Stacked

2021-07-22 01:56:37 Stacked Insights Newsletter, 07.21.21

Elon says SpaceX owns BTC
FTX raises $900m in funding round
OpenSea NFT platform snags $100m

Elon says SpaceX holds BTC & more at B Word Conference

The Bitcoin-focused B Word Conference quickly gained hype in recent days as Elon Musk, Jack Dorsey, and Cathie Wood all signed on as speakers.

Aimed at clarifying what Bitcoin is and how institutions benefit from holding BTC, the livestream crypto markets higher owing mostly to über-bullish statements by Musk.

At one point, Elon reconfirmed his holdings in BTC and DOGE but surprised the world when he admitted to owning ETH as well. Moments later, he outdid himself by confirming both Tesla AND SpaceX hold BTC.

If that wasn't enough, he also hinted that Tesla might resume BTC payments in light of Bitcoin miners hitting his 50% renewable energy mark.

"I want to do a little more diligence to confirm that the percentage of renewable energy usage is most likely at or above 50% and that there is a trend towards increasing that number. If so, Tesla will resume accepting Bitcoin.”


FTX valued at $18 billion after largest raise in crypto history

Say it's a bear market one more time, we dare you.

FTX Exchange just closed a historic $900 million fundraising round that values it at a whopping $18 billion.

The amount is 3x what Solana, Ledger, and Dapper Labs managed to come up with, signaling there's no shortage of institutional cash coming to crypto.

If you've seen the incredible pictures of FTX CEO Sam Bankman-Fried at his Hong Kong command station with 6 screens, endless snacks, and bean bags for stealing naps, you know he's been grinding for years.

Nothing summarizes getting at it quite like 24/7 commitment, and for SBF, all that hard work has come home to roost. Softbank, Paul Tudor Jones, and Sequoia Capital are just some of the notable names backing the exchange's bid to rival Coinbase.

OpenSea lands $100M funding to take NFTs mainstream

Speaking of historic cash raises, NFT platform OpenSea just closed a $100 million funding round valuing it at $1.5 billion. The round comes hot on the heels of several outsized institutional investments into the crypto space.

Just in case you missed the action over the last 6 months, non-fungible tokens, or NFTs, have quite literally taken the world by storm. Damien Hirst, the closest living artist we have in stature to Dalí, said NFTs are "like the invention of paper."

The sports and gaming industries are especially into NFTs because of how they enable interactive digital merchandise markets. Polygon's Sandeep Nailwal believes NFTs in gaming will soon eclipse the film industry, the NBA, and other cash-infused industries COMBINED.

Think about that...

So it's no wonder Kevin Durant, Ashton Kutcher, Andreesen Horowitz, and Creative Artists Agency are all backing OpenSea's bid to make NFTs the blockchain gateway to the masses Open / Comment

2021-07-02 18:20:15 Looks like the Congressional Blockchain Caucus has a lot more studying on their hands before grasping the thing about third parties and blockchains Open / Comment

2021-07-02 18:20:15 Stacked Insights Newsletter, 07.02.21

George Soros is trading BTC
CeDeFi vs DeFi: Who has better yields?
Congressman calls for blockchain 'backdoor'

Billionaire George Soros fund is bullish on crypto

Add George Soros to the list of billionaires bullish on Bitcoin + crypto assets as a whole.

The famed investor built his epic fortune on ahead-of-the-curve gambles, including a legendary GBP short sale in 1992 that won him $1 billion overnight.

Now, the George Soros' personal investment fund is allocating resources to trade Bitcoin and other cryptocurrencies.

Here's the crux of the matter — nobody knows how the Soros Fund intends to trade BTC. So yeah, it's great they're getting in, but not if they're going to dump on us

There's one big reason he isn't going to pull a repeat of his epic '92 short sale. Soros has donated over $32 billion to progressive causes throughout his life.

Combating wealth inequality is amongst his favorite causes. That's why his Robinhood approach of shorting bankers, then donating the money has made him the ire of financial elites.

It's likely he views BTC and other cryptocurrencies as a way to finally tackle — and even topple — the traditional financial institutions he's railed against for decades.

