Ben Strack

<div id="highlights-block_62b9d8fd7721c" class="highlights">
        <ul>
                <li>Assets in bitcoin-related offerings stand at $24.5 billion, the lowest since the beginning of 2021</li>
                <li>Purpose Investments accounted for $490 million of the bitcoin outflows last week</li>
            </ul>
    
</div>



<p>Net outflows from bitcoin investment products totaled $453 million amid the ongoing crypto market sell-off, CoinShares revealed in the firm’s <a href="https://blog.coinshares.com/volume-86-digital-asset-fund-flows-weekly-report-10b238f6e1ef" target="_blank" rel="noreferrer noopener">weekly report</a>, erasing almost all year-to-date inflows in the category.&nbsp;</p>



<p>Assets under management in these bitcoin-related offerings stand at $24.5 billion, the lowest point since the beginning of 2021.</p>



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="680" src="https://blockworks-co.imgix.net/wp-content/uploads/2022/06/Net-flows-by-asset-e1656352276362-1024x680.jpg" alt="" class="wp-image-23423" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2022/06/Net-flows-by-asset-e1656352276362-1024x680.jpg?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2022/06/Net-flows-by-asset-e1656352276362-1024x680.jpg?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2022/06/Net-flows-by-asset-e1656352276362-1024x680.jpg?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2022/06/Net-flows-by-asset-e1656352276362-1024x680.jpg?w=387 387w, https://blockworks-co.imgix.net/wp-content/uploads/2022/06/Net-flows-by-asset-e1656352276362-1024x680.jpg?w=393 393w, https://blockworks-co.imgix.net/wp-content/uploads/2022/06/Net-flows-by-asset-e1656352276362-1024x680.jpg?w=330 330w, https://blockworks-co.imgix.net/wp-content/uploads/2022/06/Net-flows-by-asset-e1656352276362-1024x680.jpg?w=80 80w, https://blockworks-co.imgix.net/wp-content/uploads/2022/06/Net-flows-by-asset-e1656352276362-1024x680.jpg?w=50 50w, https://blockworks-co.imgix.net/wp-content/uploads/2022/06/Net-flows-by-asset-e1656352276362-1024x680.jpg?w=1386 1386w" sizes="auto, (max-width: 1024px) 100vw, 1024px" /><figcaption>Net flows by asset | Source: Bloomberg, CoinShares</figcaption></figure>



<p>The outflows come as the price of bitcoin was $20,800 on Monday at noon ET — down about 27% from a month ago and down 70% from bitcoin’s all-time high last November.&nbsp;</p>



<p>Canadian fund provider Purpose Investments accounted for $490 million of bleeding, CoinShares data shows.</p>



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="580" src="https://blockworks-co.imgix.net/wp-content/uploads/2022/06/Flows-by-provider-1024x580.jpg" alt="" class="wp-image-23424" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2022/06/Flows-by-provider-1024x580.jpg?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2022/06/Flows-by-provider-1024x580.jpg?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2022/06/Flows-by-provider-1024x580.jpg?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2022/06/Flows-by-provider-1024x580.jpg?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2022/06/Flows-by-provider-1024x580.jpg?w=461 461w, https://blockworks-co.imgix.net/wp-content/uploads/2022/06/Flows-by-provider-1024x580.jpg?w=387 387w, https://blockworks-co.imgix.net/wp-content/uploads/2022/06/Flows-by-provider-1024x580.jpg?w=80 80w, https://blockworks-co.imgix.net/wp-content/uploads/2022/06/Flows-by-provider-1024x580.jpg?w=50 50w, https://blockworks-co.imgix.net/wp-content/uploads/2022/06/Flows-by-provider-1024x580.jpg?w=1424 1424w" sizes="auto, (max-width: 1024px) 100vw, 1024px" /><figcaption>Net flows by provider | Source: Bloomberg, CoinShares</figcaption></figure>



<p>Purpose Investments launched the world’s first ETF backed by physically settled bitcoin in February 2021 on the Toronto Stock Exchange. <a href="https://www.purposeinvest.com/funds/purpose-bitcoin-etf" target="_blank" rel="noreferrer noopener">The fund</a>, which gathered $1 billion in assets during its first month, now has roughly $640 million in assets.</p>



