Table of contents:
Table of contents:
Market overview
Institution and company dynamics
crypto asset market
DeFi/NFT/Layer2 Dynamics
industry voice
Market overview
According to CoinGecko data, as of 16:00 on August 27, 2021, the total market capitalization of the crypto market was US$2,085.5 billion. The USDT premium rate is -0.01%, and the average OTC price is ¥6.48. Market sentiment is at 71, with a rating of greed.
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1. Institutional and company dynamics
1. MicroStrategy once again bought 3,907 bitcoins for $177 million in cash
On August 24, MicroStrategy CEO Michael Saylor announced on Twitter that MicroStrategy purchased another 3,907 bitcoins for $177 million in cash at a unit price of $45,294. As of August 23, 2021, MicroStrategy owns 108,992 bitcoins worth a total of $2.918 billion at an average price of $26,769 per bitcoin.
[Interpretation] MicroStrategy has increased its holdings of 17,142 bitcoins since the "5.19" market fell. It is still the listed company with the largest number of bitcoins, and its holdings account for 0.57% of the total bitcoin circulation.
2. Grayscale Bitcoin Trust has been unlocked, and the last one will unlock 58 coins on August 25
According to Bybt data, starting from August 26, Grayscale Investments (Grayscale Investments) Bitcoin Trust (GBTC) will no longer be unlocked (if GBTC does not open new investments). The last unlocking of GBTC took place on August 25, and the number was 58. Note: There is a 6-month lock-up period rule for Grayscale Bitcoin Trust shares. A total of nearly 34,900 bitcoins were unlocked from July 13 to 20.
[Interpretation] According to OKLink data, as of August 26, the grayscale GBTC secondary market premium rate was -15%. If no new Bitcoin trust shares are unlocked, the premium rate in the GBTC secondary market may narrow.
3. PayPal began offering encryption services to UK customers this week
PayPal is expanding its encryption services to the United Kingdom, allowing customers to buy, hold and sell four cryptocurrencies on its platform, including BTC, ETH, LTC and BCH. This is the first expansion of PayPal's encryption products outside the United States. The process will begin this week and should be available to all eligible customers over the next few weeks. Customers must have verified their identity to be eligible. PayPal business accounts are not supported. The withdrawal function is not yet supported.
[Interpretation] This is the first international expansion of PayPal's encryption services, which is of great strategic significance. This move also injects a certain degree of confidence into the encryption industry, which may stimulate the further adoption of encrypted assets in the mainstream market in the future.
4. US SEC documents show that more than 30 Morgan Stanley funds hold a large number of GBTC stocks
According to Bitcoinist news on August 26, a document recently disclosed by the US Securities and Exchange Commission (SEC) shows that Wall Street giant Morgan Stanley has been investing heavily in Bitcoin. Instead of investing directly, the firm has reportedly opted to gain exposure to bitcoin through the regulated Grayscale Bitcoin Trust (GBTC). Well-known market analyst MacroScope first reported the news, citing SEC filings reporting that Morgan Stanley holds Grayscale Bitcoin Trust in multiple of its portfolios. Among them, Morgan Stanley's Insightfund holds about 928,051 shares of the trust, equivalent to about 700 bitcoins, worth $36 million. It is reported that as early as April 2021, Morgan Stanley filed an application, hoping to seek Bitcoin exposure in its 12 institutional funds.
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2. Crypto asset market
1. Research report: The cryptocurrency market will more than triple by 2030
According to a CoinDesk report on August 25, according to the Allied Market Research report, from 2021 to 2030, the compound annual growth rate of the cryptocurrency market will be 12.8%. The global cryptocurrency market will reach $4.94 billion by 2030, more than three times its estimated size of $1.49 billion in 2020. The main drivers will be increased demand for international remittances and greater transparency in global payment systems, Allied Market said, with more than two-thirds of the industry's 2020 size attributable to mining operations, a sector expected to remain stable until 2030. this dominance. Allied Market predicts that the cryptocurrency industry in the Asia Pacific region will be the fastest growing due to increased competition from a growing number of exchanges.
[Interpretation] The size of the cryptocurrency market will more than triple by 2030, which means that the upper limit of encrypted assets is still high.
