OCT 26, 2021 • 3 Min Read
Disclosure: Delphi Ventures owns BTC and ETH. Members of our team also own FTM, AVAX & ALGO. These statements are 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.
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ETH had its highest daily close ever yesterday, closing at $4,220 on Coinbase, but its latest price rally coincided with new record highs in futures open interest. Binance and FTX still lead the way as the largest two exchanges, currently making up ~41% of ETH open interest.
While this move up in open interest may signal excessive leverage, it’s worth noting that the perpetual funding rate, a useful measure of froth in this futures-dominated market, is nowhere close to the mania levels seen in January to April 2021. This could be due to a combination of delta-neutral traders farming yield with cash and carry trades, as well as bears stepping up with short positions as ETH grinds higher.
China’s global share of bitcoin mining finally drops to 0 after banning it for the 1283127th time.
China’s share of #Bitcoin mining down to zero.
Oh well ?♂️ pic.twitter.com/7CmQkJ31fy— Bitcoin Archive ??? (@BTC_Archive) October 26, 2021
A masterclass from our very own @lex_node.
If you talk to lawyers in the space who are working on SEC defenses for DeFi projects, one of the biggest issues is that internal chats/communications (discoverable by SEC) lapse into talking about the project as if it were any tech start-up instead of a FOSS project
— _gabrielShapir0 (@lex_node) October 26, 2021
FTX lists stETH, stSOL liquid staking derivatives.
— FTX – Built By Traders, For Traders (@FTX_Official) October 26, 2021