Did We Buy The Dip?
by Ben Lilly
The Weekend is Ripe
Friday.
I’m guessing you have other things on your mind today…
I’ll keep this and future Friday editions short.
30 Second Market Recap
Bitcoin failed to regain ground above $18,700 yesterday and instead tested its most recent low of $17,750.
On our end, the on-chain flows paired up with the price action very well. There was one significant transaction flagged yesterday which indicated a profit-taking and settlement type of blockchain transaction.
Other than the single flagged transaction that preceded the $17,750 retest there was nothing to indicate a new trading range. However, with equity, futures, and FX markets closing for the weekend amidst low volatility and a bit of indecision, anything is really on the table.
We’ll try to update you all in the Telegram channel, but don’t expect any of us to issue a guarantee on that though… After all, it's the weekend and we’re not looking to run a trading group anytime soon. Jarvis was built to trade for us. We enjoy being outside with family during the weekend!
Anyways, here is some weekend reading material..
Will Maker Step up on Giving MKR Value?
Maker is beginning to explore ways to turn their governance MKR token into a dividend aristocrat. Analysts in crypto have been hard on the protocol lately in part because it hasn’t proposed similar measures like COMP and AAVE. Small changes look imminent. Here’s the forum thread if you’re interested: Discussion Dividend Rewards
On-Chain Analysis of the Bull Market
CoinMetrics published a nice piece echoing some of our thoughts from our Market Outlook report about how this bull market has legs and is being driven by the spot market. At the end, they note the footprint on-chain is small… While we might disagree a bit and say while the footprint IS there, you really need artificial intelligence to flag the transaction as a noteworthy one. Regardless, still very good research: Dissecting The Bull Market.
Must Read Research
Messari’s 2021 Crypto Research Report. Ryan Selkis from Messari caught a bit of flack and seemed to upset XRP Army. While Ryan might need to tamp down on the personal bias and ramp up the objective analysis, it’s still must-read material.
New Website for Current Rates
The new website I came across was DeFiprime.com. The link goes to their DeFi rates page. The cost of capital, the yield on stablecoins that almost represent a risk-free rate of return, and inconsistencies across platforms are notable.
Your Pulse on Crypto,
B. Lilly
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