David Canellis

<div id="highlights-block_628e0c5e8412c" class="highlights">
        <ul>
                <li>Almost all of Uniswap’s total volume occurred in the past year</li>
                <li>Uniswap’s average trade value has surged from $200 to $24,000</li>
            </ul>
    
</div>



<p>Ethereum’s premiere decentralized exchange (DEX) Uniswap has now handled more than $1 trillion worth of crypto trades since its launch in 2018.</p>



<p>Uniswap Labs, the New York-based software firm behind the platform, shared the milestone in a <a href="https://twitter.com/Uniswap/status/1529102980296867842">tweet</a> on Tuesday afternoon.</p>



<p>While Uniswap has been around for three and a half years, nearly 80% ($791.8 billion) of its cumulative trade volume came in the past year.&nbsp;</p>



<p>Half of all Uniswap volume occurred in the past eight months as crypto prices collapsed, according to Dune Analytics <a href="https://dune.com/danrobinson/uniswap-combined-metrics" target="_blank" rel="noreferrer noopener">dashboards</a>. The platform has seen $52.5 billion in trades so far in May.</p>



<p>Uniswap’s top month by US dollar trade volume was last November, when it handled more than $85.5 billion.</p>



<p>DEXs such as Uniswap differ from centralized exchanges (CEXs) like Coinbase and Binance, which generally pool users’ digital assets together and action trades quickly through the use of off-chain databases.</p>



<p>In a bid to minimize trust, Uniswap and other DEXs directly match trades via users’ blockchain addresses. They rely on liquidity providers instead of privately-managed databases to keep order books running smoothly, although DEX fees are generally higher than their centralized counterparts.&nbsp;</p>



<p>Low liquidity on certain pairs and volatile Ethereum network fees can also mean slightly higher asset prices compared to CEXs. The higher costs are generally considered the part of the process of transacting without trusted third parties. Uniswap is available on Ethereum scaling solutions Arbitrum, Optimism and Polygon, which allow for low cost trade execution.</p>



<p>There is currently $5.92 billion worth of cryptocurrency <a href="https://info.uniswap.org/#/" target="_blank" rel="noreferrer noopener">locked</a> inside Uniswap, down about 56% from its $10.46 billion peak last November, according to <a href="https://defillama.com/protocol/uniswap" target="_blank" rel="noreferrer noopener">DeFi Llama</a>.</p>



<div class="wp-block-image"><figure class="aligncenter size-full"><img decoding="async" loading="lazy" width="921" height="457" src="https://blockworks-co.imgix.net/wp-content/uploads/2022/05/Screenshot-2022-05-25-at-13.30.54-1.jpg" alt="" class="wp-image-22044" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2022/05/Screenshot-2022-05-25-at-13.30.54-1.jpg?w=921 921w, https://blockworks-co.imgix.net/wp-content/uploads/2022/05/Screenshot-2022-05-25-at-13.30.54-1.jpg?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2022/05/Screenshot-2022-05-25-at-13.30.54-1.jpg?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2022/05/Screenshot-2022-05-25-at-13.30.54-1.jpg?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2022/05/Screenshot-2022-05-25-at-13.30.54-1.jpg?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2022/05/Screenshot-2022-05-25-at-13.30.54-1.jpg?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2022/05/Screenshot-2022-05-25-at-13.30.54-1.jpg?w=80 80w, https://blockworks-co.imgix.net/wp-content/uploads/2022/05/Screenshot-2022-05-25-at-13.30.54-1.jpg?w=50 50w" sizes="(max-width: 921px) 100vw, 921px" /><figcaption>1-year TVL of Uniswap across all chains; Source: <a href="https://defillama.com/protocol/uniswap" target="_blank" rel="noreferrer noopener">DeFi Llama</a></figcaption></figure></div>



<p>Of that value locked, nearly 97% is on the Ethereum mainnet.</p>



<p>The price of Uniswap’s native token, UNI, has collapsed 87% since its May 2021 peak of $45.</p>



