Sam Martin

<div id="highlights-block_617725d07bf3f" class="highlights">
        <ul>
                <li>ATOM is up 36% over the past week despite the broader market sell-off</li>
                <li>The Cosmos network is set to thrive in 2022 with increased developer interest and the Theta upgrade</li>
            </ul>
    
</div>



<p>The Cosmos Network is home to nearly 50 protocols representing $151.8 billion of value.</p>



<p>Electric Capital&#8217;s <a href="https://medium.com/electric-capital/electric-capital-developer-report-2021-f37874efea6d" target="_blank" rel="noreferrer noopener">annual developer report</a> revealed that monthly active developers on Cosmos grew approximately 70% throughout 2021.</p>



<p>The rise of Osmosis, a DEX built on Cosmos, has driven significant traffic to the Cosmos ecosystem while attracting $1.2 billion of total value locked (TVL).</p>



<p>The Theta upgrade, scheduled tentatively for the first quarter of 2022, is another upcoming catalyst for ATOM and the Cosmos ecosystem as a whole.</p>



<p>Cosmos&#8217; token ATOM market dominance is approaching an all-time high, currently hovering near 0.47%.</p>



<h3 class="wp-block-heading"><strong>Latest in Macro:</strong></h3>



<ul class="wp-block-list"><li>S&amp;P 500: 4,677, -0.41%</li><li>NASDAQ: 14,935, -0.96%</li><li>Gold: $1,796, +0.26%</li><li>WTI Crude Oil: $78.97, -0.60%</li><li>10-Year Treasury: 1.773%, +0.04%</li></ul>



<h3 class="wp-block-heading"><strong>Latest in Crypto:</strong></h3>



<ul class="wp-block-list"><li>BTC: $42,017, -3.00%</li><li>ETH: $3,222, -5.90%</li><li>ETH/BTC: 0.0767, -3.04%</li><li>BTC.D: 40.03%, +0.95%</li></ul>



<h3 class="wp-block-heading">Cosmos overview</h3>



<p>As previously <a href="https://cms.blockworks.co/scrt-osmo-and-atom-rally-as-cosmos-ecosystem-claims-center-stage-markets-wrap/" target="_blank" rel="noreferrer noopener">covered</a> by Blockworks, <a href="https://v1.cosmos.network/intro" target="_blank" rel="noreferrer noopener">Cosmos</a>&nbsp;(ATOM) is an ecosystem of blockchains that can scale and interoperate with each other. Historically, blockchains have been unable to interact with one another and had minimal transaction throughput with different programming languages, making it hard to attract developers to new chains.</p>



<p>The Tie released a <a href="https://research.thetie.io/a-journey-through-the-cosmos-atom/" target="_blank" rel="noreferrer noopener">research article</a> on the Cosmos network in July of 2021 describing the ecosystem&#8217;s vision: &#8220;To make it easy for developers to build blockchains and break the barriers between blockchains by allowing them to transact with each other. This vision is achieved through a set of open source tools such as&nbsp;<a href="https://tendermint.com/core/">Tendermint</a>, the&nbsp;<a href="https://v1.cosmos.network/sdk">Cosmos software development kit (SDK</a>) and inter-blockchain communication (IBC), designed to let people build custom, secure, scalable and interoperable blockchain applications quickly.&#8221;</p>



<p>Cosmos is home to nearly 50 protocols representing $151.8 billion of value. Twenty-eight of these protocols are linked via IBC, a protocol designed for interoperability between arbitrary state machines, according to the project&#8217;s website.</p>



<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="926" height="718" src="https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Screen-Shot-2022-01-07-at-11.59.27-AM.png" alt="" class="wp-image-13654" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Screen-Shot-2022-01-07-at-11.59.27-AM.png?w=926 926w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Screen-Shot-2022-01-07-at-11.59.27-AM.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Screen-Shot-2022-01-07-at-11.59.27-AM.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Screen-Shot-2022-01-07-at-11.59.27-AM.png?w=331 331w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Screen-Shot-2022-01-07-at-11.59.27-AM.png?w=337 337w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Screen-Shot-2022-01-07-at-11.59.27-AM.png?w=282 282w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Screen-Shot-2022-01-07-at-11.59.27-AM.png?w=80 80w" sizes="auto, (max-width: 926px) 100vw, 926px" /><figcaption>Source: cosmos.network</figcaption></figure>



<h3 class="wp-block-heading">Developer activity </h3>



<p>Electric Capital&#8217;s <a href="https://medium.com/electric-capital/electric-capital-developer-report-2021-f37874efea6d" target="_blank" rel="noreferrer noopener">annual developer report</a> revealed that monthly active developers grew approximately 70% throughout 2021. The Cosmos network is home to over <a href="https://cosmos.network/ecosystem/tokens/" target="_blank" rel="noreferrer noopener">$151 billion of assets</a>, and the third most active developers in all of crypto, behind only Ethereum and Polkadot.</p>



<div class="wp-block-image"><figure class="aligncenter size-large"><img loading="lazy" decoding="async" width="1024" height="576" src="https://blockworks-co.imgix.net/wp-content/uploads/2022/01/full-time-devs-since-launch-1024x576.jpg" alt="" class="wp-image-13655" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2022/01/full-time-devs-since-launch-1024x576.jpg?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/full-time-devs-since-launch-1024x576.jpg?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/full-time-devs-since-launch-1024x576.jpg?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/full-time-devs-since-launch-1024x576.jpg?w=1536 1536w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/full-time-devs-since-launch-1024x576.jpg?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/full-time-devs-since-launch-1024x576.jpg?w=464 464w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/full-time-devs-since-launch-1024x576.jpg?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/full-time-devs-since-launch-1024x576.jpg?w=80 80w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/full-time-devs-since-launch-1024x576.jpg?w=1920 1920w" sizes="auto, (max-width: 1024px) 100vw, 1024px" /><figcaption>Source: Electric Capital</figcaption></figure></div>



<h3 class="wp-block-heading">Osmosis: The DEX of IBC</h3>



<p>Osmosis (<a href="https://www.coingecko.com/en/coins/osmosis" target="_blank" rel="noreferrer noopener">OSMO</a>) is an advanced automated market maker (AMM) protocol that allows developers to build customized AMMs with sovereign liquidity pools. Built using the Cosmos SDK, Osmosis utilizes IBC to enable cross-chain transactions, according to the <a href="https://docs.osmosis.zone/overview/#what-is-osmosis" target="_blank" rel="noreferrer noopener">project&#8217;s website</a>, and has driven significant traffic to the Cosmos ecosystem. </p>



<p>The protocol aims to extend the use of AMMs within the Cosmos ecosystem beyond traditional token swap-type use cases. &#8220;Through the customizability offered by Osmosis such custom-curve AMMs, dynamic adjustments of swap fees, multi-token liquidity pools, the AMM can offer decentralized formation of token fundraisers, interchain staking, options market, and more for the Cosmos ecosystem,&#8221; reads the <a href="https://docs.osmosis.zone/overview/#what-is-osmosis" target="_blank" rel="noreferrer noopener">project&#8217;s documentation</a>.</p>



<p>The Osmosis DEX has logged 1.22 million IBC transfers over the last 30 days, more than double that of Cosmos itself and nearly 10 times more than Terra, according to data from <a href="https://mapofzones.com/?period=720&amp;testnet=false&amp;tableOrderBy=totalIbcTxs&amp;tableOrderSort=desc" target="_blank" rel="noreferrer noopener">Map of Zones</a>.</p>



<p>Osmosis has grown to $1.2 billion of liquidity and over $100 million in daily trading volume, according to its <a href="https://info.osmosis.zone" target="_blank" rel="noreferrer noopener">stats page</a>. Some of the main drivers for growth are:</p>



<ul class="wp-block-list"><li>Incentivized pools paying out very attractive yields to liquidity providers; the ATOM/OSMO pair currently pays out 102.29% APR according to the <a href="https://app.osmosis.zone/pools" target="_blank" rel="noreferrer noopener">application</a>;</li><li>High staking rewards on the OSMO token, currently yielding 95.1% rewards the popular <a href="https://wallet.keplr.app/#/dashboard" target="_blank" rel="noreferrer noopener">Keplr wallet</a>;</li><li><a href="https://twitter.com/0xkrane/status/1478275712444416000?s=20" target="_blank" rel="noreferrer noopener">Airdrops</a> for LP&#8217;s and stakers of OSMO for up-and-coming projects in the Cosmos ecosystem;</li><li>The upcoming integration of CosmWasm smart contracts and <a href="https://defitimes.io/defi-101/superfluid-staking-simply-explained/" target="_blank" rel="noreferrer noopener">superfluid staking</a></li></ul>



