Bullish Insights – Weekly Market Recap

Feb 3, 2023 • 3 min read

The Bullish Insights Weekly Market Recap includes curated industry news and analysis from the Bullish team for the week of January 30, 2023.

This week’s peak trade volume (24h): February 2, 2023, $678,638,110 (28,579 BTC)

Over the past month, ETH's annual growth rate was at -0.012% with current supply at 120,515,724 ETH. A total of 63,628 ETH has been burned in the past 30-days. Burn categories noted NFTs as the highest with 18,115 ETH followed by DeFi at 17,611 ETH then MEV at 1,390 ETH burned.
The number of BTC transactions (7-day MA) has reached a 21-month high. 12,567 transactions on February 2 exceeded the prior 21-month high on January 19, 2023 of 12,560.
In terms of wash trading, LooksRare still ranks as the largest NFT marketplace that conducts the highest volume of wash trades. While the marketplace ranks number two in total NFT trading volume behind OpenSea, 98.07% of its total volume were wash trades versus OpenSea which only saw 2.33% of wash volume.
In terms of Bitcoin versus altcoin market share, it appears alts are popular in the Korean market with Upbit exchange indicating that alts make up over 90% of market share. Exchanges like Kraken and OKX also observe dominance in altcoins. Coinbase has seen an increase in BTC market share since January 2022 and Binance since launching zero fee trading on BTC has seen a dominant shift from alts market share to BTC dominating 63% of volume.
BitDAO ($BIT) is due to unlock 15.42% of its market cap on February 17. The token currently has 2,090,946,169 BIT in circulating supply (~$1.17bn). The unlock will fall under allocation from Bybit valued at ~$100.64mn

US equity markets ended January on a high note with strong gains to the start of the new year. Investors remain optimistic ahead of an anticipated 25bps rate hike by the Fed combined with Tuesday's data of labor costs easing. Tuesday’s session saw the S&P 500 rise by 1.5%, the Dow climbed 1.1%, and the Nasdaq Composite advanced by 1.7%.
US equity markets saw an extended rally in Wednesday's session after the Fed hiked rates by 25bps. Fed Chair, Jerome Powell noted in his speech that “We can now say, I think for the first time, that the disinflationary process has started,” bolstering investor optimism in the market. The S&P 500 rose by 1.1%, the Dow saw little change, and the Nasdaq Composite advanced by 2.0%.
A resurgence in investor optimism in the tech sector drove the Nasdaq Composite to its highest level in almost five months in Thursday's session. The S&P 500 rose by 1.5%, the Dow fell by 0.1%, and the Nasdaq Composite advanced by 3.3%.

According to The Block, Alameda Research is suing Voyager Digital to recover loan repayments of up to $445.8mn. (Source: The Block)
Due to an exploit in BonqDAO’s smart contract, the protocol along with AllianceBlock has been hacked for ~$120mn.The hacker raised the $ALBT price then minted a sizeable sum of BEUR and swapped the tokens on Uniswap. (Source: COINTELEGRAPH)
Uniswap announced Wormhole as the bridge provider for Uniswap V3 on the BNB chain. Other bridge protocols, LayerZero, Celer, and deBridge lost out on the temperature check vote with Wormhole protocol securing 62% of the final votes. (Source: The Block)
According to Bloomberg, Binance acquired a stake in GOPAX, a Korean crypto exchange. Chief business officer of Binance, Yibo Ling stated the firm had acquired a “meaningful” position in the exchange.
Kraken exchange closed down its Abu Dhabi office despite attaining a local license last year. According to the Abu Dhabi Global Market registry, there is no longer an active entity registered under the company’s name. (Source: Bloomberg)
The fraud unit of the US Justice Department is investigating Silvergate Capital Corp for fraud charges after its dealings with FTX. (Source: Bloomberg)

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