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Bullish Insights – Weekly Market Recap

Insights Dec 2, 2022 3 min read

The Bullish Insights Weekly Market Recap includes curated industry news and analysis from the Bullish team for the week of November 28, 2022.

Bullish Exchange

This week’s peak trade volume (24h): November 30, 2022, $363,445,727 (21,556 BTC)

Crypto market highlights
  • Addresses holding 1-10 BTC have seen a sharp increase with almost 800,000 addresses in this category. It seems that people are accumulating to reach at least 1 BTC in the current bear market environment.
  • Last week, digital asset investment total flows saw $23mn worth of outflows. Bitcoin saw outflows of $10.1mn while Ethereum saw outflows of $6.1mn. On the contrary, short bitcoin saw inflows of $9.2mn.
  • There have been four key historic periods where we have observed strong accumulation trend scores after a sharp price crash: December 2018, March 2020 Covid, May 2022 LUNA, and June 2022 when BTC fell below $20K. Currently, November 2022 as part of the FTX crash we are seeing a similar behavior where participants in the network are meaningfully increasing their balance.
  • As downward price action in Bitcoin has driven miner capitulation this month, miner revenue saw a decrease by almost 20%, down to $482.6mn in November.
  • In the month of November, Centralized exchange spot volume saw an increase of 23.7% from October to $672.8bn. Binance still dominated trading volume for the month while Coinbase and Kraken came in second and third, respectively.
Macro market highlights
  • US equity markets saw mixed performance in last Friday's trading session with the S&P 500 seeing little change, the Dow was up by 0.5%, and the Nasdaq Composite retreated by 0.5%.
  • Protests across China sent US equity markets trading lower in Monday's session as investors were concerned about strengthened lockdowns after the Chinese government maintained their covid-zero policy. An accelerated sell-off saw the S&P 500 down by 1.5%, the Dow fell by 1.5%, and the Nasdaq Composite retreated by 1.6%.
  • US equities finished off on a lower note in Tuesday's trading session with the tech sector leading the sell-off. The S&P 500 was down by 0.2%, the Dow saw little change, and the Nasdaq Composite retreated by 0.6%.
  • US equity markets saw a pull-back in Thursday's trading session with the S&P 500 down by 0.1%, the Dow fell by 0.6% and the Nasdaq Composite advanced by 0.1%.
Other updates
  • Justin Sun told The Block that the two exchanges Poloniex and Huobi may potentially merge in the future. (Source: The Block)
  • A statement by the Alabama Securities Commission Director revealed an inquiry into Genesis and whether it violated securities laws in connection to retail investors. (Source: Reuters)
  • BlockFi is suing SBF’s Emergent Fidelity Technologies after they allegedly entered an agreement where common stock was pledged as collateral with the borrower being SBF. (Source: Coindesk)
  • Silvergate has cited that it has minimal exposure to BlockFi “limited to less than $20 million of its total deposits from all digital asset customers.” (Source: COINTELEGRAPH)
  • The Bahamian government issued a national address in regards to FTX.
  • BlockFi has filed for Chapter 11 bankruptcy as a result of its FTX exposure. (Source: Reuters)
  • The Texas State Securities Board (TSSB) has summoned SBF to a hearing scheduled for February 2, 2023 in relation to FTX US and its offering of unregistered securities. (Source: CoinDesk)
  • Ankr protocol has confirmed to users that it has been hacked and will be suspending trades on aBNBc staking rewards token. The DeFi protocol built on top of the BNB chain allegedly saw an exploit of 20T aBNBc that has since been moved onto Uniswap, Tornado Cash, and other bridges. (Source: COINTELEGRAPH)
  • Coinbase issued a statement that Apple has blocked users from sending NFTs through Coinbase Wallet iOS as the company is attempting to collect a 30% gas fee through its In-App Purchase system.

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