JPMorgan Chase says Ethereum is superior to Bitcoin in three aspects, Osprey will launch DOT investment trust|Industry Weekly

特邀专栏作者

2021-04-30 17:57 (UTC+8)

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Ouyi OKEx Information Bureau Industry Weekly will take you to quickly review industry trends and clarify industry trends.

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Ouyi OKEx Information Bureau Industry Weekly will take you to quickly review industry trends and clarify industry trends.

Table of contents:

Market overview

Institution and company dynamics

cryptocurrency market

Market overview

industry voice

Market overview

Institution and company dynamics

industry voice

1. Institutional and company dynamics

Market overview

According to CoinGecko data, as of 16:00 on April 23, 2021, the total market value of the cryptocurrency market was US$1,823.7 billion, a decrease of 20% in the past 7 days. The USDT premium rate is 3.65%, and the average OTC price is ¥6.73.

According to OKEx data, as of 16:00 on April 23, 2021, BTC temporarily reported at US$48,052.3, down 21.9% in the past seven days, and OKB temporarily reported at US$15.58, down 21.7% in the past seven days. The long-short position ratio of the OKEx BTC contract is 1.76, and the number of long-term parties has a slight advantage; the total position of the BTC contract is 2.235 billion US dollars, a decrease of 30.15% from the same day last week.

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1. Institutional and company dynamics

1. Wealthfront, an American digital wealth management company, will allow users to invest in cryptocurrencies this year

(Reuters) - U.S. digital wealth manager Wealthfront said on Wednesday it will start allowing users to invest in cryptocurrencies later this year, the latest sign of growing acceptance of digital assets in mainstream finance. Starting this week, users can also build their own portfolios using a range of ETFs vetted by the Wealthfront team.

[Interpretation] The financial industry is accelerating the deployment of cryptocurrencies. Large wealth management platforms like Wealthfront provide investors with access to cryptocurrencies, which will bring a lot of money to the market. According to an October 2020 regulatory filing, the firm has about 350,000 accounts in the U.S. and manages about $16 billion in assets.

2. Osprey Funds will launch Polkadot (DOT) Investment Trust

According to Cointelegraph on April 30, yesterday, Osprey Funds announced the establishment of the Osprey Polkadot Trust. The fund will be available to accredited investors with a minimum of $25,000, and the fund will be listed on the OTCQX market "as soon as possible," according to the company's press release. Coinbase will act as the fund's custodian. That is, qualified investors will soon be able to obtain DOT investment trusts off-site.

[Interpretation] Osprey Funds is a wholly-owned digital asset subsidiary of REX Shares, an exchange-traded product provider. It has launched a competing product of GBTC-Osprey Bitcoin Trust (OBTC). The launch of DOT Investment Trust may be ahead of Grayscale.

3. JP Morgan will provide bitcoin investment products to high-net-worth clients

According to news from dailyhodl on April 29, JPMorgan Chase will provide bitcoin investment products to high-net-worth clients. JPMorgan's move to offer wealthy clients access to bitcoin funds comes about a month after JPMorgan released a structured note aimed at exposing investors to the cryptocurrency through a basket of 11 stocks. Corresponding to the JP Morgan Cryptocurrency Exposure Basket, some featured stocks include MicroStrategy, Square, Riot Blockchain, Nvidia and PayPal, companies with strong ties to the crypto industry.

[Interpretation] JPMorgan Chase, which once disdained Bitcoin, has finally become a platform for Bitcoin.

4. Coinbase allows U.S. users to buy cryptocurrencies with PayPal

According to news from theblock on April 30, Coinbase now allows customers in the United States to use PayPal to purchase cryptocurrencies. Coinbase says it is now possible to buy cryptocurrencies on Coinbase using debit cards and bank accounts linked to PayPal. According to the exchange’s settings page, Coinbase U.S. users can now use Paypal to buy up to $25,000 in cryptocurrency per day, for which they will pay a PayPal-only fee of almost 4%.

[Interpretation] PayPal is an American mobile payment giant, and Coinbase is the largest encrypted asset trading platform in the United States. The connection between encrypted assets and financial payment services will hopefully expand cryptocurrencies such as Bitcoin to the entire financial system.

According to CoinDesk news, the US SEC announced the postponement of the review of the asset management company VanEck Bitcoin ETF, and will announce the review decision as early as June 17.

[Interpretation] Canada has listed several bitcoin and ethereum ETFs. With everyone's expectations, is the United States expected to launch the first bitcoin ETF in 2021?

