Market Troubles, ETH Deflation, NFTs Cool Off

SEP 07, 2021 • 3 Min Read

Disclosure: Delphi Ventures and members of our team have invested in BTC, FTT, ETH, & SOL. 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.

Key Takeaways

  • The market experienced a deep leverage wipeout a few hours ago. Over $2.1B of liquidations were reported by exchanges per Skew Analytics, and the real number is likely higher. BTC and ETH price decreased by a double digit percentage over the last 24 hours.

  • Looking at the long-term funding trend, the current funding rates at ~0.05% are much lower to the prior peaks of ~0.20%. Low, stable funding implies a balanced as demand isn’t skewed towards either longs or shorts. Ethereum’s first deflationary day came earlier than expected, thanks to gas wars caused by NFT mints.

  • Limited supply NFTs, Loot, and its derivatives have been popular the past few days and are responsible for a good amount of recent ETH burns.

  • OpenSea activity is slowing down; daily volume fell 50% — from its late Aug. peak of $322M to ~$133M today. Daily transactions cooled down as well from ~80k at their peak to ~55k today. During the last few days of August, several hyped projects like Mutant Apes Yacht Club launched and caused a massive uptick in volumes.

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