ilqdty daily2 min readRead the latest
papertrade collected $36.3M of trading fees last week, and zero the week before
that's more than any other crypto venue earned, and i still can't tell you who is paying it.
| Markets | Level | 24h | week |
|---|---|---|---|
| $BTC | 83,372 | +0.3% | +0.1% |
| $ETH | 2502.2 | +0.2% | -2.8% |
| $SOL | 106.8 | +0.0% | -8.1% |
| BTC.D | 59.8% | ||
| F&G | 62 greed |
01Crypto4 stories
- strive bought 3,311 bitcoin for $280M, 13 times strategy's latest weekly buyThe Block
- a wallet dormant since march 2020 moved 4,581 bitcoin, $377M, for a $0.60 feeDecrypt
- sberbank, russia's biggest bank, won clearance to trade crypto starting december 1@CoinDesk
- ledger traced $86M of suspected thefts to a spy chip that steals seed phrases over the mobile networkDecrypt
02Macro4 stories
- china's trade surplus reached $938B so far this year, with september exports up more than a thirdU.S. News, citing AP
- chinese factory-gate prices rose 5.0% in september, the fastest since june 2022CNBC
- jpmorgan earned $5.57 a share and missed for the first time in nearly three yearsFortune, citing AP
- sk hynix fell more than 10% after china's cxmt claimed a memory chip advanceCNBC
03Trends3 stories
- hyperliquid's perps out-earned pumpfun on solana last week, $17.4M of fees against $15.0MDefiLlama fees
- papertrade, which runs off chain, sends 93% of what it collects to its token holders, $3.45M in a dayDefiLlama fees
- on solana $SEALS traded $12.7M against a $0.6M market cap and is up 2129%, while $VEIL did $11.8M on an $11.0M cap, up 280%
04Today3 stories
- 8:30 ET: september inflation, the first read since the fed hiked. forecast is about 3.6% a year, core 2.5%
- 1pm ET: the treasury reopens the ten-year note, with the yield already at 5.22%. the bid-to-cover and the tail are the whole story
- 2pm ET: the fed's beige book, the regional read on whether higher rates are biting yet
05My view
somebody is paying real money to trade, and they're paying it in places that barely existed a month ago. papertrade leads a fee board that pumpfun and uniswap used to own, and hyperliquid's own fee take ran only 7% under its 30-day average. the demand to trade is holding up fine.
the risk is that share is changing hands inside a shrinking pie. pumpswap collected $25.5M last week against $31.5M the week before, uniswap v4 went from $19.3M to $13.3M, and stablecoins shrank 0.52% over seven days. that's the same dollars rotating faster, and it lands on the alts: avalanche lost 8.2% on the week while bitcoin sat still.
this morning's inflation print sets the near term. a tame number with a clean auction behind it eases the pressure from the long end, and a market with this much fee revenue gets room to work. a tail at the auction and the bond market keeps setting the price of everything else.
cpi first, the auction after lunch. the rest of the week hangs on both. lock in.