Citadel, Susquehanna, and Soros buy Silvergate, and Bitcoin's Average Block Size hits All-Time-High
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February 14, 2023 Crypto Daily Tickers in this report: BTC, ETH, FTM, LDO, SI Citadel, Susquehanna, and Soros buy Silvergate, and Bitcoin's Average Block Size hits All-Time-High THIS MESSAGE IS SENT SOLELY TO MEMBERS OF FS INSIGHT Market Update Crypto rallied following today's CPI report that showed that inflation grew at a 6.4% annual rate, slightly higher than expected. $BTC and $ETH rose 1.53% and 2.93%, respectively, while SPX and NDQ were down 0.14% and up 0.23%. Interestingly, more traditional finance giants have acquired shares of Silvergate ($SI). Citadel Securities disclosed a 5.5% stake in the crypto-friendly bank, Susquehanna Advisors Group disclosed a 7.5% stake, and George Soros's fund also announced a smaller stake. Standouts today in the crypto market include alternative layer 1, $FTM (up 14.65%), and liquid staking provider, $LDO (up 7.93%). Orb Labs, a blockchain interoperability startup, raised $4.5 million in a seed round led by the crypto arm of Bain Capital. Orb Labs plans to use the funding to launch its products, expand its team, and perform security audits. Blockchain interoperability refers to products and services that utilize multiple blockchains' benefits and users being able to bridge their assets between blockchains. Interoperability is still in its nascent stages and is full of risks - with billions of dollars lost in bridge hacks. Orb Labs plans to offer a cheaper, faster, and more secure solution than existing interoperability protocols. Orb Labs co-founder Richard Adjei stated, "Our team is excited to power the next wave of blockchain interoperability by providing gas-efficient, fast, and trust-minimized messaging protocols."
Bitcoin's Ordinals Protocol continues to capture interest, causing Bitcoin's average block size to hit an all-time high above 2.5 megabytes for the first time since Bitcoin's inception in 2009. This is a significant increase from Bitcoin's average block size in the past couple of years of 0.7 MB to 1.5 MB. Ordinals have been dubbed "Bitcoin-based NFTs" and have resulted in miners making over $600K processing Ordinal's transactions. The creator of Ordinals, Casey Rodarmor, describes Ordinals as "digital artifacts" on the network that can comprise of JPEG images, PDFS, video, and audio files. Daily Technical Strategy Mark L. Newton, CMT Head of Technical Strategy Following a 50% retracement of its January 2023 rally, $FTMUSD looks to be turning back higher given Tuesday's rally back to multi-day highs. This sharp rally from December 2022 lows managed to gain more than 200% off the lows as volume expanded. While momentum remains negatively sloped given the minor pullback in recent weeks, Fantom's stabilization and recovery attempt looks important following this test of a key level near 0.42 over the past week. Overall, this looks to be a first step after FTM lost more than 90% off its highs before bottoming last June. The seven-month period of stabilization gave way to this year's first big rally off the lows, and it's thought that prices should continue to press higher into the month of April with initial resistance at 0.65. Gains above that level should reach 0.87, then 1.00 without too much trouble. Support on pullbacks lies at $0.37 up to $0.40 which should hold on any further consolidation.
Daily Important Metrics Crypto Size Sentiment Bullish signal is tied to the crypo market growing Market cap $1.01T+$6.8B (+0.68%) BTC Dominance 41.64% (-0.45%) Stable coins Increase in crculating stablecoins is a Bullish signal In Circulation $68B (+0.00%) BMI : 76 (0.00%) In Exchanges $17B (-0.41%) BTC Metrics Futures A decrease in Bitcoin on exchanges is bullish, A positive spread between Futures Prices indicates investors are moving coins to cold and Spot Prices is Bullish storage CME BTC Price $16,780 (2.33%) # BTC in Exchanges 2.3M (-0.21%) Spot Basis $30.26 (0.14%) Volume 1.1M (85%) Funding Rates Open Interest 342,013 (0.23%) Positive funding rates indicate traders are Bullish Options all exchanges
Aggregate 0.31 (0.33) Higher open interest change in a bull market is bullish for the sector Binance 0.27 (3.50) Volume 30,407 (362%) Bitfinex 3.02 (3.02) Open Interest 277,119 (3.86%) Bitmex 0.65 (0.50) ByBit 1.00 (0.83) Volume Put/Call Ratio 0.6039 (-39%) Deribit -0.00 (0.07) Open Interest Put/Call 0.4297 Ratio (1.89%) Huobi 1.00 (0.32) Kraken 0.65 (0.34) Mean 0.31 (0.33) OKex -1.05 (-0.96) All metrics as of February 14, 2023 1:22 PM All Funding rates are on bps Crypto Prices Market Last Daily Year to Rel. to BTC Symbol Cap Price Change Date YTD BTC $427B $22,145 ↑ 2.62% ↑ 34% ↑ 0.00% ETH $190B $1,551 ↑ 4.67% ↑ 29% ↓ -4.26% ADA $13B $0.3827 ↑ 9.44% ↑ 55% ↑ 21% DOGE $11B $0.0832 ↑ 3.20% ↑ 19% ↓ -15% MATIC $11B $1.24 ↑ 7.32% ↑ 62% ↑ 29% SOL $8.2B $21.91 ↑ 8.34% ↑ 121% ↑ 88% DOT $7.2B $6.22 ↑ 4.28% ↑ 43% ↑ 9.33% LINK $3.4B $6.77 ↑ 3.73% ↑ 22% ↓ -12% NEAR $1.9B $2.24 ↑ 5.50% ↑ 76% ↑ 42% All prices as of February 14, 2023 1:22 PM
Exchange Traded Products (ETPs) Premium to Last Daily Year to Relative to BTC Symbol Nav Price Change Date YTD GBTC ↓ -48% $10.86 ↑ 4.52% ↑ 31% ↓ -2.67% BITW ↓ -59% $8.59 ↑ 4.63% ↑ 60% ↑ 26% ETHE ↓ -53% $7.25 ↑ 5.69% ↑ 52% ↑ 19% BTCC ↑ 0.22% $4.10 ↑ 2.24% ↑ 35% ↑ 1.64% All prices as of February 14, 2023 3:30 PM News QUICK BITS Decrypt.co Ordinals Gain Momentum With 76,000 NFTs Minted to Bitcoin While the community remains divided, Ordinals has taken the Bitcoin ecosystem by storm. FUNDRAISING AND M&A The Block Credit Suisse leads $65 million Series B in digital asset firm Taurus Taurus SA, a Switzerland-based digital asset infrastructure company focused on servicing financial institutions in Europe, raised $65 million in a Series B fund... The Block
Former Jump Trading developers raise $19 million to build Monad blockchain Monad Labs, a Layer 1 blockchain project co-founded by former Jump Trading developers, raised $19 million in funding led by Dragonfly Capital. ... CoinDesk Bain Capital Crypto Backs $4.5M Round for Blockchain Interoperability Startup Orb Labs Orb Labs emerges from stealth preparing to launch its first products. HIRING The Block Magic Eden lays off 22, about 15% of staff in latest workforce cuts Magic Eden laid off 22 people as companies across the industry cut staff amid tough times. The post Magic Eden lays off 22, about 15... OUR WORK | COMPANY | RESOURCES 150 East 52nd St, 3rd Floor, New York, NY 10022 firstname.lastname@example.org Unsubscribe ©2022 FS Insight. All Rights Reserved
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