<p>Overall, Uniswap has facilitated roughly 94 million trades since its inception involving 8.3 million unique blockchain addresses, with an average trade value of about $10,600. Uniswap trades were on average worth less than $200 in January 2019; this month’s average trade is worth $24,000.</p>



<p>In September 2021, <a href="https://www.wsj.com/articles/regulators-investigate-crypto-exchange-developer-uniswap-labs-11630666800" target="_blank" rel="noreferrer noopener">reports</a> surfaced indicating the US Securities and Exchange Commission had launched a civil investigation into Uniswap Labs to learn how it is used and marketed. There have been no updates to the case at this time, but last month the firm’s parent company, Universal Navigation Inc., was hit with <a href="https://cms.blockworks.co/crypto-exchange-uniswap-hit-with-class-action-lawsuit-alleging-wrongdoing/" target="_blank" rel="noreferrer noopener">a class-action lawsuit</a>, alleging violations of US securities laws.</p>



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


Uniswap Hits $1T Trade Volume Milestone

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><strong>Latest in Macro:</strong></h3>



<ul><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><strong>Latest in Crypto:</strong></h3>



<ul><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>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>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 decoding="async" loading="lazy" 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="(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 decoding="async" loading="lazy" 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="(max-width: 1024px) 100vw, 1024px" /></figure>



<h3>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 decoding="async" loading="lazy" 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="(max-width: 1024px) 100vw, 1024px" /><figcaption>Source: Coinglass</figcaption></figure></div>



<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" 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="(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 decoding="async" loading="lazy" 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="(max-width: 1024px) 100vw, 1024px" /><figcaption>Source: Laevitas.ch</figcaption></figure>



<h3>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 decoding="async" loading="lazy" 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="(max-width: 1024px) 100vw, 1024px" /><figcaption>Top Ethereum Projects</figcaption></figure></div>



<div class="wp-block-image"><figure class="aligncenter size-large"><img decoding="async" loading="lazy" 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="(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"/>


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><strong>Latest in Macro:</strong></h3>



<ul><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><strong>Latest in Crypto:</strong></h3>



<ul><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>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 decoding="async" loading="lazy" 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="(max-width: 948px) 100vw, 948px" /><figcaption>Source: Trading View</figcaption></figure></div>



<h3>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><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 decoding="async" loading="lazy" 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="(max-width: 948px) 100vw, 948px" /><figcaption>Source: intotheblock</figcaption></figure></div>



<div class="wp-block-image"><figure class="aligncenter size-large"><img decoding="async" loading="lazy" 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="(max-width: 1024px) 100vw, 1024px" /><figcaption>Source: intotheblock</figcaption></figure></div>



<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" 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="(max-width: 1024px) 100vw, 1024px" /><figcaption>Source: intotheblock</figcaption></figure>



<h3>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 decoding="async" loading="lazy" 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="(max-width: 1024px) 100vw, 1024px" /><figcaption>Source: Dune Analytics</figcaption></figure></div>



<h3>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 decoding="async" loading="lazy" 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="(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 decoding="async" loading="lazy" 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="(max-width: 1024px) 100vw, 1024px" /><figcaption>Top Ethereum Projects</figcaption></figure></div>



<div class="wp-block-image"><figure class="aligncenter size-large"><img decoding="async" loading="lazy" 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="(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><strong>Latest in Macro:</strong></h3>



<ul>
<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><strong>Latest in Crypto:</strong></h3>



<ul>
<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>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 decoding="async" loading="lazy" 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="(max-width: 644px) 100vw, 644px" /><figcaption class="wp-element-caption">Source: @LynAldenContact</figcaption></figure></div>


<h3>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 decoding="async" loading="lazy" 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="(max-width: 1024px) 100vw, 1024px" /><figcaption class="wp-element-caption">Source: Laevitas.ch</figcaption></figure></div>


