bitcoin

BTC underperforms this week against the S&P

BTC underperforms this week against the S&P as the Fed states its willingness to let inflation float above 2%. This further promotes the demand for higher returns and risk-on activity. TA wizards like Willy Woo are expecting a 2-week pullback based on on-chain movement. Sentiment feels the same on our end as BTC buy flows have slowed down this week. Could see an opportunity to pick up coins below 10,500. 60k BTC worth of options are expiring today but just 10% have relevant strike prices. Shouldn’t contribute a ton to today’s volatility.

Some big moves are being made in the space starting with FTX acquiring Blockfolio for $150m. It’s a bid to access a wider user-base + synergies from building new features into Blockfolio such as trading, asset management, etc. The deal mirrors Binance’s previous acquisition of CMC.

 

In the US, Fidelity is filing for a new Bitcoin fund. Most likely will be accessible to bigger ticket investors (>$100k). A natural move following their existing trading/custody services + equity stake in our friends over at OSL.

 

Over to the DeFi space, Aave has taken the #1 spot in TLV and looks to remain topdog with its fresh EMI license in the UK. This is a move that reduces friction for average joes to gain DeFi exposure.

 

The ongoing hunt for top yield continues. Feels like weeks ago since the launch of YFV, but the popularity was short-lived with an unhappy farmer conducting a timer exploit (Note: This only affects those who staked YFV). The bad actor has found a way to reset the timer continuously so that staked YFV can never be claimed. However, the project is not dead by any means; it appears the dev fund will compensate for any losses. The story is ongoing..

 

To be honest, my thoughts are all over the place trying to keep up with telegram groups, news and all the private allocations floating around. Definitely feels like we’ll see another ‘17.

 

Thanks for reading ‘BTC underperforms this week against the S&P’ written by Genesis Block Head Trader Charles Yang. If you found this information useful don’t forget to subscribe to our newsletter and checkout some of our other content below:

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