Sam Martin

<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"/>



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


Bitcoin

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>



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