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Letter

Ethereum Soars. Weekly Newsletter #009

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Over $9B gets invested into crypto funds, while US inflation hits a 40-year high.

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Letter
One Button Capital
July 18, 2022
Jul 18

Welcome,

As promised in our last newsletter, today I will review the new US inflation numbers alongside other important news from the last seven days.

If you are curious about why inflation matters for decentralized finance, you can read the segment about Crypto and Inflation in our June Report, where we go into more detail.

Now, without further ado, let us move on to this week’s market summary.

Market update

In the last seven days, the cryptocurrency market saw a nice uptrend. The top two digital assets, Bitcoin (BTC) and Ethereum (ETH) increased their value by +4.25% and +22.15% respectively.

The global market cap of crypto is officially back at over $1T with DeFi protocols returning +16.23% over the last week as part of the average +8.31% for the whole market.

With the onset of a new bull run, Bitcoin loses about 1% of its dominance, as investors look for more lucrative opportunities in altcoins.

Data from Jul 18, 2022, at 16:30 UTC via Messari.io.

Latest news:

Crypto Funds Rise $9B In a Single Day

On June 12, Lightspeed Venture Partners announced that the firm had closed its most recent funding round, raising over $7 billion across four funds that invest in early- and growth-stage companies, bringing their total capital under management to over $18B.

On the other side of the globe, Shanghai’s government is kicking off a new $1.5B fund for metaverse development, to accelerate the country’s economic growth.

Another two crypto funds, Multicoin and Protagonist raised $530M between them on the same day, contributing to the looping $9B raised last Tuesday.

US Inflation Hits 9.1% as Pressure Grows on Federal Reserve

US consumer prices rose more than forecast in June, hitting an annual pace of 9.1%, a fresh 40-year high that opens the door for the Federal Reserve to potentially raise interest rates by a full percentage point this month.

Treasury yields also jumped, with the two-year note yield moving with interest rate expectations, reaching its highest level since late June. It steadied at 3.2%.

Amid the news, the cryptocurrency market rose sharply by 5% in the first 24 hours, with some DeFi protocols making as much as +47% ROI in five days.

The Stablecoin USDC Proves It Has Liquidity

Circle, the payments company behind the USDC stablecoin, has released a full asset breakdown of the reserves backing its growing dollar-pegged token.

Although unaudited, the breakdown reveals the reserve assets for the company’s USD coin (USDC), which included $42.1B in short-term U.S. government bonds and $13.6B in cash.

Unlike Terra, which was not “backed” by safe assets, the Circle’s stablecoin has slightly more money in reserves than the coins in circulation, which regains people’s trust in stablecoins.

Other news

Our research

Read the OB Capital June 2022 Report on our website or download the 54-page PDF here.

Jul 06, 2022June 2022 Report

Investing in bear markets, crypto inflation, and the importance of timing the market in crypto.

Other articles

AI Portfolio Management Tech

One Button Capital Investment Thesis

Investing During A Crypto Bear Market

Time In The Market Vs. Timing The Market

One Button performance

Aggregated return of OB Capital vs. BTC and ETH

Ethereum (ETH) made a great return of +25.32% last week, following the news of its upcoming merge later this year.

The OB Capital aggregate returns keep dominating both the top two digital assets at the 180-day mark by +40.13% against BTC and +56.68% against ETH.

Source: One Button Capital Stats

Top trading strategy

Last week, we secretly introduced our new AI strategy Explorer to a couple of investors.

The trading bots created under this AI are already leading the rankings by returning +8.13% on their first publicly visible week.

Last month’s leader Horizon keeps performing great and has +6.62% ROI in the last week, followed at third place by Clipper with +2.17%.

Source: One Button Capital Stats

Top-performing market pairs

Following the rally of Ethereum, it is no surprise that ETH market pairs are at the top of the list this week. Solana makes a comeback as a top-performing market pair with a nice +12.80% ROI for the Performer v2 strategy in the SOL: USDC pair.

Source: One Button Capital Stats

Product updates

July 18, 2022
- Resolved issue with the AI bots not appearing in the “Archived” section after being archived

July 13, 2022
- Resolved issue with public statistics not updating on a regular basis

July 11, 2022
- Resolved issues with in-app deposits and withdrawals for OBT
- Added improved caching mechanism for bots

Final word

It will take time before crypto returns to its glory days of late 2021, but the community is putting amazing effort into solidifying the new foundation — leaving no weak links this time.

To further help the digital evolution, me and the team will represent One Button Capital at the 2022 Blockchain Week in Singapore next week.

Thousands of crypto enthusiasts and industry experts from different spheres of work will also be present, so if you happen to be one of them, make sure to drop us a message on Discord.

Follow my Twitter for updates, and I hope to meet you there.


Max Yampolsky,
CEO at One Button Capital
ir@onebutton.capital

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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