EllioTrades

Share this post

October 12, 2021

www.elliotrades.xyz
EllioTrades Daily Roundups

October 12, 2021

Is a Bitcoin ETF Just Around the Corner?

Oliver Grah
Oct 12, 2021
1
Share this post

October 12, 2021

www.elliotrades.xyz

Introduction

Declining or stagnating altcoin prices, BTC hovering below critical resistance, and speculations about an imminent Bitcoin ETF decision… This is the fastest way to summarize today’s day in crypto. While altcoin holders might as well take a short vacation to endure the lull, there is still a multitude of fascinating stories in crypto land to be aware of!

Market Watch

  • BTC is facing the $57,200 to 59,300 resistance area at the moment which is most likely synonymous with the last big hurdle before a breakout towards new all-time highs. It might require some patience and strong hands to get there though…

Twitter avatar for @rektcapital
Rekt Capital @rektcapital
Macro-wise, #BTC is gearing up for the second part of its cycle That said, $BTC is at its final major resistance area before new All Time Highs In the short-term, this resistance area may matter But months from now - it won’t #Crypto #Bitcoin
11:27 AM ∙ Oct 12, 2021
430Likes35Retweets
  • As we already pointed out last week, there are some short-term risk factors such as relatively high open interest and, of course, BTC’s multi-week price run which will inevitably lead to a correction at some point. Not all is doom and gloom though since we have seen far more concerning levels during last winter’s bull market at times.

Twitter avatar for @TXMCtrades
TXMC @TXMCtrades
@WClementeIII The good news is that funding, while positive, has been declining as OI increased the past couple days. A few shorts have entered the game. As long as we don't see leveraged longs going ape, I'm hoping this holds steady.
Image
1:25 PM ∙ Oct 12, 2021
62Likes6Retweets
  • As crypto trader @the_coinmaster points out, the amount of shorts has been increasing which raises the potential for a short squeeze. Let’s see how price action plays out.

When too many people see we are at resistance... then the level stops being a resistance..

Twitter avatar for @the_coinmaster
₿ 𝗰𝗼𝗶𝗻𝗺𝗮𝘀𝘁𝗲𝗿 ₿ @the_coinmaster
Time for a simple analysis $BTC increasing with decreased average funding rate, decreasing Long/short ratio and increasing Open Interest This means, more accounts are going short, on leverage, with the price going up. This calls for... ANOTHER SHORT SQUEEZE SOON! #BTC #Bitcoin
Image
1:35 PM ∙ Oct 12, 2021
34Likes3Retweets

Bitcoin ETF: It’s Decision Time

  • Will this be the pivotal catalyst for the push through upper resistance? A Bitcoin ETF approval (even if only Futures-based) would certainly send (positive) shockwaves through the crypto space! Very soon we will know if there is another delay or… the first approval of a Bitcoin ETF in the US.

Twitter avatar for @EricBalchunas
Eric Balchunas @EricBalchunas
WHERE WE STAND: the SEC has a few days left to delay on bitcoin futures ETFs. If hear nothing, the first ETF filed (ProShares) will be free to launch on 10/18 as the 75 days req will have passed. That said, this is an unusual situation but no news is prob good news at this point.
Image
12:19 PM ∙ Oct 12, 2021
53Likes14Retweets
  • Exchange data indicates that the latest BTC rally hasn’t been spurred by retail but mostly by institutional investors. Do they know something that retail doesn’t?

Twitter avatar for @fintechfrank
Frank Chaparro @fintechfrank
My latest: Trading data suggests retail traders aren't fueling bitcoin's ongoing rally Crypto exchanges, which have millions of retail clients, were skewed 57.4% to the sell side from Oct 3 - Oct 10, while OTC desks were buyers of crypto, skewed 54.8% to 45.2. Source: B2C2
Image
12:21 PM ∙ Oct 12, 2021
87Likes18Retweets

El Salvador 1 – IMF 0

  • Just a few months ago, the IMF scrutinized El Salvador for its decision to make Bitcoin legal tender. Now, the IMF estimated El Salvador’s GDP growth for 2021 at 9 % – that’s almost twice the US’ estimated GDP growth. Can you see where this is heading?

Twitter avatar for @gersonmartinez
Gerson Martinez @gersonmartinez
IMF says El Salvador is gonna nail 9% GDP growth in 2021.
Twitter avatar for @bcr_sv
Banco Central SV @bcr_sv
El Fondo Monetario Internacional (@FMInoticias) anunció que El Salvador tendrá un crecimiento económico del 9% en el 2021, según su última actualización, confirmando la proyección realizada por el BCR. https://t.co/Bh8XGeQwXX https://t.co/xaug1GpEwl
1:57 PM ∙ Oct 12, 2021
7Likes1Retweet

Celsius Network Unfazed by Regulatory Threats

  • With a remarkably large equity raise of $400 million, the CeFi lending platform Celsius Network continues on its successful mission of bringing crypto savings products to the mainstream. It’s obvious that Celsius hasn’t been rattled by a few rogue regulators in the US. Notably, the latest equity raise was led by Canada’s second-largest pension fund, which manages almost $400 billion in assets – a sign of what the future holds?

