Zaga Crypto

Shares crypto market updates | Research Insights.

NFA! DYOR !!!

[Zaga Crypto @zaga_crypto]

👀

[⟠ @ryanberckmans]

If L2s work for customers then Solana is screwed. And L2s do work for customers. So we're not really debating whether or not Solana is screwed, we're just debating whether ETH goes to $10k or $100k.

[Zaga Crypto @zaga_crypto]

After last year's experiments, swift seems ready to push #digitalAssets payments forward. Mass adoption is within reach.

[Swift @swiftcommunity]

We’re paving the way towards real-world solutions that will enable our members to transact interchangeably with regulated #DigitalAssets and currencies on the Swift network.

👉 Discover what’s next on this exciting journey: https://t.co/SUwRPAtcdg

#DigitalCurrencies #innovation

[Swift @swiftcommunity]

We’re paving the way towards real-world solutions that will enable our members to transact interchangeably with regulated #DigitalAssets and currencies on the Swift network.

👉 Discover what’s next on this exciting journey: https://t.co/SUwRPAtcdg

#DigitalCurrencies #innovation

[Stani @StaniKulechov]

DAO proposal to add @coinbase's cbBTC on Ethereum and @base to @aave V3 upon launch. Aave has become the preferred protocol for supporting Tier-1 asset launches. https://t.co/awQ22efItT

[matthew sigel, recovering CFA @matthew_sigel]

The #Bitcoin Hash Rate is Back at All-Time Highs, Opening a Notable Divergence with the Bitcoin Price

🧵

[Jeff Park @dgt10011]

September being terrible for BTC is only half the story. You also need to add in "sell in May and go away."

Below is a chart of #BTC performance when held from Oct-Apr vs. May vs. Sep, spanning 10/1/2010 to 8/31/2024.

The difference? A staggering 13,656,203% vs. +619.5%.

[Zaga Crypto @zaga_crypto]

After these negative funding rates, we also saw some strong short-term recovery for #BTC.

[Vetle Lunde @VetleLunde]

Monthly average funding rates are negative for the fifth time since January 2020.

Three of four past events have seen funding rates hover in negative terrain for 1.5-2 months.

The October 6, 2020, outlier stems from a brief but big reaction to BitMEX's CFTC and DOJ charges.

[Presto Research @Presto_Research]

Daily Hot Take

🔥 Bitcoin’s Undervalued Security 🔥

➡ Price and value are different concepts. Price is a snapshot of where supply meets demand – objectively quantifiable but volatile and short-term. Value, on the other hand, is subjective, narrative-driven, and relatively stable, changing slowly.

➡ Amid macro factors dominating BTC *price* talk lately, the market is overlooking one of the key fundamentals underpinning Bitcoin’s *value* – network security. The hashrate, the computational power that secures the network, has hit an all-time high of 679 EH/s, making it the most secure network by far on the planet. Yet, the market is oblivious to this, as shown by the all-time low hash price of $39.01/PH/s/day. It's the miner's daily revenue per hash, but also can be viewed as the price the market is willing to pay for the Bitcoin network's security.

➡ The world has spent the last 15 years slowly but surely embracing the concept of 'digital gold’; if you believe that trend will continue (in fact, the availability of spot ETF means we are in a much better setup than ever before), BTC seems grossly undervalued at the moment.

[Eleanor Terrett @EleanorTerrett]

🚨NEW: @SenSchumer sent a letter to his Senate colleagues where he mentioned priorities for passing bipartisan legislation in the remaining months of Congress. Cryptocurrency legislation was not mentioned, but artificial intelligence was.

This, despite his adamance in the @Crypto4Harris town hall that crypto legislation was going to be a pressing priority.

[Santiment Intelligence @SantimentData]

📈 Ethereum has just hit a 4-month high in network growth, on a day (Sunday) that is traditionally the least active of the week. 126,210 new wallets created is indicative of rising network utility and anticipated price bounces from the $2,200-$2,300 level.

[Hyblock @hyblockcapital]

On the 1H timeframe, analyzing $BTC with Combined Books at 0-1% and 1-5% spot orderbook depth.

Low orderbooks often signal the rally's bottom, followed by a bullish trend.

Keep an eye out to spot the reversal in price with low orderbooks.

[Zaga Crypto @zaga_crypto]

Is #BTC bottom close by? Rising Bitfinex longs and now another positive correlation from low order book.

[Hyblock @hyblockcapital]

On the 1H timeframe, analyzing $BTC with Combined Books at 0-1% and 1-5% spot orderbook depth.

Low orderbooks often signal the rally's bottom, followed by a bullish trend.

Keep an eye out to spot the reversal in price with low orderbooks.

[sam.frax @samkazemian]

Illuminating convo with @drakefjustin but I want to highlight the biggest misgiving I have about how ETH leadership thinks about ETH value. Pay close attention at 1:14:10. Ask yourself, does viewing Ethereum as a big business where its 'base valuation' is measured as cash flows from fees give it a fighting chance to catch up or ever overtake BTC?

Gold's mcap is 17T, many times higher than the largest businesses (Nvidia, Apple, etc) history has ever seen. Telling the world you view the BEST case scenario for ETH as a business while the SoV/money case is a fun side quest makes me believe ETH leadership is settling on a 10x in ETH value in the BEST case scenario.

Apple has $385B annual revenue, it's worth $3.3T. BTC has 0 annual revenue & never will have a single dollar of revenue. It's worth $1.1T already.

ETH currently has $1B annual revenue. If we 385x this revenue to match Apple's that means ETH would 11x to match Apple's valuation. Does this seem like a winning roadmap for ETH? To compare it to Apple/Nvidia? I'll leave you with Justin Drake's direct quote:

"Ethereum is like a very large business like Nvidia, Apple..we can muster multitrillion valuations purely based on the flows [fees]. And then you know there's a whole different topic on top of this base valuation of trillions of dollars for ETH to be money, collateral..for decentralized stablecoins blah blah blah.."

[Stani @StaniKulechov]

New markets on Aave in the upcoming weeks

Tailored markets on Ethereum:

EtherFi
Ethena

L2 expansion:

ZKsync
Linea

DeFi Renaissance 👻

[JACKIS @i_am_jackis]

"ONE FINAL SWEEP & ONE FINAL SHAKEOUT!"

This is what I keep reading here but I have to strongly disagree

In this thread 🧵 I'll go over why any move for #Bitcoin from here will be detrimental & why it's either gonna become a HTF distribution or re-accumulation

1/15👇

[Zaga Crypto @zaga_crypto]

Looks like #BTC has bottomed, or more pain?

[Arthur Hayes @CryptoHayes]

Closed my $BTC short, made 3% profit, enough to cover my food and bar tab for KBW. With Bad Gurl Yellen watching mrkts and releasing a weekend statement, if stuff continues to puke next week $BTC *MIGHT* rise anticipating more $ liq.

[Quinn Thompson @qthomp]

We are exactly two months away from the US election. Imagine how mispriced so many assets are right now if Trump wins. 10yr sitting at 3.77%, Bitcoin at $57,000 and the commodity/energy complex trading in the dumps.

[Lookonchain @lookonchain]

The #Ethereum Foundation sold 100 $ETH for 241K $DAI again 1 hour ago.

Since Jan 1, #Ethereum Foundation has sold 2,616 $ETH for 7.64M $DAI on DEX at an average price of $2,922.

Address:
0xd779332c5A52566Dada11A075a735b18DAa6c1f4

[Milk Road @milkroaddaily]

DePIN is still the best-performing sector for the month 👀

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