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gm - November 11th, 2022

Daily

November 11, 2022

Daily

gm 👋

***FTX Group has filed for Chapter 11 Bankruptcy (this includes FTX US, Alameda, and 130+ FTX Group companies)***

What a week. We hope all readers of our daily letter are safe and have the support they need if they had any collateral damage from the fallout. Reply back or send us a message at [email protected] if there's anything we can help with. You can also DM us on Twitter, @usecyan.

With every hour passing, it feels like there is no shortage of new information. BlockFi is the next domino to fall, with withdrawals halted and solvency in question once more — this is most likely the last nail in the coffin for them. All eyes are on Voyager which is likely the next victim due to the FTX rescue (ex) plan. FTX is said to have many outstanding counterparties, including but not limited to Huobi and OKX — there was some FUD circulating but it seems contained for the time being. Over the coming days and weeks, there’s a high chance of further damage so size risk accordingly. Back in 2008, after Bear Stearns had collapsed, it took some time until the giant Lehman fell — Luna might be the Bearn Stearns and FTX the Lehman of 2022, but this chapter isn’t penned just yet. Let’s hope FTX isn’t the Bearn Stearns of 2022.

US CPI numbers came in favorably to markets, which took it as a sign the Fed will ease up rate hikes — absolute madness and would defy logic to any sane trader back in 2019, but alas hyperinflation has us in a clown world. DXY crashed and had a heavy pullback, causing all FX pairs to wildly snap back — USDJPY is back below 140. NASDAQ and SPX had their strongest days since early 2020, and SPX is back to near-4000. Had it not been for the FTX exodus, Bitcoin and Ethereum would have enjoyed a massive rally as flows were in favor of upward momentum. Bitcoin is +3% to $17.5k and Ethereum is +5% to $1300, erasing the dip back to a low $1200’s intraday.

NFT volumes are a touch under $20M. ETH-NFTs were $14M, Solana-NFTs $2M, ImmutableX at $1M, and Cardano at almost $500k. Keepers took the top spot with a $3M turnover across 4000 trades. BAYC continues to post decent turnover, with $2.6M today across 33 trades — lots of apes are being picked up at near floor prices of 60 ETH as lots of traders unwind at distressed prices. DeGods posted a $1M volume day.