The corn is falling while ETH remains flat today. Bitcoin is softer -2.5% to $19,735 on $28B, while Ethereum is flat at $1522 on $17B. Volatility feels like it's right around the corner as leverage in the major cryptos is nearing all-time highs as cumulative perp future notional grew over the past few months. In other words, there is a considerable amount of leverage in the system which needs clearing out, heading into September. Naturally, ETH is going to see more vol given the merge, but speculators may exacerbate the event slated to happen in late September.
NFT volumes return some with a $20M turnover on the day, $14M coming from EVM-NFTs, and $2.3M from ImmutableX-NFTs. DigiDaigaku is a new project which sucked up $3.1M worth of liquidity today. ImmutaSwap.io was $2.4M, usurping Solana-NFT volumes of $1.9M — a rare site to see, and perhaps the first I’ve seen since starting this daily blog. CloneX had a strong day with $1.1M while BAYC dies out with $600k in total. WSJ wrote up an article with a CloneX on the front taking jabs at Meta’s last rendering of their ‘Metaverse’.
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