BTC, ETH and BNB Trade At A Premium On Binance.US After Court Orders Asset Freeze

Binance Outflows Slow After SEC Crackdown 

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: Sorry. I haven’t used this bot before, since Diego usually handles these. All right. I think we’re good. Okay. So it’s gonna track everyone. All right. So thanks for attending everyone and great to have you all here. So let’s get started as we usually do with the markets. Okay. Bitcoin is still pretty weak, to be honest, like, yeah, we’re making progress upwards, but it’s choppy. No big candles, like we saw in July.

This purple line right here is the hundred-day moving average. And it seems to be having trouble crossing above that for now. But, I mean, let’s see, I mean, right now it seems like the narrative’s all about Ethereum and the Merge.

Right. ETH did pretty much what I expected it to last week. So look at that. I didn’t even have to move this little line that I drew last week. So yeah, so we saw a little more upside.

: It’s good you did. So sorry. All right. Can you see it now?

: Okay. So fine. Since I clearly was just talking to myself, let’s start again. So first I was looking at Bitcoin, so yeah, pretty much, the same. As we expected, we saw a little bit of upside.

It’s still kind of struggling to close above the hundred-day MA, which is the purple line. I mean, above that, if we managed to clear it, we’d see, probably 28K would be the next area of interest, which was held as support a couple of times. And then we had the big breakdown. But yeah, overall, still pretty choppy.

This action is kind of the definition of what a dead cat bounce or bear market rally would look like. You know, it’s just not really catching much upward momentum for now anyway, but, as I said last week, as long as we stay above this [yellow] trend line I don’t see any real concerns for the bulls just yet.

I mean, there’s many areas where we could find support. Let’s zoom in. Right now we’re holding above the 8DMA, which is good. So it’s just a sandwich between this longer timeframe 100DMA and the eight-day, which is like more, a lot more short term. So it’s finding support here. If not, we have the 20 day, which is around 23 and a half, and then we have the big trend line, which is the test of this.

Now, if we were to break down, let’s say we have the Fed minutes on Wednesday. That’s the minutes of the last meeting. So that should be interesting and should give us some more clues as to how those guys are thinking.

But yeah, if we were to break down, I’d expect us to kind of bounce back to the trend line, which is where I’d probably look to short for, I don’t know, a bear scenario, but, saying that, nothing to be too concerned about right now.

I mean, like, we’ve seen all the bad headlines and even right now, Tornado and privacy and stuff is kind of dominating the news cycle, but, behind the scenes, there has been some accumulation. I remain neutral at this stage, similar to last week.

Pretty much followed the path that I laid out last week. So we saw a little bit more upside and now we’re getting the pull back. How deep will it go? We’ll have to wait and see, I think Wednesday should move the market one way or the other.

I would be a buyer in this area here [1700s]. I sold off most of my tactical longs over the weekend. So I’d be looking to buy back in probably around 1750 or so all the way down to 1700, because again, 1700 has been a very important level, right? 6, 7 times held as support and then finally broke down.

So as long as we stay above 1700, I think, the bulls are fine and we should make, either more choppy progress or at least, still have an upward bias as long as we stay above 1700. But again, for the time being just neutral, I think we are quite overbought on a short-term timeframe. I mean, we rallied a hundred percent in a month. So some pullback is definitely warranted at this stage, in my opinion. But, yeah, let’s see how that plays out. For now, bulls are happy.

The merge is on track as far as we know, so, yep. That’s good.

Let’s move on to NFTs for the last week.

All right. So eight aliens or eight, I don’t know. How do you pronounce that… aliens? Is a mint that is seeing some, decent volume, as you can see, in the past week, it’s topped the chart and the floor price has been dropping, but, these are quite interesting and someone actually posted a thread about the origin story, which has something to do with Vitalik and a book that he read as a child and whatnot.

So I don’t know, but, yeah, I mean, this is regular pixel art. I believe that, let me just verify this, but I believe 

this collection doesn’t have royalties.

Yep. So it was a free mint and it has no royalty. So it’s completely a kind of giveaway to the community, I guess, from the people who made it, who are, I don’t remember the names, but they are, like notable NFT influencer types.

 How were you able to tell from Etherscan that it doesn’t have royalties?

 So you can see here that the NFT sold for 0.25 ETH, right? And usually, when there are royalties, you’ll see three transactions in here. And here, this one only has two and you can see the split. So just doing some mental math, this looks like just the 2.5% that Opensea takes and the balance has been transferred to the seller. It’s an interesting concept. So this is completely free. This is what punks are, essentially. That’s how they launched with a free mint or free claim and no royalties. This one seems pretty interesting and yeah, I picked one up yesterday but I paid pretty much double of what the floor is now. Will be interesting to see how these things play out.

