CCData

In the second week of October, all baskets have displayed negative month-to-date returns of varying degrees, with the average MTD return of the assessed baskets sitting at roughly -8%. The most significant decline was observed in the AI basket, with assets such as RENDER down close to 25% this month thus far. Within this basket, TAO remains the standout performer, maintaining an almost-positive return of roughly 0.35%. Conversely, Exchange Tokens have seen a muted impact relative to the wider market, down roughly -1.25%; characterised by significantly lower downside volatility, with tokens such as GT and BNB seeing MTD returns of 3.49% and -1.07% respectively. Real World Assets (RWA) also maintains an almost-positive return of roughly -2.35%, largely driven by CPOOL, which has seen a 38% MTD return following positive updates regarding their new blockchain, Ozean, in partnership with Hex Trust, a regulated custodian. Analysing year-to-date, Memecoins still maintain outperformance at 225% YTD, followed by Exchange Tokens and RWA at 46.32% and 40.17% respectively.

In September, the open interest on the retail derivatives exchanges increased 32.1% to $53.8bn, driven by heightened speculation from traders following the FED's decision to cut interest rates by 50bps. Breaking down individual exchange performance: 🔷Binance increased by 27.5% to $18.0bn 🔷Bitget rose by 28.2% to $9.65bn 🔷OKX jumped by 32.0% to $12.8bn 🔷Bybit climbed by 28.5% to $5.97bn Discover the latest trends and updates in the #crypto exchange landscape with our Exchange Review: https://lnkd.in/gJKbBT5f

Are you attending #Permissionless III in Salt Lake City? Our Account Manager, Max Hilder, and Data Sales Consultant, Rohan Sandhu, are fully engaged at the conference, building relationships, networking, and attending insightful sessions. If you'd like to connect with our colleagues, feel free to reach out and book a time to meet.

In September, total spot trading volumes fell 17.2% to $1.27tn, which was the first monthly decline in three months. This decline marks the end of the seasonal period, with factors such as the Federal Reserve's first interest rate cut likely to trigger the next upward trend in the current cycle. Explore August’s spot trading volumes and trends in the crypto exchange landscape. Check out the full report here: https://lnkd.in/e43Gg4SA

Our Head of Sales Max Sellers and Data Consultant Cian Barry are having a productive day at Bitcoin Amsterdam. If you’re also attending and haven’t had the opportunity to connect with our team yet, reach out to Max and Cian, or message us directly to set up a meeting.

In this week's Chart of the Week, we take a closer look at Sui (#SUI), which has experienced a notable rise in open interest across several major exchanges, indicating increased investor activity. As of October 7th, 2024, exchanges such as #Binance, #Bitget, #Bybit, #Kraken, and #OKX reported over $508 million in open interest for SUI, underscoring its increasing prominence in the market. This surge coincides with the recent announcement that Circle’s #USDC stablecoin will be launched on the Sui network, boosting market confidence and market participation. Since the start of 2024, SUI’s open interest has surged by an impressive 495%, outpacing many other major assets such as BNB and DOGE. This growth has positioned SUI among the top five assets by open interest, reaching $508 million, just behind Bitcoin, Ethereum, Solana, and XRP. Additionally, SUI has posted ~11% month-to-date (MTD) returns and ~150% year-to-date (YTD).

Top five centralised stablecoins collectively hold around $125 billion in US Treasury Bills, which make up approximately 80.2% of their reserves. The recent interest rate cut by the Fed is projected to cause a $625mn annualised decrease in interest income for these stablecoins. #USDT, #USDC, #FDUSD, #PYUSD and #TUSD holds combined US Treasury assets of $125bn as of the latest attestation reports. See our latest Stablecoins & CBDCs report for more key findings: https://lnkd.in/eWiANmwD

MakerDAO, the issuer of the #DAI stablecoin, recently rebranded as Sky and introduced a new stablecoin, Sky Dollar (#USDS), along with a new governance token, Sky. Since USDS’s launch, the stablecoin has already hit a circulating supply of $458 million, as DAI holders convert to the new USDS. Holders of USDS tokens can earn 6.25% in yield from the Sky Savings Rate module.   Our monthly Stablecoins & CBDCs Report offers detailed insights into the latest stablecoin trends, including shifting market capitalisations, trading volumes, peg deviations, regulatory updates, and more: https://lnkd.in/eWiANmwD 

In this week's COTW, we analyse the quarterly performance of Bitcoin since 2014. Bitcoin ended Q3 with a modest gain of 1.00%, bouncing back significantly after dipping below $50k in August. As we move into Q4, market sentiment has turned bullish, with this quarter historically averaging a strong return of 49.9% since 2014—the highest of any quarter. This optimism aligns with a shift in market dynamics following last month’s Federal Reserve interest rate cut, along with upcoming catalysts like the US Presidential election in November.

Rohan Sandhu, our Data Consultant, and Max Hilder, our Account Manager, will be attending Permissionless III in Salt Lake City on October 9-11. Whether you’re interested in discussing partnerships, learning more about our data solutions, or  just having a chat about the crypto, we’d love to connect. Feel free to reach out to Rohan or Max, or message us directly to set up a time. We’re looking forward to connecting in Salt Lake City.