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26 Sep, 16 tweets, 8 min read
1/ The macro landscape for crypto couldn't be better fundamentally

Cryptocurrencies are being adopted at an insane rate
2/ Active wallets for #Ethereum and #Bitcoin. In 4 years, #Ethereum went from 0 to ~600k active wallets
3/ Daily Average Transaction Value for #Ethereum and #Bitcoin has skyrocketed over the past several years (#Ethereum broke $20 billion in May 2021)
4/ @Twitter is adopting bitcoin tipping
5/ And @twitter is looking into integrating #NFTs for Twitter profile pictures
6/ El Salvador has made #bitcoin legal tender
7/ Zoom out on the price of $BTC and other #cryptocurrency
8/ Though we have reasons to doubt these returns will continue over the next year…
9/ (1/7)

@federalreserve tightening. The market is skittish on how tapering will impact the market
10/ (2/7)

Less liquidity is bad for all markets broadly including #crypto?
11/ (3/7)

The SEC and @GaryGensler are seeking stronger regulations on the #cryptocurrency space, labeling them as securities. Though, I see this as long term bullish as it allows for more adoption from institutions
12/ (4/7)

But we have Senator Toomey pushing Gensler on clarity on #Regulation
13/ (5/7)

China Ban causing fears in the market…
#ChinaBAN
14/ (6/7)

Though think about technologies China has banned before...

Source: @PanteraCapital
15/ (7/7)

And finally.... $BTC
16/ Back to thread outline

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More from @DermanCapital

Derman Profile picture
26 Sep
1/ All Things Crypto

A thread
2/ TLDR

1) #Crypto is growing rapidly with mass adoption through #NFTs and the market is rewarding L1s with this functionality

2) $BTC is driving the crypto market and continuing the 4 year cycle

3) We should watch out for L1s decoupling from BTC cycles as adoption accelerates
3/ Today, I want to cover all things crypto that I am seeing in the market. These are broken down in the following sections:

1) Macro
2) $BTC
3) NFTs
4) $ETH
5) $SOL
6) Layer 1s ( $AVAX, $DOT, $ADA, etc)
7) Super Cycle Theory
8) 30k Foot View of #crypto
9) Final Thoughts
Read 14 tweets
Derman Profile picture
26 Sep
1/ The Super Cycle Theory

Many of been hearing the idea of the #supercycle for #cryptocurrencies and I want to give my take on this idea
2/ But first, let me define what the super cycle means to me

It is when #cryptocurrencies including $BTC break away from the historic #bitcoin cycles corresponding to the #bitcoin halvings

They start to go up or down based on their own fundamentals
3/ It is abundantly clear these cryptocurrencies such as $ETH, $SOL, and $ADA have yet to hit escape velocity

For example, when #bitcoin crashed in May 2021, all other #cryptocurrencies still crashed and crashed way further than bitcoin
Read 7 tweets
Derman Profile picture
26 Sep
1/ There are other layer 1s being adopted. Some layers 1s include:

1) @avalancheavax

2) @Polkadot

3) @Cardano

And so many more that are in development or early stages
2/ @avalancheavax

Another smart contract platform, $AVAX has gone from 0 to ~$4bn in TVL in 6 months

Source: @DefiLlama
3/ $AVAX continued

Let's not forget those NFTs
Read 10 tweets
Derman Profile picture
26 Sep
1/ Adoption of #Solana is hitting critical mass. A popular #Solana wallet, @phantom, has been live 6 months and already has 400k weekly active users
2/ And the entire $SOL ecosystem. The point is that there is a lot in this picture

Source: @solanians_
3/ Total Value Locked in #DeFi protocols on #Solana are nearing ~$9bn as of this writing. Exponential growth anyone?

Source: @DefiLlama
Read 10 tweets
Derman Profile picture
26 Sep
1/ $ETH is easily the most compelling cryptocurrency broadly among the crypto community

We can see this in how rapidly the number of #Ethereum active wallets is growing
2/ Total value locked in DeFi protocols on #Ethereum hit all time highs recently. Currently at $124bn

Source: @DefiLlama
3/ The number of daily transactions on #Ethereum broke 700k recently (30 average)
Read 7 tweets
Derman Profile picture
26 Sep
1/ #NFTs are showing the power of an idea and movement among a group of people with a similar ideology or passion. And #NFTs becoming a symbol by which these groups identify themselves in the digital world
2/ It may be hard to see the value here but imagine being buying digital memorabilia of your favorite sports team vs a team you have never heard of. I doubt you would be as price sensitive for something that you identify with.
3/ And these #NFT communities are lively! Most notably is the @BoredApeYC. They have a roadmap and currently the floor price is ~39 ETH minimum (~$120k). To be a part of this, you need to own a Bored Ape NFT
Read 21 tweets

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