MARKET:
On chain metrics are very interesting. A couple of observations:
Long term holders have been cashing out, but there is an active crop of new buyers between $38-50k. It’s a weird ‘changing of the guard’ phenomenon that is worth watching. More on this week’s episode of Glassnode.
Exchange outflows continue and a large portion of BTC supply is not moving.
Technicals show BTC still ranging in a fairly large bear flag, but buyers stepped in at the weekly support/lower end of the flag last week. BTC is in lockstep with the Nasdaq it seems. The majority of the hawkish Fed policy news and high inflation should be priced in, however, many large financial institutions are ringing the “Recession” alarm bells for 2023 (this probably means it’s coming sooner). I assume there are a lot of crypto and equities holders searching for hedges.
NEWS:
Scroll, a new ZK Rollup
NFTs:
REGULATORY:
Uniswap in Crosshairs of Class Action Lawsuit
RUGS:
Pretty unfortunate exploit for Bean. They will be back!
POD O’ THE WEEK:
Maple Finance has been an incredible force bridging DeFi and KYC’s institutions for under-collateralized lending. Over $1b in loans and already profitable in under a year.
Ethropy Referral Links
Osmosis Validator for Four Moons - Delegate $OSMO
Voyager Referral - Get $25 in $BTC
Ethropy Wallet - ethropy.eth
Buy a Ledger Hardware Wallet (Affiliate Link)
TradingView Referral - Get $30 off annual Subscription