Thread by @glxyresearch

#Bitcoin and #crypto are surging. Here are 10 Metrics that Show How:

1/ BTC & Inflation Expectations: Since bottoming at $29k, BTC has been on a 100-day run in tandem with inflation expectations. That means it's acting as both a risk-on asset AND a gold proxy. #bullish

2/ The Mining Scene:

BTC is made in America. Thanks to both the Chinese crackdown on crypto and friendly state regulation, the majority of BTC's hashrate is now US-based. In turn, the migration West has enabled BTC hashrate to quickly rebound, meaning BTC is as secure as ever

3/ ETH Usage Grows:

We live in a multichain world & nothing proves that quite like ETH. With over 60mn non-zero accounts, ETH is the top general-purpose chain by most metrics.

As the blockchain-of-record for tokens, it continues to be the hub for all things DeFi & NFT related

4/ L2 Adoption:

Parabolic growth in Bitcoin's Lightning Network powered by adoption in El Salvador & elsewhere + surging growth in ETH L2s like Arbitrum & dYdX proves scalability is not only possible but is already here.

5/ DeFi Explosion:

Decentralized Finance has seen its Total Value Locked increase 24x in just a year. While TVL is certainly imperfect, there is no denying DeFi is exploding & drawing in new money with nascent decentralized apps.

6/ Non-fungible Growth:

Non-fungible tokens (NFTs) sales have continued their red-hot streak from August into October. While sales volumes & TX counts are keeping highs, it's not just older traders flipping sales, as the number of daily NFT users has also climbed, hitting 70k.

7/ Crypto Investment hits an ATH:

VCs invested $8bn into crypto in Q3, pushing median valuations 70% higher than traditional VC markets. As the pool for startups continues to shrink due to overall maturation, competition will only get fiercer.

8/ Crypto has Congressional Allies:

With regulation on the docket, industry advocates are increasing their Washington presence. Thankfully, they've already got some support as several Senators remain crypto-friendly while two already own BTC.

9/ Stablecoins Indicate Steady Cash Inflows:

Stablecoins like USDT continue to provide a seamless onramp for cash into the crypto ecosystem. In spite of BTC's quick trip to $29k, stablecoins continually suggest the overall state of the ecosystem is healthy and only growing.

10/ Crypto MRKT Cap at ATH:

While Crypto hit a dip in late Q2 & early Q3, the space's fast rebound to a new ATH after shedding roughly $1tn in market cap in conjunction with the launch of the first-ever BTC futures backed ETF ($BITO) has crypto poised for a blazing Q4. #UpOnly

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