--- title: “That’s Our 2 Satoshis” — Yet Another Request for More Transparency description: Risk assets have seen a few positive weeks in a row. Time will tell if this is a bounce or if prices continue to increase. The collapses of several companies and projects highlight the need for self-regulation and transparency. image: https://www.ar.ca/hubfs/That%E2%80%99s%20Our%20Two%20Satoshis%E2%80%8A%E2%80%94%202020-2021_7-25-22.png --- [![email-sig-logowhite](https://www.ar.ca/hs-fs/hubfs/email-sig-logowhite.png?width=102&height=96&name=email-sig-logowhite.png "email-sig-logowhite")](https://www.ar.ca/) [![Get in Touch](https://no-cache.hubspot.com/cta/default/4536350/28ac2c2f-186c-436f-9682-1169cf946ad3.png)](https://cta-redirect.hubspot.com/cta/redirect/4536350/28ac2c2f-186c-436f-9682-1169cf946ad3) ** ** ** [![Arca](https://www.ar.ca/hs-fs/hubfs/arca_square_576x576.png?width=60&height=30&name=arca_square_576x576.png "Arca")](https://www.ar.ca/) [![Get in Touch](https://no-cache.hubspot.com/cta/default/4536350/28ac2c2f-186c-436f-9682-1169cf946ad3.png)](https://cta-redirect.hubspot.com/cta/redirect/4536350/28ac2c2f-186c-436f-9682-1169cf946ad3) ** ** ** Search **Menu** ** ** [![Data Room](https://no-cache.hubspot.com/cta/default/4536350/72e2934a-0f70-4634-897e-b99fd4807a9b.png)](https://cta-redirect.hubspot.com/cta/redirect/4536350/72e2934a-0f70-4634-897e-b99fd4807a9b) [![Get in Touch](https://no-cache.hubspot.com/cta/default/4536350/28ac2c2f-186c-436f-9682-1169cf946ad3.png)](https://cta-redirect.hubspot.com/cta/redirect/4536350/28ac2c2f-186c-436f-9682-1169cf946ad3) ![](https://www.ar.ca/hubfs/2-Sats-Header.png) [Market Recap](https://www.ar.ca/blog/tag/market-recap) | # “That’s Our 2 Satoshis” — Yet Another Request for More Transparency [![Jeff Dorman, CFA](https://www.ar.ca/hubfs/Jeff%20Dorman.png)](https://www.ar.ca/blog/author/jeff-dorman-cfa) Written by [Jeff Dorman, CFA](https://www.ar.ca/blog/author/jeff-dorman-cfa) Jul 25, 2022 **![Thats Our 2 Satoshis Logo](https://www.ar.ca/hs-fs/hubfs/Thats%20Our%202%20Satoshis%20Logo.png?width=300&name=Thats%20Our%202%20Satoshis%20Logo.png)What Happened This Week in the Digital Assets Markets? ****Week-over-Week Price Changes (as of Sunday, 07/25/22****)** ![Screen Shot 2022-07-25 at 6.27.52 AM](https://www.ar.ca/hs-fs/hubfs/Blog%20Images/Screen%20Shot%202022-07-25%20at%206.27.52%20AM.png?width=800&name=Screen%20Shot%202022-07-25%20at%206.27.52%20AM.png) Source: TradingView, CNBC, Bloomberg, Messari   **Another “Hated Rally” May Be Upon Us** Risk assets have quietly put together a few positive weeks in a row, rallying off the June lows and the short-lived CPI lows from a few weeks ago. But depending on where you look, you may come to wildly different conclusions.   On the one hand, you could say this is still a macro-driven bear market affecting all risk assets similarly with high correlations and little differentiation. For example, if you are still in the “Bitcoin represents all digital assets” camp, you’d be right—Bitcoin is trading like a high beta growth stock.   ## ![Crypto Trading Growth Stock](https://www.ar.ca/hs-fs/hubfs/Blog%20Images/unnamed%20-%202022-07-25T062851.607.png?width=512&name=unnamed%20-%202022-07-25T062851.607.png) *Source: Delphi Digital*   In fact, everything related to Bitcoin—like the publicly traded Bitcoin mining stocks and crypto exchanges, and the retail-friendly BTC copycat tokens like SHIB and DOGE—are trading exactly like fintech stocks. So, for example, on the chart below, it’s hard to find differences among fintech companies like SQ and SI; crypto stocks like MSTR, COIN, RIOT, and MARA; and retail tokens like SHIB and DOGE.   ![Crypto Exchanges](https://www.ar.ca/hs-fs/hubfs/Blog%20Images/unnamed%20-%202022-07-25T062858.389.png?width=716&name=unnamed%20-%202022-07-25T062858.389.png)*Source: TradingView*   On the other hand, if you look beyond BTC and copycat cryptocurrencies, most smart contract protocols, DeFi applications, gaming/NFT companies, and Web 3 protocols have completely decoupled from BTC and tech stocks. Notably, these moves have not been broad-based, but have come on the heels of specific news, events, and tokenomic improvements. Many of the leading gainers over the past 3-4 weeks have announced a significant initiative: DYDX, UNI, MATIC, CRV, MKR, APE, AXS, AAVE, ATOM, LDO, SOL, BNB, FTT, and, of course, ETH via the ETH 2.0 merge timeline updates (not shown is LDO, which is +243% and couldn’t fit on the chart!)   ## ![Timeline Updates for Trading](https://www.ar.ca/hs-fs/hubfs/image%20(43).png?width=512&name=image%20(43).png) *Source: TradingView*   These moves are puzzling investors. Many who sat on the sidelines seemed okay with missing the first 10-20% move higher to avoid catching a falling knife, but that was based on the assumption that it would be easy to buy on the way up if the entire market moved higher uniformly. Instead, many leading tokens from their respective sub-sectors have rallied +50-100% off the lows and have positive catalysts happening in real-time or on the horizon. Meanwhile, as we’ve discussed numerous times over the past few months, [digital asset “cash” allocations are higher than ever](https://twitter.com/SplitCapital/status/1549170130306875392?s=20&t=yeD3tpeghSw3iqVjqy8GTQ) on an absolute dollar basis and relative to the size of the assets available to be purchased with this cash. Equities are in a similar position, with the [lowest equity allocations since 2008](https://twitter.com/ftx_access/status/1549328979592716288?s=21&t=fN5Vlkk9fowFwdpqjc43uA) and the [highest cash levels since 2001](https://twitter.com/LONGCONVEXITY/status/1549311408285929473?s=20&t=W5FtSANvHq5IG3MDH3YtsQ).    Those that have been around digital assets long enough to remember other macro-driven selloffs likely recall that digital assets often bottom before equities. They've acted as leading indicators for sell-offs and rallies for over two years. And the bull case for digital assets is quite similar to that of April 2020, which was the beginning of a 10-month "hated rally"  in which short sellers and sidelined investors watched in disbelief, hoping for another selloff to put cash to work. For a fun trip down memory lane, [read what we wrote in April 2020](https://www.ar.ca/blog/crypto-market-recap-04-27-20), which shows eerily similar parallels to today’s market: - Leverage wiped out (April 2020 due to the flash crash; June 2022 due to the Luna/UST and Three Arrows unwinds) - Cash balances are extremely elevated - Sentiment near the lows - Small-caps outperforming Bitcoin Of course, a big difference is the Fed and other central banks are taking stimulus away from the market versus two years ago when they were flooding the market with money. But, conversely, two years ago, stablecoins, DeFi, and NFTs barely existed, and we now have major use cases for battle-tested digital assets. Time will tell if this is just a bear-market bounce or if we will again watch in disbelief as prices continue to move higher.   **Transparency on Blockchain** Following the insolvencies or near-insolvencies of over a dozen companies and projects, we hope the digital asset industry is finally getting the message about the importance of self-policing and self-enforced transparency. But there are still considerable differences between voluntary transparency and forced transparency.    Arca has [advocated for increased transparency](https://www.ar.ca/blog/the-good-bad-ugly-of-voluntary-reporting-and-transparency) since our firm’s inception; we’ve asked for increased transparency from stablecoins, lenders, individual token projects, VCs, and the exchanges that list tokens without adequate disclosures. We've also been willing to publicly speak out when there are [obvious examples of a lack of transparency](https://www.ar.ca/blog/crypto-market-recap-03-15-21), especially regarding shadow banking.    Today, some companies are forced to reveal information via the bankruptcy process. Unfortunately, this directive is a day late and a Bitcoin short. Companies like [Voyageur](https://twitter.com/robertvr_16/status/1541471547428179968?s=20&t=DisoXbwhfp1N9Bl50HaGDA) and [Celsius](https://cases.stretto.com/public/x191/11749/PLEADINGS/1174907142280000000096.pdf) have shown detailed asset/liability mismatches via bankruptcy filings—information that would have been much more helpful to customers *before *the businesses filed for bankruptcy.    ![Consolidated Assets and Liability](https://www.ar.ca/hs-fs/hubfs/Blog%20Images/unnamed%20-%202022-07-25T062910.830.png?width=489&name=unnamed%20-%202022-07-25T062910.830.png) *Source: Celsius first-day filings*   Compare that to the recent voluntary [blog post from BlockFi](https://blockfi.com/blockfi-transparency-report-Q2-2022), which is confusing at best, and fails to address the true asset/liability match and duration liquidity profile of the company. It doesn't do much good if these releases are just for show and don’t provide critical answers for customers who want to make sound decisions based on a company’s health.    Stablecoin issuers are ahead on the transparency front, as both [Tether (USDT)](https://tether.to/en/assurance-opinion-once-again-re-affirms-tethers-reserves-fully-backed-reveals-significant-reductions-in-commercial-paper-and-increase-in-us-treasury-bills/) and [Circle (USDC)](https://6778953.fs1.hubspotusercontent-na1.net/hubfs/6778953/USDC%20Reserves%20Reports/USDC%20Reserve%20Breakdown_June.pdf) are releasing frequent, audited transparency reports about their holdings. Soon, these disclosures will likely be mandatory and standardized via regulation. But for now, the reports are giving customers greater confidence, leading to increasing AUM and transactions.    ## ![Audited Crypto Transparency Reports ](https://www.ar.ca/hs-fs/hubfs/Blog%20Images/unnamed%20-%202022-07-25T062916.462.png?width=512&name=unnamed%20-%202022-07-25T062916.462.png) *Source: Circle *[*quarterly attestation*](https://6778953.fs1.hubspotusercontent-na1.net/hubfs/6778953/USDC%20Reserves%20Reports/USDC%20Reserve%20Breakdown_June.pdf)* for USDC holdings*   We’re seeing the least amount of progress in transparency from the exchanges themselves. While they have teams of lawyers that decide *what* they can list, no one seems to advise them on *how* to list an asset. Much of the decline in token prices following listings stems from fundamental information asymmetry regarding token supply. At a minimum, every token listed on an exchange should have detailed information regarding big investor unlock dates, vesting schedules, and supply schedules. These disclosures are bare minimum-level transparency measures that could help avoid a disaster like [the ICP crash](https://www.nytimes.com/2021/06/28/business/dealbook/dfinity-icp-ico.html), which was destined to go down, but only the informed insiders understood how bad it was. When you see a price chart like this, it is evident that the exchanges were complicit; [the information that caused the ICP decline](https://www.ar.ca/blog/the-good-bad-ugly-of-voluntary-reporting-and-transparency) could have been made readily available.   ![Internet Crypto Computer Price Chart](https://www.ar.ca/hs-fs/hubfs/Blog%20Images/unnamed%20-%202022-07-25T062921.627.png?width=512&name=unnamed%20-%202022-07-25T062921.627.png)*Source: *[*Coingecko*](https://www.coingecko.com/en/coins/internet-computer)   On the flip side, there is one area of digital assets we’re seeing great progress on the transparency front: you guessed it, DeFi. From [Dune Analytics](https://dune.com/browse/dashboards) and [Token Terminal](https://tokenterminal.com/terminal) to token issuers' dashboards, blockchain-based financials are readily available in real-time for digital asset investors. It’s like getting an 8-k every day, so it’s nearly impossible to miss when information changes that could adversely affect customers and/or investors. And if you aren’t skilled enough yet to read a block explorer, there is a whole gang of onchain blockchain detectives prowling the beat every day to help uncover shenanigans. For example, a former Coinbase employee was charged with insider trading and wire fraud this past week. Public blockchains’ transparency allowed a [citizen to spot the scheme almost immediately](https://twitter.com/cobie/status/1513874972552355846) when it happened, which helped alert Coinbase and regulators. This type of real-time knowledge is simply not possible in traditional markets. Contrast this with the recent Tesla news: Tesla announced in its earnings that it had sold 75% of its bitcoin holdings worth $936 billion. These sales happened in April and May, but the market did not find out until mid-July. We knew what and when Celsius and Luna were selling in real-time, yet we had to wait 3 months to find out Tesla sold.  While we sympathize with those customers who are now facing [real financial and mental distress](https://twitter.com/molly0xFFF/status/1550160830762782724?s=20&t=agVtmULXLCOyT6-tezLbLw) over the bankruptcies and seizure of funds at Voyageur and Celsius, many of these customers chose to deposit tokens like MKR, AAVE, COMP, UNI, and SUSHI on [Voyageur](https://www.investvoyager.com/earn/#coin-blade) and [Celsius](https://celsius.network/earn) without learn how to use the products. Parking assets and trading on MakerDao, Aave, Compound, Uniswap, or Sushiswap could have saved them from financial ruin, and they would have known immediately if there was a problem on any of these platforms.    Unfortunately, the terrible actions by a select few are waking people up to the importance of DeFi and transparency. Still, the positive takeaway is that these actions force investors and customers to learn the differences between opaque investment practices and transparent onchain actions. Do your part by demanding more from those withholding information, and spend time learning about different solutions.   **What We’re Reading This Week** [Three Arrows Capital Unravels As Creditor List Emerges ](https://cryptoslate.com/three-arrows-capital-unravels-as-creditor-list-emerges/) [Stablecoin Provider Circle Eyes Public Listing in Q4 This Year: CFO - Decrypt](https://decrypt.co/105337/stablecoin-provider-circle-eyes-public-listing-in-q4-this-year-cfo) [Elon Musk: Tesla Sold Its Bitcoin Because of COVID Lockdowns in China](https://decrypt.co/105619/elon-musk-tesla-sold-its-bitcoin-because-of-covid-lockdowns-in-china-2) [UK To Regulate Stablecoins as a Form of Payment Via New Bill](https://blockworks.co/uk-to-regulate-stablecoins-as-a-form-of-payment-via-new-bill/) [Ex-Coinbase Manager Arrested in US Crypto Insider Trading Case](https://news.bloomberglaw.com/banking-law/ex-coinbase-manager-arrested-in-us-crypto-insider-trading-case)       Watch Our Founders Video   * * ***And That’s Our Two Satoshis!***  *Thanks for reading everyone!   * *Questions or comments, just let us know.*     **The Arca Portfolio Management Team** *Jeff Dorman, CFA - Chief Investment Officer* *Katie Talati - Director of Research* *Hassan Bassiri, CFA - Portfolio Manager * *Sasha Fleyshman - Portfolio Manager* *Alex Woodard - Research Analyst* *Nick Hotz, CFA - Research Analyst* *Bodhi Pinker- Research Analyst * *Wes Hansen - Director of Trading & Operations* *Mike Geraci - Trader* *Kyle Doane - Trader* *David Nage - Principal, Venture Investing* *Michael Dershewitz - Principal, Venture Investing* *Michal Benedykcinski - Research Analyst* *Andrew Masotti - Trading Operations* *Topher Macpherson - Trading Operations* **To learn more or talk to us about investing in digital assets and cryptocurrency ** **call us now at [(424) 289-8068](tel:+14242898068).**     ### Subscribe For the Latest Blockchain News & Analysis     Disclaimer: This commentary is provided as general information only and is in no way intended as investment advice, investment research, legal advice, tax advice, a research report, or a recommendation. Any decision to invest or take any other action with respect to any investments discussed in this commentary may involve risks not discussed, and therefore, such decisions should not be based solely on the information contained in this document. Please consult your own financial/legal/tax professional. Statements in this communication may include forward-looking information and/or may be based on various assumptions. The forward-looking statements and other views or opinions expressed are those of the author, and are made as of the date of this publication. Actual future results or occurrences may differ significantly from those anticipated and there is no guarantee that any particular outcome will come to pass. The statements made herein are subject to change at any time. Arca disclaims any obligation to update or revise any statements or views expressed herein. Past performance is not a guarantee of future results and there can be no assurance that any future results will be realized. Some or all of the information provided herein may be or be based on statements of opinion. In addition, certain information provided herein may be based on third-party sources, which is believed to be accurate, but has not been independently verified. Arca and/or certain of its affiliates and/or clients may now, or in the future, hold a financial interest in investments that are the same as or substantially similar to the investments discussed in this commentary. No claims are made as to the profitability of such financial interests, now, in the past or in the future and Arca and/or its clients may sell such financial interests at any time. The information provided herein is not intended to be, nor should it be construed as an offer to sell or a solicitation of any offer to buy any securities, or a solicitation to provide investment advisory services. 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Although only time will tell, risk assets have quietly put together a few positive weeks in a row, and the market is showing characteristics quite similar to the April 2020 rally. The big difference, however, is that this time, the Fed and other central banks are taking stimulus away from the market. Additionally, we dive into the importance of transparency in the digital asset industry, especially given the latest cases of insolvencies or near-insolvencies of many companies and projects. This commentary is not intended to be investment advice, investment research, or a recommendation. Please consult your investment professional for your own circumstances.", "duration" : "PT19M15S", "embedUrl" : "https://www.youtube.com/embed/6-u5K2hvIZM", "name" : "That's Our Two Satoshis LIVE! Episode 33 7/25/22", "thumbnailUrl" : "https://i.ytimg.com/vi/6-u5K2hvIZM/default.jpg", "uploadDate" : "2022-07-26T01:39:11Z" } ```