article)

A Deep Bite

Has Bitcoin Hit a Floor? Blockchain Data and the Ethereum Merge

With Ethereum's long-awaited transition to proof-of-stake (PoS) fast approaching, blockchain analytics firm Coin Metrics is out with a new report explaining the move, along with data that provides some insights about user behavior.
Lucas Nuzzi, Coin Metrics head of research and development, joins "First Mover" to discuss the findings. Glen Goodman, an eToro crypto consultant, provides his bitcoin and crypto markets outlook. Also, Mythical Games CEO John Linden with a look at the state of the NFT market. More here

Weekly Bites

Avalanche Attorney Accused Of Using Lawsuits To Kneecap Rivals

In a series of brief, undercover videos published on a little-known website Friday, lawyer Kyle Roche bragged of his close ties to the founder of the Avalanche blockchain and seemed to suggest he had filed frivolous lawsuits in a bid to weaken its competitors. More here

Arbitrum Upgrades to Nitro ahead of Ethereum Merge

The largest Ethereum scaling solution just got a speed boost. Arbitrum, a layer-2 roll-up built to settle transactions cheaply on top of Ethereum, successfully deployed its Nitro upgrade after several hours of network downtime on Wednesday. More here

Peruvians Are Buying Crypto to Hedge Against Inflation and Political Instability

Amid government corruption investigations and economic imbalances, one of the most stable countries in Latin America is turning to crypto as a store of value. Political turmoil and rising inflation over the past year have unsettled Peruvians, leading many to turn to crypto as a safe haven. More here

Ethereum Up 10% In One Day – How Smart Money Is Playing The Bounce

Many of us are surprised by the recent market rally caused by the Ethereum Merge. The macroeconomic conditions completely contradict all rational approaches toward this rally. While it is difficult to extrapolate and rationalize why Ethereum especially is skyrocketing apart from the merge, we can take a look at how smart money is playing this rally. More here

Morgan Stanley warns of contracting stablecoin market amid quantitative tightening

Banking giant Morgan Stanley has recently raised a red flag for the crypto market. As per the bank, the combined market cap of the two largest stablecoins – Tether (USDT) and Circle’s USD Coin (USDC) – has started to drop. Stablecoins are those cryptocurrencies pegged to a particular currency, such as the U.S. Dollar. More here

Andreessen Says Its 'Can’t Be Evil' NFT Licenses Will Help Avoid Legal 'Ambiguity'

Venture capital firm Andreessen Horowitz has released a series of “Can’t Be Evil” licenses for NFT projects to use. The free licenses, created with the help of Punk6529 and others, let projects decide how NFT holders can tap into and commercialize IP. More here Ditches $495 Million Sponsorship Deal With Champions League Soccer has pulled out of a massive sponsorship deal with the European Champions League (EUFA) earlier this summer, SportsBusiness reported this week. The deal was reportedly going to run for five seasons and would have cost the crypto exchange roughly 100 million euros per season, or $99 million a year, making the now-lost overall deal worth a hefty $495 million. More here

Solana-based OptiFi Shuts down Protocol by Accident Losses $661K

Options trading DeFi protocol, OptiFi accidentally closed down its program on Solana’s mainnet on Monday. This means that the $661,000 in user funds within the app are now permanently inaccessible. More here

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