ETH/BTC Shrugs Off Correction, The Fight For Curve Dominance
JUN 07, 2021 • 2 Min Read
Disclosure: Members of our team may own positions in assets mentioned in this report. This statement is intended to disclose any conflict of interest and should not be misconstrued as a recommendation to purchase any token. This content is for informational purposes only and you should not make decisions based solely on it. This is not investment advice.
Metus vulputate eu scelerisque felis. Nulla facilisi cras fermentum odio eu. Scelerisque fermentum dui
faucibus in ornare quam viverra orci sagittis. A iaculis at erat pellentesque adipiscing commodo elit. In
fermentum et sollicitudin ac orci. Ultrices sagittis orci a scelerisque purus. Faucibus ornare
suspendisse sed nisi lacus sed viverra tellus in. Mauris cursus mattis molestie a iaculis at erat
pellentesque adipiscing. Volutpat diam ut venenatis tellus in metus vulputate. Eu consequat ac felis
donec et odio pellentesque. Eu mi bibendum neque egestas congue quisque egestas diam. Quam
lacus suspendisse faucibus interdum posuere lorem. Quam id leo in vitae. Ut faucibus pulvinar
elementum integer enim neque. Id ornare arcu odio ut sem nulla pharetra diam sit. Molestie ac feugiat
sed lectus vestibulum mattis. Ipsum nunc aliquet bibendum enim facilisis. Euismod nisi porta lorem
mollis aliquam ut porttitor.
Iaculis nunc sed augue lacus viverra vitae congue eu consequat. Gravida neque convallis a cras.
Nunc scelerisque viverra mauris in aliquam sem. Non odio euismod lacinia at quis risus sed vulputate
odio. Purus faucibus ornare suspendisse sed. Turpis egestas maecenas pharetra convallis posuere
morbi. Nec feugiat nisl pretium fusce id velit ut. Nunc congue nisi vitae suscipit tellus mauris a diam.
Posuere sollicitudin aliquam ultrices sagittis orci. Urna nec tincidunt praesent semper. Turpis nunc
eget lorem dolor sed viverra.
suspendisse sed nisi lacus sed viverra tellus in. Mauris cursus mattis molestie a iaculis at erat
pellentesque adipiscing. Volutpat diam ut venenatis tellus in metus vulputate. Eu consequat ac felis
donec et odio pellentesque. Eu mi bibendum neque egestas congue quisque egestas diam. Quam
lacus suspendisse faucibus interdum posuere lorem. Quam id leo in vitae. Ut faucibus pulvinar
elementum integer enim neque. Id ornare arcu odio ut sem nulla pharetra diam sit. Molestie ac feugiat
sed lectus vestibulum mattis. Ipsum nunc aliquet bibendum enim facilisis. Euismod nisi porta lorem
mollis aliquam ut porttitor.
Iaculis nunc sed augue lacus viverra vitae congue eu consequat. Gravida neque convallis a cras.
Nunc scelerisque viverra mauris in aliquam sem. Non odio euismod lacinia at quis risus sed vulputate
odio. Purus faucibus ornare suspendisse sed. Turpis egestas maecenas pharetra convallis posuere
morbi. Nec feugiat nisl pretium fusce id velit ut. Nunc congue nisi vitae suscipit tellus mauris a diam.
Posuere sollicitudin aliquam ultrices sagittis orci. Urna nec tincidunt praesent semper. Turpis nunc
eget lorem dolor sed viverra.
lacus suspendisse faucibus interdum posuere lorem. Quam id leo in vitae. Ut faucibus pulvinar
elementum integer enim neque. Id ornare arcu odio ut sem nulla pharetra diam sit. Molestie ac feugiat
sed lectus vestibulum mattis. Ipsum nunc aliquet bibendum enim facilisis. Euismod nisi porta lorem
mollis aliquam ut porttitor.
Market Update
The crypto market had yet another quiet weekend with very little volume across the top 100 coins (likely a result of most of the industry gathering in Miami). Despite BTC falling less than ETH from current ATHs, ETH looks like the stronger asset for now.
Formidable Strength on ETH/BTC
- If you look at the YTD ETH/BTC chart in isolation, you probably wouldn’t guess fear in the crypto market is the highest it’s been in a year.
- It’s worth noting that in 2017, ETH/BTC topped out mid cycle and proceeded to trend down as BTC ripped to $20,000. Further, at the early 2018 top, ETH/BTC took a massive beating and didn’t recover even close to as quickly as it has this time.
The Battle for Curve
- With a unique incentive scheme for CRV lock ups, Convex has surpassed Yearn’s veCRV locked in less than a month since launching.
- It’s important to note that Yearn’s strategies also include depositing and farming CVX, so Yearn isn’t quite in the backseat yet. Further, Yearn operates without any governance token incentives to attract capital, while Convex is currently boosting yields (temporarily) with it’s native token.
- You can read more about this here.
DEX Spot Volume Hits YTD Low
- DEX volumes have receded hard over the past few weeks. Even Uniswap — which has grown through previous pullbacks in 2020 — has seen it’s volume shrink.
- However, this isn’t exactly a DEX-specific phenomenon, as volume on centralized spot exchanges fell in tandem with DEXes. Less volume could indicate less interest from market participants, but it could also be a sign that sellers are done offloading and the market just needs to find some footing.
Notable Tweets
Andre Cronje, inventor of Yearn Finance, teases a new DeFi product he’s finishing up.
— Andre Cronje (@AndreCronjeTech) June 7, 2021
In a landmark move, El Salvador became the first country to adopt Bitcoin as a legal tender.
Some powerful interests will try to make this historical #Bitcoin move fail.
They know what it means if it succeeds.
It will.
— Nayib Bukele ?? (@nayibbukele) June 6, 2021
MicroStrategy announces another $400 million round of financing to buy more BTC.
MicroStrategy Announces Proposed Private Offering of $400 Million of Senior Secured Notes to acquire additional #bitcoin. $MSTRhttps://t.co/ilhUt1M73j
— Michael Saylor (@michael_saylor) June 7, 2021