<h3>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 decoding="async" loading="lazy" 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="(max-width: 1024px) 100vw, 1024px" /><figcaption class="wp-element-caption">Source: Glassnode</figcaption></figure></div>


<h3>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 decoding="async" loading="lazy" 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="(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 decoding="async" loading="lazy" 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="(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 decoding="async" loading="lazy" 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="(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>



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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><strong>Latest in Macro:</strong></h3>



<ul><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><strong>Latest in Crypto:</strong></h3>



<ul><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>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 decoding="async" loading="lazy" 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="(max-width: 1024px) 100vw, 1024px" /><figcaption>Source: Glassnode</figcaption></figure></div>



<h3>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 decoding="async" loading="lazy" 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="(max-width: 1024px) 100vw, 1024px" /><figcaption>Source: Glassnode</figcaption></figure></div>



<h3>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><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 decoding="async" loading="lazy" 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="(max-width: 1024px) 100vw, 1024px" /><figcaption>Source: Glassnode</figcaption></figure></div>



<h3>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 decoding="async" loading="lazy" 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="(max-width: 1024px) 100vw, 1024px" /><figcaption>Source: charts.woobull.com</figcaption></figure></div>



<h3>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 decoding="async" loading="lazy" 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="(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>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 decoding="async" loading="lazy" 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="(max-width: 1024px) 100vw, 1024px" /><figcaption>Top Ethereum Projects</figcaption></figure></div>



<div class="wp-block-image"><figure class="aligncenter size-large"><img decoding="async" loading="lazy" 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="(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>



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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><strong>Latest in Macro:</strong></h3>



<ul><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><strong>Latest in Crypto:</strong></h3>



<ul><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>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 decoding="async" loading="lazy" 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="(max-width: 911px) 100vw, 911px" /><figcaption>Source: The Block</figcaption></figure></div>



<h3>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 decoding="async" loading="lazy" 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="(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 decoding="async" loading="lazy" 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="(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>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 decoding="async" loading="lazy" 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="(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 decoding="async" loading="lazy" 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="(max-width: 1024px) 100vw, 1024px" /><figcaption>Source: Coinglass</figcaption></figure></div>



<h3>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 decoding="async" loading="lazy" 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="(max-width: 1024px) 100vw, 1024px" /><figcaption>Top Ethereum Projects</figcaption></figure></div>



<div class="wp-block-image"><figure class="aligncenter size-large"><img decoding="async" loading="lazy" 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="(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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BTC Retreats as Digital Assets Sell Off: Markets Wrap

<div id="highlights-block_617725d07bf3f" class="highlights">
        <ul>
                <li>Bored Ape Yacht Club flips CryptoPunks in terms of floor price</li>
                <li>Axie Infinity remains the largest NFT collection by trading volume over the past 7 days</li>
            </ul>
    
</div>



<p>Bored Ape Yacht Club flips CryptoPunks in terms of floor price. </p>



<p>Opensea volume has rebounded during the month of December.</p>



<p>Axie Infinity is still the largest non-fungible token collection by trading volume over the past 7 days.</p>



<h3><strong>Latest in Macro:</strong></h3>



<ul><li>S&amp;P 500: 4,696, +1.02%</li><li>NASDAQ: 15,521, +1.18%</li><li>Gold: $1,803, +0.76%</li><li>WTI Crude Oil: $72.96, +2.60%</li><li>10-Year Treasury: 1.453%, -0.034%</li></ul>



<h3><strong>Latest in Crypto:</strong></h3>



<ul><li>BTC: $49,214, +0.40%</li><li>ETH: $4,035, -0.10%</li><li>ETH/BTC: 0.0819, -0.17%</li><li>BTC.D: 40.37%, -0.74%</li></ul>



<h3>BAYC flips CryptoPunks floor price</h3>



<p>Popular NFT art collections Bored Ape Yacht Club (BAYC) and CryptoPunks have seen their floor prices, the lowest priced piece of art in a given collection currently for sale on a secondary market, converge over the past month.</p>