In any case, Soros' name is the latest in a long line of über wealthy folks dipping their toes in crypto. Recently, Ray Dalio, Carl Icahn, Ricardo Pliego, Mark Cuban, and...Elon Musk...have embraced Bitcoin.

Why are CeDeFi yields outperforming DeFi?

The days of high-flying DeFi yields seem to have dried up for now.

Whether you check out markets on Compound, Aave, or Curve, yields for popular stablecoins USDT, USDC, DAI, and GUSD are all returning between 1-2%.

For much of last year and 2021, those same platforms sometimes posted APY as high as 22% for stables.

But because DeFi platforms require supply to be utilized to offer higher yields, the current downtrend is making less people trade and, therefore, utilize less.

So, in a nutshell, less pool utilization = less returns for yield farmers

CeDeFi (centralized DeFi) platforms like Celsius, Coinbase, BlockFi, and Nexo have no such problem. They all offer fixed rate APY on stables ranging from 4% to as high as 10% depending on the asset.

Even though such yields are nowhere near what DeFi offered for so long, their consistency despite the bear-vibes market is tough to beat. How are they managing to outperform DeFi right now?

Both retail and institutional borrowers utilize CeDeFi platforms at higher rates than they do DeFi.

If you're searching for a reason, look no further than security. Nexo, Gemini, Coinbase, BlockFi, and Celsius accounts are all insured for millions of dollars. This extra peace of mind goes a long way when DeFi hacks happen daily.

However, DeFi platforms like Compound aren't taking the challenge posed by CeDeFi lightly. The protocol just announced Compound Treasury, a program for institutions to deposit USD stablecoins and receive a fixed 4% return.

Blockchain caucus chair says crypto needs a 'backdoor'

You would think the co-chair of the Congressional Blockchain Caucus, a government group dedicated to understanding & expanding the development of blockchain tech, would be...smarter than this.

But apparently not. Bill Foster, a US rep from Illinois, said yesterday that blockchains need a 'crypto backdoor' that third parties, like courts, have access to.

The purpose of such a backdoor would be to retrieve crypto ransomware funds, unmask anonymous criminals using crypto, and reverse transactions due to fraud or user error.

To the last point, Foster believes a majority of people would want a way to reverse or recover transactions before holding significant funds on blockchains.

"I think for most people...they’re going to want to have that security blanket of a trusted third party." Open / Comment

2021-06-30 01:13:28 Stacked Insights Newsletter, 06.29.21

Tom Brady teams up with FTX Exchange
Crypto.com is sponsoring Formula 1
How to ride market trends

Tom Brady becomes FTX equity stakeholder

Who dares call this a bear market?

In yet another incredible twist, crypto now counts Tom Brady and Gisele Bundchen as ambassadors after the couple inked a partnership with FTX Exchange.

The deal sees Brady become the face of FTX Exchange while Bundchen, his wife, will lead FTX in bettering its environmental + social practices.

As payment, the couple opted to receive equity stakes in FTX payment, signaling their belief in the long-term prospects of crypto adoption.

The marquee deal brings the total FTX has recently spent amassing highly visible sports deals to $350 million. Now, FTX counts the MLB, Miami Heat, Tom Brady, and Trevor Lawrence as partners in ever-widening marketing campaign.

Our only question is who's next?

Crypto.com is sponsoring Formula 1

This is what you want to see during a downturn.

While retail traders bemoan their losses from the highs, crypto projects soldier on, keep building, and ink the wildest partnership deals imaginable.

FTX has been on a tear with its ultra high profile deals, but what about this massive move from Crypto.com? The eponymous exchange/wallet/crypto hub just became a title sponsor for none other than Formula 1.

Yeah. Let that sink in a minute

Starting now, the Crypto.com logo will feature on the Aston Martin team car, so look out for it at the next Grand Prix events.

The deal — valued at $100 million — makes Crypto.com the official Formula 1 cryptocurrency & NFT sponsor. As F1 rolls out NFT prizes for racers and fans alike, you can expect some form of integration with the Crypto.com ecosystem.