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="375" src="https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Screen-Shot-2022-01-07-at-12.45.21-PM-1024x375.png" alt="" class="wp-image-13662" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Screen-Shot-2022-01-07-at-12.45.21-PM-1024x375.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Screen-Shot-2022-01-07-at-12.45.21-PM-1024x375.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Screen-Shot-2022-01-07-at-12.45.21-PM-1024x375.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Screen-Shot-2022-01-07-at-12.45.21-PM-1024x375.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Screen-Shot-2022-01-07-at-12.45.21-PM-1024x375.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Screen-Shot-2022-01-07-at-12.45.21-PM-1024x375.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Screen-Shot-2022-01-07-at-12.45.21-PM-1024x375.png?w=80 80w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Screen-Shot-2022-01-07-at-12.45.21-PM-1024x375.png?w=1156 1156w" sizes="auto, (max-width: 1024px) 100vw, 1024px" /><figcaption>Source: Info.osmosis.zone</figcaption></figure>



<h3 class="wp-block-heading">Theta upgrade</h3>



<p>The Theta upgrade, scheduled tentatively for the first quarter of 2022, is another upcoming catalyst for ATOM and the Cosmos ecosystem as a whole. Highlights of the upcoming upgrade, <a href="https://hub.cosmos.network/main/roadmap/cosmos-hub-roadmap-2.0.html" target="_blank" rel="noreferrer noopener">per the project&#8217;s documentation</a>, include:</p>



<ul class="wp-block-list"><li><strong>Cosmos SDK v0.45</strong><ul><li>Groups module: Enables higher-level multisig permissioned accounts, e.g., weight-based voting policies</li><li>Meta-Transactions: Allows transactions to be submitted by separate accounts that receive tips</li><li>Governance module improvements: Execution of arbitraty transactions instead of just governance proposals and will enables much more expressive governance module</li></ul></li><li><strong>NFT module</strong><ul><li>Enable simple management of NFT identifiers, their owners, and associated data, such as URIs, content, and provenance.</li><li>An extensible base module for extensions including collectibles, custody, provenance, and marketplaces.</li></ul></li><li><strong>Tendermint v0.35</strong> — the Cosmos consensus engine</li><li><strong>Interchain accounts</strong><ul><li>A requirement in order to manage accounts across multiple blockchains.</li><li>Aims to provide locking/unlocking mechanisms across IBC-enabled blockchains.</li><li>Allows custody providers to service any IBC connected blockchain through a common interface on the Hub.</li></ul></li><li><strong>Liquid staking</strong><ul><li>Frees secure and low-risk delegations for use in other parts of the Cosmos ecosystem</li><li>Features include enabling transfer of rewards and voting rights</li></ul></li><li>Other potential upgrades still being discussed such as a Cosmos-to-Ethereum gravity bridge as well as budget and farming modules.</li></ul>



<h3 class="wp-block-heading">ATOM dominance</h3>



<p>ATOM is nearing all-time highs in terms of market dominance over the total cryptocurrency market. It currently accounts for 0.47% of the entire crypto market capitalization, according to data from <a href="https://www.tradingview.com/chart/5GPs0hRQ/?symbol=CRYPTOCAP%3AATOM.D" target="_blank" rel="noreferrer noopener">Trading View</a>.</p>



<div class="wp-block-image"><figure class="aligncenter size-full"><img loading="lazy" decoding="async" width="1000" height="683" src="https://blockworks-co.imgix.net/wp-content/uploads/2022/01/ATOM.D_2022-01-07_14-04-28.png" alt="" class="wp-image-13666" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2022/01/ATOM.D_2022-01-07_14-04-28.png?w=1000 1000w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/ATOM.D_2022-01-07_14-04-28.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/ATOM.D_2022-01-07_14-04-28.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/ATOM.D_2022-01-07_14-04-28.png?w=376 376w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/ATOM.D_2022-01-07_14-04-28.png?w=382 382w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/ATOM.D_2022-01-07_14-04-28.png?w=321 321w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/ATOM.D_2022-01-07_14-04-28.png?w=80 80w" sizes="auto, (max-width: 1000px) 100vw, 1000px" /><figcaption>Source: Trading View</figcaption></figure></div>



<p>ATOM was last trading near $41.50, up 36.3% over the past seven days, with a market cap of $11.76 billion, according to data from <a href="https://www.coingecko.com/en" target="_blank" rel="noreferrer noopener">CoinGecko</a>. </p>



<p>For more information on what else is coming to Cosmos in 2022, refer to their recent <a href="https://blog.cosmos.network/whats-coming-to-cosmos-in-2022-ce8e48d383ab" target="_blank" rel="noreferrer noopener">blog post</a>.</p>



<h3 class="wp-block-heading">NFTs</h3>



<p>Trading data from <a href="https://opensea.io/rankings" target="_blank" rel="noreferrer noopener">OpenSea</a> and <a href="https://solanalysis.com" target="_blank" rel="noreferrer noopener">Solanalysis</a> of some of the top Solana and Ethereum projects can be found below:</p>



<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="854" height="662" src="https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Screenshot-2022-01-08-at-00.20.31.png" alt="Top Ethereum and Solana projects" class="wp-image-13682" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Screenshot-2022-01-08-at-00.20.31.png?w=854 854w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Screenshot-2022-01-08-at-00.20.31.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Screenshot-2022-01-08-at-00.20.31.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Screenshot-2022-01-08-at-00.20.31.png?w=332 332w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Screenshot-2022-01-08-at-00.20.31.png?w=337 337w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Screenshot-2022-01-08-at-00.20.31.png?w=283 283w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Screenshot-2022-01-08-at-00.20.31.png?w=80 80w" sizes="auto, (max-width: 854px) 100vw, 854px" /></figure>



<p>If you made it this far, thanks for reading! I am looking forward to catching up on Monday.</p>



<hr class="wp-block-separator"/>



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<hr class="wp-block-separator"/>


ATOM Splits From Market as BTC, ETH Bomb: Markets Wrap

<div id="highlights-block_617725d07bf3f" class="highlights">
        <ul>
                <li>BTC briefly trades below $44,000 as global hashrate declined earlier today</li>
                <li>This BTC sell-off has not been driven by forced long liquidations</li>
            </ul>
    
</div>



<p>Authorities of Kazakhstan declared a nationwide state of emergency today and shut down the country&#8217;s internet. </p>



<p>As a result of the internet outage, the global hashrate took a dive earlier before later recovering. </p>



<p>This BTC sell-off is not the result of forced liquidations.</p>



<p>Serena Williams purchased a CryptoPunk. </p>



<h3 class="wp-block-heading"><strong>Latest in Macro:</strong></h3>



<ul class="wp-block-list"><li>S&amp;P 500: 4,700, -1.94%</li><li>NASDAQ: 15,100, -3.34%</li><li>Gold: $1,809, -0.22%</li><li>WTI Crude Oil: $77.05, +0.08%</li><li>10-Year Treasury: 1.702%, +0.036%</li></ul>



<h3 class="wp-block-heading"><strong>Latest in Crypto:</strong></h3>



<ul class="wp-block-list"><li>BTC: $44,155, -4.60%</li><li>ETH: $3,612, -5.40%</li><li>ETH/BTC: 0.0820, -0.73%</li><li>BTC.D: 39.59%, +0.27%</li></ul>



<h3 class="wp-block-heading">Kazakhstan</h3>



<p>Authorities of Kazakhstan declared a nationwide state of emergency today as citizens <a href="https://twitter.com/PriapusIQ/status/1478657751001800707?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1478657751001800707%7Ctwgr%5E%7Ctwcon%5Es1_c10&amp;ref_url=https%3A%2F%2Fcms.blockworks.co%2Fwp-admin%2Fpost.php%3Fpost%3D13525action%3Dedit" target="_blank" rel="noreferrer noopener">protested</a> against the rise of fuel prices.</p>



<p>&#8220;Protests spread across the nation of 19 million this week in outrage over a New Year increase in prices for liquid petroleum gas (LPG), which is widely used to fuel cars in the west of the country,&#8221; read an article from <a href="https://www.themoscowtimes.com/2022/01/05/state-of-emergency-in-kazakhstan-as-president-vows-crackdown-a75977" target="_blank" rel="noreferrer noopener">The Moscow Times</a>. &#8220;Thousands took to the streets in the country&#8217;s biggest city Almaty and in the western province of Mangystau, saying the price rise was unfair given oil and gas exporter Kazakhstan&#8217;s vast energy reserves.&#8221;</p>



<h3 class="wp-block-heading">Hashrate drops</h3>



<p>Due to the protests, Kazakhstan&#8217;s government shut down the nation&#8217;s access to the internet, according <a href="https://www.nytimes.com/2022/01/05/world/europe/kazakhstan-protests-gas-prices.html" target="_blank" rel="noreferrer noopener">to The New York Times</a>, which led to many bitcoin miners going off-line earlier today. </p>



<p>The hashrate dropped from a high of 194 EH/s on Jan. 4, to a low of 168 EH/s during the internet outage in Kazakhstan today, according to data from <a href="https://www.coinwarz.com/mining/bitcoin/hashrate-chart" target="_blank" rel="noreferrer noopener">Coinwarz</a>. (It is worth noting that hashrate is calculated differently by various sources.)</p>



