Highlights:
Nvidia saving the day sending AI coins (again) higher but a clear rotation into DeFi on Friday due to the Uniswap (UNI) governance proposal news. FTX claims, BTC consolidating. ETH touching 3k. ECB talks Bitcoin. Yields refusing to go down. Selling Chinese equities is (almost) forbidden. What a time to be alive…..
Here we go:
Nvidia (NVDA):
As great as Nvidia's stock has done, there was a better way to trade its
success in powering artificial intelligence applications: buying claims on the
bankrupt FTX.
Claims on the bankrupt crypto exchange previously run by Sam Bankman-Fried now
have a bid-ask between 85 and 90 cents on the dollar. That's according to data
from Cherokee Acquisition, which operates a secondary market, and publishes
data on claims of at least $1 million.
Those claims had a bid-ask as low as 6 to 10 cents on the dollar shortly after
FTX went bankrupt. The most recent transactions were on Feb. 15, in three
deals totaling nearly $2 million.
There are two major reasons behind FTX creditors being in a position to be
nearly whole - one is the rebound in cryptocurrency prices, and the other
being FTX's stake in Anthropic, which a judge on Wednesday gave it permission
to sell. FTX in 2021 acquired what is now a 7.8% stake in Anthropic, the
company behind the ChatGPT rival Claude, for $500 million. (Source: Bloomberg)
Bitcoin (BTC):
Ethereum (ETH):
ECB on Bitcoin (BTC):
Worldcoin (WLD):
Other “AI” coins:
Uniswap (UNI):
https://www.coindesk.com/markets/2024/02/23/uniswaps-uni-jumps-50-on-proposal-to-upgrade-governance/
MK Opinion
To me, BTC has a little more value than the ECB zero thesis and also more value than Worldcoin (WLD)….. Regarding ETH spot ETF; I reiterate no approval likely this year.
Regarding Uniswap (UNI): First step towards fees distributed to tokenholders and this was exactly part of my investment thesis/catalyst. Reduced some exposure and will Re-evaluate details of this proposal.
Coin | Other News:
Avalanche (AVAX) stalls:
Kraken:
Binance (BNB):
Feb rally is likely retail according to JPM:
Ethena (USDe):
MK Opinion
What could possibly go wrong….. it faces its own set of risks to its stability including funding risks (i.e., extended periods of negative funding rates) and collateral risk (e.g., duration mismatch or LST depeg).
USDC leaves Tron:
https://protos.com/is-usdc-preparing-for-a-justin-sun-sanction/
https://www.coindesk.com/consensus-magazine/2024/02/21/why-circles-usdc-is-dumping-tron/
TRON makes up only 1% of USDC. But guess how much for Tether?
Tether (USDT):
EU AML:
Eigenlayer:
Aave Risk Manager leaves (AAVE):
https://blockworks.co/news/gauntlet-discontinues-work-at-aave
https://protos.com/advisors-leave-aave-as-protocol-punishes-competitors/
Starknet (STRK):
Ondo Finance (ONDO):
Kucoin (KCS):
COTI:
Metamask:
UK Stablecoin legislation:
TreeCap Blockchain Technology Strategy: Secure Sustainable Investing
The crypto landscape in 2024 promises a dynamic and transformative journey. As institutional involvement grows, technology advances, and novel ideas emerge, the industry is set to overcome challenges and redefine the future of finance and technology. From maturing tokenization projects to the integration of blockchain into physical infrastructure, the future holds exciting possibilities for the crypto and blockchain space. Crypto: From Speculation → Utility → Fundamentals
Backtest Performance 2023 +78% EUR net return after all fees, Backtest Jan 2024 performance -6.8% net:
*Returns until feb2024 excluding: staking income, additions/deletions, rebalancing, core & satellite trading and including all fees. Source: CoinMarketCap.
If you have any questions, please reach out to me anytime:
mathijs@treecap.nl | Mobile: +31655003160
Tel: +31208204710 | Visiting Address: Beursplein 5 Amsterdam. The Netherlands
MKs Short Term Risk Report:
Justin Sun (TRON, Huobi)
SEC / Regulatory
USDT
US Gov / Celsius / Genesis unwind
Capital Markets in general (China, Credit Event / Yields, FED not delivering)
Escalation in the Middle East, Taiwan-China
The week ahead by Nomura and Livesquawk:
https://www.nomuraconnects.com/focused-thinking-posts/the-economy-next-week/?
https://www.livesquawk.com/report/special_ls-focus-on-the-week-ahead
Upcoming Events:
Will be attending the following conferences/events:
29th of Feb: Amsterdam Crypto Community (ACC)
Agenda:
Tokens:
Unlocks:
Have a wonderful Sunday, and thanks for reading!
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