After being mostly weighed down by a macro pullback, BTCUSD ends the week on a decent uptick. Bit early to call it a decoupling but the correction earlier in the week was not driven by fundamentals to begin with. 90k worth of options are expiring today; there’s significant interest in 11k strikes. On the futures side, it looks like we’re seeing some short covering with long/short ratio climbing to 75%, while OI remains flat.
This week was a weird one in the DeFi space with the shift hype abruptly over to NFTs. The trigger for this was from $MEME doing a 6x in a span of three days. Why one would farm NFTs is beyond me but the copycat scams sort of went like this:
- Pick “MEME”-like token name and create telegram group
- Advertise an airdrop (note: there is no airdrop)
- Create a token contract and list it on uniswap
(Bonus – ask community for ETH so you can provide liquidity)
- Pull liquidity after some poor souls buy
(Bonus – repeat step 3 with a new token contract that looks similar)
So in reality, NFTs have nothing to do with it. People FOMO on anything when it pumps.
Since we’re on the topic of scams, I’m sharing a Telegram scam I recently witnessed:
- Buyer wants tokens from Seller. Tokens unlock in ~12 hours so they need an escrow to hold collateral from both sides. Seller (scammer) says Buyer can pick the escrow but insists on creating the TG group.
- They created two fake groups 1) scammer, escrow, imposter buyer, 2) scammer, buyer, imposter escrow.
You know what happens next. So the lesson here is to always double, triple, verify! If it’s a meaningful amount of money, it’s worth spending a few mins to jump on a video call. Or even better, just don’t trade SAFTs/tokens with people you don’t know. This stuff really pains me..
In other news:
- Seeing bottom fishing on UNI with anticipation of V3.0.
- NEO steps into yield farming game with Flamingo
- Tron working with BitGo to wrap BTC, ETH
- Avalanche mainnet goes live; token lists everywhere.
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