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Bullish Insights Weekly Market Recap

Nov 17, 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 13, 2023.

Bullish exchange

This week’s peak exchange trade volume (24h): $1,574,665,859 [43,243 BTC] on Nov 17, 2023.

This week’s headlines

  • Tether, the operator of the $87 billion stablecoin USDT, is planning to invest approximately half a billion dollars over the next six months to become one of the world's leading Bitcoin miners. The investment, as outlined by incoming CEO Paolo Ardoino, will be used to build its own mining facilities and acquire stakes in other companies, including a portion of a $610 million credit facility extended to Bitcoin mining company Northern Data AG.
  • South Korea's National Pension Service (NPS) invested roughly $20 million in Coinbase (COIN) shares in Q3, marking its first known investment in a digital assets company. The purchase of 282,673 shares, at an average price of $70.5 each, resulted in a 40% profit for the quarter due to a 4% rise in COIN shares.
  • The Philippines plans to sell tokenized treasury bonds for the first time, aiming to raise at least 10 billion pesos ($179 million). The tokenized bond, due in November 2024, will be issued to institutional buyers with minimum denominations of 10 million pesos and increments of 1 million pesos.
  • BC Technology Group the parent company of OSL has announced a substantial investment from BGX. The strategic subscription of new shares, pending shareholder approval is valued at approximately HK$710 million (US$90mn).
  • Foresight Ventures, the venture capital arm of Bitget exchange, has bought a controlling interest in crypto media outlet TheBlock from its ex-CEO, Michael McCaffrey, in a transaction that valued the firm at $70 million, as reported by Bloomberg.
  • According to PeckShield, the suspected loss from the Poloniex hack is approximately $125 million, primarily across three blockchain networks: $56 million in Ethereum (ETH), $48 million in Tron (TRX), and $18 million in Bitcoin (BTC).
  • Justin Sun has offered a 5% white hat bounty on the Poloniex exploit over the weekend and will give the hacker 7 days before involving law enforcement.

Equity markets

  • US equity markets saw strong momentum in Friday’s session with IT stocks leading the rally. The Nasdaq saw its best day in over five months, jumping 2%. The S&P 500 rose 1.6% and the Dow Jones Industrial Average rose 1.2%.
  • U.S. markets saw a relatively muted day in Monday’s session in anticipation of inflation data later today. A substantial order for jets boosted Boeing shares, leading to a 0.2% increase in the Dow Jones Industrial Average. Meanwhile, the S&P 500 saw a dip of 0.1%, and the tech-heavy Nasdaq Composite dropped by 0.2%.
  • On Tuesday, US equity markets responded positively new inflation data that indicated inflation had eased more than anticipated, leading to a rally in stocks and government bonds. CPI rose 3.2% YoY in October, lower than the predicted 3.3% and September’s 3.7%. Investor expectation is that the Fed may have concluded its rate hike cycle, suggesting a potential soft landing for the U.S. economy. The S&P 500 climbed 1.9%, accumulating a rise of 7.2% in November. The Nasdaq Composite grew by 2.4%, while the Dow Jones Industrial Average rose by 1.4%.
  • According to the US Labor Department, producer prices experienced a 0.5% decrease in October compared to the previous month; retail sales also saw a 0.1% decline, marking the first downturn since March. Combined with cooling inflation data investor expectations strengthened for the Fed to ease it’s hiking cycle. The S&P 500 climbed 0.2%, the Nasdaq Composite grew by 0.1%, while the Dow rose by 0.5%.
  • US equity markets saw mixed performance in Thursday’s session with the S&P 500 up 0.1%, the Nasdaq Composite grew by 0.1%, while the Dow fell by 0.1%.

Crypto market highlights

  • According to CoinMetrics, State of the Market report, Bullish ranked 2nd in BTC spot volume and 3rd in ETH spot volume for the period of November 9-15.
  • The number of BTC that has not moved in 1+ years reached an all-time high on November 12, making up 69.4% of current circulating supply.
  • Real World Assets (RWA) tokenized on-chain has been trending in the past year. RWAs range from real estate and commodities to U.S. treasuries, are currently the sixth-largest category in terms of total value locked (TVL). Since 2022's market rotation into safe-haven assets, there’s been a surge in demand for tokenized US treasuries with its market cap growing from $133.8 million to $770 million year-to-date as of November 14.
  • The tokenised private credit market, active loan size peaked to almost $1.5bn back in July 2022. Since then the competition against safe-haven Treasury yield has brought down total active loans to below $500mn. Protocols like Maple, Truefi and Goldfinch have trended lower in active loans to levels last seen in 2021 when the projects were first incepted. By loan type, currently consumer, fintech and auto sectors have seen the largest interest.
  • Search volume trends on Google for terms "bitcoin", "ethereum", "nft", etc. are represented on a relative scale from 0 to 100, with 100 denoting the maximum search volume within a time frame. Trend volumes generally provide a loose gauge into retail interest. Since peaking at 100 back in 2017, search volumes spiked again in the 2021 bull-run leading into mid-2022 before tapering off. Since then the Bitcoin search trend saw slight renewed interest in October but with the other terms dwindling to all-time lows.

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