Huobi Watch: Grayscale increased its holdings by nearly 80,000 Bitcoins in 100 days.When will the market return to the mainstream currency?

According to news on August 31, an anonymous Reddit user compiled a data sheet of Bitcoin purchase records from the beginning of April 2020 to the present from Grayscale, a digital asset management company.

The form shows that after the beginning of April this year, Grayscale’s purchase of Bitcoin accelerated. In 100 days, the Bitcoin Trust (GBTC) accumulated 78,354 bitcoins, worth $690 million, buying bitcoins at an average rate of 800 bitcoins per day, which is equivalent to 85% of the newly minted bitcoin supply. %.

Hong Kong stocks closed: Outech Cloud Chain closed down 2.33%, Huobi Technology closed up 2.47%: Hong Kong stocks closed today, and the Hang Seng Index closed at 23980.65 points, closing up 0.90%; The Hong Kong dollar closed down 2.33%; Huobi Technology (01611.HK) closed at 4.570 Hong Kong dollars, up 2.47%. [2020/10/6]

Huobi Research Institute believes that Grayscale’s continued holding of Bitcoin this year has greatly promoted market psychology, but Grayscale’s holdings will not directly and necessarily affect market conditions. As Grayscale’s Litecoin Trust (LTCN) and Bitcoin Cash Trust (BCHG) started trading publicly last week, both are trading at huge premiums. The trading price of LTCN was once more than 1200% higher than that of LTC, but the price of LTC has not changed significantly recently, and even the price of BCH is still very weak. The core of the recent market is still in the DeFi field.

Nebulas NAS has the highest increase of 16.14%, leading the Huobi pro increase list: Nebulas announced the mainnet currency exchange plan and continued to heat up within one day, with a maximum increase of 16.14% today, occupying the first place in the Huobi pro list. In the one month since its own online launch, Nebulas has gradually launched a number of activities such as the developer incentive mechanism. Nearly a hundred DAPPs have been launched for testing, and the public chain ecology has been continuously improved. It is understood that the measured TPS of Nebulas has reached 3000. [2018/5/2]

 August 31 news. The data shows that the Uniswap liquidity has exceeded 1 billion US dollars, and the liquidity has increased by nearly 50% in the last 24 hours. In early August, the figure was less than $200 million. In terms of liquidity, Ethereum ranks first with about $488 million. In addition, DeBank data shows that the total lock-up volume of DeFi reached 10.41 billion US dollars, of which Aave (1.62 billion US dollars) has the largest lock-up volume, followed by Maker (1.45 billion US dollars), third is Curve (1.14 billion US dollars), Uniswap and Synthetix ranked fourth and fifth respectively, with locked positions of US$1 billion and US$954.1 million, respectively.

MTX landed on Huobi Pro, with an opening increase of 54.75%: MTX landed on Huobi Pro at 15:00 pm today, with a current price of 6.5 yuan, an increase of 54.75%. [2018/2/7]

 The popularity of DeFi has not diminished recently, but Andre Cronje, founder of YFI, said at this year's Smart Contract Summit that I think the reason why so much money is pouring into DeFi now is that people are making money like crazy, and people are snapping up and selling governance-based assets. Governance tokens facilitate this prosperity. However, this is not a sustainable part of DeFi, and when the "greed phase" is over, valuable protocols in the DeFi space such as Synthetix, Compound, and Chainlink will still exist.

Huobi Pro market: MDS rose by 14.04%: According to data from the Huobi Pro trading platform, MDS rose by as much as 14.04% today. The latest transaction price was RMB 1.43, the highest price in 24 hours was RMB 1.44, and the lowest price was RMB 1.13 , the 24-hour trading volume is 86596418MDS. It is understood that MediShares is a mutual guarantee contract market, which provides a platform for the creation and use of mutual guarantee smart contracts based on blockchain technology. [2018/1/25]

Huobi Institute believes that the recent popularity of DeFi and the relatively flat performance of mainstream currencies can be regarded as the plate rotation effect. Now the development of DeFi is rapid and dazzling, but as the founder of YFI said, the main reason for the hot market performance is the promotion of trading for profit, and this phenomenon is unsustainable. In the future, as the homogenization of DeFi projects increases and the entry funds cannot be sustained, the market may return to mainstream currencies again. At present, although the high premiums of grayscale positions and fund trusts have not had a direct impact on the market, they have laid the groundwork for the future development of mainstream currencies.

Market Analysis

BTC fluctuates down during the day, and the short-term rebound may have ended

According to data from the Huobi trading platform, Bitcoin continued to fluctuate within a narrow range during the day and continued to consolidate at 11,600. The trading volume has shrunk further. Due to the lack of hot spots in the BTC market, the recent performance has been very sluggish. Looking at the hourly line, BTC tried to break the upward trend line support at 11650 in the afternoon. Judging from the hourly energy tide indicator OBV, the rebound OBV that started on the 28th deviated from the price trend, and the current OBV line is extending horizontally, failing to verify the upward trend of prices. Inactive, very weak kinetic energy. Compared with the currently popular defi sector, the market is relatively deserted. At night, pay attention to the lower support level of 11400. In a short period of time, market hotspots may drive the price of Bitcoin, and the upper part focuses on the pressure level of 11800.

According to data from the Huobi trading platform, ETH first fluctuated downward during the day, and was effectively supported when it dropped back to 1/3 of the rise last night, and then began to rebound. At the daily level, the upward flag-shaped consolidation situation formed in the previous period has been effectively broken through. The energy tide indicator OBV of this breakthrough market is also quite strong, and the growth rate is close to the previous high point. The current upward trend is strong. From the perspective of external factors, the demand for ETH has increased due to the booming Defi market. In the evening, pay attention to whether it can effectively break through the previous high of 440.

In terms of contracts, the big data of Huobi Futures shows that the BTC contract positions are relatively stable, the contract trading volume has shrunk further, and the contract market is not very active. The basis of the delivery contract increased slightly, and the funding rate of the perpetual contract rose slightly.

The open interest of ETH contracts increased, and the contract trading volume decreased slightly. The basis of the delivery contract expanded slightly, and the funding rate of the perpetual contract was close to zero.

The price of USDT in the OTC market of Huobi Global is 6.90 yuan.

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