I just honestly got tired of not buying stuff that I come across and then seeing them like 10X and 20X the next week, like Goblins and another one we’re gonna get to in a moment. So, this was just a FOMO buy, just to see what happens after I saw that Vitalik connection potential. I mean, who knows? But yeah, I think the concept of having no royalties is cool. It reduces friction for trading. It’ll attract more liquidity, I think.

How’s the activity? Yeah. Still pretty, pretty healthy. Even though the floor price hit half an ETH last week and yeah, it’s just been kind of dying off ever since until, I don’t know the next announcement or whatever they do, but yeah, let’s see how that goes, but again, not a recommendation or anything. I just thought it was interesting so I picked one up.

All right. So then we have the usual suspects. This was a derivative of the apes that launched and, I mean, look at them, but 6,000 ETH in volume and half an ETH floor. I saw the Ape holders were shilling this pretty hard.

Another notable mint was a stealth mint that I wrote about in, oh actually I was going to write about in the Roundup, but I skipped it cause other stuff came up.

This was a stealth mint last week that really just rocketed off the floor. It’s been made by these two guys, Gabriel and Halbert who are apparently world-famous game designers. I’m not familiar with them personally. So I can’t speak to that. But, I mean, these things start getting swept as soon as they minted out, they minted out in minutes, maybe five minutes to mint out all 2000.

It was a free mint stealth drop. I saw them again around 0.1 when they just started trending. And I was like, what are these? And having been burned quite a bit with the whole anime NFT season a few months ago, I was like, okay, I’ll pass. And yes, as is customary, we are 15X a week later.

So yeah, this is interesting. It’s a small collection, but still not that many owners, I mean, it’s pretty concentrated, right? You have almost three NFTs per owner, which is not ideal, but, I mean, the whales are sweeping these up, so it’s possible that they know something that’s coming or there might actually be something to, to this project, but yeah, another one to keep an eye on, I guess.

: One of those sold for like 22 ETH I think I saw.

 There’s gotta be some sort of, something planned for that. People know something. You wouldn’t just drop 22 ETH randomly.

 Exactly. Right. I guess this must be a one-of-one in the collection because it has, or do they all have names or was that the only one? Oh no, they all do. Pretty decent sales. That one’s sold for 22 ETH but the rest have not hit that level yet, right? Yeah. It’s like three, two, but it’s just like a few days old. Something to watch.

I really want to thank you guys for voting in the newsletter that we sent out with the recording of last week’s call. I’m glad to hear that at least 46 of you enjoyed the recording. So, yeah, so we’ll continue to send that out. I think we can do it earlier this week, so we’ll probably, as soon as the recording is ready, I believe Fran is recording it right now, so we can send that out.

Webaverse is not really doing too well. I mean, it minted it out as expected because it was really hyped, Pablo and I bid on the NFTs and I believe it closed at 0.45 ETH. So we’re down a bit at the moment, but, this is apparently some super open metaverse stuff that they’re building.

I’m in so many projects, honestly, that I don’t even have time sometimes to know what the project does. So it’s just because I follow the volume and trade based on that usually. So for me, it could be, I mean, there are some obviously that I collect because I want to hold those, but when it comes to these new drops and things, it’s mainly just momentum.

Potatoz is still holding up. This was the one that I wrote about a couple of weeks ago. It’s the 9gag metaverse entry ticket for lack of a better term. So this was again a free mint that’s holding up. That’s been holding up above 1 ETH quite well.

Penguins were the success story of last week. Pretty much every floor was down. Pretty much carnage across the board. We had Apes down 4%, Punks 4%, and Moonbirds. Wow. They’ve just been destroyed after that surprise 

. I think the holders are just annoyed that they didn’t get a say in the matter right? More than the actual switch itself.

I did hear some cases of people who were working on licensing deals with their birds, which fell through after this happened. I’m not sure how much stock to put in that meaning I can’t verify the sources. They could be just making something up just, you know, to get engagement as we see often. But if that is the case, that is really sad to hear though.

I mean, in this market, I’m sure negotiating licensing deals for JPEGs is not the easiest thing. So if someone actually managed to do it and then saw that deal killed that really sucks.

Coming back to, Penguins. These things, I mean, they’re like the Energizer bunny, to be honest. So last year everyone had almost written them off because, you know, the founder Cole he’s, well, let’s just say he’s a well-known, questionable personality in the space and the community wasn’t happy with how they were running things.

The team was just raking in money, and they dropped these, Pudgy Presents, which just had like these fishing rods in them and that after teasing a bunch of utility for a while. And then I think because so many serious collectors and influencers got into the collection and I mean, they’re all over Twitter, right?