2. The 7-day average transaction volume of Bitcoin network reached 188 billion US dollars, setting a historical record
According to news on August 27, Bitcoin once again created a new milestone. The 7-day average transaction volume of the Bitcoin network reached 188 billion U.S. dollars, setting a historical record, which means that about 20% of the market value of Bitcoin has moved. The 7-day average of the number of BTCs is 3.6 million. Recently, the large amount of 10K-12K BTC transaction volume on the Bitcoin network is relatively large, which may be caused by the change of the exchange wallet. If there are many small transactions, it means that more individual investors transfer their bitcoins on the network. currency. In addition, Bitcoin is trying to break through the $50,000 resistance level and is currently mainly hovering in the $47,000-48,000 range.
[Interpretation] Contrary to the record high of Bitcoin's daily average trading volume, the global search volume of "Bitcoin" in Google Trends is at a low point in nearly 9 months. The number of "bitcoin" queries this month matched the number recorded in December, when the price of bitcoin began to exceed $19,000. Meanwhile, global searches for “buy bitcoin” fell to past 10-month lows after reaching a four-year high in January 2021. The reason this is so perverse is because retail investors are"5·19"Losses were heavy in the crash, and market sentiment has not fully recovered.
3. Report: Exchange ETH reserves continue to decline, traders are more inclined to hold ETH
Exchanges’ ETH reserves fell by 26.29 million ETH year-over-year to 19.22 million ETH, according to a report by blockchain analytics firm CryptoQuant, indicating that traders are more inclined to hold tokens. A metric used by CoinMetrics to track the total number of ETH deposits on exchanges shows that traders’ ETH deposits across all exchanges fell 21.11% year-over-year, from 413,772 ETH to 326,408, with ETH deposits down a massive 47.81% over the past 30 days, Indicating that many investors have higher long-term price expectations.
[Interpretation] On the one hand, the decline in the ETH reserve of the exchange is on the one hand, and on the other hand, the destruction speed of Ethereum is also increasing rapidly. On August 26, the single-day destruction volume reached a new high of more than 8,000. According to the data of Okeyun chain masters, as of August 27, the total destruction volume of Ethereum exceeded 107,600.
4. Chainalysis Report: The mainstream adoption of DeFi is still in its early stages
According to CoinDesk on August 24, blockchain data company Chainalysis reported that mainstream adoption of decentralized finance (DeFi) protocols is still in its early stages relative to the broader encryption industry. The Chainalysis report "Global DeFi Adoption Index" found that while DeFi adoption has increased significantly in emerging and developed markets over the past 18 months, most of the growth has occurred in countries and regions with higher incomes and more professional investors and traders .
According to the report, DeFi adoption is "primarily driven by experienced cryptocurrency traders and investors finding new sources of alpha in innovative new platforms, even as we weight the index to support grassroots adoption." Larger investors, but the industry needs to do a better job of attracting smaller retail investors.
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3. DeFi/NFTs/Layer2 dynamics
1. Chainalysis released the global DeFi adoption index: the United States leads, China ranks fourth
According to the Fintech Times report, the encryption analysis company Chainalysis released the global DeFi adoption index, and the United States, Vietnam, Thailand, China, and the United Kingdom ranked the top five. The index, which ranks 154 countries, consists of three metrics: on-chain cryptocurrency value received by DeFi platforms, weighted by purchasing power parity per capita; total retail value received by DeFi platforms; and personal deposits on DeFi platforms . Chainalysis noted that many of the top-ranked countries are countries with significant current or previous flows of cryptocurrency value, typically upper-middle-income countries, or countries with well-developed cryptocurrency markets, especially strong professional and institutional markets. In addition to the above five countries, the rankings of Western European countries are relatively high. The report pointed out that from April 2019 to about June 2020, the vast majority of network traffic for DeFi protocols came from North America, and the proportion of Western Europe began to increase from about September 2019. Around June 2020, with more and more traffic from other regions, especially Central Asia and South Asia, the total value sent to DeFi platforms began to increase significantly. China is already one of the countries with the largest DeFi transaction volume, but the network traffic share of DeFi protocols in East Asia is still relatively low compared to centralized cryptocurrency services.
