Crypto Market Insight Jul 2022 | Ewpple

 

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Ewpple - Crypto Market Insight Jul 2022

• Global crypto market cap reached $1T, resulting in investors liquidating >$165M of short positions.
• Bitcoin (BTC) funding rates returned to neutral after the price of Bitcoin broke above $23K during a relief rally.
• In Q2, Tesla sold 75% of its 42K Bitcoin (BTC) holdings worth $936M to maximize its cash position. Tesla may increase its crypto holdings in the future.
• With Ethereum's (ETH) utility as a smart contract platform, Blockdaemon believes Ethereum will remain a leader in the crypto ecosystem after the Merge upgrade in September.
• Ethereum-based decentralized crypto exchange, Uniswap's (UNI) price gains are fueled by a new Robinhood listing.
• Decentralized finance (DeFi) protocol, Balancer (BAL) and AAVE DAO (AAVE) exchanged 16,907 AAVE tokens for 200,000 BAL tokens. By swapping $1M Treasury tokens, both protocols will become major holders of each other's tokens.
• $2B SkyBridge and $230M Legion Strategies funds under Anthony Scaramucci have frozen redemptions. SkyBridge's assets consist of about $500M in Bitcoins (BTC).
• In response to financial difficulties associated with Celsius Networks and Babel Finance exposure, Singapore crypto exchange Zipmex has halted withdrawals.

Ewpple DeFi Crypto Index Fund (EWD) gained +4%.
Benchmark index loss -13% in the same period.
Benchmark index = S&P Cryptocurrency MegaCap Index (SPCMC) + Decentralized Finance Index (DEFX)

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