A weekly newsletter on actionable digital asset market insights and practical observations with a smidgen of greentea 🍵 insights
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📖 Book of the Month 📖
This month let's add a new book that is very interesting and financial history of the world during the gold standard era from the 1920's and 1930s. I am reading this book because it is a great view into what a changing monetary system looked like during that era and the divergences that central banks had in an every man or woman for themselves period of transition. If you are reading along or listening drop me a note on Twitter or email!
Listen to: The Lords of Finance For Free with Audible. Link
💭✍🏼 Food For Thought 💭 ✍🏼
This is not the headline any founder generally wants to see. My prediction regulators are probably deciding who will file charges to send him to jail first between the SEC and the KSA in South Korea. Link
South Korea may hold exchanges responsible for Terra Luna losses. For those than know Asian markets and increasingly all regulators the upside is fine but the downside is much more restrictive. We have entered the "political" phase. Link
💸 Companies and Deals I am Watching Closely 💸
1. Andreessen Horowitz has raised $4.5 billion for its 4th crypto-focused fund, a fund that is the industry's largest to date - Link
2. Common, a DAO management platform, raised $20 million from Spark, Polychain, and others.- Link
3. Swiss VC firm Crypto Valley Venture Capital announced the launch of an Africa focused blockchain fund. - Link
📖 Quote of the Week 📖:
“The truth may be stretched thin, but it never breaks, and it always surfaces above lies, as oil floats on water.” ― Miguel de Cervantes Saavedra, Don Quixote
📰 This Weeks Most Interesting Digital Asset News 📰:
1. Portugal's Parliament rejects crypto tax proposals amidst budget negotiations - Link
2. CryptoPunks floor price drops below $100,000, down 50% from last month - Link
3. Arthur Hayes, co-founder and former CEO of BitMEX, was sentenced to two years probation after pleading guilty in February to AML charges around the BitMEX platform - Link
4. G7 countries urge swift regulation of crypto assets - Link
5. Sumitomo Mitsui is forming a unit to offer digital custody services for institutional investors. - Link
6. Stripe is planning to provide Bitcoin payments via a partnership with OpenNode; Stripe previously introduced a BTC offering before suspending it roughly four years ago - Link
📈 Top 10 Market Movements by Market Cap over the last 7 days 📉:
Bitcoin: Price OHLC
You can see above that Bitcoin has not broken above the $48k amount in 2022. I continue to remain bearish short term but I am keeping an eye Bitcoin and I think I will be moving my time horizon out to the end of 2022. What I am really looking for is some evidence of a monetary policy shift from the Fed but we are not there yet.
Bitcoin: HODL Wave
The chart shows the bundle of all active supply age bands for Bitcoin, aka HODL waves. Each colored band shows the percentage of Bitcoin in existence that was last moved within the time period denoted in the legend. We still have more to go. I personally still think BTC will go back toward $15,000.
Bitcoin: Net Realized Profit/Loss Ratio
Net Realized Profit/Loss Ratio is the ratio between realized profit and realized loss. As you can see above the majority that have sold as at a loss on a "net" basis on the lows this prior week.
Ethereum: Price OHLC
OHLC is the Open, High, Low and Close price. ETH is still chopping around just like Bitcoin above and you can see here it is off the highs of the prior weeks and also down the the year of 2022.
USD Coin: Circulating Supply
USDC continues its trend with a small growth in circulating supply this week. It seems the market is speaking at least from a US KYC perspective that people (in spite of what they say about decentralization) want a single counterparty that can be trusted to hold the peg to cash. Lets see how this plays out over time.
Total Value Locked (USD) in DeFI
TVL continued down an additional 2 Billion to 54 Billion this week.
As a reminder TVL means "Total Value Locked". This refers to people taking ETH based tokens or other tokens and "locking" them in DeFI protocols to lend, generate yields and otherwise earn excess returns.
Products I Personally Use and Support
Green Tea Tidbits:
The scientific name for green tea is Camellia Sinensis.
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