<p>&#8220;The outflows from last week were larger than previous weeks, however it’s normal course of operations,” Vlad Tasevski, Purpose Investments’ chief operating officer and head of product, told Blockworks in an email. “In fact, the key highlight is that the ETF was able to process that large size of outflows without any issue and without impacting the market.”</p>



<p>Other investors seek returns by betting against crypto: Products that short bitcoin notched net inflows of $15 million due to the launch of the first such product <a href="https://cms.blockworks.co/proshares-to-launch-first-us-etf-thats-bearish-on-bitcoin/" target="_blank" rel="noreferrer noopener">launching in the US last week</a>. The ProShares Bitcoin Short Strategy ETF (BITI) — designed to deliver the inverse performance of the S&amp;P CME Bitcoin Futures Index — traded more than 870,000 shares, or $35 million of value, on its second day of trading.</p>



<p>The bitcoin-related outflows drove the $423 million in net outflows across the broader crypto market, which was the largest figure on record by a wide margin, CoinShares Head of Research James Butterfill wrote in a blog post. The previous record had been $198 million of outflows, set in January.</p>



<p>The total outflows from crypto-related products last week was the third largest in terms of its total relative to assets under management — representing 1.2% of assets. The crypto bear market of February 2018 resulted in a week in which outflows accounted for 1.6% of assets.</p>



<p>“Historically, massive outflows such as this have marked turning points in sentiment, although as in 2018&#8217;s case, the inflows were slow to recover,” Butterfill told Blockworks. “Interestingly, we have recently begun to see outflows in short-bitcoin investment products, suggesting investors are becoming less bearish.”</p>



<p>Outside of bitcoin-related investment vehicles, ether products had $11 million of inflows last week, breaking a streak of 11 straight weeks of outflows.</p>



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



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Bitcoin Investment Products Endured $453M of Outflows Last Week

Sam Martin

<div id="highlights-block_617725d07bf3f" class="highlights">
        <ul>
                <li>Digital asset investment products saw first week of outflows in over 4 months</li>
                <li>Terra becomes the second largest layer-1 chain when measured by TVL</li>
            </ul>
    
</div>



<p>Digital asset investment products saw first week of outflows in over four months, according to a CoinShares <a href="https://coinshares.com/research/digital-asset-fund-flows">report</a>.</p>



<p>Terra becomes the second largest layer-1 chain when measured by TVL, according to DeFi Llama.</p>



<p>Margined open interest on BTC is more heavily weighted towards stablecoin margined open interest, implying a healthier market structure.</p>



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



<ul class="wp-block-list"><li>S&amp;P 500: 4,568, -1.14%</li><li>NASDAQ: 14,980, -1.24%</li><li>Gold: $1,789, -0.60%</li><li>WTI Crude Oil: $68.66, -3.10%</li><li>10-Year Treasury: 1.429%, +0.027%</li></ul>



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



<ul class="wp-block-list"><li>BTC: $47,291, +0.91%</li><li>ETH: $3,943, +0.14%</li><li>ETH/BTC: 0.0833, -0.98%</li><li>BTC.D: 40.57%, +0.49%</li></ul>



<h3 class="wp-block-heading">Crypto investment products see outflows </h3>



<p>Digital asset investment products saw outflows totaling US$142m for the week ending on December 17th, the first outflow following a 17 week run of inflows, according to CoinShares latest fund flows <a href="https://coinshares.com/research/digital-asset-fund-flows" target="_blank" rel="noreferrer noopener">report</a>. The largest previous outflow took place in June of 2021 where weekly outflows totaled $97 million. </p>



<div class="wp-block-image"><figure class="aligncenter size-large"><img loading="lazy" decoding="async" width="1024" height="769" src="https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-20-at-2.47.55-PM-1024x769.png" alt="" class="wp-image-12976" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-20-at-2.47.55-PM-1024x769.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-20-at-2.47.55-PM-1024x769.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-20-at-2.47.55-PM-1024x769.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-20-at-2.47.55-PM-1024x769.png?w=342 342w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-20-at-2.47.55-PM-1024x769.png?w=347 347w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-20-at-2.47.55-PM-1024x769.png?w=292 292w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-20-at-2.47.55-PM-1024x769.png?w=80 80w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-20-at-2.47.55-PM-1024x769.png?w=1294 1294w" sizes="auto, (max-width: 1024px) 100vw, 1024px" /><figcaption>Source: CoinShares</figcaption></figure></div>