Bullish quote of the day? Look no further than this gem from F1 comms director Ben Pincus:

"We will rely heavily on Crypto.com’s expertise as we explore the world of cryptocurrency, an area we are very interested in.."

How to make the trend your friend

The market can flip from über bull to hopelessly bear within the blink of an eye — especially if you watch on a short timeframe.

Keeping up with by-the-minute changes makes it incredibly difficult to sniff out market trends unless:

You're a quant trader ala Sam Bankman-Fried
You automate trades using Stacked Trading Bots

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Head over to Stackedinvest.com and get a FREE account. Open / Comment

2021-06-29 03:28:51 Stacked Insights Newsletter, 06.25.21

Binance banned in UK
Bulls pushing a swift recovery
What's up with the Internet Computer?

Binance banned by UK, warned in Canada & Japan

Binance got pummeled by regulators over the weekend.

In the UK, Binance is now banned after regulators with the Financial Conduct Authority deemed it "not permitted to undertake any regulated activity in the UK."

The ban is yet another serious blow to Binance's global expansion efforts after the exchange was similarly forced to withdraw from the province of Ontario, Canada.

In that instance, Canadian regulators declared Binance in violation of regional securities laws. Binance then took the preemptive step of closing up shop in the region rather than enter a protracted legal battle to keep serving Ontario residents.

Similarly, Japanese financial authorities warned Binance that it's skirting local regulations by serving Japanese residents.

If the sudden glut of crypto exchange vs. lawmakers has you worried for the future of digital assets, remember that this confrontation has been years in the making.

13 years to be exact, if you go from the year Bitcoin's whitepaper appeared. Regulators are scared by the prospect of assets _they can't control__. Similar regulatory showdowns occurred during the dot com boom.

These crackdowns aren't the first, won't be the last, and are just a bump in the road toward the global ubiquity of crypto

Bulls take aim at $40K

After weeks of truly bullish dumping, BTC's plunge below $30K might have finally satisfied the bear gods.

BTC made two runs over the $35K mark before backing off slightly each time. Right now, we're hovering in the $34K region without much drama.

To be clear, Bitcoin is worth $34K y'all. That's WILD — and don't you let pessimistic bears tell you otherwise. Remember that only a year ago we were all stoked about $9K...

But we also know that $35K isn't BTC end game. In the near term, $40K is the obvious resistance both technically and psychologically.

IF bulls push BTC back above weekly resistance, $46K is next before the airy heights of $60K. This scenario is all contingent on the strength of a potential move above $40K, but should bulls get through with gusto, a full-blow reversal is __finally_ on our hands.

WTF happened to Internet Computer ($ICP)?

Internet Computer, perhaps better known as Dfinity, debuted in the top ten crypto projects with little warning.

Crypto Twitter immediately lit up with Insane Clown Posse memes as they wondered what ICP was and how it had accrued so much value seemingly overnight.

Dfinity started as an alternative to Ethereum in 2016 when it received significant backing from top-tier venture capitalists to the tune of $160+ million.

The project's product, Internet Computer, is an internet-scale-and-speed decentralized blockchain infrastructure intended to replace entire stacks of intermediaries between people and the web, such as AWS.

After building hype over the years, Dfinity rewarded early supporters with a locked airdrop of ICP tokens vested over a year. After ICP started trading, tokens reached as high as $3K before the harsh market downturn began in May.

It's true that the entire market has sharply corrected, but no one has about-faced harder than ICP. The token is down over 95% from the highs, touching as low as $27 over the weekend.

Why is $ICP being dumped so hard? The easy answer is — maybe people just don't understand it. Or perhaps it was a new token that entered the market at the wrong time.

Blockchain analysts have dug up evidence that there's more at play. It appears insider wallets transferred large amounts of ICP to exchanges before dumping them for between $2—$6 billion

Right now, Dfinity is in damage control mode as the project attempts to clear its name and ward off any speculation of early investors dumping on retail. Open / Comment

2021-06-25 22:07:55 Stacked Insights Newsletter, 06.25.21

El Salvador airdropping BTC to citizens
NYC to become world's BTC hub?
Bear markets are for stacking coins

El Salvador is airdropping BTC to all citizens

The El Salvador + Bitcoin love affair isn't cooling down one bit.

