The week has been devastating..
- Total cryptocurrency market cap has decreased by 25% down to 1520B$, compared to the previous week.
The largest cryptocurrency by market capitalisation, Bitcoin, climbed up in its market dominance. BTC dominance is now over 41% of the total crypto market cap of roughly $1.5 trillion.
- Bitcoin is continuously losing price and is worth 33600$ by January 23rd.
- Ethereum is also dumping with a price of 2220$.
Investors have capitulated on the recent downward movement of BTC to $35k.
As fear strikes the hearts crypto investors, $2.5B of net losses have been realized on the day that BTC hit $35k.
This level of net realized losses hasn’t been seen since June of last year.
- The TVl number is constantly decreasing and has -40% loss with 76.8M$ locked in DeFi projects by now.
MakerDAO was responsible for more than 50% of liquidations stated above.
Maker stands to profit from all the liquidation events happening recently.
MakerDAO charges a liquidation penalty to the vault owners if the value of their collateral reaches its liquidation price.
- For the first time in a while we can see the closest futures trading with a negative premium, which might be a sign of entering a downfall cycle.
- However, as said in the previous report, volatility has reached a low level on the previous and was expected to make a hop in the near future, which is exactly what happened.
- Looking at sectors’ dynamics NFT_GAMING has the highest loss, when EXCHANGE looks the most stable.
Time has come to hunt for projects in their lows and invest into them, forgetting about what projects you feel confident about. With such an unpredictable market situation the best decision would be deviding your investment portfolio by 4-6 parts and seek for the most slept on tokens, to form a list of 7-10 raising projects, you participate in.
Despite the fall of the market, the complexity of mining has increased and hits all-time-high
Digital asset investment products saw inflows totalling US$14.4m last week, breaking the prior 5 week run of outflows
Bitcoin had the second worst sell-off since the 2018-20 bear market, eclipsed only by July 2021, where the market fell -54% from the highs set in April
Bitcoin Short-Term Holders are currently holding historically large unrealized losses.
A value of -40% is coincident with some of the deepest sell-offs in history
Just about 60% of $BTC supply remained dormant through this volatility, having last moved over one year ago
The number of addresses holding relatively small amounts of BTC and ETH continues to push higher.The count of addresses holding between 0.01 and 1 ETH recently crossed a milestone of 20m
This Friday 8 AM UTC, 55.2K $BTC are set to expire on Deribit with a notional value of $2 billion.
Max pain price $42,000, put/call ratio: 0.51
Last Friday, money markets on ETH experienced their largest liquidation event to date, amounting to over $200m
Ethereum max pain price $3,100, $1.05 billion notional value, put/call ratio 0.53 on this Friday on option market
The most interesting last week news :
-Russia’s central bank proposes banning cryptocurrencies, crypto mining;
-Rick and Morty co-creator collaborates with Paradigm on NFT research project;
-Cathie Wood’s Ark Invest Predicts Bitcoin Could Exceed $1M by 2030 ;
-Ripple announces stock buyback, nabs $15 billion valuation;
-South Korean crypto exchange Bithumb will block unregistered wallets;
-94% of advisors received questions about crypto from clients in 2021.