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Bullish Insights – Weekly Market Recap

Mar 17, 2023 3 min read

The Bullish Insights Weekly Market Recap includes curated industry news and analysis from the Bullish team for the week of March 13, 2023.  

Bullish Exchange

This week’s peak trade volume (24h): March 17, 2023 $713,167,525 (27,322 BTC)

Crypto market highlights
  • 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.
  • On-chain data signals indicate that the number of Bitcoin whales has been growing in March while miners have been distributing BTC over the weekend. Whales (wallet addresses with 10,000 or more BTC) reached a year-to-date high of 117 addresses over the weekend, peaking on Sunday, March 12. Meanwhile, Bitcoin miners have been in distribution mode with the 30-day change in supply held in miner addresses seeing outflows over the weekend and into Monday's session. The period of distribution in BTC held by miners coincides with the 20% price jump in Bitcoin.
  • The market share of USDT has grown by 3.2% in less than a week since March 10. Upon Circle's announcement of its $3.3bn reserves on SVB its dominance dipped from 32.68% on March 10 to 28.51% on March 15. The other stablecoin that saw gains in market share was DAI increasing from 3.72% to 4.4% over the same period.
  •  As a whole though, observed below, stablecoin dominance has fallen from its 30-day high of 13.9% on March 11, to 11.6% on March 15. Bitcoin on the other hand gained 2.2% dominance over the same period.
  • The 14-day SMA of the total number of transactions sitting in the Bitcoin mempool has reached a new all-time high of 23,460 on March 14. The mempool can be thought of as a waiting room where transactions sit in pending mode before it is validated by a node and committed to a block. Generally speaking an increase in trading activity will drive more transaction activity thus more transactions waiting in the mempool. On the Ethereum network as an example, Maximal Extractable Value (MEV) bots are written to include, exclude and or reorder transactions within a mempool. MEV has been less prominent on the Bitcoin network but may change with the rise in ordinal NFTs.
Macro market highlights
  • Tech stocks rebounded in Monday's session while the two-year yield dipped by 50 bps, marking the largest three-day retreat since October 1987's Black Monday.
  • US equity markets gained in Tuesday's session as inflation data came in at 6% YoY in line with expectations. Banking stocks also rebounded with investors reversing their sentiment from a day earlier.
  • The turmoil at Credit Suisse caused European banking stocks and US equity markets to tumble in Wednesday's session. Swiss regulators stepped in to guarantee liquidity for the bank in an effort to restore confidence.
  • US equity markets closed in the green in Thursday's session after First Republic Bank secured a $30 billion rescue package. The S&P 500 rose by 1.8%, the Dow climbed by 1.2%, and the Nasdaq Composite advanced by 2.5%.
Other updates
  • One billion USDT has been minted by Tether on Ethereum, bringing the overall market value of USDT to $75 billion. (Source:
  • Kaiko, a cryptocurrency market data provider, intends to move its Asian headquarters to Hong Kong from Singapore, noting that the firm was attracted by the city's efforts to establish itself as a worldwide center for the digital-asset industry. (Source: Bloomberg)
  • The Federal Deposit Insurance Corporation (FDIC) has refuted claims that it would mandate the buyer of Signature Bank to suspend its cryptocurrency-related operations. (Source: Reuters)
  • The Ethereum core development team has set April 12 as the expected release date for the much awaited Shanghai-Capella upgrade on mainnet. Developers have planned other enhancements to optimize gas costs for certain activities through the upgrade. (Source: The Block)

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