Crypto saw a tiny spike yesterday after NVDA posted impressive earnings, with the stock pumping by more than 20% after hours. The 200 traders left in crypto markets were eager to try to correlate crypto with growth assets, but there is a consistent failure to follow through with these moves to the upside. If NVDA added the entire market cap of ETH yesterday, we must be so early, right? One token that has continued to do well through the normie AI spotlight is RNDR, which claims to power a “decentralized GPU network.” Is the RNDR price action backed by actual fundamentals, or are there just a few parties manipulating the orderbook? I think we all know the answer to that.
In other news, OKX exchange announced assets that will be available for retail traders in Hong Kong after the platform goes through the licensing process. These assets include most L1s, such as ETH, DOT, SOL, along with some outliers like LINK, UNI, SAND, and AXS. Hong Kong. Be sure to check out the full list. Exchanges will be able to apply for a license to operate in Hong Kong on June 1, and OKX is definitely ready to hit the ground running. It looks like we have the playbook for what to watch when CEXs in Hong Kong start to take off.
- 0xpibblez |
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Remember the degen corner on Monday where I told you Kwenta currently has a weekly rewards program based on fees paid? And that in the first week, the rewards actually outweighed the fees paid, meaning traders could wash volume and get paid to do it? Well, it happened again. Hopefully that huge pump in market share for Kwenta leading up to the 2nd rewards period ending is you all taking advantage of us sharing alpha. First ones free, now use those profits to subscribe and get that info weeks earlier fren.
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We know a lot of you are degens like us but PLEASE be careful if you self custody. The majority of crypto holders do not practice proper OPSEC, and recently, there has been an increase in extremely professional targeted attacks against crypto holders. Keep your private key safe and offline, use hardware wallets, don’t click links...Maybe even buy a chromebook or another dedicated device that doesn't ever download software or visit suspicious sites. Stay frosty folks..
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Liquid Staking Tokens (LSTs) have emerged as a powerful instrument in the Ethereum DeFi ecosystem, enabling users to unlock the full potential of their staked assets. By representing staked assets as liquid, tradeable tokens, LSTs allow users to access the yields associated with staking while simultaneously leveraging the liquidity of their assets. |
Stacks is a BTC L2 set to undergo the Nakamoto upgrade later this year. The TAM is large with over $500B of idle BTC capital, but the problems facing Stacks appear inherent to the protocol’s fundamental design. |
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Low Bitcoin Market Activity Triggers ‘Caution’ Alert for Traders |
The 7-day average trading volumes for bitcoin have dropped to their lowest level in two and a half years alongside a muted derivatives market |
Lawyers For Accused Russian Bitcoin Launderer Seek Prisoner Swap for WSJ Journalist |
Alexander Vinnik’s lawyers aim to swap his freedom for detained WSJ reporter Evan Gershkovich |
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The insights, views and outlooks presented in the report are not to be taken as financial advice. Blockworks Research analysts are not registered broker/dealers or financial advisors. Blockworks Research analysts may hold assets mentioned in this report, further outlined in the Firm’s Financial Disclosures. |
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