Ouyi OKEx Intelligence Agency: Retail investors are continuing to buy ETH, and "Modern Morgan" has launched 3 Bitcoin fund investment channels
Ouyi OKEx Information Bureau Industry Weekly will take you to quickly review industry trends and clarify industry trends.
Table of contents:
Market overview
Polkadot/DeFi/NFT dynamics
cryptocurrency market
Polkadot/DeFi/NFT dynamics
industry voice
Market overview
industry voice
According to CoinGecko data, as of 15:00 on March 19, 2021, the total market value of the cryptocurrency market was US$1.845 billion, an increase of 4.62% in the past 7 days. The market panic and greed index is 70, and the level is greedy; USDT premium rate is -0.0892%, and the average OTC price is ¥6.5.
1. Large institutions and company dynamics
According to OKEx data, as of 15:00 on March 19, 2021, BTC was temporarily reported at US$58,071.4, an increase of 2.46% in the past seven days, and OKB was temporarily reported at US$14.664, a decrease of 8.26% in the past seven days. The long-short position ratio of the OKEx BTC contract is 1.17, and the multi-party forces have a slight advantage; the total position of the BTC contract is 2.876 billion, an increase of 2.13% from the same day last week.
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1. Large institutions and company dynamics
1. The total asset management scale of Grayscale exceeded 45 billion US dollars
According to the official Twitter, as of March 18, Eastern Time, the total asset management scale of Grayscale exceeded US$45 billion, and now reaches US$45.4 billion. The Bitcoin Trust (GBTC) traded at $50.85 per share, down 2.19% from the previous day; the Ethereum Trust (ETHE) traded at $17.25 per share, down 5.12% from the previous day.
[Interpretation] As of March 18, the Grayscale Bitcoin Trust Fund held a total of 655,065 bitcoins, a decrease of 214 in the past seven days.
2. Morgan Stanley will launch three bitcoin-related fund investment channels for wealthy customers
On March 18, according to CNBC news, informed sources revealed that Morgan Stanley will launch three bitcoin-related fund investment channels for wealthy customers to meet customer needs. Morgan Stanley believes that Bitcoin is suitable for investors with at least $2 million in assets and a strong risk tolerance, and limits Bitcoin investment to within 2.5% of the client's total net worth. Among the funds on sale, two are from Galaxy Digital, and the third fund is from asset management company FS Investments and bitcoin company NYDIG (New York Digital Investment Group). The Galaxy Bitcoin Fund LP and FS NYDIG Select Fund have a minimum investment of $25,000, while the Galaxy Institutional Bitcoin Fund LP has a minimum investment of $5 million. So far, Morgan Stanley has become the first major U.S. bank to offer access to bitcoin funds to its wealthy clients.
【Interpretation】Morgan Stanley (Morgan Stanley), commonly known as "Morgan Stanley", is an international financial services company established in New York, USA. Morgan Stanley is recently accelerating its deployment in the encryption field. On March 19, Joseph Young, a well-known analyst, tweeted that Morgan Stanley is bidding for Bithumb, a South Korean cryptocurrency exchange, at a valuation of US$2 billion.
3. Square’s Cash app allows users to send bitcoins for free within the app
On March 17, according to official Twitter news, Square's Cash APP announced that its users can now send and receive Bitcoin to other users within the app without paying transaction fees.
[Interpretation] Compared with the situation of Bitcoin network congestion and high handling fees, this is nothing more than a "gospel" for retail consumers.
4. Bank of New York Mellon invests in encryption startup Fireblocks
On March 18, according to the Wall Street Journal, Bank of New York Mellon (BNY Mellon) is investing in Fireblocks, a cryptocurrency startup. BNY Mellon plans to use Fireblocks' technology to power a new business the bank announced last month. It is reported that the encryption security startup Fireblocks announced the completion of a $133 million Series C round of financing, led by Coatue, Ribbit and Stripes, with BNY Mellon and Silicon Valley Bank participating as strategic investors. Previous investors Paradigm, Galaxy Digital and Swisscom Ventures participated.
[Interpretation] Bank of New York Mellon is a global leader in asset management and securities services, with assets under management exceeding US$1 trillion. Fireblock, is a platform that allows banks and other financial institutions to store, move and issue cryptocurrencies.
5. VanEck’s ETF application has opened a 45-day review period
According to CoinDesk, VanEck's ETF application has opened a 45-day review period. If approved by the US SEC, this ETF will become the first open-ended bitcoin exchange-traded product in the United States. Earlier news, VanEck submitted a digital asset ETF application to the US SEC.
According to Decrypt, Canadian real estate company Thornton Place has added Bitcoin to its portfolio. The company has purchased 0.4 BTC for its reserve fund. According to a recent statement, Thornton Place will also invest 700 Canadian dollars (about $563) per month in bitcoin going forward. The company said it expects a 10-year horizon for its crypto investments.
2. Cryptocurrency market
[Interpretation] The pace of entry of large companies has been accelerating and has never stopped. The view of Bitcoin as a global store of value will gain more consensus.
