DeFi Alpha: Swell's New Bitcoin LRT - swBTC
gm Defiers! Here's today's alpha:
- Market analysis (BTC tests the key 65K level yet again)
- Dispatch from the trenches (Magic Eden token, AVAX rally and more)
- Swell swBTC tutorial
Market Analysis
Crypto markets bounced back last week after Fed chair Powell all but confirmed imminent rate cuts at the annual central bankers’ gathering in Jackson Hole, Wyoming.
BTC is up around 30% from its August 5 low and is testing $65,000 yet again. Bulls will be looking to flip this key resistance level into support for continued upside.
Bitcoin ETFs attracted just over $500 million of net inflows, with half that figure coming in on Friday alone.
Meanwhile, ETH ETFs continued to bleed assets, with $44 million of net outflows over the week.
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