🚨INFLUENCER RUG PULL🚨
Haliey Welch, also known as “Hawk Tuah” girl, launched a token earlier today
Minutes later, it got rugged with a 93% dropdown
90% of the supply was held in one cluster + insiders earned millions by snipping the token launch and dumping it on retail pic.twitter.com/hd9khELT4e
— De.Fi Antivirus Web3 ðŸ›¡ï¸ (@De_FiSecurity) December 5, 2024
The wild price action drew parallels to a classic “rug pull,†or a token that benefits early buyers by pumping several multiples after issuance only to drop more than 90% in the hours or days afterward.
On-chain sleuths such as Bubblemaps allege over 96% of HAWK tokens were held in a single cluster — or a collection of related wallets — that sold tokens when prices rose.
Welch and her team have responded to some of these allegations, denying that insiders sold tokens at launch and claiming that the initial high trading fees were implemented to prevent snipers — or bots that purchase large amounts of a token after issuances to corner supply.
Several messages sent to Welch’s team to shed light on the allegations were unanswered in Asian hours.
Derivatives PositioningThe market looks overheated and faces pullback risks, with BTC’s perpetual funding rates more expensive than those of speculative tokens such as DOGE.Traders are increasingly focusing on ETH, as evidenced by the new high of 6.86 million ETH in ether futures and perpetual futures open interest. BTC’s OI is yet to confirm the new spot-price high.BTC calls, however, are more expensive than ETH on Deribit, according to 24-delta risk reversals sourced from Amberdata. Long dealer gamma at the $105,000 strike options suggests potential for range play.BTC, ETH options flows mostly leaned bullish, but a large block trade saw an ETH trader sell the December expiry straddle at $3,800, collecting over $2 million in premium. Selling straddle represents expectations for price consolidation and volatility drop.Market Movements:BTC is up 4.83% from 4 p.m. ET Wednesday to $102,565.99 (24hrs: +6.22%)ETH is up 2.36% at $3,935.20 (24hrs: +5.24%)CoinDesk 20 is up 1.4% to 3,956.08 (24hrs: +0.21%)Ether staking yield is down 19 bps to 3.27%BTC funding rate is at 0.045% (49.3% annualized) on Binance
(CoinDesk Indices)
DXY is down 0.11% at 106.21Gold is up 0.69% at $2672.20/ozSilver is up 1.14% to $31.86/ozNikkei 225 closed +0.3% at 39,395.60Hang Seng closed -0.92% at 19,560.44FTSE is unchanged at 8339.32Euro Stoxx 50 is up 0.54% at 4,945.57DJIA closed on Wednesday +0.69% to 45,014.04S&P 500 closed +0.61% at 6086.49Nasdaq closed +1.3% at 19,735.12S&P/TSX Composite Index closed unchanged at 25,641.2S&P 40 Latin America closed +0.38% at 2,336.15U.S. 10-year Treasury was unchanged at 4.205%E-mini S&P 500 futures are unchanged at 6094.50E-mini Nasdaq-100 futures are down 0.14% to 21,505.75E-mini Dow Jones Industrial Average Index futures are unchanged at 45,069.Bitcoin Stats:BTC Dominance: 56.60% (-0.61%)Ethereum to bitcoin ratio: 0.03800 (1.78%)Hashrate (seven-day moving average): 741 EH/sHashprice (spot): $61.12Total Fees: 14.8 BTC/ $1.4 millionCME Futures Open Interest: 188,135 BTCBTC priced in gold: 39.0 ozBTC vs gold market cap: 11.12%Bitcoin sitting in over-the-counter desk balances: 423,913Basket Performance
Technical Analysis
BTC’s Mayer multiple (CoinDesk/TradingView)
The chart shows bitcoin’s Mayer multiple, which measures the difference between an asset’s going market value and its 200-day simple moving average (SMA).As of writing, the Mayer multiple stands well below the 2.4 threshold that has marked previous bull market tops. TradFi AssetsMicroStrategy (MSTR): closed on Wednesday at $406 (+8.72%), up 6.38% at $431.90 in pre-market.Coinbase Global (COIN): closed at $330.94 (+6.98%), up 3.04% at $341.01 in pre-market.Galaxy Digital Holdings (GLXY): closed at C$27.71 (+6.2+5%)MARA Holdings (MARA): closed at $25.96 (+3.3%), up 5.51% at $27.39 in pre-market.Riot Platforms (RIOT): closed at $12.95 (+6.67%), up 4.72% at $13.56 in pre-market.Core Scientific (CORZ): closed at $17.47 (+6.39%), up 2.63% at $17.93 in pre-market.CleanSpark (CLSK): closed at $14.68 (+5.23%), up 3.47% at $15.19 in pre-market.CoinShares Valkyrie Bitcoin Miners ETF (WGMI): closed at $29.52 (+7.11%), up 3.15% at $30.45 in pre-market.Semler Scientific (SMLR): closed at $63.40 (-0.36%), up 7.37% at $68.07 in pre-market.ETF Flows
Spot BTC ETFs:
Daily net inflow: $556.8 millionCumulative net inflows: $32.26 billionTotal BTC holdings ~ 1.086 million.
