BTCUSD is back to testing the 11k level. A small amount of LONGs have reentered as OI ticks up slightly. Positive action comes from Microstrategy doubling down on BTC + Fed’s commitment to low rates and $ printing. But unfortunately, this rally partially came at the expense of alts as yield farmers took another hit.
Like a white knight, in comes Uniswap with their governance token, airdropping ~$500m worth of UNI to historical LPs and users (#stimulus). While it makes sense to immediately SELL with overhang from a ton of unclaimed tokens, there’s some interesting analysis on relative P/S or P/E that makes me wonder if we should be LONG UNI.
The key thing to remember here is governance tokens take a share of trading fees. Even if they don’t implement now, they can vote on it later on. So in terms of P/S, Sushiswap, Uniswap and Balancer take the top 3 spots. CEX tokens do a similar thing to incentivize buyers via token burn proportionate to recent profits. Even if you are in the “farming is a bubble” camp, this is worth thinking about as DEX usage is more than just a tool for crop-selling.
We’re taking interest in COVER Protocol (previously known as SAFE). The concept is to create an NFT mkt that represents insurance cover on pretty much anything. Despite the messy launch of its farm (unfair pre-mine, screencap war between creators), the project has regrouped with advisors including Andre Cronje and SBF. Beta launch targeted for early Nov.
FRONT and LINA were some hot listings this week. FRONT’s initial pump went so high that new moon-sheets had to be created. LINA is sitting at ~3x from public sale prices.
In Other News:
- Kraken gets green light as a US crypto bank
- UNI lists on Coinbase Pro
- AVA mainnet launch set for Sep 21
- Sushiswap migrates to multisig control
Thanks for reading BTCUSD is back to testing the 11k level written by Genesis Block’s Head Trader Charles. So if you found this information helpful don’t forget to subscribe to our newsletter and checkout some of our other content below: