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Globe’s Second Council of HODLers Recap — What’s new, What’s cooking, and more!

Hello Globe Community,

Here’s our recap from Council of HODLers past weekend! The purpose of this event is to present the progress and development happening at Globe, especially to connect with our community and create a two-way communication channel for feedback and Q&A. Thanks to everyone who showed up, for those curious you can watch the replay here.

What’s happening in the markets

Globe founder, James shares his perspective on the markets at the beginning. Here are some highlights:

Things tend to occur so quickly in markets that nobody can really make sense of them at the time, and the best you get is a rear view mirror after-the-fact narrative, so here’s roughly the last 12 months of bitcoin:

  1. Big institutional money was actually propping up the market periodically in 2019/H1 2020 — OTC desks mentioned to me that sovereign wealth funds were buying
  2. Then Q4 2020 the previous/current (matter of perspective) bull market really got going with S&P 500s i.e. big corporations buying BTC as a treasury investment
  3. This got a lot of ordinary people interested in crypto again (existing holders increasing their holders e.g. via Paypal), and mobilized a lot of “rich family” money into the space
  4. The institutional buying stopped around Feb/Mar this year — to date they have held on, some even increased position
  5. The move was continued until May or so by family offices and regular people until a few market shocks occurred
  6. At that point the “supercycle / up only” hype peaked, there were huge levered long positions in the market, and — I suspect — the miners tipped off their investors that they were being kicked out of China and would have to dump … hence small insider sell off occurred before the crash
  7. The miners dumping hard into leveraged longs led to a liquidation cascade that crashed bitcoin prices on futures markets by 60% or so in a single hour
  8. Since then trading volumes, leverage, and any real conviction has gone from the market, leading to damped price oscillations
  9. Early this week it looked the worst with (i) smart money building up big short positions (ii) far out the money puts trading aggressively i.e. people being very willing to bet on a big crash (iii) no institutional buy interest

Where does that leave us: well, the “beta” i.e. correlation between altcoins and bitcoin is 150% — 400% right now, so if BTC goes down 50% you’ll see altcoins go down 75%. And in general since the big crash in May alts are down 80% or so. We’ve slightly outperformed the market but still been hit. However, the case for optimism is that in a bull market resumption you also see altcoins go up much more than bitcoin as traders leverage up and try to diversify, so holding alts has always played well in that sort of market.

Note: This is not an investment advice — the market has recovered past week since the last Council of HODLers — trade to your own volition!

What’s New on Globe

Our recent major milestones from Globe

  • Futures liquidity up 50% — $280k within 15 bps (mostly) in BTCUSD, strong for a 1 month old exchange, expect to see commensurate improvement in taker flow around now, further increases in futures liquidity to come via partners
  • New order types: post only orders (UI), reduce only orders
  • Staking: released on the Friday 2nd July
  • New customer service team
  • Reduced withdrawal fees

What’s new: lots of people are trying to keep up with what’s new more real time on the exchange, therefore:

  1. We’re continuing the monthly newsletter — please check your spam folders
  2. We’re adding a new announcements stream to the site
  3. We’re plugging the new stuff announcements better into our twitter and changing the twitter team

What’s Cooking

  • Spot trading: business customer onboarding, partnerships, docs release
  • Setting up new servers in Tokyo to improve Asian latencies, further fatten the orderbook
  • Coinmarketcap: working with their team to integrate globe futures and spot prices into their website and correct technical details around the token
  • Globe Youtube Channel: New content coming soon — subscribe to get updates!
  • Listings — announcements coming soon!

How You Can Help

  • We are regularly sending out email updates from the team — please check for emails from us and move them out of spam!

Q&A

When does token buy’n’burn start?

  • Friday 27th August

Are you going acquire licences for US traders to be more regulation friendly?

  • So on the business side they mostly have a cayman isles, UK, seychelles or HK subsidiary so it’s straightforward, for everyone else it’s a good time to work out how to position this.

There were a lot more questions asked and answered, make sure you join our next Council of HODLers to listen and participate!

Thank you everyone who joined us at the event, sign up here to join us for the next Council of HODLers.

About Globe

The Globe’s fairest & fastest crypto exchange built by Y Combinator alumni. Trade BTC, ETH, and DeFi Tokens with more leverage via perpetual futures contracts.

Sign up now and trade with testnet bitcoin at: globedx.com

Trade $GDT: Coinmarketcap | Coingecko | Uniswap

Join our community channels:

Website | Twitter | Telegram

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