The Insider #91

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Ascend
February 02, 2024

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Top 2 Pudgy Penguin holders are longing 5.000.000$ worth of Penguins with 2-3x leverage. Collectively, they deposited 129 penguins to BendDAO and borrowed approximately 1.200ETH. They are continuing to max bid more Pudgys with borrowed funds. When those bids are accepting, they are depositing those Pudgys again to borrow against them as well. These 2 players have a history of market making Pudgys so this is interesting. Seems like they’ll be moving the floor upwards. We might see asymmetrical increases in PP fp in the upcoming days. (source)
Opensea had announced their non-custodial wallet three weeks ago. Now they have announced that their embedded wallet helped over 100.000+ new users sign up. This e-mail sign up option with a non custodial wallet is obviously a great move to onboard newbies into the market. Even though Opensea’s been lacking on multiple frontiers, this is a great move to streamline onboarding processes. Thanks to this, everyone can sign up to Opensea and fund their wallet with their credit cards to easily buy NFTs. (source)

Opensea Celebrates 100.000+ Users Onboarded With Their Embedded Wallet

Spot Bitcoin ETFs now hold a whopping 3.3% of current Bitcoin supply. The ETF ended the month of January with 197.000.000$ in net inflows. We can safely say Bitcoin is now an institutional investment vehicle. Data shows that only 10% of Bitcoin is in ETFs, funds, private and public companies or governments. Additionally, 20% of all Bitcoin that have been mined so far are permanently lost. This means approximately 70% of Bitcoins in circulation are held by individuals. (source)
Solana continues to be the number one in 24 hours DEX volume with 1.149.000.000$. Ethereum currently has a 24H DEX volume of 1.133.000.000$. It is safe to say that Solana has built up a decent momentum and is now running with it. The window of opportunity in Solana is growing bigger and bigger every day. (source)

Solana Leads 24H DEX Volume

Layoffs in United States surged 136% to second-highest level on record. Job cuts in U.S. has accelerated at the beginning of this year. This means labor market is starting to deteriorate in the face of ongoing increase of inflation and high interest rates. Andy Challenger, Senior Vice President of Challenger, Gray & Christmas says “Driven by broader economic trends and a strategic shift towards increased automation and AI adoption in various sectors, though in most cases, companies point to cost-cutting as the main driver for layoffs. (source)

Layoffs in U.S. Surged 136% in January

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