In a series of surreal and unexpected twists, El Salvadoran President Nayib Bukele did two things of note:

Gave national presentation about BTC
Announced $30 BTC airdrop to all adults

Images of a dapper Bukele teaching an entire nation about Bitcoin from behind the presidential seal must be seen to be believed.

The fact that he followed the lesson up with an airdrop to get the entire country a hands-on experience with crypto is just beyond.

El Salvador's embrace of Bitcoin is having exactly the Latin American network effect we expected. Yesterday, Paraguayan legislators introduced a bill to recognize Bitcoin as legal tender in their nation as well.

It's happening

Front runner for NYC mayor promises BTC hub

New York just held its democratic primary as the mayoral vote looms ahead. But, given how heavily the city leans democrat, the primary's winner is largely viewed as the next mayor by default.

And, so far, it looks like Eric Adams is winning the race. What has this all got to do with Bitcoin? Well, the night before the vote, Adams gave a speech in which he said many interesting things...

"I’m going to promise you in one year you’re going to see a different city. We’re going to become the center of life science, the center of cybersecurity, the center of self driving cars, drones, the center of bitcoins.”

Putting aside the slightly kek worthy usage "bitcoins," Adams is promising to turn America's largest city into a Bitcoin hub. If this all sounds familiar, it's because Miami Mayor Francis Suarez has spent most of the year similarly positioning his city.

Clearly, politicians across the US are beginning to see crypto as the future of tech in America. For decades, legacy tech has amassed its presence in Silicon Valley. But the rise of crypto opens possibilities for unseating San Francisco's long-held dominance in the space.

Keep your eyes on Adams as the tally of Bitcoin Mayors in America might rise to two

THIS is the god-tier buying opportunity

Crypto is in a downtrend. Some might even call it a bear market. Call it whatever you want — just as long as you're stacking coins.

If you were bullish about crypto before the downturn, know just one thing. The fundamentals haven't changed.

Countries are adoption BTC as legal tender. Entire states are vying to become mining centers. FTX is putting crypto in front of the eyes of sports fans everywhere...and DOGE just exposed millions of retail investors to digital assets.

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2021-06-24 17:28:26 Stacked Insights Newsletter, 06.23.21

FTX lands huge sponsorship deal
On-chain data suggests relief is near
Chinese miner situation gets clearer

FTX becomes MLB sponsor

FTX is already the preferred exchange of crypto traders everywhere (including us here at Stacked HQ ).

But even though FTX reigning supreme across crypto twitter is an awesome start, how cool would it be to see FTX and Coinbase go head-to-head?

To unlock household name levels of recognition, FTX is deploying an impressively visible marketing campaign.

For its latest act, FTX has become the official crypto exchange partner of the MLB. That's right — Major League Baseball.

Amongst other highly visible details, you'll see umpires wearing FTX patches on their uniforms during games. Just imagine how surreal seeing crypto + baseball will be.

This isn't FTX's first big sports deal, either. A few months ago, they locked down a massive partnership with the Miami Heat which sees the team play inside the rebranded FTX Arena.

Given Tom Brady's recent conversion to laser eyes, we won't be surprised to see FTX launch a similar deal with the NFL just for the sake of completion.

Mainstream crypto adoption, anyone?

BTC is flowing from weak to strong hands

We can speculate all we want, but because blockchain, there's REAL objective data to show which wallets are scooping BTC.

In an alpha-drop of epic proportions, Bitcoin permabull Willy Woo charted the measurable flow of BTC from weak-handed wallets to diamond-handed chads.

See the tweet here twitter.com/woonomic/status/1407403983023460354

At some point, the transfer of BTC (or any coin for that matter) from sellers to HODLers counteracts the bearish influence driving prices down.

The market would be in big trouble if long-term wallets were dumping coins rather than scooping them, but thankfully, the opposite is happening.

On a related note, Bloomberg Intelligence reports the current BTC 20 week EMA has tapped the same levels as $4K BTC in 2020. On that occasion, BTC definitively bounced into a full-on reversal that endured for over a year.