<div class="wp-block-image"><figure class="aligncenter size-large"><img loading="lazy" decoding="async" width="1024" height="389" src="https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Screen-Shot-2022-01-05-at-3.18.59-PM-1024x389.png" alt="" class="wp-image-13555" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Screen-Shot-2022-01-05-at-3.18.59-PM-1024x389.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Screen-Shot-2022-01-05-at-3.18.59-PM-1024x389.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Screen-Shot-2022-01-05-at-3.18.59-PM-1024x389.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Screen-Shot-2022-01-05-at-3.18.59-PM-1024x389.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Screen-Shot-2022-01-05-at-3.18.59-PM-1024x389.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Screen-Shot-2022-01-05-at-3.18.59-PM-1024x389.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Screen-Shot-2022-01-05-at-3.18.59-PM-1024x389.png?w=80 80w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Screen-Shot-2022-01-05-at-3.18.59-PM-1024x389.png?w=1091 1091w" sizes="auto, (max-width: 1024px) 100vw, 1024px" /><figcaption>Bitcoin hashrate drop. Source: coinwarz.com</figcaption></figure></div>



<p>Kazakhstan accounts for roughly 21.9% of the global hash rate, according to the <a href="https://ccaf.io/cbeci/mining_map" target="_blank" rel="noreferrer noopener">University of Cambridge.</a> The internet outage is likely the reason behind the drop in global hash power online. </p>



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="735" src="https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Screenshot-2022-01-05-at-17.01.21-1024x735.png" alt="" class="wp-image-13556" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Screenshot-2022-01-05-at-17.01.21-1024x735.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Screenshot-2022-01-05-at-17.01.21-1024x735.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Screenshot-2022-01-05-at-17.01.21-1024x735.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Screenshot-2022-01-05-at-17.01.21-1024x735.png?w=1536 1536w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Screenshot-2022-01-05-at-17.01.21-1024x735.png?w=358 358w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Screenshot-2022-01-05-at-17.01.21-1024x735.png?w=364 364w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Screenshot-2022-01-05-at-17.01.21-1024x735.png?w=305 305w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Screenshot-2022-01-05-at-17.01.21-1024x735.png?w=80 80w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Screenshot-2022-01-05-at-17.01.21-1024x735.png?w=1552 1552w" sizes="auto, (max-width: 1024px) 100vw, 1024px" /></figure>



<h3 class="wp-block-heading">BTC derivatives</h3>



<p>Unfortunately for BTC bulls, this move lower can&#8217;t be attributed to forced liquidations. $310 million worth of long positions have been closed, but futures open interest dropped just $840 million according to data from <a href="https://www.coinglass.com/BitcoinOpenInterest" target="_blank" rel="noreferrer noopener">Coinglass</a>.  </p>



<div class="wp-block-image"><figure class="aligncenter size-large"><img loading="lazy" decoding="async" width="1024" height="420" src="https://blockworks-co.imgix.net/wp-content/uploads/2022/01/bybt_chart-7-1024x420.png" alt="" class="wp-image-13560" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2022/01/bybt_chart-7-1024x420.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/bybt_chart-7-1024x420.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/bybt_chart-7-1024x420.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/bybt_chart-7-1024x420.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/bybt_chart-7-1024x420.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/bybt_chart-7-1024x420.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/bybt_chart-7-1024x420.png?w=80 80w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/bybt_chart-7-1024x420.png?w=1220 1220w" sizes="auto, (max-width: 1024px) 100vw, 1024px" /><figcaption>Source: Coinglass</figcaption></figure></div>



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="430" src="https://blockworks-co.imgix.net/wp-content/uploads/2022/01/bybt_chart-7-copy-1-1024x430.png" alt="" class="wp-image-13564" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2022/01/bybt_chart-7-copy-1-1024x430.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/bybt_chart-7-copy-1-1024x430.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/bybt_chart-7-copy-1-1024x430.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/bybt_chart-7-copy-1-1024x430.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/bybt_chart-7-copy-1-1024x430.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/bybt_chart-7-copy-1-1024x430.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/bybt_chart-7-copy-1-1024x430.png?w=80 80w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/bybt_chart-7-copy-1-1024x430.png?w=1190 1190w" sizes="auto, (max-width: 1024px) 100vw, 1024px" /><figcaption>Source: Coinglass</figcaption></figure>



<p>Perpetual funding rates show a slightly positive bias across most exchanges, so long side traders are still paying shorts to keep their positions open, according to <a href="https://app.laevitas.ch/dashboard/btc/derivs/overview" target="_blank" rel="noreferrer noopener">Laevitas</a>.</p>



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="315" src="https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Screen-Shot-2022-01-05-at-3.55.15-PM-1024x315.png" alt="" class="wp-image-13565" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Screen-Shot-2022-01-05-at-3.55.15-PM-1024x315.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Screen-Shot-2022-01-05-at-3.55.15-PM-1024x315.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Screen-Shot-2022-01-05-at-3.55.15-PM-1024x315.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Screen-Shot-2022-01-05-at-3.55.15-PM-1024x315.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Screen-Shot-2022-01-05-at-3.55.15-PM-1024x315.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Screen-Shot-2022-01-05-at-3.55.15-PM-1024x315.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Screen-Shot-2022-01-05-at-3.55.15-PM-1024x315.png?w=80 80w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Screen-Shot-2022-01-05-at-3.55.15-PM-1024x315.png?w=1046 1046w" sizes="auto, (max-width: 1024px) 100vw, 1024px" /><figcaption>Source: Laevitas.ch</figcaption></figure>



<h3 class="wp-block-heading">NFTs</h3>



<p>Famous professional tennis player, Serena Williams, purchased a CryptoPunk and made it her profile picture on <a href="https://twitter.com/serenawilliams/status/1478713588156088324?s=20" target="_blank" rel="noreferrer noopener">Twitter</a>.</p>



<p>Trading data from <a href="https://opensea.io/rankings" target="_blank" rel="noreferrer noopener">OpenSea</a> and <a href="https://solanalysis.com" target="_blank" rel="noreferrer noopener">Solanalysis</a> of some of the top Solana and Ethereum projects can be found below:</p>



<div class="wp-block-image"><figure class="aligncenter size-large"><img loading="lazy" decoding="async" width="1024" height="341" src="https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Screen-Shot-2022-01-05-at-4.06.15-PM-1024x341.png" alt="" class="wp-image-13566" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Screen-Shot-2022-01-05-at-4.06.15-PM-1024x341.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Screen-Shot-2022-01-05-at-4.06.15-PM-1024x341.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Screen-Shot-2022-01-05-at-4.06.15-PM-1024x341.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Screen-Shot-2022-01-05-at-4.06.15-PM-1024x341.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Screen-Shot-2022-01-05-at-4.06.15-PM-1024x341.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Screen-Shot-2022-01-05-at-4.06.15-PM-1024x341.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Screen-Shot-2022-01-05-at-4.06.15-PM-1024x341.png?w=80 80w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Screen-Shot-2022-01-05-at-4.06.15-PM-1024x341.png?w=1198 1198w" sizes="auto, (max-width: 1024px) 100vw, 1024px" /><figcaption>Top Ethereum Projects</figcaption></figure></div>



<div class="wp-block-image"><figure class="aligncenter size-large"><img loading="lazy" decoding="async" width="1024" height="356" src="https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Screen-Shot-2022-01-05-at-4.06.23-PM-1024x356.png" alt="" class="wp-image-13567" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Screen-Shot-2022-01-05-at-4.06.23-PM-1024x356.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Screen-Shot-2022-01-05-at-4.06.23-PM-1024x356.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Screen-Shot-2022-01-05-at-4.06.23-PM-1024x356.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Screen-Shot-2022-01-05-at-4.06.23-PM-1024x356.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Screen-Shot-2022-01-05-at-4.06.23-PM-1024x356.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Screen-Shot-2022-01-05-at-4.06.23-PM-1024x356.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Screen-Shot-2022-01-05-at-4.06.23-PM-1024x356.png?w=80 80w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Screen-Shot-2022-01-05-at-4.06.23-PM-1024x356.png?w=1172 1172w" sizes="auto, (max-width: 1024px) 100vw, 1024px" /><figcaption>Top Solana Projects </figcaption></figure></div>



<p>If you made it this far, thanks for reading! I am looking forward to catching up tomorrow.</p>



<hr class="wp-block-separator"/>



<p><strong>Get the day’s top crypto news and insights delivered to your inbox every evening.&nbsp;<a href="https://cms.blockworks.co/newsletter/" target="_blank" rel="noreferrer noopener">Subscribe to Blockworks’ free newsletter</a>&nbsp;now.</strong></p>



<hr class="wp-block-separator"/>


BTC Slumps as Kazakhstan Miners Power Down: Markets Wrap

<div id="highlights-block_617725d07bf3f" class="highlights">
        <ul>
                <li>ETH outperformed BTC over the past five days as derivatives activity picks up</li>
                <li>OpenSea begins 2022 with a bang</li>
            </ul>
    
