Weekly Report (7-13 Nov 2022): Worst BTC weekly performance since mid-June, FTX collapse spreads fear – Help Center

Top ApolloX Gainer: DYDXUSDT (+33.02%)
Top ApolloX Loser: SOLUSDT (-60.47%)

Token QuickSnap

Centralized exchange FTX’s collapse had traders pursuing decentralized trading options. DYDX, the native token of decentralized derivatives exchange dYdX, saw its token price rise 20% in the last 7 days. Meanwhile, SOL, native token of the Solana blockchain — closely associated with FTX’s former CEO Sam Bankman-Fried — has seen a loss in confidence as fears of FTX contagion spread. It fell over 60% in the last 7 days.

*Data cited from CoinMarketCap

Market Analysis

Bitcoin (BTC) tumbled 22% in the last week to end the week at $16.5K, its worst weekly performance since mid-June, during the aftermath of the Terra blockchain's collapse. In the derivatives market, open interest in FTT futures doubled at the start of the week as traders rushed to hedge against a drop in FTT spot price, reaching a 12-month high. FTT continued its freefall over the week, dropping over 90%.

BTC open interest, which typically indicates the most derivatives trading volume, fell drastically by over $3 billion this week as aggregate funding rates turned increasingly negative. A total of $573 million shorts were liquidated, as compared to over $1.2 billion shorts liquidated from BTC’s poor performance. More than half of total longs were liquidated on Nov. 8 - 9 amid market uncertainty from FTX’s collapse.

Source:

CoinGlass, CryptoQuant

CryptoBytes

Investment Talk

Nearly $3 billion in Bitcoin was withdrawn over the past 7 days, a rate not seen since April 2021. The number of wallets receiving BTC from exchange addresses hit almost 90,000 on November 9. (Learn more)

FTX Collapse

More than $600 million was siphoned from FTX's crypto wallets late Friday, the same day FTX filed for bankruptcy. Soon after, FTX stated it had been hacked. Many have speculated that the outflows could be a potential inside job. (Learn more)
FTX US General Counsel Ryne Miller said FTX moved remaining funds to cold wallets following a series of "unauthorized transactions” on Friday. (Learn more)
Crypto exchanges Binance and Huobi blocked deposits of FTT on Sunday after about $400 million worth of the tokens were released out of schedule without warning from the main deployer address. (Learn more)
Bankrupt crypto lender Voyager Digital has reopened its bidding process and is ending the deal to sell itself to FTX US after the latter also declared bankruptcy on Friday. (Learn more)
FTX US's derivatives business withdrew a proposed plan to directly settle crypto derivatives products from the U.S. CFTC on Friday, reported Bloomberg. (Learn more)
The collapse of crypto exchange FTX may be the wake-up call U.S. lawmakers need, said U.S. SEC commissioner Hester Peirce. Peirce said the difficulties that come with regulating digital assets could be solved more efficiently if the SEC and the CFTC were to work together. (Learn more)

Projects

Payments company Curve is in active discussions to acquire crypto lender BlockFi's more than 87,000 credit card customers — whose credit cards have been suspended since Nov. 11. (Learn more)
Blockchain records show that on October 21, Crypto.com sent around 80% of its total ETH reserves to rival exchange Gate.io, just before Gate.io provided “proof of reserves” to its users on October 28. CEO Kris Marszalek blasted the resulting speculation as “FUD”. (Learn more)
Crypto exchanges Huobi and Gate.io are under fire for allegedly sharing asset snapshots using loaned funds. (Learn more)
Solana's developers forked token liquidity hub Serum to avoid further compromise after a hack on FTX on November 11. Serum’s update key was controlled by a private key connected to FTX, leading the developers to fork the code. (Learn more)

What’s New at ApolloX

6th DAO Proposal Passed - The proposal to adjust the trading rewards amount has passed for: 600k APX for Trading Fees Contribution reward pool and 140k APX for Market Maker Trading Volume Contributions reward pool. (Learn more)
FTTUSDT Delisted - ApolloX has delisted FTTUSDT as of 10 November, 08:30 (UTC). (Learn more)
BNBUSDT Trading Campaign - ApolloX will be giving away $2,000 to the top traders of BNBUSDT Perpetuals from now till 22nd November! (Trade now)
ApolloX & PancakeSwap Rewards Program - PancakeSwap Perpetual traders can win up to $50,000 with a minimum trading amount of $8,000 USDT. (Learn more)
ApolloX & BabySwap Perpetuals - Read ApolloX’s newest case study for the DEX Engine with BabySwap! (Read more)

Risk Reminder: Crypto trading carries a risk. All trading activities are done at your discretion and at your own risk. The information here should not be regarded as financial or investment advice from ApolloX. ApolloX will not be liable for any loss that might arise from your use of any financial product.

The ApolloX app is available on Apple Store or Google Play here.

Stay up to date with ApolloX!