Rate cuts potentially off the table for 2023
The fed funds rate is now expected to be higher for a longer time frame in 2023, as no rate cuts are expected
James Van Straten 1 min read Insights
Data-led research on the narratives, flows, and on-chain signals moving crypto markets.
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James Van Straten 1 min read Latest insights
Ethereum
Ethereum gas usage spikes for stablecoins; primarily inflows in USDT
Roughly over 80% of the entire gas usage for stablecoins on Ethereum is being driven by USDT
Bitcoin
Bitcoin battles with 24k ahead of FOMC minutes
Bitcoin continues its decline on Feb. 22, down 2%.
Bitcoin
Accumulation Trend Score flashes 0, suggesting no Bitcoin buyers from all cohorts
This is actually a common theme after aggressive buying at the bottom of Bitcoin bear market cycles.
Bitcoin
Bitcoin sees longest streak of profit taking from investors since November 2021 bull run
Over a 14 DMA Bitcoin is on its longest profit taking since the bull run back in 2021
Bitcoin
Bitcoin OTC desk holdings at seventh-month high
OTC desks a method of trading crypto typically reserved for institutions and high-volume traders
Bitcoin
Vix hits highest level since Jan 6; DXY breaks 104
The VIX breaks 23, DXY goes through 104, while BTC retreats
Bitcoin
Stablecoin outflows into Bitcoin begin to repeat – behaviour change shifting Bitcoin towards $25k
Roughly $3.8 billion worth of stablecoins have left exchanges in the past 30 days and some have flown into Bitcoin.
Bitcoin
Bitcoin Ordinals’ adoption, utilization, memory usage drop
Taproot adoption and utilization drops in half to 9% and 3%, respectively, while memory usage has dropped to 88MB.
Bitcoin
Supply Last Active 2+ years ago hits over 50% of the circulating supply
50% of the circulating supply have held Bitcoin for 2+ years, have experienced a 75% drawdown in terms of market cap.
Bitcoin
In the past two bear markets, Bitcoin has used the realized price by year as support
Bitcoin 2020, 2021 and 2022 buyers currently underwater on purchases as realized price by year becomes support in previous bear markets.
Macro
Nail in the coffin for 2023 rate cut hopes in light of January inflation report
Last week's US data confirmed the year began on a firm footing in expectations from the market of the future fed policy in February.
Bitcoin
Bitcoin is now above the realized price on all major exchanges
Bitcoin briefly went below the realized price for all exchanges during the FTX collapse