<p>Today the BAYC floor price officially ousted CryptoPunks as the most expensive NFT community to join, with its floor prices sitting at 52.84 ETH and 52 ETH, respectively, according to data from <a href="https://dune.xyz/hildobby/BAYC-vs-CryptoPunks" target="_blank" rel="noreferrer noopener">Dune Analytics</a>. </p>



<div class="wp-block-image"><figure class="aligncenter size-full"><img decoding="async" loading="lazy" width="916" height="365" src="https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-22-at-2.02.20-PM.png" alt="" class="wp-image-13071" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-22-at-2.02.20-PM.png?w=916 916w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-22-at-2.02.20-PM.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-22-at-2.02.20-PM.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-22-at-2.02.20-PM.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-22-at-2.02.20-PM.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-22-at-2.02.20-PM.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-22-at-2.02.20-PM.png?w=80 80w" sizes="(max-width: 916px) 100vw, 916px" /><figcaption>Source: Dune Analytics</figcaption></figure></div>



<p>The rise of BAYC can in part be attributed to high-profile celebrities such as <a href="https://cointelegraph.com/news/post-malone-features-bayc-nfts-in-new-music-video-with-the-weeknd" target="_blank" rel="noreferrer noopener">Post Malone</a>, <a href="https://nftevening.com/nba-legend-stephen-curry-buys-bored-ape-nft-for-180000/" target="_blank" rel="noreferrer noopener">Steph Curry</a> and <a href="https://www.yahoo.com/now/tv-host-jimmy-fallon-reveals-164716453.html" target="_blank" rel="noreferrer noopener">Jimmy Fallon</a> purchasing apes to become part of the community.</p>



<p> &#8220;We describe NFTs as stores of culture because they embody a moment in history,&#8221; Yat Siu, co-founder and chairman of NFT game developer Animoca Brands, <a href="https://cointelegraph.com/news/nfts-offer-a-new-way-for-society-to-store-culture-says-animoca-brands-ceo" target="_blank" rel="noreferrer noopener">said</a> in a Cointelegraph interview. </p>



<p>Many NFT market participants believe that these profile pictures are representative of their identities online and are not open to selling, even at a price tag equal to over $210,000. </p>



<p>&#8220;Heyy are you interested in selling me your pink Bored Ape? I&#8217;m absolutely in love with it,&#8221; billionaire Kylie Jenner messaged @WillyTheDegen, an anonymous NFT collector, on <a href="https://twitter.com/WillyTheDegen/status/1455708737847451657?s=20" target="_blank" rel="noreferrer noopener">Twitter</a>. </p>



<p>Willy <a href="https://twitter.com/WillyTheDegen/status/1455712522816819206?s=20" target="_blank" rel="noreferrer noopener">tweeted</a> in response to her direct message saying, &#8220;I hit delete message, by the way. Diamond hands baby,&#8221; and proceeded to block her, &#8220;for the culture.&#8221; </p>



<figure class="wp-block-embed aligncenter is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"><p lang="en" dir="ltr">For the culture <a href="https://t.co/CRnHjlpGiM">pic.twitter.com/CRnHjlpGiM</a></p>&mdash; Willy ₿ullish 🍌 (@WillyTheDegen) <a href="https://twitter.com/WillyTheDegen/status/1455721284927582208?ref_src=twsrc%5Etfw">November 3, 2021</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



<p>While BAYC floor price has in fact flipped CryptoPunks, it is worth noting that the lifetime trading volume is more than double BAYC&#8217;s with nearly 670,000 volume of ETH traded, according to data from <a href="https://dune.xyz/hildobby/BAYC-vs-CryptoPunks" target="_blank" rel="noreferrer noopener">Dune Analytics</a>. </p>



