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⬆️BlackRock ETF Progress Sends Bitcoin Flying
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The price of BTC is at its highest level in 17 months as investors react to progress on BlackRock's spot Bitcoin ETF bid. A new filing from the firm shows plans to seed the fund as early as this month, with its ticket already listed on the DTCC.
Liquity is enjoying a surge in protocol fees, prompting traders to drive up the price of its native token by 75% in one month. However, the good times may not last forever, with the fee revenue largely coming from arbitrage traders taking advantage of sDAI yields.
Friend Tech is suffering a wave of sell-offs as the app faces competition from upstart competitors operating on other networks. Friend Tech suffered outflows of $2M in the past 48 hours.
Worldcoin will cease paying Orb Operators in USDC, instead opting to distribute its native WLD token. WLD is down on the news despite the broader crypto markets rallying.
Celestia is launching the mainnet beta for its modular blockchain this week. Only a third of users that qualified for its airdrop claimed their tokens, tripling airdrop allocations
And Uniswap governance is divided on a proposal from a Swiss bank to launch a co-branded Visa card.
✍️ In today’s newsletter:
- Bitcoin rallies on BlackRock ETF bullishness
- Arbitrage traders drive up Liquity fees
- Friend Tech suffers spate of outflows
- Worldcoin switches Orb Operator payments to WLD
- Celestia's mainnet launch imminent
- Opposition forms against Uniswap visa card proposal
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📈 Markets in last 24 hrs:
| Ticker | Value | 24h |
|---|---|---|
| BTC | $30,019 | ↗ 0.33% |
| ETH | $1,665 | ↗ 2.17% |
| S&P 500 | $4,217 | ↙ -0.17% |
| GOLD | $1,976 | ↙ -0.31% |
| Arch WEB3 | 0.82pts | ↗ +3.73% |
| ↳ FINANCE | 0.81pts | ↗ 3.74% |
| ↳ INFRA | 0.89pts | ↗ 4.63% |
| ↳ CONSUMER | 0.84pts | ↗ 1.45% |
Learn more about Arch Indices here.
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Markets
Bitcoin Surges To 17-Month High Amid Spot Bitcoin ETF Progress
TLDR Bitcoin is trading at a 17-month high after bulls raced to buy BTC in response to progress toward BlackRock's spot ETF. An updated BlacRock filings indicated the fund could be seeded this week, while the ETF's ticker is already listed by the Depository Trust & Clearing Corporation.
SO WHAT If approved, BlackRock's fund would be the first spot crypto ETF in the United States, meaning it would directly invest in BTC rather than futures contracts. Investors are anxiously anticipating the fund's approval, with a false alarm spiking Bitcoin's price 10% in an hour last week.
READ MORE: Bitcoin Surges To 17-Month High Amid Spot Bitcoin ETF Progress
DeFi
Liquity Token Rallies 75% As Fees Spike
TLDR Liquity's LQTY token is up 75% in 30 days after its fee volume surged. The fees, which are distributed to LQTY stakers, are up due to arbitrage traders taking advantage of the spread between LUSD and sDAI.
SO WHAT The impressive performance comes after a protracted downtrend for Liquity, with the protocol's TVL down 85% from its 2021 all-time high. However, with the current fee revenue fueled by an arbitrage strategy reliant on MakerDAO maintaining high yields for sDAI holders, Liquity's current resurgence could be short-lived.
Read More: Liquity Token Rallies 75% As Fees Spike
SocialFi
Friendtech Hit By Selloff As SocialFi Whales Move To New Bitcoin City
TLDR Prominent Friend Tech users have dumped their keys and moved over to the rival SocialFi platform, New Bitcoin City. Users pulled $2M from the platform in two days, while New Bitcoin City enjoyed a $1M outflow.
SO WHAT Despite pioneering the SocialFi sector, Friend Tech's position of dominance appears fragile as competition crops up on other networks. Some users are criticizing the team behind Friend Tech for failing to offer a roadmap for the future in response to increasing competition.
READ MORE: Friendtech Hit By Selloff As SocialFi Whales Move To New Bitcoin City
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Tokenomics
Worldcoin to Start Paying Orb Operators in WLD by November
TLDR Worldcoin will begin paying Orb Operators in the form of its native WLD token rather than the USDC stablecoin from November. Worldcoin increased the supply of WLD to facilitate the payments.
SO WHAT The announcement prompted traders to offload WLD in a sign of distrust for inflationary tokenomics, with WLD underperforming the broader digital asset markets.
Read More: Worldcoin to Start Paying Orb Operators in WLD by November
Technology
Celestia Prepares For Imminent Mainnet Launch
TLDR Celestia said the mainnet beta for its modular blockchain will be live in the coming days. Airdrop allocations have also tripled after only a third of qualifying users claimed their tokens.
SO WHAT Celestia aims to deliver high performance and scalability by offering data availability sampling, blob transaction data, and flexible blocksize. However, with most airdrop recipients failing to claim their tokens, the project appears to be flying under the radar.
DeFi
Uniswap Visa Card Proposal is Facing Opposition Among UNI Token Holders
TLDR Uniswap governance is divided on a proposal from Fiat24, an Arbitrum-based Swiss bank, to launch a co-branded Visa card. So far, 51.5% of UNI tokens mobilized to vote were cast against the proposal.
SO WHAT The vote suggests UNI holders are not eager to license out the Uniswap brand, with the proposal attracting opposition despite requiring no expense or development on Uniswap's part.
Read More: Uniswap Visa Card Proposal is Facing Opposition Among UNI Token Holders
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🌍 ELSEWHERE
- Bitcoin surge triggers over $220 million in short liquidations (The Block)
- Pepe Memecoin Burns $5.5M Tokens Prompting 31% Rise (CoinDesk)
- Solana DeFi protocol Marinade Finance restricts UK access following new FCA rules (CryptoSlate)
