Asia biased macro & technical analysis, Untying The Gordian Knot

Untying The Gordian Knot

Asia biased macro & technical analysis

A differentiated process with a primary focus on Asia. Technical Analysis as core and Macro drivers that could bring the view to fruition & changes that could make the idea fall apart. The objective is to be the best in class, hence corner shop.

Technical Analysis

<ul><li>The recent 7% drop in Bitcoin's value coincided with SpaceX's announcement of selling off its entire $375 million worth of holdings.</li><li>This event highlighted two crucial factors: the lack of liquidity in the market and the end of the bear flag counter-trend rally.</li><li>Additionally, Binance Coin was already showing signs of breaking down, which could decrease the overall crypto market cap.</li></ul>

The recent 7% drop in Bitcoin's value coincided with SpaceX's announcement of selling off its entire $375 million worth of holdings.This event highlighted two crucial factors: the lack of liquidity in the market and the end of the bear flag counter-trend rally.Additionally, Binance Coin was already showing signs of breaking down, which could decrease the overall crypto market cap.

Data-Driven Analysis of Cryptocurrency Markets, Kaiko

Kaiko

Data-Driven Analysis of Cryptocurrency Markets

Kaiko is the leading cryptocurrency market data provider for institutional investors and enterprises. We empower market participants with accurate, transparent, and actionable financial data to be leveraged for a range of market activities. Kaiko’s mission is to be the foundation of the new digital finance economy by serving as a single source for market information. Our mission is premised on the idea that high-quality data drives market efficiency and greater transparency throughout the industry. For each of our enterprise clients, we build custom data plans designed for a range of use cases.

Crypto

<ul><li>Exceptionally low liquidity, macro factors, and a flurry of bad news were among the drivers of last week's flash crash, pushing BTC to its lowest level in months and spurring a wave of liquidations across derivative markets. </li><li>While BTC 2% market depth has stabilized over the past few months at around 5k BTC, it remains more than 50% below its pre-FTX highs.</li><li>As BTC prices began falling towards $25k around 8pm UTC on August 17, market depth dropped 50% to just 2k BTC.</li></ul>

Exceptionally low liquidity, macro factors, and a flurry of bad news were among the drivers of last week's flash crash, pushing BTC to its lowest level in months and spurring a wave of liquidations across derivative markets. While BTC 2% market depth has stabilized over the past few months at around 5k BTC, it remains more than 50% below its pre-FTX highs.As BTC prices began falling towards $25k around 8pm UTC on August 17, market depth dropped 50% to just 2k BTC.

<ul><li>This week, news broke that the oldest crypto market maker, GSR, has been scaling back operations - particularly in the U.S. - while a number of top executives have left the company.</li><li>This is yet another hit to U.S. and global liquidity and volumes; in May, Jump Crypto and Jane Street revealed they were reducing crypto operations.</li><li>This week, we’ll take a look at the state of the crypto market, including volatility, liquidity, and volumes, and then examine some budding narratives and tokens.</li></ul>

This week, news broke that the oldest crypto market maker, GSR, has been scaling back operations - particularly in the U.S. - while a number of top executives have left the company.This is yet another hit to U.S. and global liquidity and volumes; in May, Jump Crypto and Jane Street revealed they were reducing crypto operations.This week, we’ll take a look at the state of the crypto market, including volatility, liquidity, and volumes, and then examine some budding narratives and tokens.

<ul><li>The Curve 3pool – long one of the most important sources of liquidity for DAI, USDC, and USDT – has continued to bleed this summer, shrinking by $175mn.</li><li>This outflow has been primarily led by USDC; users have withdrawn $125mn of Circle’s stablecoin.</li><li>By this metric, USDT has remained roughly even while $60mn DAI has been removed, $25mn of which came in just three transactions on July 31.</li></ul>

The Curve 3pool – long one of the most important sources of liquidity for DAI, USDC, and USDT – has continued to bleed this summer, shrinking by $175mn.This outflow has been primarily led by USDC; users have withdrawn $125mn of Circle’s stablecoin.By this metric, USDT has remained roughly even while $60mn DAI has been removed, $25mn of which came in just three transactions on July 31.

<ul><li>Curve's 3pool and Uniswap V3’s main USDT-USDC pool both became imbalanced heading into the weekend as USDT selling escalated.</li><li>However, this trend actually started in mid-July, with $100mn net selling on Uniswap from July 15 to July 22.</li><li>While the net selling eased in the last few weeks of July, it picked up again on July 31, the day after the Curve exploit (these two events seem to be unrelated).</li></ul>

Curve's 3pool and Uniswap V3’s main USDT-USDC pool both became imbalanced heading into the weekend as USDT selling escalated.However, this trend actually started in mid-July, with $100mn net selling on Uniswap from July 15 to July 22.While the net selling eased in the last few weeks of July, it picked up again on July 31, the day after the Curve exploit (these two events seem to be unrelated).

Tether Imbalance on Curve Raises Questions

United States

Ethereum is an open-source, public, blockchain-based distributed computing platform featuring smart contract (scripting) functionality. It provides a decentralized Turing-complete virtual machine, the Ethereum Virtual Machine (EVM), which can execute scripts using an international network of public nodes. Ethereum also provides a cryptocurrency token called "ether", which can be transferred between accounts and used to compensate participant nodes for computations performed. "Gas", an internal transaction pricing mechanism, is used to mitigate spam and allocate resources on the network.

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Crypto Selloff: What now?

The recent 7% drop in Bitcoin's value coincided with SpaceX's announcement of selling off its entire $375 million worth of holdings.

Untying The Gordian Knot

Top Trends of The Summer

While BTC 2% market depth has stabilized over the past few months at around 5k BTC, it remains more than 50% below its pre-FTX highs.

Kaiko

Where Has the Volatility Gone?

This week, we’ll take a look at the state of the crypto market, including volatility, liquidity, and volumes, and then examine some budding...

Kaiko

Curve 3pool Sees $175m Outflows

The Curve 3pool – long one of the most important sources of liquidity for DAI, USDC, and USDT – has continued to bleed this summer, shrinking by...

Kaiko

Tether Imbalance on Curve Raises Questions

Curve's 3pool and Uniswap V3’s main USDT-USDC pool both became imbalanced heading into the weekend as USDT selling escalated.

Kaiko

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