Crypto held up relatively well over the weekend, with Bitcoin down -1.4% to $16.6k and Ethereum off -2.8% to $1240. While FTX-related newsflow has softened, the Crypto Twitter (CT) mob started to focus on other exchanges and question their solvency. The current target is everyone’s favorite Crypto.com, after CT sleuths found a suspicious $400M transfer of ETH to Gate.io and back — Crypto.com’s CEO tried to calm the mob by explaining it was an erroneous transfer which both parties quickly rectified. Nonetheless, given the exchange’s history of improperly sending funds (just a few months ago it was reported they had sent $10M to a lady in Australia mistakenly), it is advised to keep crypto off exchanges for the near term. Safer than sorry to be caught in a CT-driven bank run.
NFT volumes revert to the mean, with $9M trading on the day. ETH-NFTs were $8M while Solana-NFTs was $1M. BAYC takes the top spot once again with 24 trades to post $1.7M in volume. Otherdeed ($800k turnover) and MAYC ($500k) come next to give Yuga Labs the top three spots of the day. Sorare has $500k of turnover as the boycotts to the upcoming World Cup doesn’t seem to dampen the enthusiasm at all — the first kick-off is on November 20th.
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