FTSE Crypto Index & Picking Dog Coins - The WAGMI Journal #8
The dichotomy of the crypto market
In today’s issue:
The market is down with hundreds of millions getting liquidated. The overall macro sentiment is still bullish as many traders have expected a leverage flush as OI was nearing or at ~ATH. Additionally, FTSE Russel launches its Digital Asset Index Series, Robinhood (HOOD) shares fell because DOGE is no longer trendy, and Valkyrie wants more leverage.
We’re finalizing our internal workflow and content.
Starting today, our daily issue will be sent out before 9 am EST.
Based on our readers’ suggestions, we are working to add:
a section tracking top projects (primarily DeFi) governance proposals/activities
a section showing open interest and other trading-related metrics 24-h changes
a section showing newly released projects
Please reach out if you have any other ideas or would like us to recap a segment of the market on a daily basis.
- Curated by Marco Manoppo (@manoppomarco)
📰Market News
⎆FTSE Russell Launches Digital Asset Index Series
One of the world’s largest financial market index providers, FTSE Russel, launched its Digital Asset Index Series. In association with Digital Asset Research, FTSE will start by providing FTSE Bitcoin Index, FTSE Ethereum Index, and FTSE Cardano Index.
We have previously seen other large index providers such as S&P Dow Jones stepping into the crypto space. Overall any institution-focused infrastructures and products are good for the broader crypto market as it provides easier access for large capital to enter the industry. While it may only start with the large-cap coins, the capital will eventually find its way to riskier digital assets as investors seek alpha.
⎆Robinhood Shares Fall as Crypto Trading Revenue Declines Sharply
HOOD shares fell hard in after-hours trading as its crypto revenues fell significantly due to (wait for it…) Dogecoin not being as popular anymore. The market has turned and is now happily petting SHIBA instead. Number-wise, its crypto revenue fell from $233M in Q2 to $51M in Q3. Maybe it’s time for Robinhood to be one step ahead and list the new kid on the block people get bored with SHIBA.
I present to you, Samoyed coin on Solana — how fitting as winter is coming…
⎆Valkyrie Files to Offer Leveraged Bitcoin Futures ETF
They said that leverage is a drug… but so are caffeine and social media. Not long after its Bitcoin ETF was confirmed, Valkyrie filed to offer a leveraged Bitcoin Futures ETF product. BTFX will provide investors with 1.25x exposure. I think this is because Valkyrie lost momentum to the first Bitcoin Futures ETF that got approved, and they needed to have a product differentiator to attract more AUM. Having said that, see below.
👨🏻💻Decentralized Finance (DeFi)
BanklessDAO Launches the Bankless DeFi Growth Index ($GMI)
Ampleforth Integrates With Avalanche to Introduce Stablecoin Alternative
XDEFI Wallet Unveils Its Utility Token $XDEFI
Divergence Deploys on Arbitrum
Abracadabra to Offer Supercharged Stablecoin Yields By Leveraging Terra’s Anchor Protocol
🦮NFT & Metaverse
Bored Ape Yacht Club Ethereum NFT Breaks Record With $3.4M Sale
Crypto Advocates Protest ‘Gatekeeper’ Valve’s NFT Game Ban on Steam
New Adobe Photoshop Feature to Support NFT Verification on Marketplaces
GameStop Enters the Metaverse With ‘Web3 Gaming’ Job Post
Top Sales (Last 24-h); Source: https://dappradar.com/nft
📈Deal Flow & Capital Raise
Swivel Finance - $3.5M Unknown Round
KYVE - $2.8M Seed Round
Drift Protocol - $3.8M Seed Round
Immunefi - $5.5M Seed Round
Sipher - $6.8M Seed Round
Hyype - $2M Extended Seed Round
CoinList - $100M Series A
Iris Energy - $100M IPO
⚖️Regulatory Update
Bank of Spain Opens Registry for Crypto Service Providers
US Treasury to Say SEC Can Regulate Stablecoins
FDIC Chair Says The Agency is Focused on Developing 'Clear Guidance' For Banks' Crypto Activities, Stablecoins
Slovenian Finance Ministry Seeks Public Opinion on Crypto Tax Laws
International Police Seize $4.9M in Crypto From Alleged Darknet Drug Traffickers
📚Noteworthy Reads
Perpetual Swaps and Everlasting Options Thread
A Thread on OlympusDAO ($OHM)
A Thread on DAO Legal Framework
For the first week (and maybe a few after), this newsletter is intended for friends and family as we’re sharpening our value offering and content.
Feel free to reach out to manoppomarco@gmail.com — feedbacks and constructive criticisms are much appreciated.
DISCLAIMER:
All the information presented on The WAGMI Journal publication and its affiliation is strictly for educational purposes only. It should not be construed or taken as financial, legal, investment, and any other forms of advice. Writers, authors, and contributors of The WAGMI Journal may hold any assets mentioned in the issue.