Spot ETH ETFs
Daily net inflow: $167.7 millionCumulative net inflows: $901.3 millionTotal ETH holdings ~ 3.113 million.
Source: Farside Investors
Overnight Flows
Chart of the Day
Top 20 chains by net bridged volumes in one month. (Artemis)
The chart shows the top 20 chains of the past month in terms of the net volume of assets received using a crypto bridge.Coinbase’s layer-2 scaling product BASE and programmable blockchain Solana are the highest recipients. Ethereum is the worst performer.The data supports the bull case in SOL and layer 2 tokens.While You Were SleepingTraders See Even More Bitcoin Buying Pressure as BTC Sets New Record at $103K (CoinDesk): Bitcoin crossed $100,000 for the first time on Thursday, reaching $103,670 before easing to $102,500. The 50 percent monthly gain reflects higher institutional interest, record ETF inflows, growing acceptance from traditional finance and optimism about Donald Trump’s presidency, which is expected to create a more favorable environment for bitcoin in the United States.
Euro’s Outlook Gets Even Murkier After French Government Falls (Bloomberg): The euro faces pressure after Prime Minister Michel Barnier’s government was ousted in a no-confidence vote, increasing fears of political instability and fiscal uncertainty in France. Rising borrowing costs, a widening deficit, and uncertainty over the budget are compounding risks for the single currency, which has fallen 2.7% against the dollar since June.
South Korea President Replaces Defence Minister and Battles Impeachment (Financial Times): South Korean President Yoon Suk Yeol accepted Defense Minister Kim Yong-hyun’s resignation on Thursday amid backlash over the failed attempt to impose martial law. With public protests growing and 70 percent of South Koreans supporting impeachment, opposition lawmakers are pushing for a Saturday vote while Yoon’s party works to block the motion.
Binance’s BNB Hits Fresh Record, Breaks Out of 3-Year Range as Altcoin Rotation Accelerates (CoinDesk): BNB, the native token of the BNB Chain, climbed to an all-time high of $793 on Wednesday, driven by growing interest in altcoins and hopes for Trump’s pro-crypto agenda. The rally was also supported by reduced regulatory pressure on Binance, token supply cuts through burns, and rising activity on the BNB Chain.
Dovish BOJ Member Strikes Cautious Tone on Inflation, Wages (The Wall Street Journal): Bank of Japan board member Toyoaki Nakamura downplayed expectations for an imminent rate hike, citing doubts about reaching the 2 percent inflation target. His comments weakened the yen to 150.70 per dollar. Economists are divided on whether the BOJ will act at its Dec. 18-19 meeting or wait because of U.S. leadership changes.
Ethereum’s Justin Drake Sees No Threat From Solana, Says Its ‘Golden Era’ Will End (CoinDesk): In a CoinDesk interview, Ethereum developer Justin Drake said that his recent Beam Chain proposal focuses on enhancing the long-term security of Ethereum’s layer-1, not competing with Solana. He suggested that Ethereum’s layer-2 solutions, such as Arbitrum and Optimism, are designed to handle performance demands like those Solana targets.In the Ether
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Publish date : 2024-12-04 23:11:00
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