Are we on the verge of a similar change of fortune?

OK, so China is actually booting BTC miners

China FUD is its own niche category of psyops within the crypto market. Every year, like clockwork, someone cues the onslaught of "bans."

In 2013, China banned BTC trading...
Next up was the infamous ICO + exchange ban in 2017
Then, China banned Bitcoin mining in 2018-19

Despite all of the bans, clampdowns, and regulatory posturing, crypto mining and trading kept emanating from China, leading one to wonder how real these bans were.

This time it's actually different. Miners are well and truly being shut down in China, the place once host to over 65% of BTC hash power.

In an interview, Kevin Zhang of DCG-owned Foundry, said miners were closing up shop en masse, with up to 90% of miners expected to be shutdown by the month's end.

Vast arrays of mining equipment are arriving in Kazakhstan as miners seek new horizons for a fresh start. As such, the BTC mining ban is, surprisingly, very real this time around.

Read our previous update to see why we think the ban is amazing for Bitcoin's future growth prospects Open / Comment

2021-06-22 19:37:13 Stacked Insights Newsletter, 06.22.21

Bitcoin below $30K, but it's OK
Chinese mining ban is good for crypto
Let the gains come to you

3 reasons why Bitcoin below $30K is OK

You've seen the headlines. Bitcoin is below $30K for the first time since blah blah blah.

We get it, BTC is down. Start by asking yourself — what's the point of the endless doom and gloom Bitcoin headlines?

The answer is a simple one. These headlines create even more downward price action, all of which is meant to try and shake you out of your coins.

But guess who's on the receiving end of Bitcoin sold cheaply? That's right — the exact same people and institutions creating FUD now.

So don't take your eyes off the prize. Here are 3 reasons why BTC below $30K is fine.

Zoom out. last year, BTC was $5K. Prices are 400%+ since then.
Reset. Run to $60K created greed. Corrections are needed.
Flippening. Watch as the old $20K resistance becomes support.

The last upshot is especially relevant. Take a macro view of the market, then you realize daily price action is largely a distraction from the real prize later on: $100K+ BTC prices.

The Chinese mining ban is great for crypto

There's been plenty of fear in the market about the Chinese mining ban. Not only are people confused about what it means for Bitcoin, there's mixed messages about the consequences.

The mining ban has broadly extended to over 90% of the active Bitcoin miners in China. As you probably know, China has so far dominated the Bitcoin hash rate through sheer mining capacity.

However, Bitcoin's global profile is rising every day, which increases the spotlight on everything wrong with Bitcoin. A few weeks ago, Elon Musk tanked the market after tweeting that Tesla would no longer process BTC payments due to environmental concerns.

In response, Bitcoin hero Michael Saylor convened a North American Mining Council conference and outlined environmental goals like using renewable energy for mining.

The Chinese miner crackdown is well-timed. More people, institutions, and entire nations are getting involved with Bitcoin but are simultaneously concerned about mining power concentration in China.

Now, mining power is set to redistribute globally. El Salvador recently announced geothermal Bitcoin mining sites and locales throughout Africa are being scouted.

So, while miners in China are losing out on a long lucrative position as the world's top BTC excavators, everyone else is in a winning position.

Put your portfolio on auto-pilot

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Want to try before you buy? Start using the Portfolio Manager for free stackedinvest.com Open / Comment

2021-06-21 17:10:25 Stacked Insights Newsletter, 06.21.21

Goldman Sachs + Galaxy Digital partnership
Quick guide to Ethereum EIP 1559 upgrade
Breaking down the Mark Cuban rug pull

Goldman Sachs partners with Galaxy Digital

Goldman Sachs is launching a BTC futures trading platform. In and of itself, that's already huge news. But to make matters better, it's tapped Galaxy Digital to provide liquidity for the product.

Galaxy Digital is a full suite crypto fund and financial services platform founded by Mike Novogratz (or Novo as many call him).