</div>



<p>The ETH/BTC ratio has rallied roughly 4.7% over the past five days as ETH outperforms BTC.  </p>



<p>Ethereum based derivatives activity has resurged over the past week.</p>



<p>OpenSea opens 2022 with a bang, on pace for record monthly volume.</p>



<h3 class="wp-block-heading"><strong>Latest in Macro:</strong></h3>



<ul class="wp-block-list"><li>S&amp;P 500: 4,793, -0.06%</li><li>NASDAQ: 15,622, -1.33%</li><li>Gold: $1,814, +0.60%</li><li>WTI Crude Oil: $77.21, +1.49%</li><li>10-Year Treasury: 1.649%, +0.032%</li></ul>



<h3 class="wp-block-heading"><strong>Latest in Crypto:</strong></h3>



<ul class="wp-block-list"><li>BTC: $46,155, -0.30%</li><li>ETH: $3,813, +1.40%</li><li>ETH/BTC: 0.0826, +1.98%</li><li>BTC.D: 39.41%, -0.69%</li></ul>



<h3 class="wp-block-heading">ETH/BTC</h3>



<p>ETH has outperformed BTC over the past five days with the ETH/BTC ratio up 4.72%, hovering near .0825, according to data from <a href="https://www.tradingview.com/chart/5GPs0hRQ/?symbol=BINANCE%3AETHBTC" target="_blank" rel="noreferrer noopener">Trading View.</a>  </p>



<div class="wp-block-image"><figure class="aligncenter size-full"><img loading="lazy" decoding="async" width="948" height="746" src="https://blockworks-co.imgix.net/wp-content/uploads/2022/01/ETHBTC_2022-01-04_16-04-26.png" alt="" class="wp-image-13457" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2022/01/ETHBTC_2022-01-04_16-04-26.png?w=948 948w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/ETHBTC_2022-01-04_16-04-26.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/ETHBTC_2022-01-04_16-04-26.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/ETHBTC_2022-01-04_16-04-26.png?w=327 327w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/ETHBTC_2022-01-04_16-04-26.png?w=332 332w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/ETHBTC_2022-01-04_16-04-26.png?w=278 278w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/ETHBTC_2022-01-04_16-04-26.png?w=80 80w" sizes="auto, (max-width: 948px) 100vw, 948px" /><figcaption>Source: Trading View</figcaption></figure></div>



<h3 class="wp-block-heading">ETH derivatives picking up</h3>



<p>According to information from <a href="https://twitter.com/intotheblock/status/1478395316961525770?s=20" target="_blank" rel="noreferrer noopener">intotheblock</a>:</p>



<ul class="wp-block-list"><li>Perpetual funding rates on top exchanges are turning positive</li><li>Swap volume of perpetuals futures contracts have topped $22 billion again</li><li>Perps open interest is perking up</li></ul>



<div class="wp-block-image"><figure class="aligncenter size-full"><img loading="lazy" decoding="async" width="948" height="374" src="https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Screen-Shot-2022-01-04-at-3.57.57-PM.png" alt="" class="wp-image-13458" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Screen-Shot-2022-01-04-at-3.57.57-PM.png?w=948 948w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Screen-Shot-2022-01-04-at-3.57.57-PM.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Screen-Shot-2022-01-04-at-3.57.57-PM.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Screen-Shot-2022-01-04-at-3.57.57-PM.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Screen-Shot-2022-01-04-at-3.57.57-PM.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Screen-Shot-2022-01-04-at-3.57.57-PM.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Screen-Shot-2022-01-04-at-3.57.57-PM.png?w=80 80w" sizes="auto, (max-width: 948px) 100vw, 948px" /><figcaption>Source: intotheblock</figcaption></figure></div>



<div class="wp-block-image"><figure class="aligncenter size-large"><img loading="lazy" decoding="async" width="1024" height="336" src="https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Screen-Shot-2022-01-04-at-3.58.38-PM-1024x336.png" alt="" class="wp-image-13459" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Screen-Shot-2022-01-04-at-3.58.38-PM-1024x336.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Screen-Shot-2022-01-04-at-3.58.38-PM-1024x336.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Screen-Shot-2022-01-04-at-3.58.38-PM-1024x336.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Screen-Shot-2022-01-04-at-3.58.38-PM-1024x336.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Screen-Shot-2022-01-04-at-3.58.38-PM-1024x336.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Screen-Shot-2022-01-04-at-3.58.38-PM-1024x336.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Screen-Shot-2022-01-04-at-3.58.38-PM-1024x336.png?w=80 80w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Screen-Shot-2022-01-04-at-3.58.38-PM-1024x336.png?w=1130 1130w" sizes="auto, (max-width: 1024px) 100vw, 1024px" /><figcaption>Source: intotheblock</figcaption></figure></div>



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="329" src="https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Screen-Shot-2022-01-04-at-3.58.56-PM-1024x329.png" alt="" class="wp-image-13460" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Screen-Shot-2022-01-04-at-3.58.56-PM-1024x329.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Screen-Shot-2022-01-04-at-3.58.56-PM-1024x329.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Screen-Shot-2022-01-04-at-3.58.56-PM-1024x329.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Screen-Shot-2022-01-04-at-3.58.56-PM-1024x329.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Screen-Shot-2022-01-04-at-3.58.56-PM-1024x329.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Screen-Shot-2022-01-04-at-3.58.56-PM-1024x329.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Screen-Shot-2022-01-04-at-3.58.56-PM-1024x329.png?w=80 80w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Screen-Shot-2022-01-04-at-3.58.56-PM-1024x329.png?w=1129 1129w" sizes="auto, (max-width: 1024px) 100vw, 1024px" /><figcaption>Source: intotheblock</figcaption></figure>



<h3 class="wp-block-heading">OpenSea volume explodes </h3>



<p>OpenSea is eyeing a $13 billion valuation, <a href="https://twitter.com/EricNewcomer/status/1478433128217731079?s=20" target="_blank" rel="noreferrer noopener">according</a> to Eric Newcomer.</p>



<p>Trading volume on OpenSea has exploded to start out 2022, with roughly $870 million of volume in the first four days of the new year, according to data from <a href="https://dune.xyz/rchen8/opensea" target="_blank" rel="noreferrer noopener">Dune Analytics</a>. This puts OpenSea on pace for $6.74 billion in monthly trading volume. For comparison, that would be nearly double the current high of $3.42 billion seen in August 2021.</p>



<div class="wp-block-image"><figure class="aligncenter size-large"><img loading="lazy" decoding="async" width="1024" height="290" src="https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Screen-Shot-2022-01-04-at-5.03.06-PM-1024x290.png" alt="" class="wp-image-13466" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Screen-Shot-2022-01-04-at-5.03.06-PM-1024x290.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Screen-Shot-2022-01-04-at-5.03.06-PM-1024x290.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Screen-Shot-2022-01-04-at-5.03.06-PM-1024x290.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Screen-Shot-2022-01-04-at-5.03.06-PM-1024x290.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Screen-Shot-2022-01-04-at-5.03.06-PM-1024x290.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Screen-Shot-2022-01-04-at-5.03.06-PM-1024x290.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Screen-Shot-2022-01-04-at-5.03.06-PM-1024x290.png?w=80 80w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Screen-Shot-2022-01-04-at-5.03.06-PM-1024x290.png?w=1041 1041w" sizes="auto, (max-width: 1024px) 100vw, 1024px" /><figcaption>Source: Dune Analytics</figcaption></figure></div>



<h3 class="wp-block-heading">NFTs</h3>



<p>Information from ARK Invest suggest a majority of NFT demand comes in the form of collectibles, as seen in the following chart:</p>



<div class="wp-block-image"><figure class="aligncenter size-full"><img loading="lazy" decoding="async" width="574" height="387" src="https://blockworks-co.imgix.net/wp-content/uploads/2022/01/nft-dmenad.png" alt="" class="wp-image-13467" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2022/01/nft-dmenad.png?w=574 574w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/nft-dmenad.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/nft-dmenad.png?w=381 381w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/nft-dmenad.png?w=387 387w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/nft-dmenad.png?w=325 325w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/nft-dmenad.png?w=80 80w" sizes="auto, (max-width: 574px) 100vw, 574px" /><figcaption>Source: Ark Invest</figcaption></figure></div>



<p>Trading data from <a href="https://opensea.io/rankings" target="_blank" rel="noreferrer noopener">OpenSea</a> and <a href="https://solanalysis.com" target="_blank" rel="noreferrer noopener">Solanalysis</a> of some of the top Solana and Ethereum projects can be found below:</p>



