OKEx Investment Research 0623 Weekly Report: Ebang International is listed on the US stock market this week, and the volatility of Bitcoin is expected to end
Written by: OKEx Investment Research
Written by: OKEx Investment Research
Ebang International will be listed on Nasdaq in the United States on June 26
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breaking news
breaking news
[Ebang International will be listed on NASDAQ in the United States on June 26]
Following the submission of the prospectus to the U.S. Securities and Exchange Commission (SEC) in April, the countdown to the IPO of Ebang International, a bitcoin mining machine manufacturer, has entered the countdown. On June 17, Ebang International updated the new version of the prospectus to the US Securities and Exchange Commission (SEC), making it clear that it will be listed on Nasdaq and raise the upper limit of fundraising from US$100 million to US$125 million.
Ebang International also announced the unaudited financial results for the first quarter of 2020 in the new prospectus. According to the prospectus, as of March 31, 2020, revenue in the first quarter was US$6.4 million, a year-on-year increase of 6.1%; expenses were US$5.9 million, a year-on-year decrease of 3.9%; Net loss for the quarter was $600,000.
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data tracking
data tracking
According to the data of DeFiMarketCap, as of June 22, the total market value of DeFi tokens was close to 6.5 billion US dollars, of which COMP is currently the DeFi token with the highest market value, with a total market value of approximately 3.06 billion US dollars, accounting for about half of the total market value of DeFi tokens It is far more than MakerDAO's market value of 510 million US dollars, leaving the second place far behind in just a few days.
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According to the data on the DAppTotal.cn DeFi special page, the screenshot is from DAppTotal. Since June 15, the lock-up value of various DeFi projects led by Compound has rapidly increased, among which the Compound project is the most prominent. As of June 21, the 38 DeFi projects that have been counted have a total of more than US$1.6 billion in lock-up funds, of which Compound has a lock-up value of US$486 million, surpassing Maker's US$419 million and ranking first in DeFi projects.
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Figure 2: Distribution trend of locked value of DeFi projects in the last 30 days - DAppTotal
OKEx Investment Research believes that the main reason for the sharp increase in the locked value of Compound is the impact of its "borrowing is mining", and the number of its core locked tokens has shown a substantial increase, of which ETH locked positions have risen from 293,000 to 963,000, an increase of more than 2 times, BAT locked positions increased from 7.9 million to 88.04 million, an increase of more than 10 times, while other locked tokens such as REP and USDC also showed a good growth momentum. With the surge of Compound governance token COMP, the market value of DeFi continues to increase, and investors have entered the DeFi field one after another. However, the activeness of DeFi projects will inevitably give rise to the market's enthusiasm for investment in DeFi projects again, but we still need to pay attention to distinguishing the pros and cons of projects and not blindly investing in various projects.
[CME Bitcoin options are growing rapidly, with a market share close to 25%]
According to the latest data from Skew, the proportion of Bitcoin options offered by the Chicago Mercantile Exchange Group (CME Group) has now risen to 25%. In terms of demand for bitcoin options, CME is second only to the unregulated Dutch exchange Deribit, and OKEx's bitcoin options account for 4% of the daily open interest, ranking among the top three in the options market.
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OKEx Investment Research believes that in terms of options, the total open interest of BTC has increased by more than 10 times since mid-May after CME’s relatively flat four months. It has risen from the previous period, which shows that institutional investors' demand for Bitcoin options is growing rapidly, and both CME and OKEx have made efforts in terms of market share.
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Table 1: Calendar of Important Financial Events This Week - Organized by OKEx Investment Research
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market analysis
Since the price of Bitcoin fell below the 20-day moving average on June 12, it has been running below the moving average for several consecutive trading days, and from a morphological point of view, MA20 is at a level, indicating that the current currency market as a whole is still a volatile market. In terms of indicators, after the TD indicator successively appeared in the green sequence 9 and 13, the green sequence 9 appeared again on June 5, indicating that the demand for a callback in the recent market has increased, and the slight correction of the currency price last week also verified this. The MACD indicator below has a dead cross since mid-May, and it has not died in early June, and the fast and slow line is below the 0 axis, indicating that the current market sentiment has not completely turned empty.
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Figure 4: OKEx BTC/USDT Spot Price Daily K-line Chart-AICoin
On the whole, Ebang International’s U.S. stock listing this week will become a hotspot in the currency circle. There is a certain possibility that the currency market will usher in a change under the catalysis of this news, and the recent total market value of DeFi projects and the lock-up market value have hit new highs. It also highlights the pursuit of funds for DeFi projects. In terms of options, in addition to Deribit and CME, OKEx is also stepping up to catch up in terms of market share. This week coincides with the Chinese Dragon Boat Festival holiday, and it is expected that the market capital will be affected to a certain extent.
Risk Warning: The above content is for reference only and does not constitute investment advice.