You should know that Novo is an über crypto bull. In 2017, he made a landmark speech at Ethereal called The Herd Is Coming, which you can check out here



Goldman Sachs is a cornerstone traditional finance giant taking its first solid foray into the crypto world. Partnering with a Novogratz-helmed crypto liquidity provider means GS gets their feet wet with a crypto maximalist — not a bad thing in our book.

Hopefully, Novo's enthusiasm rubs off on the people at Goldman Sachs, and the product becomes a success.

3 things you should know about the EIP-1559 milestone

In Ethereum land, these are exciting times. The EIP-1559 upgrade, a hotly anticipated precursor to the Ethereum London hardfork, is expected in July.

There's tons of confusion surrounding what EIP-1559 will and won't do, so let's clear the air.

EIP-1559 will...
Put deflationary pressure on ETH supply
Transition ETH miners toward staking
Probably reduce tx fees somewhat

EIP-1559 won't...
Make gas a lot cheaper
Cause miners to abandon Ethereum now
Turn ETH into a scarce fixed supply asset

At its core, EIP-1559 is aimed at introducing a new transaction fee model that should make miners less clingy. Why? Because it's a key component of the London hardfork, itself a crucial step toward ETH 2.0.

Mark Cuban got rugged — this is how it happened

First off, no matter what your net worth, getting rugged sucks. Nobody, not even billionaires, enjoys the feeling of seeing an investment evaporate into thin air.

But that's essentially what happened to Mark Cuban and his $TITAN holdings. Earlier in the week, Cuban blogged about DeFi in a post called "The Brilliance of Yield Farming."

In the post, he revealed himself as the largest LP in the DAI/TITAN pool. Crypto twitter blew up with tons of Cuban is in memes, driving the price of TITAN up 100x — from mere cents to $60.

Not long after reaching ATH, TITAN crashed in what was, essentially, a single red candle down to under $0.3. The crash erased Mark Cuban's $8 million liquidity pool holdings and dropped Iron Finance's TVL from $1B+ to less than $10M

TITAN is the governance and stabilizing token for IRON, a stablecoin issued by Iron Finance. The cause of the crash is likely that TITAN's unsustainable rise created an equally sharp correction that sent IRON away from its dollar peg.

IRON moved further away from its peg as traders kept dumping TITAN, leading to a vicious cycle of selloffs that sunk Iron Finance close to zero.

After the incident, Cuban admitted he had essentially aped into the project without doing any due diligence, but nevertheless called for regulators to create rules for stablecoins



Open / Comment

2021-06-17 21:11:29 Stacked Insights Newsletter, 06.17.21

$100M NFT bet
Crypto is the inflation trade
How to survive the chop

Fox TV bets $100M on NFTs

Another day, another massive move into the crypto space from a legacy institution.

This time, it's Fox Corp., the juggernaut media company behind Fox News and Fox Entertainment. Fox is seeding a $100M fund for digital entertainment tied to its NFT division called Blockchain Creative Labs.

The first effort from the new division is a show called "Krapopolis" by Dan Harmon, the creator of "Rick and Morty."

Blockchain Creative Labs was created to create closer interactivity and sales opportunities betweens shows and their audiences.

NFTs enable a whole new level of salable digital goods, including animations, GIFs, memes, and and limited edition videos.

The huge infusion of cash from one of the world's largest and most traditional media corporations means NFTs have well and truly disrupted not only art, but entertainment as well.

Who's next in line to get well and truly disrupted by crypto?

Crypto is THE inflation trade

If you've been following the news in traditional markets, you're well aware that inflation is stealing all the headlines.

Fed Chair Jerome Powell has recently pulled many a gloomy look while delivering inflation forecasts as high as 3%.

Bankers would love for everyone to buy the story that heightened inflation will simmer down by next year, but many notable traders and investors are wary.

Paul Tudor Jones, for one, said matter-of-factly that if the inflation forecast increased (it did), he'd go all in on inflation trades.

Without mincing words, he pointed to buying crypto as part of his inflation trade strategy, and suggested that everyone try out a 5% BTC portfolio.

Oddly enough, the hiked up inflation forecast dampened the ongoing BTC rally, sending prices tumbling firmly below $40K for the first time in days.

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stackedinvest.com Open / Comment