Steaker Monthly Report (11/09/2021–12/10/2021)

Market Recap:

In early September, we saw a sudden market crash after BTC hit $52,920. Following the market crash on September 7, BTC further dived to the recent bottom of $39,600 on September 21 with a total of liquidations reaching $2.67bn from September 20 to September 22. Notably, the investors didn’t capitulate and continued to accumulate their tokens in September. After the Chinese government announced to further crackdown on cryptocurrency trading on September 24, BTC restarted its up-side trend and rallied to the recent peak of $57,839 on October 12. In early October, we also saw two rounds of a short squeeze, which resulted in the short liquidations of $296mm and $276mm, respectively.

Last month, BTC prices traded between a monthly low of $39,600 and a new local high of $57,839, while ETH prices traded between a monthly low of $2,652 and a new local high of $3,695.

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 $124.2bn on September 11 to $125,9bn at the time of writing, an increase of 1.37% MoM. The DeFi dominance in the crypto space currently sits at 5.2%, a net cut of 0.2 ppts from the previous month.

According to DeFi Llama, the total value locked (TVL) also ballooned from $204.9bn to the current level of $205.6bn, expanding by 0.34% MoM. Around 7.4mm ETH and 192.6k BTC are locked in DeFi respectively at the time of writing, citing data from DeFi Pulse.

Top 100 Coins Price Index:

Top 3 price gainers: SHIB (+347.16%), SCRT (+200.79%), DYDX (+98.90%)

Top 3 price losers: HT (-48.18%), SRM (-43.05%), FTT (-26.85%)

Benchmark: BTC (+25.39%)

DeFi Price Index:

Top 3 price gainers: SCRT (+200.79%), ANY (+163.66%), XPR (+142.09%)

Top 3 price losers: IDX (-51.99%), SRM (-43.05%), MNGO (-38.35%)

Benchmark: Top 100 DeFi Tokens’ Market Cap (+1.37%)

Top Industry News

1. DeFi money market Compound overpays millions in COMP rewards in possible exploit; Founder says $80M at risk
2. SEC chief Gary Gensler reiterates support for bitcoin futures ETFs as the regulator continues to mull approval for crypto funds
3. El Salvador mined its first bitcoin using volcanic energy
4. Axie Infinity is launching a decentralized exchange
5. TikTok uses Ethereum layer-2 solution to drop its first NFTs collection
6. Grayscale Adds SOL and UNI to Digital Large Cap Fund Portfolio
7. SEC Approves ETF for ‘Bitcoin Revolution Companies’, Portfolio Includes Tesla and Twitter
8. U.S. Bank announces new cryptocurrency custody services for institutional investment managers