Market Update for Week 2022-06-27

Published: 2022-07-04

Subscribe to receive an email every time a new post has been published. You can also email me here.

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 pain

Another 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

Placeaccountgames playedwonwon USDWinnings Even MoneyAverage bet size
1 0xc1f265e222c5a4b6c8c536f9cc138c648518b6ac 210 64.73 13,464.0 15.64 2.88
2 0xf6152ae9e8d5003cc29856b1ffeb2166317fa30e 69 64.51 13,418.0 16.18 4.14
3 0x69e5d58023e5e36604c9407593198cb9229e6cf9 140 47.57 9,894.0 1.78 3.09
4 0x075e8c15fdfb1361fd3094b1bc494f24ea5a77dd 76 47.25 9,828.0 16.93 2.13
5 0xf8c82e3e34aa2a710f0df4aed00ac9236a0d534e 120 41.2 8,569.0 14.83 2.61
6 0xfcaf9a5203507c1c2915d86c9a7dbad6368d9e5a 179 40.12 8,345.0 11.47 1.39
7 0x35d0cb912c4c37110087f322fb11161a14e5dab6 411 36.75 7,643.0 0.58 1.47
8 0x84393502e78fec81e8e5c60fada03d69c468d0c3 315 31.58 6,569.0 25.98 0.51
9 0x53d54f711fb67fa357af64a7b50b53622bed43a1 316 30.21 6,283.0 35.32 0.63
100xed621c08a0ffa7e1001584cd86c8bd0abd2fa0aa 227 21.89 4,554.0 11.24 1.01

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

Placefromgames playedwonwon USDWinnings Even MoneyAverage bet size
10x2563e690da0b98d1d3e4d03a99d8b2a75c2a7e32 669 -108.48 -22,564.0 -46.68 2.16
20x502590e3700727b594e466cb152966c5d6d32ff3 8 -65.59 -13,644.0 -4.28 11.82
30x2d08dce495c326a2df39df1d4952569811de85b0 19 -55.64 -11,573.0 -10.3 5.7
40xc797f002cce52115ddca0a4e20c21e512e06ab87 151 -50.11 -10,424.0 3.52 1.24
50x3c2597ca08d3bec0960aca4e3dd832c833b0215d 51 -45.68 -9,502.0 -20.57 2.19
60xad483dc8c4482eafdbebbc98ea66a89e461cfbd9 931 -45.31 -9,424.0 -34.46 1.16
70x81c0938c4a52c6bf3e96f6b32cdbc21ace1711d7 184 -44.43 -9,241.0 -31.27 1.58
80x4239062fdca485e8bf704bc39b240b58fd023a95 495 -44.4 -9,235.0 -36.18 0.71
90xdd23b3db97ef0c93ccdba027ca313462ced4a090 149 -44.27 -9,209.0 -0.84 3.19
100x7cb9fdbec630c7ca582937506f228540fe478a82 255 -41.52 -8,635.0 -16.87 2.47

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!