CMC Market Pulse delivers actionable market insights, giving you all the key narratives and developments you need in under 5 minutes.
Market Overview 📉
Bitcoin (BTC) closed the week 0.95% down, while Ethereum (ETH) fared slightly better, closing the week up 2.3%. Interestingly, total crypto market cap rose 4.7% from $3.286T to close the week at $3.442T.
This week’s liquidations took out positions both ways, with $365M in shorts liquidated on Monday while longs took the hit later in the week, with a combined $1B in longs liquidated on Thursday and Friday. Funding rates in general continue to show weakness, with the continued downtrend, indicating a risk off approach going into the end of the week.
📌 Michael Saylor’s Strategy acquires 1,045 BTC for a total of $110.2M for an average price of $105,426 per Bitcoin. - Link
📌 Gamestop announces an offering for $1.75B in 0% convertible senior notes due in 2032. Proceeds are allowed to be used for Bitcoin purchases. - Link
📌 The SEC asked Solana ETF issuers to submit the amendments to their S-1 forms, with approval possibly in the next few months. - Link
Why does it matter?
While the week started off strong, the tide quickly turned on fears of geopolitical conflict in the Middle East. With attacks confirmed at the end of the week, both traditional and crypto markets fell hard on the news. Nevertheless, the S&P 500 has closed the week up 0.69% while the Nasdaq closed the week up 0.69%
Notable altcoin outperformers this week included Kaia (KAIA), Axelar (AXL), Maple Finance (SYRUP), SPX6900 (SPX).
Narrative of the Week 📰
Crypto IPOs are all the rage as Circle’s stock, CRCL, continues to hold up well in the market one week after its IPO.
📌 Stablecoin issuer, Circle, continues to surge after an excellent opening week, breaching a new high of $138, or 4.47x its initial IPO price of $31. - Link
📌 Centralized exchange, Gemini, discloses their IPO filing with the SEC. - Link
📌 Peter Thiel-backed exchange, Bullish, also files for an IPO with the SEC this week. - Link
Why does it matter?
Under a more favorably regulatory environment, the success of Circle’s IPO is opening the floodgates for a wave of crypto IPOs.
Major Project Updates 🗓️
📌 Fintech giant, Stripe, acquires wallet infrastructure protocol, Privy, for an undisclosed amount. - Link
📌 X announces a partnership with predictions market, Polymarket, as their official prediction markets partner. - Link
📌 Proof of Humanity protocol, Humanity, acquires Web3 events platform, Moongate. - Link
Why does it matter?
Stripe has been on an acquisition spree to break into the crypto space, first with its acquisition of Bridge earlier this year and now with Privy.
DeFi Brief 🏦
📌 Stablecoin payments blockchain, Plasma, opens deposits for their upcoming XPL token sale. The initial cap of $500M was filled within six minutes, and the cap increase to $1B two days later was filled within 30 minutes. - Link
📌 Lending protocol, Morpho, unveils Morpho V2, an intent-driven lending platform powered by fixed-term and fixed-rate loans. - Link
📌 DEX aggregator, 1inch, introduce their new Pathfinder, advertising rates that are 6.5% better than ever before. - Link
📌 Synthetix announces an expansion to launch a perp DEX on the Ethereum mainnet, after years of exploration on ETH L2s. - Link
Why does it matter?
Stablecoins continue to be the hottest meta as users rush to deposit into Plasma for a shot at the only public exposure to USDT issuer, Tether.
Meme Coins 🚀
📌 Memecoin launchpad, Pump.fun, is reportedly considering a revenue sharing mechanism for token holders via buybacks using their platform’s revenues. - Link
Fundraises 💰
📌 Web3 security protocol, Hypernative, raises $40M in a Series B funding round led by Ballistic Ventures and Ten Eleven Ventures, with support from Quantstamp, Stepstone and more. - Link
📌 Stablecoin payment network, Noah, raises $22M in a seed round led by LocalGlobe, with participation from Felix Capital, FJ Labs, and angels including Joe Lonsdale, David Helgason and more. - Link
📌 Solana Optimistic Network secures a $5M strategic funding round from Jump Crypto and Amber Group, alongside notable angel investors. - Link
📌 Chain abstraction protocol, OneBalance, raises $20M in a venture funding round led by cyber Fund and Blockchain Capital, with support from Mirana and L2 Iterative Ventures. - Link
Airdrops Abound 🎁
📌 DeFi super app, Defi.App, releases their HOME token airdrop. Claimants can stake their HOME tokens for 12 months to double their airdrop. - Link
📌 MakerDAO-backed lending protocol, Spark, releases the eligibility checker for Season 1 of their airdrop, rewarding users of SparkLend and holders of USDS, sUSDS, DAI, sDAI, xDAI and SAI. - Link
Tweet of the Week 📝
Source: @nope_its_lily
Ready to watch Crypto Twitter transform into Middle East Policy Twitter overnight once again…
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