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Letter

Bull Trap or Bear Slaughter? Crypto Weekly Newsletter #036

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Bullish on-chain news, Aave's V3 launch on Ethereum, Fantom's ecosystem vault, 1inch hardware wallet, A $500M blockchain fund and more…

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Letter
One Button Capital
January 23, 2023
Jan 23

Welcome,

The current market sentiment in crypto remains split between those who fear we are in a “bull trap” and those who think we have already bottomed up.

Leading on-chain specialists also jumped in with advanced data analysis.

Glassnode reported that the recent surge in the price of BTC, reaching the $21k to $23k range, has involved reclaiming multiple on-chain pricing models with a historically signified change in behavior patterns among holders.

The next confirmation signal will come at $28.3k for BTC. Source: Glassnode Research

Additionally, Glassnode’s analysts found that the duration of the current bear market is similar to that of the 2018–2019 bear market, suggesting an equivalency in the level of pain experienced during the “darkest phases of both bear markets.”

Yet, nothing is still decisive, so paying attention to these and other on-chain trends is critical for knowing where we are in the current cycle.

Market update

At the time of writing, the global crypto market cap sits at $1.08T, with BTC leading the way at $23,033 (+9.74% from 7 days ago). The largest gainer in the leading digital assets remains SOL, with a +148.49% gain since the start of the year, while DOT gained +15.84% last week.

Data from Jan 23, 2023, at 19:00 UTC via Messari.io.

Latest news:

Aave V3 Ethereum Mainnet Governance Proposal Is Up For Vote

Aave, a decentralized lending platform, has announced the commencement of voting on the Aave Ethereum V3 governance proposal, which aims to activate Aave V3 in the Ethereum pool. The proposal received overwhelming support on Oct 11, 2022, and addresses of Aave Ethereum V3 are available in the Aave-address book.

Image source: The Defiant

The V3 version offers increased levels of compatibility and reduces complexities experienced in V2. The voting process began on Jan 23, 2023, and will close on Jan 26, 2023.

US Government Sends Message On Crypto Crime With Enforcement Action

The US Department of Justice announced on Jan 18, 2023 that it would be holding a live press conference to announce an “International Cryptocurrency Enforcement Action.”

That caused short panic in the crypto, with BTC and ETH falling 5% in just a few minutes.

However, the press conference revealed that the target of the enforcement action was Hong Kong-based, Russian-owned crypto exchange, Bitzlato, accused of processing more than $700M in illicit funds, including millions in proceeds from ransomware.

Source: Twitter

While the crypto community laughed, the U.S. government wanted to make it crystal clear that it is aware of crypto crimes and is taking decisive action, especially in the aftermath of the collapse of FTX.

Fantom Releases On-Chain Vault to Support Ecosystem Projects

The Fantom foundation announced the launch of its ecosystem vault to empower builders and support ecosystem initiatives. In a recent announcement, the protocol stated that the vault provides a decentralized, community-driven method for funding projects.

Fantom stated, “The Vault is a new fund designed to empower builders on Fantom by providing a decentralized channel for funding projects, ideas, and creations through a community-driven decision process.” Additionally, the team intends to operate the vault as an on-chain fund and will finance it with 10% of its network’s transaction fees.

Other news

Our research

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Top 6 AI Trading Bots 2023
Analyzing 59 DeFi Yield Aggregators

One Click Crypto performance

Aggregated return of One Click Crypto vs. BTC and ETH

The crypto market continued surging, with BTC gaining +8.64% in the last calendar week, while ETH grew by +4.91%. The aggregated returns of all One Click Crypto trading strategies grew to +13.43% for the last 30 days with a 7 days return of +3.16%.

The average returns for 7 and 30 days, measured on Jan 22 at 23:59 UTC. Source: 1CC Stats

Top trading strategy

Performer v1 and Explorer remain the dominant AI strategies at One Click Crypto, with the former bringing an average ROI of +3.93% in the last week. At a close third place, Solar brought +3.53% ROI during the same time period.

Top-performing AI strategies between Jan 1600:00 UTC and Jan 22 23:59 UTC. Source: 1CC Stats

Top-performing market pairs

The three most profitable market pairs last week were CRV:USDT (+23.01%) for P1, FTM:USDT (+21.80%) fpr Explorer and CRV:EUR (+20.52%) for P2.

The best market pairs for 1CC AI bots between Jan 16 00:00 UTC and Jan 22 23:59 UTC.

Final word

While the crypto community debates whether we are at the market’s bottom or in a bull trap, in the US, Democrats are pushing to remove the debt ceiling, allowing unlimited government borrowing. The US government hit the $31.381T debt ceiling last week…

In the meantime, Web3 keeps growing and building solutions to combat the flawed TradFi systems. The TVL in DeFi is up by over $9Bn since the start of the year, and even the most giant bears are slowly turning bullish with each day.


Max Yampolsky,
CEO at One Click Crypto
ir@oneclick.fi

DISCLAIMER:
This is not financial advice. This newsletter is strictly educational and does not provide investment advice, solicit the purchase or sale of any assets, or encourage readers to make financial decisions. Please use caution and conduct independent research.

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