Steaker Monthly Report (13/10/2021–10/11/2021)

Market Recap:

In October, remarkably strong momentum in the cryptocurrency market prompted crypto traders to coin a new word—“Uptober” to celebrate the bullish market conditions. The surge was motivated partially by the excitement over the launch of the US ProShare Bitcoin Strategy ETF [BITO:US] which was approved and listed by the SEC and NYSE. After BTC reached the price of $67,000 on October 20, the following days have seen a price pull back and consolidation. However, on November 9, BTC regained its momentum and hit a new ATH of $68,524, with the overall crypto market cap spiking to $3.07tr. In addition, ETH also reaches a record high making a strong comeback from a monthly low of $3,412 on October 13 to $4,838 on November 9, surpassing its previous ATH of $4,372 on May 12.

Notably, the overall BTC and ETH futures open interest respectively spiked by 34.28% and 43.41% to $27.34bn and $13.28bn at the timing of writing, compared to that on October 12, based on the data on Coinglass.

DeFi continued to boom last month, following the call from the BTC and ETH. According to CoinGecko, the top 100 DeFi tokens’ market cap advanced from $125.9bn on October 12 to $172.1bn at the time of writing, an increase of 36.70% MoM. The DeFi dominance in the crypto space currently sits at 5.7%, a net increase of 0.5 ppts from the previous month.

According to DeFi Llama, the total value locked (TVL) also ballooned from $205.6bn to the current level of $273.3bn, expanding by 32.93% MoM. Around 6.5mm ETH and 219.5k BTC are locked in DeFi respectively at the time of writing, a decrease of 12.16% and an increase of 13.97%, citing data from DeFi Pulse.

Top 100 Coins Price Index:

Top 3 price gainers: KDA (+981.82%), LRC (+625.33%), LPT (+295.26%)

Top 3 price losers: FLOW (-27.16%), DCR (-23.13%), XTZ (-12.17%)

Benchmark: BTC (+20.15%)

DeFi Price Index:

Top 3 price gainers: LRC (+625.33%), FXS (+310.64%), CHR (+148.90%)

Top 3 price losers: MDX (-37.68%), DYDX (-33.01%), IDEX (-24.43%)

Benchmark: Top 100 DeFi Tokens’ Market Cap (+36.70%)

Top Industry News

1. XY Finance Bridges NFTs and DeFi with New GalaXY Kats
2. Ethereum competitor Near launches $800M developer fund as DeFi competition heats up
3. Mastercard is preparing its infrastructure for the deployment of CBDCs
4. ProShares bitcoin ETF enters as second-most traded ETF in history
5. Facebook changes its name to Meta in major rebrand
6. CoinMarketCap hack reportedly leaks 3.1 million user email addresses
7. Ethereum Name Service to Pass Governance Over to Community, Details ENS Airdrop
8. Squid Game crypto token collapses in apparent scam