<div class="wp-block-image"><figure class="aligncenter size-large"><img loading="lazy" decoding="async" width="1024" height="338" src="https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Screen-Shot-2022-01-04-at-5.34.00-PM-1024x338.png" alt="" class="wp-image-13468" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Screen-Shot-2022-01-04-at-5.34.00-PM-1024x338.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Screen-Shot-2022-01-04-at-5.34.00-PM-1024x338.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Screen-Shot-2022-01-04-at-5.34.00-PM-1024x338.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Screen-Shot-2022-01-04-at-5.34.00-PM-1024x338.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Screen-Shot-2022-01-04-at-5.34.00-PM-1024x338.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Screen-Shot-2022-01-04-at-5.34.00-PM-1024x338.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Screen-Shot-2022-01-04-at-5.34.00-PM-1024x338.png?w=80 80w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Screen-Shot-2022-01-04-at-5.34.00-PM-1024x338.png?w=1203 1203w" sizes="auto, (max-width: 1024px) 100vw, 1024px" /><figcaption>Top Ethereum Projects</figcaption></figure></div>



<div class="wp-block-image"><figure class="aligncenter size-large"><img loading="lazy" decoding="async" width="1024" height="355" src="https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Screen-Shot-2022-01-04-at-5.34.14-PM-1024x355.png" alt="" class="wp-image-13469" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Screen-Shot-2022-01-04-at-5.34.14-PM-1024x355.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Screen-Shot-2022-01-04-at-5.34.14-PM-1024x355.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Screen-Shot-2022-01-04-at-5.34.14-PM-1024x355.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Screen-Shot-2022-01-04-at-5.34.14-PM-1024x355.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Screen-Shot-2022-01-04-at-5.34.14-PM-1024x355.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Screen-Shot-2022-01-04-at-5.34.14-PM-1024x355.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Screen-Shot-2022-01-04-at-5.34.14-PM-1024x355.png?w=80 80w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Screen-Shot-2022-01-04-at-5.34.14-PM-1024x355.png?w=1175 1175w" sizes="auto, (max-width: 1024px) 100vw, 1024px" /><figcaption>Top Solana Projects </figcaption></figure></div>



<p>If you made it this far, thanks for reading! I am looking forward to catching up tomorrow.</p>



<hr class="wp-block-separator"/>



<p><strong>Get the day’s top crypto news and insights delivered to your inbox every evening.&nbsp;<a href="https://cms.blockworks.co/newsletter/" target="_blank" rel="noreferrer noopener">Subscribe to Blockworks’ free newsletter</a>&nbsp;now.</strong></p>



<hr class="wp-block-separator"/>


ETH Looking Strong Against BTC: Markets Wrap

<div id="highlights-block_aa56f6e31440935a25daba682870cca1" class="highlights">
        <ul>
                <li>BTC briefly trades below $46,000 on its 13th birthday</li>
                <li>OpenSea dominates secondary NFT marketshare</li>
            </ul>
    
</div>



<p>Today marks the 13th anniversary since the genesis block was mined on the Bitcoin network on Jan. 3, 2009. </p>



<p>Perpetual funding rates remain mixed as traders place their bets on <a href="https://blockworks.co/price/btc">BTC</a> price action.</p>



<p>Futures open interest increased to $18.45 billion from $18.11 billion yesterday.</p>



<p>OpenSea dominated the Ethereum secondary NFT market share throughout 2021.</p>



<h3 class="wp-block-heading"><strong>Latest in Macro:</strong></h3>



<ul class="wp-block-list">
<li>S&amp;P 500: 4,796, +0.64%</li>



<li>NASDAQ: 15,832, +1.20%</li>



<li>Gold: $1,801, -1.49%</li>



<li>WTI Crude Oil: $76.03, +1.09%</li>



<li>10-Year Treasury: 1.637%, +0.139%</li>
</ul>



<h3 class="wp-block-heading"><strong>Latest in Crypto:</strong></h3>



<ul class="wp-block-list">
<li><a href="https://blockworks.co/price/btc">BTC</a>: $46,143, -2.20%</li>



<li><a href="https://blockworks.co/price/eth">ETH</a>: $3,733, -2.40%</li>



<li>ETH/BTC: 0.0810, +0.01%</li>



<li>BTC.D: 39.62%, -0.69%</li>
</ul>



<h3 class="wp-block-heading">Bitcoin turns 13 years old</h3>



<p>Today marks the 13th anniversary since the genesis block was mined on the Bitcoin network on Jan. 3, 2009, according to <a href="https://www.investopedia.com/terms/g/genesis-block.asp" target="_blank" rel="noreferrer noopener">Investopedia</a>.</p>



<p>Lyn Alden, founder of Lyn Alden Investment Strategy, <a href="https://twitter.com/LynAldenContact/status/1478107171111976965?s=20" target="_blank" rel="noreferrer noopener">wrote</a> on Twitter, &#8220;Bitcoin is 13 years old today, the anniversary of the genesis block. It&#8217;s an angsty teenager now, I suppose, which actually kind of fits. The US dollar in its current fiat form is 50 years old, born in 1971. Bitcoin is now more than 1/4th as old as the current US dollar&#8221;. </p>


<div class="wp-block-image">
<figure class="aligncenter size-full"><img loading="lazy" decoding="async" width="644" height="630" src="https://blockworks-co.imgix.net/wp-content/uploads/2022/01/market-btc.png" alt="" class="wp-image-13408" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2022/01/market-btc.png?w=644 644w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/market-btc.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/market-btc.png?w=263 263w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/market-btc.png?w=267 267w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/market-btc.png?w=224 224w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/market-btc.png?w=80 80w" sizes="auto, (max-width: 644px) 100vw, 644px" /><figcaption class="wp-element-caption">Source: @LynAldenContact</figcaption></figure></div>


<h3 class="wp-block-heading">BTC slips below $46,000</h3>



<p>Despite the anniversary, BTC price action has been sluggish. BTC briefly traded below $46,000 after trading near $47,500 in the middle of the day, according to data from <a href="https://www.coingecko.com/en/coins/bitcoin" target="_blank" rel="noreferrer noopener">CoinGecko</a>. </p>



<p>Perpetual funding rates remain mixed, according to information for <a href="https://app.laevitas.ch/dashboard/btc/derivs/overview" target="_blank" rel="noreferrer noopener">laevitas.ch</a>, which implies a lack of consensus on price direction amongst perp traders. </p>


<div class="wp-block-image">
<figure class="aligncenter size-large"><img loading="lazy" decoding="async" width="1024" height="417" src="https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Screen-Shot-2022-01-03-at-4.30.53-PM-1024x417.png" alt="" class="wp-image-13410" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Screen-Shot-2022-01-03-at-4.30.53-PM-1024x417.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Screen-Shot-2022-01-03-at-4.30.53-PM-1024x417.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Screen-Shot-2022-01-03-at-4.30.53-PM-1024x417.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Screen-Shot-2022-01-03-at-4.30.53-PM-1024x417.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Screen-Shot-2022-01-03-at-4.30.53-PM-1024x417.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Screen-Shot-2022-01-03-at-4.30.53-PM-1024x417.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Screen-Shot-2022-01-03-at-4.30.53-PM-1024x417.png?w=80 80w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Screen-Shot-2022-01-03-at-4.30.53-PM-1024x417.png?w=1081 1081w" sizes="auto, (max-width: 1024px) 100vw, 1024px" /><figcaption class="wp-element-caption">Source: Laevitas.ch</figcaption></figure></div>


<h3 class="wp-block-heading">Minimal liquidations</h3>



<p>Although BTC has trended towards the downside today, there has been an underwhelming amount of long liquidations: $29.57 million <a href="https://www.coinglass.com/LiquidationData" target="_blank" rel="noreferrer noopener">according</a> to Coinglass.com. </p>



<p>Futures open interest has increased to start out the new year. As seen in the following chart from Coinglass, this is slightly abnormal behavior to see futures open interest increase on a red day. Increased open interest implies more leverage in the market, which increases the probability of an explosive move to the upside or downside as traders are forced to close their positions if it isn&#8217;t going their way.</p>


<div class="wp-block-image">
<figure class="aligncenter size-large"><img loading="lazy" decoding="async" width="1024" height="420" src="https://blockworks-co.imgix.net/wp-content/uploads/2022/01/bybt_chart-6-1024x420.png" alt="" class="wp-image-13411" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2022/01/bybt_chart-6-1024x420.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/bybt_chart-6-1024x420.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/bybt_chart-6-1024x420.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/bybt_chart-6-1024x420.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/bybt_chart-6-1024x420.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/bybt_chart-6-1024x420.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/bybt_chart-6-1024x420.png?w=80 80w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/bybt_chart-6-1024x420.png?w=1218 1218w" sizes="auto, (max-width: 1024px) 100vw, 1024px" /><figcaption class="wp-element-caption">Source: Glassnode</figcaption></figure></div>


<h3 class="wp-block-heading">NFTs</h3>



<p>OpenSea dominated Ethereum secondary NFT trading volume in 2021, according to data from <a href="https://dune.xyz/browse/dashboards" target="_blank" rel="noreferrer noopener">Dune Analytics.</a></p>


