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AXS Shorts In The SAND, Ethereum’s Asymmetric Gas Trends

Jul 15, 2021 · 5 min read

By Ashwath Balakrishnan, and Jeremy Ong

Market Update

BTC and ETH are heading back into the range low as sellers chose violence in every session (Asia, Europe, and NA) today. Another move to the range lows is far from ideal, and increases the probability of another leg lower (which we analyzed here). Crypto sweethearts AXS and SAND had another monster day, but have retraced a decent chunk of their moves since.

Note: In Tuesday’s edition (July 13) we incorrectly charted the performance of passive Uniswap v3 LP vaults. You can find the corrected chart at the bottom of today’s post.

AXS Leaves Shorts in the SAND

AXS has been the star of the crypto market for just over 2 weeks now. The Axie story has pushed the entire category of NFT gaming tokens forward. FLOW, SAND, CHZ, and ENJ — all gaming tokens — are up double digits this week. Despite the hype, shorts have been piling up on SAND and AXS perps across centralized exchanges. And while those wh

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