#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
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
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
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.
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.
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.
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.
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.
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.
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
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
That's a wrap -- thanks for reading! Check out the full report here: docsend.com/view/rxj7wif7e…
Be sure to follow @galaxydigitalhq & @glxyresearch for the latest firm news, crypto education, and industry leadership. Also catch our research on @Bloomberg terminal with {ERH GXY <GO>}
Be sure to follow @galaxydigitalhq & @glxyresearch for the latest firm news, crypto education, and industry leadership. Also catch our research on @Bloomberg terminal with {ERH GXY <GO>}
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