<div class="wp-block-image">
<figure class="aligncenter size-full"><img loading="lazy" decoding="async" width="620" height="372" src="https://blockworks-co.imgix.net/wp-content/uploads/2022/01/eth-nft-market.png" alt="" class="wp-image-13413" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2022/01/eth-nft-market.png?w=620 620w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/eth-nft-market.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/eth-nft-market.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/eth-nft-market.png?w=435 435w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/eth-nft-market.png?w=365 365w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/eth-nft-market.png?w=80 80w" sizes="auto, (max-width: 620px) 100vw, 620px" /><figcaption class="wp-element-caption">Source: Dune Analytics</figcaption></figure></div>


<p>Trading data from <a href="https://opensea.io/rankings" target="_blank" rel="noreferrer noopener">OpenSea</a> and <a href="https://solanalysis.com" target="_blank" rel="noreferrer noopener">Solanalysis</a> of some of the top Solana and Ethereum projects can be found below:</p>


<div class="wp-block-image">
<figure class="aligncenter size-large"><img loading="lazy" decoding="async" width="1024" height="338" src="https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Screen-Shot-2022-01-03-at-4.52.13-PM-1024x338.png" alt="" class="wp-image-13414" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Screen-Shot-2022-01-03-at-4.52.13-PM-1024x338.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Screen-Shot-2022-01-03-at-4.52.13-PM-1024x338.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Screen-Shot-2022-01-03-at-4.52.13-PM-1024x338.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Screen-Shot-2022-01-03-at-4.52.13-PM-1024x338.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Screen-Shot-2022-01-03-at-4.52.13-PM-1024x338.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Screen-Shot-2022-01-03-at-4.52.13-PM-1024x338.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Screen-Shot-2022-01-03-at-4.52.13-PM-1024x338.png?w=80 80w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Screen-Shot-2022-01-03-at-4.52.13-PM-1024x338.png?w=1223 1223w" sizes="auto, (max-width: 1024px) 100vw, 1024px" /><figcaption class="wp-element-caption">Top Ethereum Projects</figcaption></figure></div>

<div class="wp-block-image">
<figure class="aligncenter size-large"><img loading="lazy" decoding="async" width="1024" height="346" src="https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Screen-Shot-2022-01-03-at-4.52.24-PM-1024x346.png" alt="" class="wp-image-13415" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Screen-Shot-2022-01-03-at-4.52.24-PM-1024x346.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Screen-Shot-2022-01-03-at-4.52.24-PM-1024x346.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Screen-Shot-2022-01-03-at-4.52.24-PM-1024x346.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Screen-Shot-2022-01-03-at-4.52.24-PM-1024x346.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Screen-Shot-2022-01-03-at-4.52.24-PM-1024x346.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Screen-Shot-2022-01-03-at-4.52.24-PM-1024x346.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Screen-Shot-2022-01-03-at-4.52.24-PM-1024x346.png?w=80 80w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Screen-Shot-2022-01-03-at-4.52.24-PM-1024x346.png?w=1193 1193w" sizes="auto, (max-width: 1024px) 100vw, 1024px" /><figcaption class="wp-element-caption">Top Solana Projects </figcaption></figure></div>


<p>If you made it this far, thanks for reading! I am looking forward to catching up tomorrow.</p>



<hr class="wp-block-separator has-css-opacity"/>



<p><strong>Get the day’s top crypto news and insights delivered to your inbox every evening.&nbsp;<a href="https://cms.blockworks.co/newsletter/" target="_blank" rel="noreferrer noopener">Subscribe to Blockworks’ free newsletter</a>&nbsp;now.</strong></p>



<hr class="wp-block-separator has-css-opacity"/>


Bitcoin Slides Below $46,000 on Its 13th Birthday: Markets Wrap

<div id="highlights-block_617725d07bf3f" class="highlights">
        <ul>
                <li>BTC is up 78.5% from Jan. 1, 2021</li>
                <li>BTC investment vehicles could be absorbing demand that would otherwise take place on-chain</li>
            </ul>
    
</div>



<p>BTC is up 78.5% from Jan. 1, 2021, with a current drawdown of 24.4% from previous all-time highs.</p>



<p>2.214 million BTC has traded hands between $45,500 and $50,800, according to data from Glassnode.</p>



<p>Long-term bitcoin holders have grown by ~16% over the course of this year.</p>



<p>Bitcoin investment vehicles, such as BITO, could be absorbing demand that would otherwise take place on-chain.</p>



<h3 class="wp-block-heading"><strong>Latest in Macro:</strong></h3>



<ul class="wp-block-list"><li>S&amp;P 500: 4,793, +0.14%</li><li>NASDAQ: 15,766, -0.10%</li><li>Gold: $1,804, -0.13%</li><li>WTI Crude Oil: $76.52, +0.71%</li><li>10-Year Treasury: 1.558%, +0.077%</li></ul>



<h3 class="wp-block-heading"><strong>Latest in Crypto:</strong></h3>



<ul class="wp-block-list"><li>BTC: $47,357, -1.10%</li><li>ETH: $3,732, -2.70%</li><li>ETH/BTC: 0.0787, -1.32%</li><li>BTC.D: 40.24%, +0.62%</li></ul>



<h3 class="wp-block-heading">2021 BTC price action</h3>



<p>Bitcoin&#8217;s price is up 78.5% from Jan. 1, 2021, with a current drawdown of 24.4% from the all-time high seen on Nov. 10, 2021, according to data from <a href="https://insights.glassnode.com/the-week-onchain-week-52-2021/?utm_source=Email&amp;utm_medium=Newsletter&amp;utm_campaign=WOC-52" target="_blank" rel="noreferrer noopener">Glassnode</a>.</p>



<div class="wp-block-image"><figure class="aligncenter size-large"><img loading="lazy" decoding="async" width="1024" height="576" src="https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-29-at-2.46.02-PM-1024x576.png" alt="" class="wp-image-13302" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-29-at-2.46.02-PM-1024x576.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-29-at-2.46.02-PM-1024x576.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-29-at-2.46.02-PM-1024x576.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-29-at-2.46.02-PM-1024x576.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-29-at-2.46.02-PM-1024x576.png?w=464 464w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-29-at-2.46.02-PM-1024x576.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-29-at-2.46.02-PM-1024x576.png?w=80 80w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-29-at-2.46.02-PM-1024x576.png?w=1155 1155w" sizes="auto, (max-width: 1024px) 100vw, 1024px" /><figcaption>Source: Glassnode</figcaption></figure></div>



<h3 class="wp-block-heading">Unspent transaction output realized price distribution</h3>



<p>&#8220;A reasonably large volume cluster has been established in this week&#8217;s price range, equivalent to 2.214M BTC (11.7% of supply). This indicates that a non-trivial degree of demand has been mobilsed during the consolidation, with a large proportion of coins changing hands between $45k and $50k,&#8221; reads a <a href="https://insights.glassnode.com/the-week-onchain-week-52-2021/?utm_source=Email&amp;utm_medium=Newsletter&amp;utm_campaign=WOC-52" target="_blank" rel="noreferrer noopener">Glassnode report</a>. </p>



<p>This has helped establish a relatively strong floor for bitcoin&#8217;s price in the mid $40k range, assuming investors don&#8217;t begin selling their underwater positions. </p>



<div class="wp-block-image"><figure class="aligncenter size-large"><img loading="lazy" decoding="async" width="1024" height="608" src="https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-29-at-3.03.39-PM-1024x608.png" alt="" class="wp-image-13303" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-29-at-3.03.39-PM-1024x608.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-29-at-3.03.39-PM-1024x608.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-29-at-3.03.39-PM-1024x608.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-29-at-3.03.39-PM-1024x608.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-29-at-3.03.39-PM-1024x608.png?w=440 440w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-29-at-3.03.39-PM-1024x608.png?w=369 369w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-29-at-3.03.39-PM-1024x608.png?w=80 80w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-29-at-3.03.39-PM-1024x608.png?w=1158 1158w" sizes="auto, (max-width: 1024px) 100vw, 1024px" /><figcaption>Source: Glassnode</figcaption></figure></div>



<h3 class="wp-block-heading">Long-term holders are stacking sats</h3>



<p>Long-term holders have increased their holdings over the past year, taking advantage of any price dips to acquire more of the number one digital asset.</p>



<p>This week&#8217;s <a href="https://insights.glassnode.com/the-week-onchain-week-52-2021/?utm_source=Email&amp;utm_medium=Newsletter&amp;utm_campaign=WOC-52" target="_blank" rel="noreferrer noopener">Glassnode report</a> states:</p>



<ul class="wp-block-list"><li><strong>Long-Term Holders </strong>added 1.846 million BTC to their holdings, bringing their total stack to 13.33 million BTC. This reflects an increase of 16% over the year.</li><li><strong>Short-Term Holder </strong>supply has declined by 1.428 million BTC, with this cohort currently holding 3.01 million BTC. This reflects a decline of 32% on the year.</li><li><strong>Sovereign Supply</strong>, defined as all coins held outside exchange reserves, is currently at an all-time-high of 16.34 million BTC.</li></ul>