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2. Cryptocurrency market
1. CCTV: Affected by the surge in virtual currency, the price of graphics cards has skyrocketed by 100%
On March 18, according to a CCTV financial report, since the end of last year, due to the surge in virtual currencies, the prices of newly released graphics cards have also risen sharply. Take the 3070 graphics card as an example. When it was first launched in September last year, the official sales price announced by each brand was only 3,899 yuan, but four months after the release, the price of the 3070 graphics card was mostly around 8,000 yuan. 100%, even old graphics cards can sell for high prices. During the interview, the reporter learned that many graphics cards were bought for “mining” and mining Ethereum. The miner will charge as much as there are graphics cards on the market. Insufficient production capacity of graphics card manufacturers is also an important reason for the shortage of graphics cards and price increases.
[Interpretation] In the future (about one year), when ETH turns to the PoS consensus, there may be a situation where high-end graphics cards are expensive.
2. Litecoin MimbleWimble privacy protocol code has been completed
On March 16, the Litecoin Foundation tweeted that the code of the MimbleWimble privacy protocol had been completed. The code is now ready for formal review by other developers. The official stated that the review process may last for weeks or months, and the final code will be merged into Litecoin's main code base so that node operators and miners can choose whether to support it. According to the official, the Litecoin community will ultimately decide when the MimbleWimble protocol will be activated. Note: Litecoin plans to achieve a certain degree of privacy protection and fungibility through the Mimblewimble Extension Module (MWEB).
[Interpretation] In the future, Litecoin can also be attributed to "privacy cryptocurrency".
3. The former CEO of BitMEX will surrender to the US authorities on April 6
On March 17, according to a screenshot released by lawyer Pavel Pogodin, Arthur Hayes, the co-founder and former CEO of BitMEX, will surrender himself to the US authorities on April 6. million dollar bail. Yesterday, the public records of the New York court in the United States showed that BitMEX co-founder Ben Delo had paid $20 million in bail to the court and was released.
Prior to the news on March 4, Jessica Greenwood, Assistant Attorney for the Southern District of New York, stated that she had been in contact with former BitMEX CEO Arthur Hayes and co-founders Ben Delo and Gregory Dwyer to negotiate surrender to U.S. law enforcement officers. He added that Hayes may surrender to U.S. authorities on April 6. The aforementioned three were indicted by the U.S. Department of Justice in October 2020 for violating the Bank Secrecy Act and conspiracy to violate the Act.
[Interpretation] BitMEX is probably one of the few encrypted exchanges in the world that does not require real-name registration. It seems that compliance is so important.
4. Glassnode: retail investors continue to buy ETH, the number of whales drops to a 3-year low
According to news from CryptoPotato on March 17, in the past few weeks, retail interest in Ethereum has gradually increased. In addition, the total value locked in the Ethereum 2.0 deposit contract has exceeded 6.2 billion US dollars, continuing to set new highs. Glassnode data shows that, to some extent, ETH investors have also grown accordingly. The number of non-zero Ethereum addresses started to rise significantly in 2018. Over the next few years, the number of such wallets increased from less than 10 million to a recent 55 million. Additionally, addresses holding at least 0.1 ETH also hit a new record of 4.3 million. The growth of such wallets was most pronounced in late 2017 or early 2018, with a surge from 1 million to 3 million in a matter of weeks, around the time ETH was approaching its then-high $1,430. While ETH retail holders have been accumulating recently, large wallets holding at least 1,000 ETH in one address (known as whale wallets) have been selling off since early 2020. That number has dropped by about 1,000 to a new three-year low (6,547).
5. Ethereum developers put forward the EIP-3382 proposal to fix the gas limit of blocks without being restricted by miners
Recently, Ethereum developer Philippe Castonguay proposed the EIP-3382 proposal, proposing to hard-code the block Gas limit to 12,500,000 gas per block. Update the block verification rules, if the Gas limit header field is not equal to 12,500,000, the block is invalid. Philippe Castonguay said that the block gas limit is hard-coded because it is a key parameter that requires the network to reach consensus and is not subject to miners. Philippe Castonguay believes that both PoW and PoS designs of Ethereum assume that block producers (miners) are financially rational, but they do not assume that miners are benevolent. However, there is one exception, and that is when miners choose the gas limit for a block, it assumes that the miner cares about the long-term health and decentralization of the chain. In fact, the block gas limit is the only parameter in Ethereum that is not determined by node consensus, but chosen by miners. This decision was initially made to allow for emergency changes to block gas limits if necessary. Significantly increasing or decreasing this parameter may have serious consequences, which may be undesirable. Therefore, this is a critical parameter that requires node consensus to avoid any sudden harmful changes imposed by a small number of participants on the rest of the network.
[Interpretation] It seems that the Ethereum community is determined to abandon the miners, no matter how you make trouble.
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3. Polkadot/DeFi/NFT dynamics
1. OpenSea, an NFT platform, completed its A-round financing of US$23 million, led by a16z
According to TheBlockCrypto, the NFT trading platform OpenSea announced the completion of a US$23 million Series A round of financing, led by a16z, and other investors include Mark Cuban, Linda Xie, 3LAU, 1Confirmation and other celebrities and investment institutions.
