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🚨 In Case You Missed It
- Acala Network suffered an exploit where hackers minted over 1.2 billion aUSD tokens, leading to a 99% collapse in price.
- Venture capital firm Dragonfly acquired MetaStable Capital, hedge fund with $400 million under management.
- Aave began blocking addresses that have previously received ETH withdrawals from Tornado Cash.
- Galaxy Digital terminated its acquisition of crypto custodian BitGo, citing a failure to deliver audited financial statements.
📊 Is This The Most Reliable BTC Bottom Signal?
- In July 2022, the Puell multiple, one of the most reliable bottom signals for BTC, fell to 0.34. This is the lowest the indicator has gone since 2019.
- Even as the indicator currently sits at 0.54, values under 0.50 have historically marked price bottoms and are considered as good accumulation zones.
- So, what exactly is the Puell multiple? Well, it’s the daily issuance of BTC (in USD) divided by the 365-day moving average of the daily issuance of BTC (in USD).
- In other words, it compares the short-term revenue of BTC miners to its longer term trend. A lower score equates to lower revenue for miners.
- Since 2014, the Puell multiple has gone below 0.50 only 4 times: during the previous market bottoms of 2015 and 2019, the Covid-induced crash of Spring 2020, and most recently in July 2022.
- Although the indicator is not great for smaller time frames, it does specify a good accumulation range for long-term investors.
- Even as the Puell multiple seems to indicate a market bottom, other indicators must be used in tandem to conduct a meaningful analysis.
- For more on market updates, Delphi members can read our latest Market Insights report here.
⚡ Join Our DISRUPTORS Live Stream This Wednesday
Our fifth DISRUPTORS guest is Zaki Manian, the Co-founder of Sommelier Finance and iqlusion. He is a foremost contributor to Cosmos, having helped launch their first testnet. Subsequently, he helped complete the Cosmos design goals by completing IBC.
Join the live stream on August 17 at 11:00 AM EST by clicking here (set a reminder by clicking Notify Me).
🐣 Notable Tweets
Bitcoin Risk Assessment
Welcome to your weekly quantitative edge in the #Bitcoin market.
As on every Monday, we are going to look at the lite version of the #Bitcoin Aggregate Risk Model.
1/🧵
— Mikołaj Zakrzowski (@StackSmartly) Aug 15, 2022
Michael Burry, Infamous ‘Big Short’ Investor, Sells Nearly Everything
Michael Burry’s latest 13-F is out and he sold NEARLY EVERYTHING HE OWNS
His only reported investment is LONG GEO Group $GEO
Looks like @michaeljburry thinks we’re headed lower.
— Brandon Beylo (@marketplunger1) Aug 15, 2022
Uniswap Labs NFT Head on Sudoswap
at the moment @sudoswap is the leading nft hyper-structure imo
any nft owner can now become their own marketplace. just deposit nfts and eth and set your fee on-top of the 0.5% protocol fee
adoption is a lot easier by focusing on b2c
— Scott 🦄 (@Scott_eth) Aug 14, 2022
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