<p>BAYC is also planning to launch a token in early 2022, which could be contributing to the price appreciation according to <a href="https://www.theblockcrypto.com/linked/119966/bored-ape-yacht-club-plans-to-launch-its-own-token-in-q1-of-2022" target="_blank" rel="noreferrer noopener">The Block</a>.</p>



<h3>Opensea volume rebounds</h3>



<p>Opensea volume has rebounded during the month of December, on pace to hit roughly $2.82 billion in monthly sales, according to data from <a href="https://dune.xyz/rchen8/opensea" target="_blank" rel="noreferrer noopener">Dune Analytics</a>.</p>



<p>If OpenSea&#8217;s trading volume maintains its current pace, this would mark the highest number since September. Daily volume has been tapering off over the past few days, but maybe those last-minute Christmas shoppers will push volumes higher.</p>



<div class="wp-block-image"><figure class="aligncenter size-large"><img decoding="async" loading="lazy" width="1024" height="264" src="https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-22-at-4.29.31-PM-1024x264.png" alt="" class="wp-image-13080" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-22-at-4.29.31-PM-1024x264.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-22-at-4.29.31-PM-1024x264.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-22-at-4.29.31-PM-1024x264.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-22-at-4.29.31-PM-1024x264.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-22-at-4.29.31-PM-1024x264.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-22-at-4.29.31-PM-1024x264.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-22-at-4.29.31-PM-1024x264.png?w=80 80w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-22-at-4.29.31-PM-1024x264.png?w=1137 1137w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption>Source: @bit_hedge</figcaption></figure></div>



<h3>NFTs overview</h3>



<p>Despite a lot of action going on in the world of NFTs, Axie Infinity was still the top collection by sales according to data collected by the <a href="https://twitter.com/esatoshiclub/status/1473758238445350931?s=20" target="_blank" rel="noreferrer noopener">Satoshi Club</a>.</p>



<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="798" src="https://blockworks-co.imgix.net/wp-content/uploads/2021/12/top-5-last-week-1024x798.jpg" alt="" class="wp-image-13081" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2021/12/top-5-last-week-1024x798.jpg?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/top-5-last-week-1024x798.jpg?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/top-5-last-week-1024x798.jpg?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/top-5-last-week-1024x798.jpg?w=1536 1536w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/top-5-last-week-1024x798.jpg?w=2048 2048w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/top-5-last-week-1024x798.jpg?w=330 330w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/top-5-last-week-1024x798.jpg?w=335 335w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/top-5-last-week-1024x798.jpg?w=281 281w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/top-5-last-week-1024x798.jpg?w=80 80w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption>Source: @esatoshiclub</figcaption></figure>



<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 decoding="async" loading="lazy" width="1024" height="337" src="https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-22-at-4.33.25-PM-1024x337.png" alt="" class="wp-image-13082" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-22-at-4.33.25-PM-1024x337.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-22-at-4.33.25-PM-1024x337.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-22-at-4.33.25-PM-1024x337.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-22-at-4.33.25-PM-1024x337.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-22-at-4.33.25-PM-1024x337.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-22-at-4.33.25-PM-1024x337.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-22-at-4.33.25-PM-1024x337.png?w=80 80w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-22-at-4.33.25-PM-1024x337.png?w=1235 1235w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption>Top Ethereum Projects</figcaption></figure></div>



<div class="wp-block-image"><figure class="aligncenter size-large"><img decoding="async" loading="lazy" width="1024" height="285" src="https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-22-at-4.33.33-PM-1024x285.png" alt="" class="wp-image-13083" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-22-at-4.33.33-PM-1024x285.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-22-at-4.33.33-PM-1024x285.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-22-at-4.33.33-PM-1024x285.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-22-at-4.33.33-PM-1024x285.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-22-at-4.33.33-PM-1024x285.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-22-at-4.33.33-PM-1024x285.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-22-at-4.33.33-PM-1024x285.png?w=80 80w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-22-at-4.33.33-PM-1024x285.png?w=1209 1209w" sizes="(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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