Like the chief of Nansen has a penguin as his profile picture. There was enough momentum in the community with like heavyweights in terms of holders that they just managed to stage a coup and kind of get rid of the founding team. And the project was sold for, I believe it was 750 ETH. What was his name? Luca Netz. So he’s based in LA and has a bunch of businesses and stuff like that. And since then they’ve been building. This happened in Jan or Feb, so it’s been six months of pretty tepid action.

So this was the initial hype, right? So these things pumped and then pretty much slid. They hit almost half an ETH back in December when the FUD was at its peak. And then there’s this big spike when the acquisition was announced. And then another one, I’m not sure what led this off, but, yeah, it’s been, new collectors coming in and it’s been challenging this two and a half to three ETH floor quite a few times.

If they can keep the momentum going this might be the breakout assuming that they’re gonna do something substantial going forward, but last week they basically rolled out pudgy toys. So these are gonna be physical toys and real-life based on a few of the signature penguins from the collection. Looking forward to those… if they’re reasonably priced and available around me, I’m sure my kids would love some.

So far, the penguins have been doing really well. And it’s been great to see the comeback. I haven’t owned any since…I had a few when they first minted, but I sold them in the initial hype phase and I never really got back in and now I think they’ve become pricey again.

I feel I should have picked one up around one ETH but never did. So, since I don’t have one, it’s quite likely that these things will keep running.

Any questions, anything to share? Have you guys seen anything interesting in the NFT market?

 Yeah. The sudo ponzi season is kind of interesting. It feels like a new meta is kind of starting here.

 Oh yeah, for sure. That’s why I have Sudoswap up on the screen. We did the tutorial on it on Friday. It feels like a new, like you said, a new meta or new shitcoin season, but with JPEGs, because if you look at these things, the Sudo Inu. I’m not sure whether these things actually have a reveal plan.

⍺ DeFi Alpha: Trade NFTs Royalty-Free On Sudoswap

So is it just gonna be 10,000 of the same picture in which case these are just fungible NFTs, right? Because what makes NFTs non-fungible is the fact that they’re all unique. So hence can’t be priced in the same way, but in this case, not only do you have the images being the same, but you also have the platform Sudoswap that doesn’t charge royalties, like it doesn’t support royalties at this point.

There’s no friction when it comes to buying and selling. That’s quite interesting and you know this, the spread here was a lot narrower yesterday when I was looking at it or even this morning for that matter, it was like if the floor for buying was 0.49, the bid was 0.47.

So I think It’s possible that a bunch of people have just exited. Taken up some of the buy-side liquidity. Let’s have a look. Yep, a bunch of sales.

 Some of the teams, I’m not sure about Sudo Inu, I missed that one, but some of the teams are trying to provide their own liquidity. Like they allocate some of the team NFTs to the pool to try and keep the pool balanced. But yeah, I think Cobie was saying on Twitter that they’re trying to make, or no, he was like, what’s the difference between an NFT and an altcoin? And it’s literally the same thing, but just with pictures. I think people are, are kind of like trying to, I don’t know, bring like this shit oin game into the NFT market

: This is awesome. It combines shitcoins with JPEGs. So you get pictures as well. So, yeah.

 I was just gonna ask like, is there like less slippage? I know it’s due to the pool, weight, and everything, but like, maybe like, cuz I know if you’re trading like super new coins, like shit coins, meme coins, that kind of stuff. Before they have decent liquidity, you’re going to suffer a lot of slippage, like sometimes up to like 49% slippage if you’re in something really early. So I wonder if these solve that problem of getting liquidity early on for new projects. It’s gonna be interesting to see.

 It’s quite similar honestly, because, if you look at the collections, right, you can see based on the TVL of the pool, the spreads are really massive, right? Let’s see. All right. Let’s say this is a new project that launches for example. So you’ll see very few because the only way that you get liquidity on Sudoswap is that people add it. And people, and, I’ll get to creating the pools in a minute, but, people need to add their NFTs to the pool for you to be able to buy and sell, right?

So you have, this is one person who has put in his NFTs, and you can see his pricing as well. Currently, the pricing is at 0.43, and the delta is exponential, which means that each, and every time an NFT sells from this pool, the next NFT will cost 14% more and there’s a swap fee of 10%.

This guy has set up quite the cash cow of a pool if someone comes and buys up these NFTs or like sweeps them. He’d hit the lottery pretty much.

I wanted to do a tutorial on this before this whole sudo season goes crazy and people just start apeing in. I want you guys to know exactly how the thing works so that you don’t get caught unaware and, you know, fomo into something and end up spending way more than you should.

All right. So I think since we’re looking at Sudo anyway. I’ll run through the tutorial real quick.

Hello Defiers! This is a free sample of our latest DeFi Alpha Call. We hope you enjoy it. Please note that the stream starts at 02:08.

PS — If you find this recording and transcript helpful, please share it with a friend!

Anon: How’s it going, everyone?
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DeFi Alpha Call #14 – Free Sample