Bullish Insights – Weekly Market Recap

The Bullish Insights Weekly Market Recap includes curated industry news and analysis from the Bullish team for the week of March 6, 2023.  

Bullish Exchange

This week’s peak trade volume (24h): March 10, 2023, $1,020,420,425 

Crypto market highlights

• When observing Bitcoin's HODL waves, note that over 67% of BTC's current supply has not been traded in at least a year marking an all-time high for age bands one year and above. One to two year age bands make up 16.3% while supply older than 10 years make up 13.7%.
• Stargate ($STG) is due to unlock 48.36% of its market cap on March 17. The token currently has 168,260,030 STG in circulating supply (~$816.63mn). The unlock will fall under Team allocation valued at ~$66.65mn.
• Dollar-denominated trading pairs has seen a decreasing trend from 400 pairs in 2021 down to 326 in 2022. On the contrary, euro-denominated pairs have seen a spike from 96 in 2021 to 165 pairs in 2022. Amidst regulatory crackdowns in the US and uncertainty, the opportunity for euro-denominated pairs seems to be growing.
• When looking at fees collected by the top dapps and blockchains for a cumulative period over 30 days Ethereum still ranks at number one with $176mn in collected fees followed by Tron with $71mn and Uniswap in third place with $58mn. Six months ago, Uniswap maintained second place but had been taken over by Tron in the past 90-day period.

Macro market highlights

• US equity markets saw mixed performance in Monday's session
• US equity markets plummeted in Tuesday's session after Powell's statement to the Senate Banking Committee reiterated that he would look at raising rates more than anticipated to fight inflation. He stated that “The latest economic data have come in stronger than expected, which suggests that the ultimate level of interest rates is likely to be higher than previously anticipated,”.
• US equity markets saw mixed performance in Wednesday's session
• US equity markets retreated in Thursday's session with job openings still persistently exceeding unemployment. The banking sector faces turmoil with SVB Financial Group facing a 60% stock wipe-out. Investors have fled the sector amidst concerns that rates would in turn mean an increase in defaults. The S&P 500 fell by 1.9% (the lowest since January 19), the Dow was down by 1.7%, and the Nasdaq Composite dipped by 2.1%.

Other updates

• Biden’s budget proposal for 2024 includes a 30% taxable levy on electricity used for digital asset mining. The proposal specified that mining firms would be required to report the value of electricity used and in addition firms leasing computational capacity need to also report lessor firm’s electricity consumption. The tax would be phased over a three year period starting with 10 percent followed by 20 percent and 30 percent in the third year. (Source: Department of the Treasury)
• Letitia James, the New York Attorney General has filed a lawsuit against crypto exchange KuCoin for
  allegedly failing to register as a securities and commodities broker-dealer. James is also seeking to block customer access to the website. (Source: NY Attorney General)
• There appears to be an exploit on the Hedera network as the L1 disables network proxies on the mainnet with the details of the exploit still under investigation. (Source: Hedera)
• Liquidity mining platform, Convex has announced on Twitter they will be launching on the Polygon network.

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