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

Market Recap:

After BTC hit the ATH of $69,000 on November 10, the market turned into a correction and continued to go downtrend. On December 4, the market crashed, which followed the concern about Federal Reserve tapering efforts and the emergence of the Omicron virus variant. BTC and ETH further dived to the recent bottom of $42,000 and $3,503, respectively. On the same day, the total of liquidations on all exchanges reached $2.59bn. Notably, the market crash significantly decreased the open interests of perpetual futures and reset the funding rates. The OI hit $16.47bn on December 6, plunging by 42.91% from the recent high of $28.85bn on November 11. Besides, the average funding rates of all exchanges stood at -0.009%, showing there was a majority bear bias dominates futures. As of December 7, the funding rates have bounded to 0.004%.

Last month, BTC prices traded between a monthly low of $42,000 and a new local high of $66,401, while ETH prices traded between a monthly low of $3,503 and a new local high of $4,868.

DeFi market cap shrank following the cryptocurrency market’s correction. According to CoinGecko, the top 100 DeFi tokens’ market cap plunged from $172.1bn on November 11 to $142.0bn at the time of writing, a decrease of 17.46% MoM. The DeFi dominance in the crypto space currently sits at 5.9%, a net increase of 0.2 ppts from the previous month.

According to DeFi Llama, the total value locked (TVL) also declined from $273.3bn to the current level of $251.4bn, down 8.01% MoM. Around 9.7mm ETH and 225k 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: GALA (+461.57%), SAND (+103.35%), CRO (+69.45%)

Top 3 price losers: OMG (-59.97%), KDA (-51.54%), FTM (-49.30%)

Benchmark: BTC (-27.19%)

DeFi Price Index:

Top 3 price gainers: COVAL (+1,628.22%), BABY (+732.47%), DVF (+161.24%)

Top 3 price losers: BADGER (-58.08%), TRU (-55.52%), SUSHI (-53.97%)

Benchmark: Top 100 DeFi Tokens’ Market Cap (-17.46%)

Top Industry News

1. Bitcoin drops $9K in an hour on spot market selling; El Salvador again buys the dip
2. Ethereum DeFi users reach new highs over 4M, growing roughly 8x in a year
3. XY Finance Raises $12M Funding Round from Investors Including Circle
4. Binance Smart Chain activates real time BNB burning mechanism
5. Solana library bug could have seen attackers stealing $27 million an hour
6. OpenSea IPO plans met with criticism from NFT community
7. Adidas enters the metaverse with NFT partnerships
8. Snoop Dogg builds mansion inside the Sandbox metaverse