[Interpretation] Recently, a survey mainly aimed at banking executives found that most people believe that Bitcoin and digital assets may replace legal currencies such as the US dollar in the next 5 to 10 years. I think the probability of this view happening is not high, but The impact of DeFi on the centralized financial world will be obvious. In addition, "DeFi China is already one of the countries with the largest DeFi transaction volume", and "one" could have been removed.
2. The total transaction volume of CryptoPunks broke through 900 million US dollars and hit a record high
According to news on August 26, according to the latest data, the total transaction volume of NFT collectibles CryptoPunks broke through 900 million U.S. dollars, a record high. At the time of writing this article, it was 903 million U.S. dollars, with 4,568 traders and 17,356 sales. Currently, in In the vertical field of NFT collectibles, the highest total transaction volume is Axie Infinity, which is about 1.63 billion US dollars, with more than 470,000 traders and more than 3.61 million sales; CryptoPunks ranks second, and NBA Top Shot ranks third (total transactions amounted to $667 million).
[Interpretation] I believe that many people are asking "When will this NFT wave pass?" Answering this question cannot start from the perspective of "hype Jpg pictures", otherwise it will be too narrow. Just to name a few, happened in the recent "Budweiser Beer Starts to Get involved in the NFT market and bought the ENS domain name Beer.eth at a price of 30ETH", "Budweiser changed its Twitter avatar to a "Tom Sachs Rocket Factory" NFT work", "Visa announced that the transaction volume has increased significantly after purchasing CryptoPunk" and so on, all of which illustrate a problem. After receiving huge attention, NFT has become synonymous with trend, brand power, traffic, fashion, youth, and personality. It can be considered that NFT It is a cultural movement similar to the Renaissance, which is unstoppable.
3. Aave, Compound, and MakerDAO borrowed $21 billion, a record high
According to Dune data, data from the three top lending projects Aave, Compound, and MakerDAO show that the total amount of deposits that can be used as collateral has exceeded 42 billion US dollars. This figure is second only to the all-time high of $43.7 billion around May 12, 2021. Previously, the figure had dropped to $27 billion at the end of May. More data shows that the total borrowing of the three projects has reached 21 billion U.S. dollars, the highest on record.
[Interpretation] It can be considered that the strong demand for loans is one of the reasons for the market recovery, and it can also be considered that the market recovery is one of the reasons for the hot loan market. In numerous market crashes, these lending applications built on Ethereum have also been tested by the market and have become the most outstanding financial adjustment tools in the blockchain ecosystem. The real financial world needs banks, and the blockchain world needs them even more. A decentralized bank that can run automatically without huge maintenance engineering is an essential part of the decentralization revolution.
4. Data: OpenSea's single-day turnover exceeded 200 million US dollars for the first time, continuing to hit new highs
According to the latest data from Dune Analytics, OpenSea, the world's largest NFT trading platform, had a single-day turnover of 209 million US dollars on August 24, continuing to hit a record high. As of now, the total transaction volume of OpenSea in August is about 1.891 billion US dollars, which is 5.8 times of the transaction volume in July.
Opensea was established in 2018, and its cumulative turnover exceeded US$2.7 billion. Opensea's single-day turnover exceeded 100 million US dollars for the first time on August 21, and it took 3 years. From $100 million to $200 million, it only took 3 days.
[Interpretation] At present, OpenSea has become the well-deserved king of the Ethereum ecosystem. According to Tokenterminal data, in the past seven days, in terms of fees paid by users for using project services, the top three protocols are Ethereum, Axie Infinity and Opensea. Among them, Opnesea cost $46.6 million. Only 30 days of data show that Opnesea's agreement revenue is 1.273 billion US dollars. The Dune data also shows that Opensea developed rapidly in August, and the fees generated by its agreement are about 6.5 times that of July.
5. The Brazilian police will auction off the Lamborghini sports car owned by Cláudio Oliveira, the mastermind of the encryption fraud case, and the proceeds from the auction will be distributed to the relevant victims
According to a U.Today report citing Brazilian media Globo on August 25, the Lamborghini Gallardo LP 560-4 confiscated from the so-called "Bitcoin King" Cláudio Oliveira will be temporarily used by the Brazilian Federal Police. The AFP will display the sports car at exhibitions and educational events before auctioning it off, with proceeds distributed to the victims involved.