Twitter avatar for @CelsiusNetwork
Celsius @CelsiusNetwork
Celsius Network raises $400m. @FT "The funding round was led by WestCap... and Caisse de dépôt et placement du Québec (CDPQ)." More:
on.ft.comSubscribe to read | Financial TimesNews, analysis and comment from the Financial Times, the worldʼs leading global business publication
11:26 AM ∙ Oct 12, 2021
262Likes73Retweets

Innovation in L1 and L2 Ecosystems Continues Relentlessly

  • While the excitement for the emerging L1 and L2 ecosystems, from Solana, Avalanche, and Fantom to Polygon, Arbitrum, and Optimism, has been huge in the last few months, these ecosystems are still very early. From a lack of projects and liquidity to high bridging costs, there are still issues to be ironed out. Technology needs time…

  • The good thing is that these ecosystems keep pushing innovations at a breathtaking pace, improving the UX for users almost on a daily basis. Here is a short list of improvements and upgrades by different L1 and L2 projects from just the last few days:

Transactions on Arbitrum Are Getting Cheaper

  • With some criticizing that transactions on Arbitrum are still too expensive, the brand new L2 is already hard at work to deliver a significant improvement in that regard.

Twitter avatar for @arbitrum
Arbitrum @arbitrum
It's been 42 days since Arbitrum One was launched. 4️⃣2️⃣ Our team has been hard at work, and here is a sneak preview into the biggest upgrade coming to Arbitrum: Arbitrum Nitro 🚀 Get ready for faster & cheaper txs. Read below 👇 medium.com/offchainlabs/a…
medium.comArbitrum Nitro: Sneak Previewtl;dr: Today we’re unveiling Arbitrum Nitro, the next iteration of Arbitrum, which we’ve been working on for months. It’s built on standard technologies like WASM and Geth, so it’s more…
9:42 PM ∙ Oct 11, 2021
1,033Likes217Retweets

Easier Onboarding to Polygon

  • One of the most annoying things is to send assets over to a new chain like Polygon only to notice minutes later that you lack the native token (in this case MATIC) to pay for gas… While Avalanche solved this problem elegantly with an airdrop system, Polygon has now also introduced a solution that will make onboarding for new users a lot easier.

Twitter avatar for @0xPolygon
Polygon | $MATIC @0xPolygon
🤩 Swap for Gas - One stop solution for MATIC on Polygon 🙌 Swap for Gas is a simple and easy-to-use solution for sourcing $MATIC on Polygon Mainnet. Let's say goodbye to exchanges & unnecessary bridging costs. 🌐 Read more: bit.ly/Swap-for-Gas-T… 🔄: bit.ly/Swap-for-Gas
Image
1:46 PM ∙ Oct 8, 2021
1,001Likes263Retweets

Bridging Between L1s and L2s Is Getting Easier

  • With liquidity fragmentation and bridging costs / speed still being major pain points in the emerging multi-chain DeFi space, bridging services like Hop Protocol, Composable Finance, and Synapse Protocol play a central role in connecting the different chains and improving the overall user experience of this new multi-chain world.

Twitter avatar for @SynapseProtocol
Synapse Protocol @SynapseProtocol
Today, we're going live on @FantomFDN supporting stablecoin and @MIM_Spell transfers to Fantom 🌉👻 We're also connecting @arbitrum to the rest of the multichain world with stablecoin transfers nUSD pools are now live on Fantom & Arbitrum Try it out: synapseprotocol.com
Image
2:49 AM ∙ Oct 9, 2021
828Likes169Retweets

BSC Joining the Incentive Program Club

  • It has been the trend of the last few months: One L1 after the other announced massive DeFi incentive programs, most of the size of a couple of hundred million dollars but a few – like the one Binance announced today – have cracked the $1 billion mark… just mindblowing!

  • It’s obvious that Binance saw what these incentive programs have done to these emerging L1 ecosystems, with one after the other attracting massive amounts of capital and users. Binance obviously doesn’t want to miss out on this party…

Source: The Block
  • Will this move bring BSC back to the center of the crypto community’s attention? Likely so, since there is not much beating high yields in the current multi-chain DeFi landscape – and these incentive programs are highly effective in achieving this in the short-term.

  • It is a good time though to think about where all these liquidity incentive programs will lead in the long-term? Certainly, they help to bootstrap an emerging L1 ecosystem and propel it to a level where it can reach “escape velocity”.

  • As surely as night follows day, however, many of the currently hot L1s will lose their “shiny object status” and with yields returning to uncentivized – and thus much lower – levels, only the L1s offering a superior UX or network effect will remain relevant.

Share this post

October 12, 2021

www.elliotrades.xyz
Comments
TopNewCommunity

No posts

Ready for more?

© 2023 EllioTrades
Privacy ∙ Terms ∙ Collection notice
Start WritingGet the app
Substack is the home for great writing