The Market Roundup: Week of July 3
- This week’s market snapshot
- Ethereum completed its latest merge test
- MakerDAO and TradFi bank partnership proposed
- Aave proposes stablecoin GHO
- Nexo extends offer to acquire Vauld
- Meta to shutter Novi
- Axie Infinity hack caused by fake job offer
Over the last week ETH and BTC gave up most of their gains from the week prior. Correlations remain sky-high with TradFi risk assets. Volatility continues to climb. Funding rates for crypto futures are negative and holding steady. All the monthlies futures are negative.
Overall this is the some of the lowest sentiment the crypto market has ever seen. Probably a good time to slowly ease into the market. The CPI inflation print today at >9% suggests the fed is going to continue tightening for the near future, but the market is pricing in that the fed is going to have to reverse course within the next 2 quarters. If that’s the case then that puts a lower bound on how long the crypto bear market will last…