Institutions Are Bored of BTC - The WAGMI Journal #15
Further and further out the risk curve
In today’s issue:
The crypto market is flat with the global crypto market cap sitting slightly above $2.8 trillion. Crypto.com (CRO) led the market after its Coinbase listing and Axie-ecosystem token soared as the Ronin DEX went live. Additionally, Genesis's report shows that institutions are getting bored of Bitcoin, Revolut is building a crypto exchange, and Square’s BTC-driven revenue keeps on declining.
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
⎆Genesis: BTC Demand Trends Down as Institutions Move Into Alts
Genesis released its quarterly OTC market report (one of the few rare ones that are publicly available) which covers activity such as lending and trading from institutional investors. The firm noted that while the futures-based bitcoin ETF was strong, the trend shows that institutions are moving further out of the risk curve by moving away from Bitcoin and embracing DeFi as well as blue-chip altcoins.
⎆Revolut Wants to Build a Crypto Exchange
The digital bank has been public with its interest in crypto for a while but is now fully diving in by looking to hire a tech lead for its crypto exchange. The firm with $33 billion valuations has been offering crypto trading for several years before allowing customers to transfer out their digital assets in May 2021.
⎆Square’s Generated $1.8B in BTC Revenue in Q3 2021
In its Q3 2021 earnings letter, Square reported that it has generated $1.82 billion of BTC revenue, which is a significant decline from the previous quarter. While Square points to Bitcoin’s relative price stability as the primary reason, I believe this simply just shows that there are way more options for retail customers to purchase BTC. Not only have other Fintech apps such as Venmo, PayPal, and Robinhood increased their crypto efforts, but retail interest towards just BTC has also dwindled amidst the meme token and altcoins craze.
👨🏻💻Decentralized Finance (DeFi)
Aave V3 is About to Pass in Governance Vote
MakerDAO’s Update is a Pure Expression of DeFi 2.0
There’s Already $115M on Axie Infinity’s New Automated Market Maker
Risk Harbor Set to Take Over Decentralized Insurance Protocol Ozone on Terra Network
Value Secured by Chainlink Data Soars 10-Fold in Less Than a Year
MetaMask, Phantom Wallet Users Targeted in Crypto Phishing Scam
🦮NFT & Metaverse
Ethereum Game Axie Infinity Launches Ronin DEX, SLP Token Spikes 74%
Electronic Arts CEO: NFTs a Key Part of the Future of Gaming Industry
Enjin Forms $100M Fund to Support Metaverse Projects
RTFKT Partners With Daz 3D to Advance Metaverse NFTs
Bluzelle Launches Mainnet Decentralized Storage For NFT Content
Top Sales (Last 24-h); Source: https://dappradar.com/nft
📈Deal Flow & Capital Raise
Faraway - $21M Series A
Mythical Games - $150M Series C
Enjin - $100M Metaverse Ecosystem Fund
⚖️Regulatory Update
mCBDC Bridge Reveals 15 Use Cases and 22 Heavyweight Participants
Spain’s Central Bank Requesting Financial Institutions to Outline Crypto Plans Until 2024: Report
SEC Chair Gensler Hints At Enforcement Actions Against Crypto Firms
S. Korean Regulator Says NFTs Are Not Virtual Assets
EU Central Banks Work on DLT-Based Asset Settlement
📚Noteworthy Reads
Jason Choi’s Thread on How to Get Rich in Crypto
Today in DeFi’s Thread on FXS
Patrick Dugan’s Thread on IRS Provision 6050I
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.