<p>The <a href="https://coinshares.com/research/digital-asset-fund-flows" target="_blank" rel="noreferrer noopener">report notes</a> that while the outflows appear alarming at first glance, there are a few key factors to consider for better context:</p>



<ul class="wp-block-list"><li>The outflows come at a time when the Federal Reserve has signaled increased tapering of asset purchases and rate hikes in 2022, which has spurred outflows across all risk-on assets</li><li>Outflows only represent 0.23% of the total assets under management (AUM) versus the outflows seen in early 2018 at the start of the bear market, which were equal to 1.60% of AUM at the time.</li><li>Inflows peaked at $9.5 billion for 2021 versus the total inflows of $6.7 billion seen in 2020, marking a record year of inflows for digital asset investment products.</li></ul>



<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="932" height="648" src="https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-20-at-3.20.05-PM.png" alt="" class="wp-image-12980" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-20-at-3.20.05-PM.png?w=932 932w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-20-at-3.20.05-PM.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-20-at-3.20.05-PM.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-20-at-3.20.05-PM.png?w=370 370w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-20-at-3.20.05-PM.png?w=375 375w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-20-at-3.20.05-PM.png?w=315 315w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-20-at-3.20.05-PM.png?w=80 80w" sizes="auto, (max-width: 932px) 100vw, 932px" /><figcaption>Source: CoinShares</figcaption></figure>



<p>Bitcoin products saw outflows equal to $89.2 million, which was enough to push month-to-date flows into negative territory.</p>



<p>Ethereum investment products saw record outflows last week, totaling $64 million according to the CoinShares <a href="https://medium.com/coinshares/volume-59-digital-asset-fund-flows-weekly-5a107746bc52" target="_blank" rel="noreferrer noopener">report</a>.</p>



<p>While the two blue-chip digital assets saw outflows from investment vehicles, Solana, Polkadot, Cardano, Ripple and others saw net inflows despite the volatility seen in the digital assets market over the past few weeks.</p>



<div class="wp-block-image"><figure class="aligncenter size-full"><img loading="lazy" decoding="async" width="702" height="590" src="https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-20-at-3.26.51-PM.png" alt="" class="wp-image-12981" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-20-at-3.26.51-PM.png?w=702 702w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-20-at-3.26.51-PM.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-20-at-3.26.51-PM.png?w=306 306w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-20-at-3.26.51-PM.png?w=311 311w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-20-at-3.26.51-PM.png?w=261 261w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-20-at-3.26.51-PM.png?w=80 80w" sizes="auto, (max-width: 702px) 100vw, 702px" /><figcaption>Source: CoinShares</figcaption></figure></div>



<h3 class="wp-block-heading">Terra (LUNA) climbs to number 2 chain by TVL</h3>



<p>Terra (LUNA) ousted Binance Smart Chain (BSC) and Avalanche (AVAX) over the weekend to become the second largest layer-1 chain when measured by total value locked (TVL). Terra currently boasts $17.66 billion of TVL according to data from <a href="https://defillama.com/chains" target="_blank" rel="noreferrer noopener">DeFi Llama</a>. The large increase in TVL can be attributed to the liquidity bootstrapping phase for a new DEX on Terra, <a href="https://lockdrop.astroport.fi" target="_blank" rel="noreferrer noopener">Astroport</a>, that concluded over the weekend.</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/Terra-TVL-1024x576.jpg" alt="" class="wp-image-12983" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Terra-TVL-1024x576.jpg?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Terra-TVL-1024x576.jpg?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Terra-TVL-1024x576.jpg?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Terra-TVL-1024x576.jpg?w=1536 1536w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Terra-TVL-1024x576.jpg?w=2048 2048w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Terra-TVL-1024x576.jpg?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Terra-TVL-1024x576.jpg?w=464 464w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Terra-TVL-1024x576.jpg?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Terra-TVL-1024x576.jpg?w=80 80w" sizes="auto, (max-width: 1024px) 100vw, 1024px" /><figcaption>Source: DeFi Llama</figcaption></figure></div>