[Interpretation] Focus on: Focus on NFT.
2. Famous artist Damien Hirst will release encrypted art NFT works
According to ArtLyst news on March 17, the famous artist Damien Hirst said that he will release the encrypted art NFT work "The Currency" that took 5 years to create. It is reported that Damien Hirst has been secretly cooperating with the online art trading platform HENI to complete "The Currency". It took 5 years and a total of 10,000 paper works of art have been stored in the vault, but "The Currency" will be in the form of NFT distribution, not physical art form. Note: Damien Hirst is a famous British artist who won the Turner Prize of British Contemporary Art Award in 1995.
[Interpretation] Damien Hirst (Damien Hirst, June 7, 1965 -) British artist, is the leader of YBAs, became famous from playing formalin, has dominated many post-modern art books, currently The artist with the highest value of living works in the UK. Using biological specimens as materials, he created the most famous "Natural History" series. He is also another famous artist besides Yayoi Kusama (Kusama). He created the trophy for the Brit Awards Statu Brit Awards; he designed the hotel suite of the Palms Casino Resort in Las Vegas, the Empathy Suite, which is known as the world's most expensive hotel suite, with a night of 200,000 US dollars...
3. Plasm: currently cooperating with leading exchanges to ensure the success of the slot auction
On March 15, Plasm, the Polkadot smart contract platform, issued a document to remind users to prepare for Kusama and Polkadot slot auctions. It is mentioned that users need to prepare DOT and KSM in advance to participate in the auction. DOT will be locked for 28 days, and KSM will be locked for 7 days. Plasm will notify users 28 days before the auction starts. The official stated that Plasm is currently cooperating with leading exchanges to ensure a successful auction, and the auction strategy will be fully disclosed after it is determined.
On March 16, Shawn Tabrizi, the core developer of Parity, stated in the community that the Polkadot parachain crowdfunding module has released the code base.
4. Industry voice
[Interpretation] One step closer to the Polkadot parachain auction, the Web3.0 era is coming, are you ready?
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4. Industry voice
1. Messari analyst: "Deflationary" Ethereum may surpass Bitcoin to become the largest encrypted asset
On March 18, Ryan Watkins, a senior research analyst at encryption analysis company Messari, speculated that once Eth2 and PoS are fully completed, Ethereum may replace Bitcoin as the largest encrypted asset. On March 18, Watkins pointed out on the Youtube program "FinTech Today" that although he does not know "if or when" Ethereum will surpass Bitcoin, he believes that Ethereum may become the most important encrypted asset in the future due to Eth2 , He said: "Bitcoin as a value storage asset has more selling points than Ethereum. In the final analysis, its monetary policy is predictable, and the Bitcoin blockchain is very secure. I think that with the move to Eth2 and PoS However, Ethereum may actually be more secure than Bitcoin.
[Interpretation] The market value of ETH surpasses BTC, which is worth looking forward to. It can only be said that there is such a possibility.
2. Forbes analyst: Institutional demand for Bitcoin futures has reached an unprecedented level
On March 18, Forbes data analyst Javier Paz published an article stating that according to data from the Chicago Mercantile Exchange Group, as of February 2021, the open position of Bitcoin futures has increased by at least 100% for 8 consecutive months. The capital involved has grown exponentially at an annualized rate of 145%, from $156 million at the end of February 2020 to $2.34 billion a year later. The gain is more than three times the 425% rise in bitcoin's price over the past year, further reflecting unprecedented levels of demand from institutional investors for the asset class.
[Interpretation] Futures are the favorite of professional investment institutions. As a rookie in the financial field, Bitcoin's mature futures products will attract more and more investors.
3. Wall Street analyst: Bitcoin can replace the $5 trillion foreign exchange market
According to CryptoGlobe news on March 16, Wall Street financial analyst and Bitcoin supporter Max Keiser said that Bitcoin can replace the $5 trillion foreign exchange market. Bitcoin makes banks like Citibank redundant, allowing currency transactions without the need for any banks.
[Interpretation] Bitcoin/blockchain technology is becoming a nightmare for the banking system.
4. Visa CEO: Cryptocurrencies May Become 'Extremely Mainstream' Within Five Years
According to U.Today news on March 17, Visa CEO Al Kelly said in a conversation with Fortune CEO Alan Murray that cryptocurrencies may become "extremely mainstream" in the next five years. While it's not ruled out that they end up being fads, Kelly hopes his company is in the middle of a cryptocurrency boom. Kelly divides cryptocurrencies into two categories. Seeing Bitcoin as the digital successor to gold, he mentioned that Visa is working to allow the purchase of Bitcoin and seamless conversion of Bitcoin to fiat currency. Kelly also predicted that other categories (digital currencies backed by fiat currencies) could become powerful payment instruments.
[Interpretation] The so-called "extremely mainstream" may refer to the use of Bitcoin as a reserve asset at the national level.
