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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