On Monday (November 2), Dan Schulman, President and CEO of PayPal talked about his company’s recently-announced support for cryptocurrencies and how COVID-19 is driving digital currency adoption.

Derivatives trading has grown massively since 2017, as shown in a recent research report from US crypto exchange, Kraken. The report found that derivatives are now at least 4.6x the size of spot volume.

Data from CryptoQuant, an onchain analytics provider, indicates a significant increase in bitcoin fund outflows from Huobi Global in the past day — a development that comes as the firm has issued a public denial about rumors of an arrest of one of its executives.

Sponsored: Crypto.com Exchange is listing DOT on The Syndicate, where all Crypto.com Coin (CRO) stakers will be able to participate in a discounted sale event for 250,000 USD worth of DOT at 50% off. The event will commence on Tuesday, 10 November 6:00am UTC on the Crypto.com Exchange.

Top stories in the Crypto Roundup today:

• PayPal CEO Explains How His Firm Will Increase Utility of Cryptocurrencies
• Crypto Derivatives Volume more than Triples Spot Trading
• Huobi Exchange Outflows Increase Despite Firm Denying Executive Arrest Rumors
• Sponsored: Crypto.com Exchange is listing DOT at 50% OFF

PayPal CEO Explains How His Firm Will Increase Utility of Cryptocurrencies

On Monday (November 2), Dan Schulman, President and CEO of PayPal Holdings, Inc. (NASDAQ:PYPL), talked about his company’s recently-announced support for cryptocurrencies.

As you may remember, on October 21, payments firm PayPal announced a major move into crypto. According to PayPal’s press release, “the migration toward digital payments and digital representations of value continues to accelerate, driven by the COVID-19 pandemic and the increased interest in digital currencies from central banks and consumers.”

Crypto Derivatives Volume more than Triples Spot Trading

The digital asset industry as a whole looks significantly different than it did three years ago. Derivatives trading, has grown massively since 2017, as shown in a recent research report from United States crypto exchange, Kraken. The report found that derivatives are now at least 4.6x the size of spot volume.

"Beginning with pioneers like Crypto Facilities, BitMEX, Deribit, BitVC (now HuobiDM), and OKCoin (now OKEx), deriviatives trading in crypto markets really took hold in 2017, dovetailing the entrance of traditional incumbents like the CME and CBOE," Kraken's November report,  "The Tail Wags the Dog: An Evolution of Bitcoin Futures," said.

Huobi Exchange Outflows Increase Despite Firm Denying Executive Arrest Rumors

Data from CryptoQuant, an onchain data provider, indicates a significant increase in bitcoin funds outflows from Huobi Global in the past day — a development that comes as the firm has issued a public denial about rumors of an arrest of one of its executives.

In a tweet thread posted November 2, Huobi said that rumors about "the arrest of a Huobi senior executive by local officials" are "false." 

"All of Huobi’s management team members have been accounted for and have not been detained or arrested," the firm said. "We understand that the spread of false information can lead to concerns about the safety of user assets, but please rest assured your assets are safe."

According to CryptoQuant, the outflow increase peaked after midday on Monday. CryptoQuant highlighted the development in an earlier tweet showing that net outflows had 'soared in the past 8 hours'

Ethereum Adoption by the Numbers

Flipside Crypto have taken a close look at Ethereum's onchain activity over the last year, here are the key takeaways:

• 30.5K New Contracts Are Created Daily
• Over 1M ETH is Sent Daily to DEXes vs. 200k to CEXes
• 25K BTC is Wrapped Daily
• 15% of Active Ethereum Addresses are interacting with DeFi

Perhaps the most startling finding is how much Ethereum has been sent to to DEXs vs CEXs. Deposits made on decentralized exchanges surpassed the amounts made on centralized exchanges for good on June 8th of this year. The launch of Sushi attracted over $1B in 4 days, followed by the launch of $UNI which also attracted millions of dollars. Both CEXs and DEXs saw a jump in ETH deposits around March as the DeFi hype cycle kicked in.

Another interesting takeaway was the rise in active Ethereum addresses which rose from around 15k per day in June to 60k at peak in early October. The data shows that a growing proportion of this activity is from DeFi, with 15% of active Ethereum addresses now interacting with DeFi protocols. That number was under 10% in August. The trend appears to be levelling off following the launch of Sushi and Uni, which correlates with the peak in deposits shown in the chart above.

Crypto.com Exchange is listing DOT at 50% OFF

Crypto.com Exchange is listing DOT on The Syndicate, where all Crypto.com Coin (CRO) stakers will be able to participate in a discounted sale event for 250,000 USD worth of DOT at 50% off. The event will commence on Tuesday, 10 November 6:00am UTC on the Crypto.com Exchange.

Allocation:

Each participant’s maximum amount of CRO that can be applied towards the listing event will depend on the amount of CRO staked on the Crypto.com Exchange.

Subscription:

• Participants will be able to subscribe for DOT by contributing an amount of CRO tokens not exceeding their respective maximum allocation. Staked CRO tokens may not be used to subscribe for DOT in this event.
• Participants will need to trade the minimum volume required at their CRO staked level in the past 30 days in order to be eligible to subscribe.
• The past 30-day trading volume is calculated daily at 00:50:00 UTC. For more information regarding exact cutoff times, refer to our FAQ here.

NOTE: The trading volume can take up to 1 hour to calculate at most. To avoid any delays, we advise you to satisfy the trading requirement well in advance of the subscription timelines.

Event Timeline:

• 10 Nov 6:00am UTC: Sales Begins (DOT/CRO subscription price fixed)
• 11 Nov 6:00am UTC: Sales Ends
• 18 Nov 6:00am UTC: Acceptance Period Begins (unused CRO will be refunded immediately if you reject the allocation)
• 19 Nov 6:00am UTC: Acceptance Period Ends (CRO refunds will be distributed for forfeited participants)

Sign up for the Crypto.com Exchange, stake CRO and participate in the DOT sale!

 

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