arbitrum

The DeGen Bible to Financial Freedom - Vol.34

Stablecoin % and total MC size remain steady. Binance had considerable outflows and stablised, making OKX the winner in this chaos. Fear index lowered & BTC dominance up. Worth looking at Tether's move to mine $BTC.

Mars Captain

Jun 14, 2023 • 12 min read

Sean Times Vol.34 7 Jun 2023 to 13 Jun 2023

Week 7 June - 13 June 2023

Don't give up, don't give in - Mars Captain

🧠 Observations

Essentially market composition didn't change much, stablecoin % and total MC size remain steady. Individually, Binance had considerable outflows and stablised, making OKX the winner in this chaos. Fear index lowered & BTC dominance up, don't be too FUDed, in a nutshell.
Gary's nuke isn't as impactful as LUNA and FTX. So, we can assume that artificial FUD might even allow the SEC staff to make millions of dollars shorting the altcoins in DeFi. This insider info is better than anything, as it's effortful to trace the wallets of these people. Best positions ever in the financial world.
America, land of the brave and opportunities, is founded to get away from the rotten, corrupted old world where the noble can just crush the ordinary with a slash of sword with no consequences, and the latter accepts their fate. Coinbase has to lead the fight, to prove that the new world the fathers built wasn't just another wasteland of privileged bullying the grass-root. Crypto is a grass-root playground. America certainly has more reason to umbrella this industry than anywhere else.
Worth looking at Tether's move to mine $BTC. Basically they are doing something similar to Do Kwon's move to add $BTC as $UST's collateral. Captain thinks Do Kwon's failure was more due to his cockiness than the technical flaw of the seignorage design. After all, is USD's design flawless? Had Do been more humble and low profile, UST would have silently/slowly grown into an unbreakable algorithmic stablecoin despite its design weakness. Same as $BTC, what doesn't kill you makes you stronger. But if you attract too much attention to have you killed before your muscles are hardened, NGMI. Tether has a very stealthy way to grow despite their controversy.

💵 Stablecoin & Market Landscape

Stablecoin market share remains high in reference to the total crypto market capitalization. 11.69% of stablecoin (128.9B) on 1.11T crypto market.

Reminder: Mid-NOV 2021, this percentage was around 4ish% with a 3T total MC. Now we are at 11ish% with a 1ishT total MC.

Now at 1.1T. Still hanging around on the 1T level. Going steady.

Reminder, June and Nov 2022 witnessed a bottom of 800ish B MC vis-a-vis the market’s top in NOV 2021 at 3T.

Infographics

In the bear market, people don't pay as much attention to Reddit, but apparently, it remains a good space to accumulate community traction.

Is there still anyone buying NFT?

This one is a bit controversial. Captain agrees most arguments against BNB's price inflation and centralisation. However, we can't forget that it is a vibrant ecosystem with a leading exhaustive product suite, not to mention its the 2nd largest after Etheruem. If we compare other "non-scammy" layer ones, even Solana can't compete with BSC.
Artificially-inflated is one thing, having real adoption is another. BSC does have a leading DEX, Pancakeswap and again, the second largest memeconomy after Etheruem.
Captain speculates the regulatory hit against Binance might even push more Binance users to the BSC ecosystem in a DeFi manner. This is also a trend as the regulatory hammer continues.

🔢 Index

There is basically no change compared to a week ago. Market is so bottommed that no one cares, or remaining warriors only care about facts, but not FUD. Gary NGMI