<div class="wp-block-image"><figure class="aligncenter size-large"><img loading="lazy" decoding="async" width="1024" height="585" src="https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-29-at-3.21.50-PM-1024x585.png" alt="" class="wp-image-13305" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-29-at-3.21.50-PM-1024x585.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-29-at-3.21.50-PM-1024x585.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-29-at-3.21.50-PM-1024x585.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-29-at-3.21.50-PM-1024x585.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-29-at-3.21.50-PM-1024x585.png?w=457 457w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-29-at-3.21.50-PM-1024x585.png?w=384 384w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-29-at-3.21.50-PM-1024x585.png?w=80 80w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-29-at-3.21.50-PM-1024x585.png?w=1156 1156w" sizes="auto, (max-width: 1024px) 100vw, 1024px" /><figcaption>Source: Glassnode</figcaption></figure></div>



<h3 class="wp-block-heading">BTC on exchanges close to flat for 2021</h3>



<p>The amount of bitcoin held on centralized exchanges is down 67,800 BTC on the year, representing a decline of 2.6%, according to <a href="https://insights.glassnode.com/the-week-onchain-week-52-2021/?utm_source=Email&amp;utm_medium=Newsletter&amp;utm_campaign=WOC-52" target="_blank" rel="noreferrer noopener">Glassnode</a>.</p>



<p>It is worth noting that the BTC inflation rate has been hovering around 1.75% since the halving took place in May of 2020, according to data from <a href="https://charts.woobull.com/bitcoin-inflation/" target="_blank" rel="noreferrer noopener">woobull.com</a>. This implies long-term holders and miners are keeping freshly minted BTC off of exchanges. </p>



<div class="wp-block-image"><figure class="aligncenter size-large"><img loading="lazy" decoding="async" width="1024" height="535" src="https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-29-at-3.37.16-PM-1024x535.png" alt="" class="wp-image-13306" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-29-at-3.37.16-PM-1024x535.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-29-at-3.37.16-PM-1024x535.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-29-at-3.37.16-PM-1024x535.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-29-at-3.37.16-PM-1024x535.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-29-at-3.37.16-PM-1024x535.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-29-at-3.37.16-PM-1024x535.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-29-at-3.37.16-PM-1024x535.png?w=80 80w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-29-at-3.37.16-PM-1024x535.png?w=1172 1172w" sizes="auto, (max-width: 1024px) 100vw, 1024px" /><figcaption>Source: charts.woobull.com</figcaption></figure></div>



<h3 class="wp-block-heading">Futures and BTC volatility</h3>



<p>The <a href="https://insights.glassnode.com/the-week-onchain-week-52-2021/?utm_source=Email&amp;utm_medium=Newsletter&amp;utm_campaign=WOC-52" target="_blank" rel="noreferrer noopener">Glassnode report</a> continues: &#8220;Whilst futures open interest is still some way off all-time-highs, rapid increases in leverage can indicate a clustering of stop-losses and liquidation levels in close proximity to the current price. This adds higher probabilities to a potential short, or long squeeze in the more immediate term.&#8221;</p>



<div class="wp-block-image"><figure class="aligncenter size-large"><img loading="lazy" decoding="async" width="1024" height="583" src="https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-29-at-4.12.08-PM-1-1024x583.png" alt="" class="wp-image-13309" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-29-at-4.12.08-PM-1-1024x583.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-29-at-4.12.08-PM-1-1024x583.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-29-at-4.12.08-PM-1-1024x583.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-29-at-4.12.08-PM-1-1024x583.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-29-at-4.12.08-PM-1-1024x583.png?w=459 459w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-29-at-4.12.08-PM-1-1024x583.png?w=385 385w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-29-at-4.12.08-PM-1-1024x583.png?w=80 80w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-29-at-4.12.08-PM-1-1024x583.png?w=1160 1160w" sizes="auto, (max-width: 1024px) 100vw, 1024px" /></figure></div>



<p>Some industry experts, such as Caitlin Long, believe that the increase in derivatives surrounding BTC, such as a futures-backed ETF, has led to price suppression.</p>



<p>She took to <a href="https://twitter.com/CaitlinLong_/status/1292988036704161792?s=20" target="_blank" rel="noreferrer noopener">Twitter</a> over a year ago saying, &#8220;This question has been gnawing at me: how does all the price suppression that has hit Bitcoin in the past ~3yrs (as the bad kind of financialization started permeating the mkt) jive with Plan B&#8217;s stock-to-flow model? Answer: gold, silver, etc are massively rehypothecated too. An asset that has a fixed emission schedule &amp; HASN&#8217;T been rehypothecated yet logically performs better than one that already has been, all else equal.&#8221;</p>



<p>Her point is that demand for bitcoin is being absorbed by investment vehicles, such as BITO and leveraged trading on various exchanges, that would otherwise flow into the Bitcoin network on-chain and be shown via price appreciation. </p>



<h3 class="wp-block-heading">NFTs</h3>



<p>Trading data from <a href="https://opensea.io/rankings" target="_blank" rel="noreferrer noopener">OpenSea</a> and <a href="https://solanalysis.com" target="_blank" rel="noreferrer noopener">Solanalysis</a> of some of the top Solana and Ethereum projects can be found below:</p>



<div class="wp-block-image"><figure class="aligncenter size-large"><img loading="lazy" decoding="async" width="1024" height="333" src="https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-29-at-4.13.01-PM-1024x333.png" alt="" class="wp-image-13310" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-29-at-4.13.01-PM-1024x333.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-29-at-4.13.01-PM-1024x333.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-29-at-4.13.01-PM-1024x333.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-29-at-4.13.01-PM-1024x333.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-29-at-4.13.01-PM-1024x333.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-29-at-4.13.01-PM-1024x333.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-29-at-4.13.01-PM-1024x333.png?w=80 80w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-29-at-4.13.01-PM-1024x333.png?w=1227 1227w" sizes="auto, (max-width: 1024px) 100vw, 1024px" /><figcaption>Top Ethereum Projects</figcaption></figure></div>



<div class="wp-block-image"><figure class="aligncenter size-large"><img loading="lazy" decoding="async" width="1024" height="359" src="https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-29-at-4.13.09-PM-1024x359.png" alt="" class="wp-image-13311" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-29-at-4.13.09-PM-1024x359.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-29-at-4.13.09-PM-1024x359.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-29-at-4.13.09-PM-1024x359.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-29-at-4.13.09-PM-1024x359.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-29-at-4.13.09-PM-1024x359.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-29-at-4.13.09-PM-1024x359.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-29-at-4.13.09-PM-1024x359.png?w=80 80w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-29-at-4.13.09-PM-1024x359.png?w=1198 1198w" sizes="auto, (max-width: 1024px) 100vw, 1024px" /><figcaption>Top Solana Projects </figcaption></figure></div>



<p>If you made it this far, thanks for reading and Happy New Year! I am looking forward to catching up in 2022.</p>



<hr class="wp-block-separator"/>



<p><strong>Get the day’s top crypto news and insights delivered to your inbox every evening.&nbsp;<a href="https://cms.blockworks.co/newsletter/" target="_blank" rel="noreferrer noopener">Subscribe to Blockworks’ free newsletter</a>&nbsp;now.</strong></p>



<hr class="wp-block-separator"/>


BTC Turbulence Continues Heading into 2022: Markets Wrap

<div id="highlights-block_617725d07bf3f" class="highlights">
        <ul>
                <li>Daily exchange volumes are down from the highs seen in May of 2021</li>
                <li>Activity on the Bitcoin network has been flat to down throughout 2021</li>
            </ul>
    
</div>



<p><meta charset="utf-8">The number of BTC wallet addresses holding 10 or more BTC has been in a downtrend since the end of 2020.</p>



<p>Daily exchange volume has yet to return to levels seen earlier in 2021 as they hover in the $25 billion to $50 billion range.</p>



<p>Active addresses on the Bitcoin network are down from 1.2 million at the beginning of 2021 to 995,000 today.</p>



<p>$120.87 million of long positions have been liquidated over the last 24 hours as a result of today&#8217;s BTC price action.</p>



<h3 class="wp-block-heading"><strong>Latest in Macro:</strong></h3>



<ul class="wp-block-list"><li>S&amp;P 500: 4,786, -0.10%</li><li>NASDAQ: 15,781, -0.56%</li><li>Gold: $1,805, -0.36%</li><li>WTI Crude Oil: $75.99, +0.56%</li><li>10-Year Treasury: 1.482%, +0.001%</li></ul>



<h3 class="wp-block-heading"><strong>Latest in Crypto:</strong></h3>



<ul class="wp-block-list"><li>BTC: $47,844, -6.70%</li><li>ETH: $3,831, -6.40%</li><li>ETH/BTC: 0.0800, +0.73%</li><li>BTC.D: 39.95%, -0.27%</li></ul>



<h3 class="wp-block-heading">Declining exchange volume</h3>



<p>Daily exchange volume has yet to return to levels seen earlier in 2021 as they hover in the $25 billion to $50 billion range, according to data from <a href="https://www.theblockcrypto.com/data/crypto-markets/spot" target="_blank" rel="noreferrer noopener">The Block</a>.</p>



