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Chart of the Day

The broader crypto market is exhibiting conspicuous symptoms of weakness today as BTC has finally buckled at the $60k support level after coming under heavy pressure from massive sell-offs, even plunging below the $56k mark at some point. As a result, BTC is currently headed for one of its worst weekly performances since May. ETH also briefly dipped to the $3,900 level, but has since bounced back and is consolidating near the $4,000 mark. Although things are currently looking grim for BTC, on-chain metrics suggest that a rebound may be imminent. The SOPR of short-term BTC holders has fallen below 1, indicating a local bottom where top buyers are spending at a realized loss. Additionally, BTC's liquid supply has also decreased by 145,000 bitcoins over the past 30 days — the largest decrease in three years — signaling that strong hands are accumulating BTC. 



Talk of the Town



The concept of DAOs (decentralized autonomous organizations) is gaining traction in the crypto space. Most recently, a consortium of crypto investors even utilized a DAO model to pull together $47 million worth of ETH in order to obtain a rare copy of the U.S. Constitution at a Sotheby's auction. However, the proper establishment of DAOs remains a challenging ask, as various functions integral to the sustainability of DAOs like voting, governance, and communication are decentralized across different channels and therefore difficult to coordinate. In a concerted effort to bridge this gap, social networking platform Upstream is launching a one-stop DAO offering that will allow for people to easily initiate their own DAO projects in a fuss-free manner.