Cheatsheet: ETH/BTC trending higher, propelling DeFi TVL
Ether, while still about 20% away from an all-time high, has been accelerating in recent days, relative to bitcoin
This is Cheatsheet, a primer on what’s happening in crypto today.
All quiet on the bitcoin front, as BTC has traded in a 2% range over the past 24 hours.
Ether, on the other hand, has pushed well past its Wednesday high of $3,900, and looks poised to crack above $4,000 for the first time since late December 2021.
Most of Friday’s market leaders are once again in the memecoin category, with 20% or more moves higher from FLOKI, WIF and PEPE.
A smattering of political-themed memes are doing well in the wake of President Biden’s State of the Union speech, none of which came near the crypto industry. Read into that what you will .
As a category, Options protocols are surging, up 23% alongside fractionalized NFTs.
On-chain mail
Over the past week, the market capitalization of the DeFi sector exceeded $100 billion for the first time since May 2022. This sector, now increasingly known as Onchain Finance, holds the distinction of being crypto’s largest single category by number of tokens.
The resurgence comes as the collective TVL of DeFi similarly knocks on the door of the $100 billion mark, up 44% since the start of the year.
Much of that can be attributed to the rise of ether ( ETH ) — up 40% year-to-date — which accounts for the lionshare of value locked in the top 4 protocols: Lido, EigenLayer, Aave and Maker.
DeFi TVL remains $90 billion away from its November 2021 all-time high of $189 billion.
Crypto business
Bitcoin ( BTC ) may have yet to retest Tuesday’s all-time mark above $69,000 , but Coinbase (COIN) has continued to press higher in the intervening days.
It’s set to open right at Thursday’s closing price of $242.63 as of 8:00 am ET.
- MicroStrategy (MSTR) looks set to open back above $1,300, fully recovering from Tuesday’s spill.
- GBTC outflows notched another $300 million plus day Thursday, but among all bitcoin ETFs, inflows were a healthy $472 million.
- Tesla, which has the third-largest bitcoin holdings according to BitcoinTreasuries.net can now be tracked on the blockchain per Arkham Intelligence.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Bank of Japan's "hawkish pause" implemented! Core inflation meets target, paving the way for rate hikes to return in December; amid AI selling wave, yen regains safe-haven status
The Bank of Japan has kept interest rates unchanged and, for the first time, stated that the underlying inflation rate has reached the 2% target. This milestone development paves the way for a possible further rate hike as early as December.
10% to 56%: USDC’s remarkable rise in euro-paired stablecoin trading
Hedge funds are amplifying the risks of tech stocks!
Hedge funds are quietly making a risky strategic shift—from shorting individual stocks to shorting indices. This transition is accelerating the rise in stock correlations, and the “anti-leverage” buffer that once dampened volatility is disappearing. According to Goldman Sachs data, funds’ short exposure to indices and ETFs has reached a ten-year high. The VIX faces the risk of disorderly surges, and vulnerability to deep stock price declines is quietly accumulating.
AI Trading Cools Down, Safe-Haven Buying Flows into US Treasuries! "The Anchor of Global Asset Pricing" Faces Its First Monthly Decline in 8 Months
On Friday, as U.S. tech stocks were sold off, investors flocked to the safe haven of U.S. Treasuries, and during Asian trading hours, the upward momentum in U.S. Treasury prices accelerated.
Crypto prices
More
