This Week On-Chain #128 - Edging at All Time High's
Just send.
Bitcoin all time high’s and the sentiment it increasingly shifting for the better. Last week it seemed like the market was shell shocked by all the good news that happened for the industry and didn’t know how to react. Now, we are starting to see it come into fruition and treasury companies are going down the risk curve now and looking beyond BTC to put on their treasuries which bodes well for your precious altcoins.
An Ethereum doing well benefits everything in crypto and you should cheer it on. No need to be a maxi, BTC, ETH and SOL holders we can all win.
A rising tide lifts all boats.
With that said, let’s look into what happenened during an eventful week.
Market Digest
Figma holds $70m in BTC and plans to buy another $20m
Circle applies for US trust bank license
DeFi develoment Corp plans $100m in convertible note offering
Peter Thiel and Palmer Luckey launching a digital bank called Erebor
Ripple applies for US banking license
Aerodrome introduces Pool Launcher
Ethena & Converge research
Long term Bitcoin wallet scares markets
Ondo Finance plans to acquire Oasis Pro
Evan thread about the sunk cost cage
Virtual launches ACP beta
Eclipse releases airdrop checker
SonicLabs introduces SonicCS 2.0
Kazakhstan plans t establish Bitcoin and Crypto reserve
0x_leo thread about sizing
Rumours of Stripe launching an L1
Bonk guy thoughts about PUMP TGE
thiccyth0t thread about vibe trading
GMX exploited
Whew… it’s been an eventful week to say the least and I still left out few stuff along the way.
Bridge Flow
Ethereum continues to be a TVL machine with BNB and Berachain being the big losers that are experiencing capital flights. Tailwinds continue to change for the better for the ecosystem with ETH treasury companies showing up in similar mold to. BTC that likely moves the needle considering it has lower market cap and takes less capital to move than BTC. Obviously, this is reflexive in both direction as we have seen already.
DEX Volumes
BNB continues to be cooked meanwhile Solana is going from strength to strength when it comes to onchain activity which likely has a good chance of peaking on Pump Fun raise and TGE which acts as a liquidity drain from the ecosystem considering they are raising 600m but the ecosystem likely performs well going into that.
Pair Volumes
Ethereum mainnet continues to heast up as it is seeing volume we haven’t seen on the mainnet in a long time which is a good sign. Especially as other tokens outside of the blue chip tokens are producing significant volume such as MANYU, AP and AMERICA as a proxy response to the Elon Musk tweets over the past few days. It’s not the level of Solana but it is interesting and the start of a potential shift.
I think the only thing that is surprising in thsi table is how much volume moonpig claims to be doing on Solana. Otherwise it remains concentrated amongst the same usual suspects until a shift or catalyst (possibly Pump Fun TGE) takes place.
Base volume has been dropping recently as the activity has remained relatively isolated within KTA and VIRTUAL ecosystem while Aero has slowed down significantly which affects the whole chain. Considering it has experienced a lot of TVL loss over the past few weeks it needs a catalyst to kickstart another run again.
NFT Trading
It remains dry in NFT land and htere isn’t really anything to see here for now except for Punks slow grinding up. Also I want to add that if I stopped any person from minting quantum cats I have done my job, had a mint price at 0.2 BTC which was insane at the time and is currently trading -90% lower.
Net Inflow
People are buying a lot of ETH with over 80m in net inflow over the past week which likely stems from the treasury companies that have started to acquire it. Pullbacks are for buying as it doesn’t look like it will slow down anytime soon.
Accumulation data must be distorted here because this doesn’t make sense except for a few tokens such as AP( that was heavily pvp’ed before taking off on Ethereum) and GOR. Tokens such as as BTC (cat token), invest and pup have ended up being short term pump and dumps for now.
The accumulation on Base is much more sporadic and with smaller volume with the main winner continuing to be cbBTC while tokens such as BNKR and KTA have received some flow as well. BNKR is an AI token that continues to slow grind up and go under the radar which is worth paying attention to.
Sleuthing
One message and it’s simple. Get ready.
Token Unlocks
IMX - 1.31% of supply worth $10.46m on July 11th
RENDER - 0.09% of supply worth $1.60m on July 11th
OP - 0.26% of supply worth $$2.49m on July 11th
AXS - 0.39% of supply worth $1.44m on July 11th
APT - 1.75% of supply worth $51.35m on July 12th
STRK - 3.53% of supply worth $14.79m on July 15th
XCN - 0.86% of supply worth $4.08m on July 15th
SEI - 1.00% of supply worth $14.76m on July 15th
EIGEN - 0.41% of supply worth $1.51m on July 16th
ARB - 1.87% of supply worth $31.44m on July 16th
Been a long time since I took a break so I am going to make sure to enjoy this one while I am traveling. See you in 2 weeks. Crypto assets pumping makes us all feel better, let’s hope it lasts.
I hope you enjoyed the post. Don’t forget that you are more than welcome to leave feedback or drop any questions in the comment section.
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BTC, SOL, ETH, SUI, LINK is my bag.. thanks for the insights and enjoy your break.