6. Biden announced the $1.8 trillion "American Family Plan"

According to the Financial Associated Press, at 9 pm local time on the 28th (9 am on the 29th Beijing time), US President Biden delivered a speech at a joint meeting of the House and Senate. In his speech, Biden announced a $1.8 trillion "American Family Plan" for children, students and families. Biden plans to increase the personal income tax rate for annual income of more than 600,000 from 37% to 39.6%; at the same time, the capital gains tax for families with annual income of more than $1 million will also be increased to 39.6%.

[Interpretation] The "American Family Plan" is mainly a proposal for raising children, funding education, and studying, and taxing the rich is mainly to provide part of the funds for this proposal. This is the welfare of Americans, and it is also the "new capital" of the financial market, which is bound to have a positive impact on the US stock market outlook, and will also indirectly affect the cryptocurrency market.

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2. Cryptocurrency dynamics

1. JPMorgan Chase evaluates Ethereum: Three aspects outperform Bitcoin

In a report "North American Fixed Income Strategy" on April 27, JPMorgan Chase recognized the value of Ethereum and stated that Ethereum has performed significantly better than Bitcoin since the beginning of April, and then gave Ethereum performance in the report 3 reasons why it is better than Bitcoin: JP Morgan believes that, first, Ethereum’s liquidity is more elastic. Liquidity shocks in the encrypted derivatives market have caused huge liquidations. During the shocks, the Bitcoin futures market was far more affected than the Ethereum futures market. During the market recovery phase, the Ethereum transaction depth recovered rapidly. Secondly, the turnover rate of Ethereum spot is much higher than that of Bitcoin, which also means that the long position of Ethereum is more inclined to hold spot rather than futures and perpetual contracts. Finally, the transaction activity of the Ethereum network shows the richness of its on-chain activities, including the ever-growing DeFi and other areas in the ecosystem. According to JPMorgan, there is a big difference between Ethereum and Bitcoin. Bitcoin is more of an encrypted commodity than a currency and is linked to gold as a store of value asset. Ethereum is the backbone of the cryptocurrency eco-economy and acts as a medium of exchange in the ecology.

[Interpretation] In fact, the price trend of ETH is also consistent with the judgment of Morgan Stanley, and there is a great tendency to overtake. The 30-day price correlation between ETH and BTC has reached the lowest level in two years, and the current price correlation is -0.18.

2. The number of bitcoins transferred by miners to exchanges within 7 days was 49.9, reaching a 4-month low

On April 29, the analysis team of Glassnode tweeted that the number of bitcoins transferred by bitcoin miners to cryptocurrency exchanges within 7 days reached a 4-month low, currently totaling 49.9 BTC. Unlike early 2021, miners are currently accumulating bitcoins.

[Interpretation] Whether miners sell or not is the decisive factor for the exhaustion of Bitcoin liquidity, and it is also a key factor that promotes price increases.

[Interpretation] IntoTheBlock tweeted that IOMAP data shows that the current trading price of ETH is higher than the stable support level, and more than 200,000 addresses have purchased nearly 10 million ETH at an average price of $2,270.

3. Polkadot/DeFi dynamics

4. Dogecoin core developer Sporklin died of cancer

On April 27, Billy Marcus, the co-founder of Dogecoin, tweeted that Sporklin, the core developer of Dogecoin, died of cancer. Sporklin dedicated the last seven years of her life to Dogecoin in various ways. Sporklin announced its withdrawal from the Dogecoin project in February this year.

[Interpretation] Pay tribute to Dogecoin and its core developer Sporklin!

3. Polkadot/DeFi dynamics

According to the latest data released by the blockchain and cryptocurrency market analysis company Messari, the most liquid asset held by crypto venture capital and hedge funds is the Polkadot token DOT. Messari analyzed 35 crypto venture capital and hedge funds including Multicoin Capital, Panterra Capital, Paradigm Capital, and PlaceHolder VC, and found that 14 held DOT, 10 held KEEP and UNI, and 9 held COMP and FIL , MKR, and CKB, 8 hold AAVE, STX, LUNA, GRT, and ZEC, 7 hold ZRX, DODO, NEAR, NMR, OXT, and YFI, 6 hold 1INCH, HXRO, SOL, SNX, and XRP, and 5 hold Homeowners hold AR, BAL, CELO, ATOM, FLOW, HNS, RLY, SRM and SUSHI.

