BigONE Weekly Recap
ETH price hits $3K as major crypto fund adds over $110M Ethereum to Lido’s staking pool
Later, the hedge fund manager reportedly purchased more than $22.50 million worth of ETH tokens from FTX and Deribit. As a result, it became eligible to receive at least 36,401 stacked Ether (stETH) tokens from Lido: to ensure low slippage when un-staking those tokens for real ETH plus staking reward. That has created opportunities for liquidity mining providers like Lido. As a result, it now represents more than 80% of the Ethereum liquid mining space, holding nearly $8.25 billion worth of ETH in its pools at March 22’s prices. Meanwhile, the fund appears to have also been accumulating more Ether.
Accumulation after staking Three Arrows Capital’s address received about $22.50 million worth of Ethereum tokens from wallets associated with crypto exchanges FTX and Deribit on March 22, less than an hour after it staked 36,401 ETH into the Lido’s pool.
Bitcoin dips 3.6% from weekly highs — What are the key BTC price levels to watch?
A comedown from its highest levels in a week sees Bitcoin price action hover immediately under short-term support targets. Analyst Matthew Hyland was confident that the “tide was turning” for Bitcoin, however, among other things pointing to an ongoing breakout attempt for Bitcoin’s daily relative strength index (RSI). “42.5k has been broken, now want to see this level established as support if this is a true breakout,” he wrote in a Twitter update on the day. ECB Balance Sheet has hit fresh ATH >€8.7tn. As Cointelegraph reported, the United States Federal Reserve plans to halt its asset purchases and begin reducing its balance sheet going forward.
NFT-funded racing aims to disrupt sports sponsorships
GT driver Laura-Marie Geissler’s career will depend on a decentralized sponsorship model with the aim of leveling the playing field for motorsport athletes. German GT racer Laura-Marie Geissler, creative agency Amsterdam Berlin and NFT startup Unblocked partnered up to launch the first nonfungible token, or NFT, funded motorsport team. Named after the driver, herself, the LMG racing team has decided to forgo external sponsors to fund Geissler’s race season by way of NFT sales.
According to Geissler, her performance wasn’t her main selling point. “It’s hard for women to ask people to give them money, because it becomes a very transactional relationship. Moritz Grub, founder and creative director of Amsterdam Berlin, added that motorsports is a very male-dominated and “macho” world, and part of the reason may simply be because there are mostly male sponsors.”
Fact or fiction? Did ApeCoin (APE) really drop by 80% since launch?
Data shows vast APE price discrepancies ranging from $8 to $214 at centralized exchanges, but how likely is it that holders successfully traded the top half of that range right after the airdrop?
ApeCoin (APE), the governance token of the well-known Bored Ape Yacht Club (BAYC) NFT project was airdropped to BAYC and Mutant Ape Yacht Club (MAYC) owners at 8.30 am EST on March 17 and only eight hours after APE became tradable in the open market, it has already jumped to the 110th most traded token ranked by CoinGecko, totaling $900 million in trading volume across all tracked platforms. So it is clear to see that the more reliable price of APE minutes after the airdrop is from Binance, which is around $28 and happened on the minute of the airdrop.
The quickest way would be to use a decentralized exchange (DEX) by simply connecting the Ethereum wallet and swapping APE for another token. BAYC owners can claim about 10,000 APE per NFT and MAYC owners can claim about 2,000 APE per NFT. This means only 80 BAYC owners will be able to swap the entire airdrop at the price of $28, given the $45 million TVL of APE/USDC on Uniswap.
‘No more 4-year cycles’ — 5 things to know in Bitcoin this week
Bitcoin avoids another “Bart” style price spike this weekend, but what’s the mood like on the market going forward? Instead, conditions are beginning to favor a more bullish perspective on shorter timeframes, but as ever, nothing is certain — bulls need to tackle resistance and flip it to support, beginning with levels just north of $42,000, a case of “so near yet so far” for the market this month.
US 10y yields have jumped 10bps to 2.15%. “Price action has been in lockstep with legacy markets since the Russia-Ukraine conflict began with a high correlation visible throughout the period, demonstrating that Bitcoin remains a risk-off asset during uncertain times,” analyst Filbfilb wrote in a market report.
Stop waiting for the blow-off top, says analyst As Cointelegraph reported, popular consensus argues that Bitcoin has in fact been sideways ranging not just this year, but all of last year as well. At 31/100 on Sunday, the Index measured its highest since March 4, and points to the worst of the macro-based cold feet among investors — at least temporarily — being alleviated.
