All of the round data referenced below can be downloaded from here. The data is part of a project that downloads round data periodically and uploads the csv.
More painAnother bad week in crypto with Bitcoin and Ethereum down 10% and 13%, respectively. Tether is still holding on and BNB is back to low 200s price. Not a great a weak overall.
There wasn't too much crypto news that caught my eye. Some memes going around FTX buying more struggling exchanges, but we talked about that last week. Three Arrows Capital (3AC) is seeking bankruptcy protection. I'm not shedding a tear for those guys. A lot of crypto hedge funds basically just took funds and dumped them into yield products, which anyone can do. None of them really provided any value add or anything remotely deserving their 2 and 20 fee structure (2% of assets, 20% of profits). And you would think finance professionals would think its odd that some random token would yield 20+% and that would somehow be sustainable just from new issuance.
There are people making money in this market, MEV bots. You can tell they make money because they're really quiet and don't advertise or look for outside financing. Sure there's scammy github projects out there that claim to generate returns, but no one is stupid enough to give away their infrastructure. I looked into it a few weeks ago and it's extremely competitive. The basic strategies are arbitrage (simultaneously buy and sell across multiple exchanges) and sandwiching (buy before someone else buys and sell into their order). It's pretty clever but extremely competitive to pull off.
Getting into MEV requires a full knowledge of the entire stack, from running custom optimized full nodes to bare metal optimizations. Definitely not for the faint of heart. But if anyone is interested in the kinds of returns these bots are making, check out EigenPhi. There you'll find a live stream of arbitrage and sandwich trades being made and the profit behind them. There's big money in it and the more volatility the better. But its not for the normie crypto enthusiast.
Anyway, as for the losers in crypto (pretty much everyone else), it was another rough week in the books.
Meh, steady volumes with some weekly seasonality which I don't fully understand.
Winners and Losers
|Place||account||games played||won||won USD||Winnings Even Money||Average bet size|
Our #1 had a good week, raking in 64 BNB. If he doesn't look familiar, he's #4 on our top losers from last week, so in total he's still down 800+ BNB. But I'm sure he'll gladly take the W when available. You know the games are bad when even the winners are losers!
Let's look at the losers
|Place||from||games played||won||won USD||Winnings Even Money||Average bet size|
Our top loser is a regular with total losses of 640 BNB, moving up in our all-time loser leaderboard.
Anyway, we love our losers and BSC Predict and thankfully we have a lot of losers. Don't know how long the games can keep going on if no one is winning anything, but what do I know.
As always, feel free to reach out with questions or comments or want my to highlight anything different on my weekly market recaps. If you like what you read and want to subscribe to receive an email when a new post is published, click here.
Good luck and bet responsibly!