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[HEYBIT] The Report 2, New Strategy "ALPHA" on June
[HEYBIT] The Report 2, New Strategy "ALPHA" on June

All Statistics are written as of 2023-07-01 00:00:00 (UTC)

Updated over a week ago


All Statistics are written as of 2023-07-01 00:00:00 (UTC)


Strategy Statistics

Alpha Strategy - OKX

  • Monthly Return: +7.92% (+3.48%p)

  • Maximum draw down: -1.85% (-1.3%p)

  • Underwater Period: 11 Days


Alpha Strategy - Binance

  • Monthly Return: +5.71% (+3.07%p)

  • Maximum draw down: 1.94% (-1.02%p)

  • Underwater Period: 11 Days



Market Statistics

  • BTC Price: 30,471 (+11.95%p, Coinmarketcap)

  • BTC Dominance: 49.94% (+9.25%p, Coinmarketcap)

  • Crypto Total Cap: 1,176B USD (-0.25%p, Coinmarketcap)

  • Dollar Index(USDX): 102.540 (-0.03%p, investing.com)

  • Gold Index(GC:CMX): 1,929.5 (-2.45%p, Nasdaq)

Headlines

  • Solana, Polygon, Cardano, and other tokens are securities, says SEC in Binance lawsuit (Yogita Khatri, The Block, 5 June 2023)

  • SEC accuses Binance of lying to customers, operating in US illegally
    (Colin Wilhelm, The Block, 5 June 2023)

  • Haru Invest suspends deposit and withdrawal requests
    (Adam James, The Block, 13 June 2023)

  • Bitcoin dominance reaches highest level in nearly two years (Yogita Khatri, The Block, 15 June 2023)


Market Status

Solana, Polygon, Cardano, and other tokens are securities, says SEC in Binance lawsuit

The legal challenges faced by various cryptocurrency projects, including Solana, Matic, and Cardano, due to concerns over potential securities violations. The U.S. Securities and Exchange Commission (SEC) has filed lawsuits against Binance, a major cryptocurrency exchange, alleging that it facilitated the trading of securities without registering with the SEC. The article highlights the growing scrutiny from regulatory bodies on the cryptocurrency industry and emphasizes the need for compliance with securities laws to avoid legal repercussions.


SEC accuses Binance of lying to customers, operating in US illegally

the U.S. Securities and Exchange Commission (SEC) has filed a lawsuit against Binance, one of the largest cryptocurrency exchanges. The SEC alleges that Binance allowed users to trade securities without registering with the commission, which is a violation of securities laws. The lawsuit signifies the increasing regulatory scrutiny on the cryptocurrency industry and highlights the importance of compliance with securities regulations. Binance is expected to face legal consequences and may need to address the allegations made by the SEC.


Haru Invest suspends deposit and withdrawal requests

Haru Invest, a cryptocurrency investment platform halt deposit and withdrawal. According to the information provided, Haru Invest temporarily halted these services due to an ongoing investigation by law enforcement agencies. The specific reasons for the investigation or the nature of the allegations are not mentioned in the article. The suspension of deposit and withdrawal services by Haru Invest raises concerns among its users and highlights the importance of due diligence when engaging with cryptocurrency platforms. Users are advised to monitor the situation closely and follow any updates from Haru Invest regarding the resumption of services.


Bitcoin dominance reaches highest level in nearly two years

Bitcoin dominance refers to the percentage of the total cryptocurrency market capitalization that is accounted for by Bitcoin. According to the data provided, Bitcoin's dominance has reached a high level, indicating that it holds a significant share of the overall market value compared to other cryptocurrencies. The article speculates on the potential reasons behind Bitcoin's dominance, including its status as the first and most well-known cryptocurrency, its large market capitalization, and its position as a store of value. The high Bitcoin dominance suggests that it continues to be the dominant player in the cryptocurrency market.




Quant Research Comments

In June, Bitcoin experienced significant declines and high volatility in the first half of the month due to issues between Binance and the SEC, as well as security issues with some tokens, leading to delistings in the United States. On June 4th and 5th, Bitcoin saw repeated sharp drops and rises compared to usual, and in order to manage the risks, strategies were cautiously maintained. After June 5th, both Binance and OKX saw high suitability of alpha models, and the market inefficiency continued to rise, resulting in all strategies generating profits of around 4-5%p return. The main factor was the increased volatility of Solana (SOL), Cardano (ADA), Polygon (MATIC), and Filecoin (FIL) due to delisting concerns based on their security classification. The price fluctuations created FUD (Fear, Uncertainty, Doubt), enabling repeated strong declines and rebounds, and stable profits were achieved.


However, starting from mid-June, the news of Bitcoin spot ETF applications dominated the market, causing Bitcoin prices to rise from 25K to 30K without much other volatility. The market inefficiency temporarily disappeared, and the suitability of strategies declined in the short term, resulting in a period of around 10 days of being underwater. After the rally was interrupted on the 24th, profits started to accumulate again, resulting in an additional 2%p return, and the month ended with profits about 3-4% higher compared to the previous month.


There was a price rally for Bitcoin and Ethereum in June, but altcoins struggled. Our strategy actively responded to changes in the market, different from before, and ultimately achieved relatively robust performance compared to the overall market. Market inefficiency was largely influenced by the participation of retail customers among market participants, and FUD created by the political/economic situation of US securities-based tokens provided good opportunities for quantitative trading algorithms.


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