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



<p>The percentage of BTC supply held of centralized exchanges is hovering near 3-year lows, according to data from <a href="https://studio.glassnode.com/metrics?a=BTC&amp;category=Exchanges&amp;m=distribution.BalanceExchangesRelative&amp;modal=loginForm&amp;s=1517529508&amp;u=1639958400&amp;zoom=" target="_blank" rel="noreferrer noopener">Glassnode</a>.</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-percent-balance-on-exchanges-all-exchanges-2-1024x576.png" alt="" class="wp-image-12984" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2021/12/glassnode-studio_bitcoin-percent-balance-on-exchanges-all-exchanges-2-1024x576.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/glassnode-studio_bitcoin-percent-balance-on-exchanges-all-exchanges-2-1024x576.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/glassnode-studio_bitcoin-percent-balance-on-exchanges-all-exchanges-2-1024x576.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/glassnode-studio_bitcoin-percent-balance-on-exchanges-all-exchanges-2-1024x576.png?w=1536 1536w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/glassnode-studio_bitcoin-percent-balance-on-exchanges-all-exchanges-2-1024x576.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/glassnode-studio_bitcoin-percent-balance-on-exchanges-all-exchanges-2-1024x576.png?w=464 464w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/glassnode-studio_bitcoin-percent-balance-on-exchanges-all-exchanges-2-1024x576.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/glassnode-studio_bitcoin-percent-balance-on-exchanges-all-exchanges-2-1024x576.png?w=80 80w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/glassnode-studio_bitcoin-percent-balance-on-exchanges-all-exchanges-2-1024x576.png?w=1800 1800w" sizes="auto, (max-width: 1024px) 100vw, 1024px" /><figcaption>Source: Glassnode </figcaption></figure>



<p>&#8220;There are two types of BTC derivatives: BTC/crypto margined and stablecoin/USD margined,&#8221; <a href="https://twitter.com/DylanLeClair_/status/1472996720669863944?s=20" target="_blank" rel="noreferrer noopener">wrote</a> on-chain analyst, Dylan LeClair. &#8220;BTC margined longs are unfavorable versus stablecoins during a market downturn because as asset prices fall traders using BTC as collateral are liquidated.&#8221; </p>



<p>As seen in the below chart, stablecoin margined open interest is outpacing BTC/crypto margined open interest which is seen as a healthier market structure.</p>



<div class="wp-block-image"><figure class="aligncenter size-large"><img loading="lazy" decoding="async" width="1024" height="771" src="https://blockworks-co.imgix.net/wp-content/uploads/2021/12/@DylanLeClair_-1024x771.png" alt="" class="wp-image-12985" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2021/12/@DylanLeClair_-1024x771.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/@DylanLeClair_-1024x771.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/@DylanLeClair_-1024x771.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/@DylanLeClair_-1024x771.png?w=1536 1536w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/@DylanLeClair_-1024x771.png?w=341 341w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/@DylanLeClair_-1024x771.png?w=346 346w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/@DylanLeClair_-1024x771.png?w=291 291w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/@DylanLeClair_-1024x771.png?w=80 80w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/@DylanLeClair_-1024x771.png?w=1634 1634w" sizes="auto, (max-width: 1024px) 100vw, 1024px" /><figcaption>Source: @DylanLeClair_</figcaption></figure></div>



<h3 class="wp-block-heading">Non-Fungible Tokens (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="328" src="https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-20-at-4.23.21-PM-1024x328.png" alt="" class="wp-image-12986" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-20-at-4.23.21-PM-1024x328.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-20-at-4.23.21-PM-1024x328.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-20-at-4.23.21-PM-1024x328.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-20-at-4.23.21-PM-1024x328.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-20-at-4.23.21-PM-1024x328.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-20-at-4.23.21-PM-1024x328.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-20-at-4.23.21-PM-1024x328.png?w=80 80w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-20-at-4.23.21-PM-1024x328.png?w=1223 1223w" 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="287" src="https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-20-at-4.23.10-PM-1024x287.png" alt="" class="wp-image-12987" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-20-at-4.23.10-PM-1024x287.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-20-at-4.23.10-PM-1024x287.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-20-at-4.23.10-PM-1024x287.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-20-at-4.23.10-PM-1024x287.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-20-at-4.23.10-PM-1024x287.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-20-at-4.23.10-PM-1024x287.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-20-at-4.23.10-PM-1024x287.png?w=80 80w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-20-at-4.23.10-PM-1024x287.png?w=1196 1196w" 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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