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DeFi Roaring, Axie Soaring, and NFTs No Longer Boring

Jul 6, 2021 · 3 min read

By Ashwath Balakrishnan, and Jeremy Ong

Market Update

The crypto market opened the day strong with a rare bullish session coming out of Asia. But that momentum was nipped in the bud during the London session. BTC is currently in the process of printing a bearish looking pinbar candle on the daily, and things aren’t looking too hot on lower time frame charts.

DeFi’s Overdue Bounce

Since hitting their lows on June 24, DeFi tokens are enjoying a strong bounce. COMP, ALPHA, SNX, and AAVE lead the way. Assets colored in the gray in the chart below under-performed FTX’s DeFi index, which is one of many benchmarks for evaluating DeFi token performance. The run up was long overdue after relentless selling through May and June. But it’s important to note that this may just be relief rally as selling exhausted. The next couple of weeks will be telling for DeFi, and the crypto market in general.

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