1. 80% of the Polkadot code needs to be modified as rumors, and the reconstruction of XCM has little effect on the delay of the parachain launch

On April 27, at the 3rd community discussion meeting initiated by PolkaWorld, Bifrost founder Lurpis said that "Polkadot has to modify 80% of the code, so the delay in the launch of the parachain" is a rumor. The reason for this may be because Gavi announced a relatively long list of XCM updates before, but it is nonsense to modify 80% of the code. Substrate itself is a blockchain framework with multiple modules. Based on the development of most modules such as assets, consensus, and governance, it is now continuing to develop iterations on the XCM module. XCM is the basis of cross-chain communication. Of course, it needs Launch cautiously after perfecting. As for whether the reconstruction of XCM will cause the delay of the parachain, I think it will have a certain impact, but it is not very big. XCM is the infrastructure for communication between parachains and parachains, and between parachains and relay chains. It is an important agreement before the auction of parachains begins. Since the beginning of the test, XCM has also continuously updated and iterated a lot of new functions. This time, there are many updates to XCM, which involve the definition of source addresses in the cross-chain process, message execution priority, and message scheduling. The current progress According to Github, the XCM reconstruction progress has reached 45%. Kristen, CMO of ChainX, said that it is normal to update the code, especially after each stage of testing is completed. 80% of the codes in the community rumors need to be modified, some exaggerated and exaggerated.

[Interpretation] According to the intelligence agency’s interviews with Polkadot’s senior developers and investors, the reconstruction of XCM will not delay the slot auction for too long, nor is it a so-called “big project”. The Kusama parachain auction will eventually come.

2. DOT holds the most liquid assets for crypto venture capital and hedge funds

[Interpretation] Encrypted venture capital and well-known funds hold the largest number of encrypted assets, which can more or less reflect the vane of investment. In addition to holding DOT, major global asset management companies such as Grayscale and Osprey intend to launch DOT-based encrypted investment trusts, which will open the door to Polkadot for more mainstream investors.

According to CoinDesk on April 29, Ethereum scaling solution Polygon (formerly Matic) launched a $100 million fund aimed at making decentralized finance (DeFi) more accessible to end users. And said that Polygon is committed to making DeFi accessible to the next million users.

[Interpretation] Polygon is an Ethereum expansion and infrastructure development platform, and is committed to becoming a Layer 2 solution aggregator on Ethereum. The launch of the US$100 million fund may boost the explosion of DeFi applications and users based on Layer 2.

4. OKLink: The total lock-up volume of DeFi protocols on Ethereum is 87.87 billion US dollars

According to data from OKLink on April 29, as of 18:00 today, the total lock-up volume of DeFi agreements on Ethereum was 87.87 billion US dollars, a month-on-month increase of 2.35%. Among them, the top three agreements with locked positions are Maker 9.69 billion US dollars (+3.67%), Uniswap V2 9.25 billion US dollars (+3.21%) and Compound 9 billion US dollars (+1.67%).

[Interpretation] As the amount of locked positions in DeFi hits new highs, the financial attributes of the Ethereum ecosystem will become stronger, and the financial attributes of ETH will be gradually released. It will no longer be a false proposition that the market value of ETH surpasses BTC.

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4. Industry voice

1. Pantera Capital: Bitcoin will eventually soar to $700,000

According to Dailyhodl, encryption investment company Pantera Capital recently revealed a bitcoin price model. According to the model, if the price of bitcoin rises by $200 for every 1 million new users entering the market, the final price of bitcoin will reach $700,000. Pantera Capital said the model was accurate every time, except in February 2016 with a price lag.

[Interpretation] PlanB's S2F model believes that in this round of bull market, Bitcoin will rise to 175,000 US dollars, and 700,000 US dollars has never been thought of.

2. Tesla CFO: The company will continue to invest in Bitcoin

On April 27, Tesla's CFO stated that Tesla believes in the "long-term value" of Bitcoin and the company will continue to invest in Bitcoin. Musk also stated that I did not sell any bitcoins I held, and that Tesla sold bitcoins to prove its liquidity as a cash alternative. He also believes that there are many reasons to be optimistic about Bitcoin.

[Interpretation] The BTC purchased by companies like Tesla is not purchased for one year later, but for 10 or even 20 years later, which may greatly change the currency circle.

3. BitPay Chief Commercial Officer: Dogecoin is weakening Bitcoin’s dominance in encrypted payments