Weekly Market Insight: November week 3

English

Market Updates

14 Nov 2023

Headline News

BTC and ETH prices increased 5.86% and 8.09% last week as Blackrock’s iShares Ethereum ETF has been registered in Delaware and filed with Nasdaq exchange. Besides, SEC was reported could theoretically approve all 12 BTC Spot ETFs by 17th November according to Bloomberg Intelligence ETF analyst James Seyffart. He later added approval will most likely come in January 2024 with a 90% chance.

Macro-Outlook

Long-term treasuries yield surged last week as the result of poor demand for 30-Year Treasury auction and Moody’s “negative” rating on US credit outlook. However, S&P500 has minimum impact from this outcome, it increased 1.31% last week and opened on yesterday with 0.19% slightly lower than Friday’s closing. The market’s expectation for the rate to remain unchanged in December decreased from 90% to 85%.

Upcoming Economic Calendar including,

- Tuesday, 9:30pm 14th November: US Inflation in October

- Wednesday, 9:30pm 15th November: US PPI in October

Cryptos-Outlook

- XRP has erased all gain from the “fake” reporting of Blackrock ETF filing on Monday, 13th November.

- Crypto exchange Poloniex was reported to suffer approximately $118 million from a recent hack. The team stated the losses were manageable limits and could be covered by operating revenue.

- Cboe Digital announced to launch trading and clearing in margined futures on BTC and ETH from 11th January 2024.

- Kraken was reportedly considering launching its own L2 with Polygon, Matter Labs and Nil.

- BTC futures open interest (OI) on CME has reached an all-time high, over $4.1 billion in value (Binance’s OI: approximately $3.8 billion).

- BTC stopped block production for about an hour on 7th November.

Trending Protocols

Layer 1 and Layer 2

- Near announced partnership with Polygon to create zkWASM prover, LayerZero, NearDA with Movement Labs, Dymension and EigenLayer.

- Polygon announced a new round of grant program, Polygon Village, with a fund size of more than 110 million in MATIC.

- Cosmos introduced v0.50 SDK, Eden, features completion of ABCI++ (better consensus flexibility) and AutoCLI (improved experience of module creation).

- Cardano announced to launch a sidechain powered by Polkadot SDK.

- Mantle and Ondo Finance announced the launch of USDY, a tokenised note backed by US treasury and bank demand deposits.

- Beam mainnet is public live, it is built by Merit Circle team and the chain will be powered by BEAM token which can be converted from MC with 1:100 ratio in Avalanche’s Subnet.

Dapps

- Raft encountered exploitation resulting in $6.7 million unbacked R, its stablecoin. The recovery plan is in progress.

- Lens Protocol introduced Pay-to-Read content, empowering creators of new monetisation opportunities.

- dYdX Chain trading beta stage is live.

- ImmutableX announced a partnership with gaming giant, Ubisoft. Illuvium, an RPG game on ImmutableX, announced it will be launched on Epic Games Store on 28th November.

- USDC issuer Circle was reported planning to IPO in 2024 according to Bloomberg.

- Helix, derivative exchange in Injective, introduced trading guilds, users can join or create their own guild to compete for a prize pool.

- Sushi is live on Filecoin network. Sushi proposed new tokenomics changes in governance power with no major value accrual changed.

- Safe wallet introduced support for Google account sign-in.

- Dopex v2 CLAMM is live, enables LP holders to earn premiums from short-dated American-style option traders with Arbitrum STIP incentives.

Upcoming Alpha: Token Unlock, Governance

- The Ethereum Devconnect conference will be held from 13th to 19th November.

- Blur’s Season 2 airdrop will be on 20th November, meanwhile “Blur Fee Switch Discussion” is still on-going.

- CYBER Token Unlocked on 15th November, amount representing 11.43% of the token supply.

- APE Token Unlocked on 17th November, amount representing 4.23% of the token supply.

- DYDX Token Unlocked on 21st November, amount representing 1.2% of the token supply.

- ID Token Unlocked on 22nd November, amount representing 6.46% of the token supply.

Disclaimer

The content prepared by ChainUp Investment Limited (the “Company”) is not and shall not be construed as an investment advice and does not constitute any offer or solicitation to offer or recommendation of any investment product, including but not limited to the funds or investment products that may be offered by the Company. It is for general purposes only and does not take into account your particular objectives, financial situation, or needs. Investment involves risk and you should be aware that the value of digital assets/tokens may fluctuate greatly if such investment involves digital assets/ token. You should invest only if you are prepared to accept the risk of losing all of the money you put into such investment.The content of this email is confidential and proprietary to the Company, and no part of it or its subject matter may be reproduced, redistributed, passed on, or divulged to any other person or published in whole or in part for any purpose without the Company's prior written consent. If received in error, please inform the Company immediately. The content of the email may be restricted by law and not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to local law or regulation. The Company shall have no liability for any misuse or unauthorised distribution of the content of this email. The content of the email may contain forward looking statements that involve known and unknown risks, uncertainties, and other important factors that may cause actual results, performance, or achievements to be materially different from future results, performance, or achievements expressed or implied by such statements. Past performance is not indicative of future performance.The Company does not guarantee the accuracy or completeness of any information in the email and makes no representation or warranty, express or implied, as to its fairness, accuracy, or completeness. None of the Company, its advisers, connected persons, or any other person accepts any liability whatsoever for any direct or consequential loss arising from the use of the presentation or its contents. Nothing in this email excludes any liability for fraudulent misrepresentation. Any investor or prospective investor should consult its own counsel and advisers as to all legal, tax, regulatory, financial, and related matters concerning an investment and as to their suitability for the investor or prospective investor.The content of this email has not been reviewed by the Monetary Authority of Cayman Islands or Singapore. If there is any inconsistency between the English and Chinese versions of this disclaimer, the English version shall prevail.

Disclaimer

Contact ChainUp Investment

* First Name

* Last Name

* Email Address

* Your Mobile Phone Number

+65

no data

* Company Name

* Job Title

Remarks

0/200