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Bullish Insights Weekly Market Recap

Nov 10, 2023 4 min read

The Bullish Insights Weekly Market Recap includes curated industry news and analysis from the Bullish team for the week of November 6, 2023.

Bullish exchange

This week’s peak exchange trade volume (24h): $1,792,441,473 (48,831 BTC) on Nov 10, 2023.

This week’s headlines

  • UBS Group AG is following in the footsteps of HSBC Holdings Plc by allowing its high net-worth clients in Hong Kong to trade certain crypto-linked exchange-traded funds (ETFs), aligning with Hong Kong's initiative to promote a digital-asset hub. From Friday, three crypto ETFs authorized by the Securities and Futures Commission, including the Samsung Bitcoin Futures Active, CSOP Bitcoin Futures, and CSOP Ether Futures ETFs, will be available on UBS's Hong Kong platform, according to Bloomberg.
  • Celsius Network received bankruptcy court approval to repurpose itself into a Bitcoin mining company owned by creditors, aiming to repay customers whose accounts have been frozen for over a year. U.S. Bankruptcy Judge Martin Glenn confirmed the company's plan to repay customers through a mix of crypto assets and stock in the new Bitcoin mining company, with distributions possibly starting next year.
  • BlackRock Advisors has submitted an application for the iShares Ethereum Spot ETF. This filing comes after BlackRock's previous application for a Bitcoin spot ETF, which is still awaiting approval from the SEC. Following BlackRock's filing to register an entity in Delaware, Nasdaq submitted the application for the proposed iShares Ethereum Trust.
  • Standard Chartered's investment division, SC Ventures, and SBI Holdings are collaborating to establish a $100 million crypto-focused investment vehicle in the United Arab Emirates. This joint venture aims to invest globally in various crypto projects, including decentralized finance, tokenization, infrastructure, payments, and the metaverse, spanning from seed to Series C funding rounds.
  • Swiss crypto bank, SEBA Bank, has secured a license from Hong Kong’s Securities and Futures Commission for its subsidiary, SEBA Hong Kong, to provide crypto-related services in the city. The license permits the subsidiary to deal in and distribute all securities, including those related to virtual assets such as OTC derivatives and structured products, as well as advise on securities and virtual assets and manage assets for discretionary accounts in both traditional securities and virtual assets.
  • Rain Lõhmus, the founder of Estonia-based LHV Bank, has been identified as the owner of a substantial 250,000 Ether stash, now valued at around $470 million, that was purchased during the Ethereum ICO and hasn't been touched since. However, Lõhmus reportedly no longer has access to the keys of the wallet, leaving the considerable sum of ETH inaccessible.
  • HSBC, one of the world's leading bullion banks, has launched a blockchain-based platform to tokenize ownership of physical gold stored in its London vault. The system creates digital tokens that represent gold bars, facilitating trade on the bank’s single-dealer platform. Paxos had previously attempted to create a blockchain-based settlement service for the London bullion market back in 2016, and currently offers Pax Gold, a digital token backed by physical gold.
  • Hong Kong is considering the introduction of exchange-traded funds (ETFs) that invest directly in cryptocurrencies, in a bid to establish itself as an Asia-Pacific digital-asset hub, despite the ongoing JPEX scandal. Julia Leung, the CEO of the Securities and Futures Commission, stated in her first international interview since taking office, that they are open to such proposals if regulatory concerns are addressed and if they leverage innovative technology to enhance efficiency and customer experience.

Equity markets

  • The Labor Department's report last Friday revealed that job growth in October was lower than expected, with 150,000 positions added, a decrease of 50% from the previous month. The unemployment rate also saw an increase, reaching 3.9%.
  • Traction eased in Monday’s session after last week’s rally. The S&P 500 climbed 0.2%, the Dow was up by 0.1% and the Nasdaq Composite rose 0.3%.
  • Tech and consumer discretionary stocks led performance in Tuesday’s session. The S&P 500 climbed 0.3%, up by 14% YTD (year-to-date) the Dow was up by 0.2% and the Nasdaq Composite rose 0.9%.
  • The Nasdaq extended gains for the ninth consecutive day up by 0.1% in Wednesday’s session. The S&P 500 climbed 0.1%, and the Dow was down by 0.1%.
  • US equity markets took a tumble in Thursday’s session as the government's auction of $24 billion in long-term debt attracted fewer buyers than expected. Subsequently, pushing 10-year yields up to 4.629%. The Nasdaq ended gains of nine-consecutive sessions retreating by 0.9%. The S&P 500 fell 0.8%, and the Dow was down by 0.7%.

Crypto market highlights

  • The market saw a total of $429.72mn in liquidations over the past 24 hours (15:00 HKT November 10, 2023). Longs made up $221.76mn while shorts $208mn. Bitcoin liquidations totaled $118.58mn while Ethereum made up $75.67mn.
  • In the past twelve months, the total stablecoin market cap dipped from $159.8bn at the end of October 2022 to $133.3bn as of November 8. USDT has seen a significant rise in market share to $92.1bn holding 69.1% market dominance while USDC has trended lower to $26.3bn at 19.7% dominance.
  • Long-term Bitcoin hodlers continue their conviction, as evidenced by the high percentages of circulating supply that hasn't been active for over a year, which is at record highs across several age bands. The percentages of supply last active 1, 2, 3, and 5 years ago are 68.8%, 57.1%, 41.1%, and 29.6%, respectively.
  • There is currently $43.87bn in TVL (Total Value Locked) across all protocols. Lido leads in first place by a significant margin with the liquid staking project seeing a total TVL of $17bn compared to Maker in second place at $8bn and JustLend at $5.7bn.
  • The Crypto Volatility Index (CVI) spiked above lows of 39, trending upwards since October 8. The CVI has since stabilised above 60 nearing levels last seen in March this year.

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