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Market Updates
Weekly Market Insight: November week 4
21 Nov 2023
Headline News
- BlackRock submitted an S-1 application for ETH Spot ETF to the SEC. Fidelity later joins and submitted its own ETH Spot ETF application.
- US SEC has delayed Global X BTC ETF and Franklin Templeton BTC ETF. However, further conversation between SEC and applicants is observed as WisdomTree has submitted a revised BTC Spot ETF prospectus (S-1 filing) to the SEC.
Macro-Outlook
US October core inflation increased 0.2% month-over-month better than expectation of 0.3% and PPI fell 0.5% in October, the most since April 2020, defying market expectations of a 0.1% increase. The US 10-year treasury yield dropped 21.3 bps last week.The market expects a 100% chance rate to remain unchanged in December.
Upcoming Economic Calendar including,
- Wednesday, 22nd November 3:00am: November FOMC Minutes
- Wednesday, 22nd November 9:30pm: Durable Goods Order in October
Cryptos-Outlook
- The Philippines announced the launch of tokenised treasury bonds, offering at least US$179 million in one-year tokenised bonds due in November 2024.
- Tether is planning to invest about $500 million over the next six months to become one of the world's largest Bitcoin miners.
- Strike announced to support the purchase of Bitcoin using debit cards with a 3.9% fee and off-ramp USDT or Bitcoin into local currencies.
- Boyaa Interactive, a Hong Kong-listed company, stated to purchase BTC and ETH with a total amount of no more than US$100 million within 12 months.
Trending Protocols
Layer 1 and Layer 2
- Polygon announced OKX will launch its own L2 with Polygon CDK, OK1. It is expected to launch in Q1 2024.
- Avalanche announced partnership with JP Morgan’s Onyx to automate portfolio management by leveraging Avalanche’s Evergreen Subnets to facilitate subscriptions and redemptions for funds offered by WisdomTree Prime.
- Citi also announced to develop FX solution on Avalanche Evergreen Subnets as part of the Project Guardian initiative by Monetary Authority of Singapore.
- Republic Note, a dividend-paying tokenised private equity portfolio, announced its launch on Avalanche.
- Dapper Labs announced a partnership with Disney to launch the Disney Pinnacle mobile app to offer badge-inspired NFTs on the Flow chain.
Dapps
- The price of YFI had been manipulated by an exploiter in dYdX, resulting in $9 million lost, which was later covered by a v3 insurance fund. dYdX then increased initial margin for multiple illiquid tokens to prevent further similar exploitation.
- Parallel joins Illuvium to launch in Epic Games Store.
- IntentX, an OTC perpetual exchange on Base and powered by LayerZero, is live.
- Circle introduced Circle Mint, zero fees to mint or redeem USDC instantly from users’ bank account under MPI license in Singapore.
Upcoming Alpha: Token Unlock, Governance
- Cosmos is voting on proposal to reduce the ATOM maximum inflation parameter from 20% to 10%, potentially reduce the inflation rate from about 14% to 10%, and the staking APR to drop from about 19% to 13.4%.
- Circle’s CCTP is launching on Noble’s mainnet on 28th November.
- Initial voting for Render’s RNP-007 has been passed, which collaborate with FEDML to build LLMs and generative AI with distributed GPU network.
- AVAX Token Unlocked on 24th November, amount representing 2.68% of the token supply.
- LOOKS Token Unlocked on 27th November, amount representing 6.88% of the token supply.
- YGG Token Unlocked on 27th November, amount representing 5.89% of the token supply.
- DYDX Token Unlocked on 28th November, amount representing 1.2% 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.
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