<div class="wp-block-image"><figure class="aligncenter size-full"><img loading="lazy" decoding="async" width="911" height="391" src="https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-28-at-12.35.49-PM.png" alt="" class="wp-image-13248" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-28-at-12.35.49-PM.png?w=911 911w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-28-at-12.35.49-PM.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-28-at-12.35.49-PM.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-28-at-12.35.49-PM.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-28-at-12.35.49-PM.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-28-at-12.35.49-PM.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-28-at-12.35.49-PM.png?w=80 80w" sizes="auto, (max-width: 911px) 100vw, 911px" /><figcaption>Source: The Block</figcaption></figure></div>



<h3 class="wp-block-heading">Stagnant activity on the Bitcoin network</h3>



<p>Active addresses on the Bitcoin network are down from 1.2 million at the beginning of 2021 to 995,000 today, according to data from <a href="https://studio.glassnode.com/metrics?a=BTC&amp;category=Network%20Stats&amp;m=addresses.ActiveCount&amp;s=1609179676&amp;u=1640649600&amp;zoom=" target="_blank" rel="noreferrer noopener">Glassnode</a>.</p>



<div class="wp-block-image"><figure class="aligncenter size-large"><img loading="lazy" decoding="async" width="1024" height="576" src="https://blockworks-co.imgix.net/wp-content/uploads/2021/12/glassnode-studio_bitcoin-number-of-active-addresses-1024x576.png" alt="" class="wp-image-13252" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2021/12/glassnode-studio_bitcoin-number-of-active-addresses-1024x576.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/glassnode-studio_bitcoin-number-of-active-addresses-1024x576.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/glassnode-studio_bitcoin-number-of-active-addresses-1024x576.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/glassnode-studio_bitcoin-number-of-active-addresses-1024x576.png?w=1536 1536w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/glassnode-studio_bitcoin-number-of-active-addresses-1024x576.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/glassnode-studio_bitcoin-number-of-active-addresses-1024x576.png?w=464 464w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/glassnode-studio_bitcoin-number-of-active-addresses-1024x576.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/glassnode-studio_bitcoin-number-of-active-addresses-1024x576.png?w=80 80w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/glassnode-studio_bitcoin-number-of-active-addresses-1024x576.png?w=1800 1800w" sizes="auto, (max-width: 1024px) 100vw, 1024px" /><figcaption>Source: Glassnode</figcaption></figure></div>



<p>While institutional interest was a common narrative over 2021, the number of BTC wallet addresses holding 10 or more BTC has been in a downtrend since the end of 2020, according to data from <a href="https://studio.glassnode.com/metrics?a=BTC&amp;category=Addresses&amp;m=addresses.Min10Count&amp;s=1582131388&amp;u=1640649600&amp;zoom=" target="_blank" rel="noreferrer noopener">Glassnode</a>, as smart money took profits into price strength. </p>



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="576" src="https://blockworks-co.imgix.net/wp-content/uploads/2021/12/glassnode-studio_bitcoin-number-of-addresses-with-balance-≥-10-1024x576.png" alt="" class="wp-image-13253" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2021/12/glassnode-studio_bitcoin-number-of-addresses-with-balance-≥-10-1024x576.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/glassnode-studio_bitcoin-number-of-addresses-with-balance-≥-10-1024x576.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/glassnode-studio_bitcoin-number-of-addresses-with-balance-≥-10-1024x576.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/glassnode-studio_bitcoin-number-of-addresses-with-balance-≥-10-1024x576.png?w=1536 1536w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/glassnode-studio_bitcoin-number-of-addresses-with-balance-≥-10-1024x576.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/glassnode-studio_bitcoin-number-of-addresses-with-balance-≥-10-1024x576.png?w=464 464w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/glassnode-studio_bitcoin-number-of-addresses-with-balance-≥-10-1024x576.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/glassnode-studio_bitcoin-number-of-addresses-with-balance-≥-10-1024x576.png?w=80 80w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/glassnode-studio_bitcoin-number-of-addresses-with-balance-≥-10-1024x576.png?w=1800 1800w" sizes="auto, (max-width: 1024px) 100vw, 1024px" /><figcaption>Source: Glassnode</figcaption></figure>



<p>&#8220;&#8230;We are still digesting a large loss of active wallets from China and non-China growth, therefore, [the addition of new wallets needs to be greater than the loss of active wallets from China] to exceed that loss of accounts for the network to re-grow too. Likely a matter of time,&#8221; <a href="https://twitter.com/RaoulGMI/status/1475874111616335872?s=20" target="_blank" rel="noreferrer noopener">wrote</a> Raoul Pal, founder of Global Macro Investor. &#8220;Additionally, I didn’t mention that institutional rebalancing, tax-related selling and hedgies squaring books has also added to year-end weakness. This is more temporary, most likely&#8221;.</p>



<h3 class="wp-block-heading">Liquidations</h3>



<p>$120.87 million of long positions have been liquidated over the last 24 hours as a result of today&#8217;s BTC price action, according to data from <a href="https://www.coinglass.com/LiquidationData" target="_blank" rel="noreferrer noopener">Coinglass</a>.</p>



<div class="wp-block-image"><figure class="aligncenter size-large"><img loading="lazy" decoding="async" width="1024" height="410" src="https://blockworks-co.imgix.net/wp-content/uploads/2021/12/bybt_chart-6-5-1024x410.png" alt="" class="wp-image-13263" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2021/12/bybt_chart-6-5-1024x410.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/bybt_chart-6-5-1024x410.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/bybt_chart-6-5-1024x410.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/bybt_chart-6-5-1024x410.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/bybt_chart-6-5-1024x410.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/bybt_chart-6-5-1024x410.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/bybt_chart-6-5-1024x410.png?w=80 80w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/bybt_chart-6-5-1024x410.png?w=1248 1248w" sizes="auto, (max-width: 1024px) 100vw, 1024px" /><figcaption>Source: Coinglass</figcaption></figure></div>



<p>BTC futures open interest sits at $19.22 billion, according to <a href="https://www.coinglass.com/BitcoinOpenInterest" target="_blank" rel="noreferrer noopener">Coinglass</a>, so there are plenty of long side positions that are yet to be liquidated.</p>



<div class="wp-block-image"><figure class="aligncenter size-large"><img loading="lazy" decoding="async" width="1024" height="420" src="https://blockworks-co.imgix.net/wp-content/uploads/2021/12/bybt_chart-6-6-1024x420.png" alt="" class="wp-image-13264" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2021/12/bybt_chart-6-6-1024x420.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/bybt_chart-6-6-1024x420.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/bybt_chart-6-6-1024x420.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/bybt_chart-6-6-1024x420.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/bybt_chart-6-6-1024x420.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/bybt_chart-6-6-1024x420.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/bybt_chart-6-6-1024x420.png?w=80 80w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/bybt_chart-6-6-1024x420.png?w=1218 1218w" sizes="auto, (max-width: 1024px) 100vw, 1024px" /><figcaption>Source: Coinglass</figcaption></figure></div>



<h3 class="wp-block-heading">NFTs</h3>



<p>Trading data from <a href="https://opensea.io/rankings" target="_blank" rel="noreferrer noopener">OpenSea</a> and <a href="https://solanalysis.com" target="_blank" rel="noreferrer noopener">Solanalysis</a> of some of the top Solana and Ethereum projects can be found below:</p>



<div class="wp-block-image"><figure class="aligncenter size-large"><img loading="lazy" decoding="async" width="1024" height="336" src="https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-28-at-4.03.35-PM-1024x336.png" alt="" class="wp-image-13266" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-28-at-4.03.35-PM-1024x336.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-28-at-4.03.35-PM-1024x336.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-28-at-4.03.35-PM-1024x336.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-28-at-4.03.35-PM-1024x336.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-28-at-4.03.35-PM-1024x336.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-28-at-4.03.35-PM-1024x336.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-28-at-4.03.35-PM-1024x336.png?w=80 80w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-28-at-4.03.35-PM-1024x336.png?w=1228 1228w" sizes="auto, (max-width: 1024px) 100vw, 1024px" /><figcaption>Top Ethereum Projects</figcaption></figure></div>



<div class="wp-block-image"><figure class="aligncenter size-large"><img loading="lazy" decoding="async" width="1024" height="350" src="https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-28-at-4.03.46-PM-1024x350.png" alt="" class="wp-image-13267" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-28-at-4.03.46-PM-1024x350.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-28-at-4.03.46-PM-1024x350.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-28-at-4.03.46-PM-1024x350.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-28-at-4.03.46-PM-1024x350.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-28-at-4.03.46-PM-1024x350.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-28-at-4.03.46-PM-1024x350.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-28-at-4.03.46-PM-1024x350.png?w=80 80w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-28-at-4.03.46-PM-1024x350.png?w=1198 1198w" sizes="auto, (max-width: 1024px) 100vw, 1024px" /><figcaption>Top Solana Projects </figcaption></figure></div>



<p>If you made it this far, thanks for reading! I am looking forward to catching up tomorrow.</p>



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