0xScope Newsletter #73: Join the LMK Private Beta
Also: We analyze how the recent Bitcoin slump has affected the performance of BTC ETFs and recent Binance listings, among other topics.
Join the LMK Private Beta. 100 Slots Available.
LMK, our newest product specially made for next-level crypto copy trading, has opened up a new private beta round! We are opening access to LMK for 100 people who sign up for LMK private beta on a first-come, first-served basis. To join, please complete the following steps:
2. Join this Telegram group. (Make sure to finish the form first before joining.)
3. Retweet the Twitter post in this link.
Why should you join LMK private beta? Here are some compelling reasons to do so:
1. Exclusive sneak peek at LMK copy-trading channels, new features, etc.
Peck around LMK's channels and features. See how easy it is to go from spotting signals to copy-trading in seconds. New updates include support for tracking Solana, Ethereum, and Base addresses, as well as new UI-optimizing updates on the Create a Channel function.
2. Learn how to monetize your crypto wisdom
Are you a crypto leader or KOL? Then LMK is for you! Be the first to know how to make the most out of LMK, from earning via referrals to raking in fees by creating your own channel! It pays to grow your flock.
3. Suggest more features and connect with the LMK team
LMK is better with you, and your feedback is important to us. Example: A birdie suggested more features for channel creation. We updated it in days!
On-chain Data
Recent BTC downturn puts many ETFs’ net flows in the red
This past week was both bullish and bearish for Bitcoin, which saw its price reach a new record high just above $107,000 on December 17, only for it to fall sharply below $95,000 just a few hours ago. As a result, only two Bitcoin ETFs managed to record net inflows on December 16-19: IBIT with $1.52B, solidifying its market dominance, and BTCW with just $2M. We anticipate more ETF outflows for the December 20 trading day due to falling Bitcoin prices, but there’s also the possibility that investors would buy the bottom.
Binance’s active listing week: 4 on Spot, 8 on Futures
Perhaps in an attempt to join the holiday shopping season, Binance has added four new tokens to its spot trading platform, after listing another four tokens the week before. Over the past 7 days, the following crypto tokens made their Binance spot debut: Velodrome Finance ($VELODROME)*, Vana ($VANA), Simon’s Cat ($1000CAT)*, and Pudgy Penguins ($PENGU).
DeFi project $VELODROME was recently rumored to expand to UniChain, Uniswap’s new DeFi-oriented Layer-2 network, while a major investor doubled its holdings in the asset by purchasing 2.45M tokens within one minute of Binance’s listing announcement. Meanwhile, Layer-1 project $VANA benefited from being the latest project on Binance Launchpool, as it grew as high as 36x from its opening spot price.
Regarding the newly-listed memecoin $CAT (listed on Binance as $1000CAT), opinions are divided; some KOLs predict a 10-50x return for the token, while others noted its current undervaluation compared to other cat-themed tokens. Also worth mentioning: Wintermute currently holds $9.47M worth of $CAT. Meanwhile, discussions on the new $PENGU token from the popular Pudgy Penguins NFT project touched on its potential cross-chain functionality through LayerZero and its valuation as both a memecoin and a Layer2 ticker. However, the token reportedly dropped by 50% following its airdrop, causing a sharp drop in the NFT’s floor price.
Binance Futures also added those four newly-listed tokens, as well as five new perpetual contracts: crypto travel booking site Travala ($AVA), DeFi platform Dego Finance ($DEGO), Animoca Brands-seeded blockchain project Moca Network ($MOCA), decentralized stablecoin issuer Usual ($USUAL), and RWA (real-world assets) oriented blockchain Lumia ($LUMIA). Only $PENGU and $USUAL were still up from their respective listing prices as of December 20, 5 AM UTC.
*Velodrome Finance has the ticker $VELO on other exchanges, while Binance’s $1000CAT ticker for Simon’s Cat is due to the very low price of individual $CAT tokens, as is the custom with many memecoins that have trillions of circulating tokens.
Company Announcements
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Quick Bites
Bitcoin dips below $96K, ETH, ADA, DOGE tumble over 10% in crypto correction - LINK
Bitcoin ETFs hit by record $671.9M outflows in 1 day - LINK
SEC approves first spot Bitcoin and Ethereum combo ETFs from Hashdex and Franklin Templeton - LINK
El Salvador may accelerate Bitcoin buys following IMF deal concessions - LINK
Ethereum layer 2s hold $13.5B stablecoin supply - LINK
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