Bitcoin

Congrats to all Bitcoiners as we enter a new era!

Congrats to all Bitcoiners as we enter a new era! The narrative has been strong all year and we’ve finally broken through the danger zone of 18.5~19.5k. Whales have been moving coins to exchanges as of late but clearly they’re ok with letting the bulls take over now.  There’s a question of whether this is insto driven but looking at outages at both Binance and Coinbase, my guess is retail FOMO took over.

As someone in crypto full-time, I would love to give some proper analysis on how to trade this thing but let’s be honest, this is new territory for everyone. My humble take is there’s nothing fundamental near-term to hold us back but I’d be cautious as we approach 32k where options traders are making relatively big bets. Mentors who’ve been trading equities for decades are telling me patterns like this rarely have corrections; thus HODL.

Massive props to BC Group and our big brothers at OSL for securing the first license in HK as a digital asset trading platform. There’s a lot of institutions in Asia that have been held back due to structural hurdles; I’m not an expert but surely they’ve run out of excuses now?

CME has finally announced the launch of ETH futures for Feb ‘21. Based on channel checks, ETH has been severely neglected by the new insto money. I’d be wary of the logical trap “BTC new ATH = ETH new ATH soon”.  BTC and ETH are far from apple-to-apple with very different use-cases, thus very different benchmarks for valuation. If BTC is taking m/s away from XAU, ETH is inflationary gas to run + govern a new internet; tell me how to value that. I’m not making a bear case on ETH but trying to explain why it’s WAY harder for a fund manager to pull the trigger.

Finally, the latest on GBV is it’s partnership with Bonfida. The founder, David, has single handedly taken the #1 spot among Serum GUIs and boasts SBF-esque work ethic. The DEX offers both fungible and nonfungible tokens + built for heavy throughput. Derivatives and prediction mkts are on the roadmap too. 

In Other News:

  • Compound launches new platform; expanding beyond Ethereum
  • Coinbase files IPO application; $7-12b val
  • The Graph lists on top CEXs; trading @ 6x vs. public sale
  • NXM founder hacked; Warp Finance exploited
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