Weekly Report (14-20 Nov 2022): BTC trades sideways, Traders remain risk-averse from FTX contagion fears – Help Center

Top ApolloX Gainer: OKBUSDT (+18.06%)
Top ApolloX Loser: DYDXUSDT (-23.70%)

Token QuickSnap

OKB, native token of centralised crypto exchange OKX, has seen a more than 13% rise in the last 7 days. OKB rose at the start of the week but retraced back to lower levels by the end of the week. The rise could be partially attributed to investor confidence after OKX verified a portion of its reserves and wallet addresses in collaboration with data platform Nansen. Meanwhile, DYDX, native token of decentralized exchange dYdX, has fallen 22% in the last 7 days. Initially spiking after being boosted on news of FTX’s collapse, DYDX has since been on a downward trajectory.

*Data cited from CoinMarketCap

Market Analysis

Bitcoin (BTC) mostly traded sideways within $16.2k - $17k this week after a slight recovery on Nov. 14, signifying a lack of buyer appetite for BTC above $17k. The previous week, FTX’s collapse had sent the price movement of BTC to its worst week in 5 months. In the derivatives market, BTC open interest declined moderately by about $116 million this week. Meanwhile, aggregated funding rates turned from negative to slightly positive. Traders seem to be neutral to risk-averse given current fears about FTX contagion. Over $202 million short positions and over $327 million long positions were liquidated this week. Close to half of longs were liquidated on Nov. 20 when BTC slid slightly to end the week.

Source:

CoinGlass, CryptoQuant

CryptoBytes

FTX Collapse

Blockchain analysis company Chainalysis found that funds stolen from FTX are now being converted from ETH into BTC. Chainalysis encouraged exchanges to freeze these coins should the thief attempt to convert them into fiat or further obfuscate the assets. (Learn more)
FTX has called on other crypto exchanges to help secure funds that have been siphoned and that are now being transferred to other entities through intermediate wallets. (Learn more)
Former FTX CEO Sam Bankman-Fried personally received $300 million from a $420 million funding round for the company in October 2021, according to a Wall Street Journal report. (Learn more)
Hong Kong-based crypto services firm Genesis Block said it would cease OTC trading services in wake of contagion risks from FTX. Genesis Block Trading is unrelated to Genesis Global Capital. (Learn more)

Investment Talk & Policy

According to DappRadar, DeFi unique active wallets peaked on November 9 and 10, reaching nearly 500,000 UAW on both days. This coincided with the FTX collapse. (Learn more)
Stablecoin issuer Tether has announced a $1B chain swap to convert USDT it had on the Solana blockchain to the Ethereum blockchain. (Learn more)
Shares of the Grayscale Bitcoin Trust (GBTC), the world’s largest publicly traded crypto fund, are trading at a new record discount of 43% relative to the price of BTC, a scenario not seen since March 2021. (Learn more)
The Financial Industry Regulatory Authority (FINRA), a U.S. self-regulatory body for brokerage services, will require crypto firms to provide all retail marketing communication concerning crypto assets distributed between July 1 and Sept. 30 this year. (Learn more)
BNY Mellon’s 2022 Survey of Global Institutional Clients highlights that banks have shown interest in crypto and DeFi due to heightened demand from institutions. Almost all of the 271 institutional investors (91%) are interested in investing in tokenized assets. (Learn more)

Projects & Web3

Cardano is releasing a new privacy-focused blockchain using zero-knowledge-proof technology called Midnight and a token called dust to accompany the new network. (Learn more)
TVL on Solana has dropped 96.75%, from a peak of $10.17B in Dec. 2021 to $330 million as of Nov. 14, according to DeFiLlama data. Over the past week alone, TVL on the network has tanked by 63.21%. (Learn more)
Sports fan tokens are rallying ahead of the FIFA World Cup. CHZ, POR, ARG and other fan tokens have surged double digits in the last few days. The total market capitalization of fan tokens has also grown 11% in the last 24 hours to $399 million as of Nov. 19, data by CoinGecko shows. (Learn more)
Ethereum NFT marketplace X2Y2 said that it will enforce creator-set royalties on all NFTs going forward. (Learn more)
Apparel giant Nike has launched a new Web3 platform called .Swoosh that will offer Polygon-based NFT products. Among what it plans to offer is virtual apparel for avatars that can be used within Web3 games. (Learn more)

What’s New at ApolloX

Glory Pass Mint with ApolloX - Users who complete simple tasks can mint an exclusive Glory Pass to participate in Football Fiesta! (Redeem now)
APX Repurchase - ApolloX has made a second round of token repurchase. 9,367,977 APX tokens were repurchased on Nov. 15. (View transaction)
Daily Rewards Program - The min. trading volume for the Daily Rewards Program has been adjusted back to 500 USDT effective Nov. 17, 2022. (Learn more)
DEX Leaderboard Program - Referral and PnL Leaderboards weekly bonuses have been adjusted. (Learn more)
DEX Engine Partnerships - ApolloX is pleased to announce the latest DEX Engine partnerships with Chocolate Swap and Kromatika Finance! (Learn more)
BNB Chain x ApolloX AMA - Recap ApolloX’s AMA with BNB Chain Chinese Community! (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.

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