According to previous news, in early July, Cláudio Oliveira, president of the Brazilian financial management company Bitcoin Banco Group, was arrested by the Brazilian police for allegedly obtaining at least 1.5 billion Brazilian reals (about 300 million U.S. dollars) from more than 7,000 victims in an encrypted asset fraud case.
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4. Industry voice
1. Bloomberg: Axie Infinity turns the unemployed due to the epidemic into encrypted traders
According to news on August 26, Bloomberg published a long article introducing the chain game Axie Infinity, saying that it is helping the unemployed due to the epidemic to become encrypted traders. Axie Infinity’s daily active users have grown from 30,000 in April to more than 1 million in August, most of them in developing countries hit hard by the pandemic, including the Philippines, Brazil and Venezuela. AXS prices have soared in the past two months, in stark contrast to the broader economy of the Philippines, where about one in 11 people is currently unemployed. From its launch in 2018 until July 1 of this year, Axie Infinity only generated $21 million for Sky Mavis, but in the past two months, it has brought in $485 million. There are signs that new players do not fully understand how to protect their earnings. Crypto analysts believe that there is a huge opportunity for cryptocurrency education here, and many players have never touched cryptocurrency, never had a wallet, and have never transferred money in the blockchain. (Bloomberg)
[Interpretation] What Axie Infinity is doing is "common prosperity", so that those who can't eat enough and can't afford medicine can afford medicine, and those who can afford food and medicine can improve their lives. .....
self-evident"self-evident"
According to Zycrypto news, recently, YouTube game director Ryan Wyatt tweeted that he is optimistic about NFT. He explained that in the long run, the gaming industry will shift to a game model that uses blockchain and NFTs. This model will also promote an open market for in-game digital assets, bringing liquidity to digital projects that currently lack liquidity. He also pointed out that it is "a self-evident" that NFTs are taking over the gaming industry. It is reported that Ryan Wyatt is not only the head of YouTube games, but also the head of Google's global game cooperation and the head of YouTube's virtual and augmented reality business.
[Interpretation] GameFi=Game+NFT+DeFi=Entrance to Metaverse=Infinite and vast imagination space, GameFi is also a dimensionality reduction blow to the traditional game mode, and there will inevitably be different responses.
3. CFTC Commissioner Stump condemns the issue of cryptocurrencies as securities or commodities as "oversimplified"
According to Coindesk, U.S. Commodity Futures Trading Commission (CFTC) Commissioner Dawn Stump said on Monday that the top commodity regulator in the United States mainly regulates the derivatives market, not the spot commodity market.
In her statement, Stamp described a"grossly inaccurate oversimplification", that is, digital assets are either securities or commodities, which fall under the jurisdiction of CFTC. If they were considered securities, they would be regulated by the SEC.
[Interpretation] I agree with Stump’s point of view that cryptocurrencies are not as simple as securities or commodities. For example, NFT is now popular. First of all, NFT belongs to cryptocurrencies, but NFT can be endowed with more attributes, such as brand attributes, copyright attributes, and culture. Attributes, asset attributes, and the most expensive NFT can also be split infinitely. With so many attributes in one, it is of course impossible to simply think that NFT belongs to securities or commodities, which is too rough.
4. Mayor of Jackson, Tennessee: As the Federal Reserve continues to print money, the price of Bitcoin will continue to rise
According to a Bitcoin.com report on August 24, Scott Conger, the mayor of Jackson, Tennessee, said that as the Federal Reserve continues to print money, the price of Bitcoin will continue to rise. He believes that Bitcoin is "absolutely the monetary system of the future."
[Interpretation] Correct solution! At present, the balance sheet of the Federal Reserve is as high as 8 trillion, and quantitative easing is still going on. If Bitcoin does not rise, then it is not normal!
5. Author of "Rich Dad Poor Dad": Bitcoin and silver are the best investment objects
On August 24, Robert Kiyosaki, the author of "Rich Dad Poor Dad", tweeted and sang more bitcoins again, saying that bitcoin and silver are the best investment objects. He said: "Bitcoin is thriving, gold is stagnant, silver is 50% lower than its all-time high, and the dollar is falling. Silver is the best investment object with high potential and lowest risk. Bitcoin has the greatest upside. With the dollar Depreciation, Bitcoin and silver are the best investments.”
【Interpretation】Whether silver is unknown, but Bitcoin is definitely the best target against hyperinflation.
