This Week On-Chain #95 - Return of King BTC
This Week On-Chain #95 - Return of King BTC
Inches away from all time high's
The AI agents are taking a breather after having taken the market by storm and the cute animals have been given space to run again after being suppressed for a while. Meanwhile, ETH sentiment in the gutter indicates signs of a bottom if BTC can break an all-time high convincingly. If you were here in 2020, it would feel like a Deja Vu with how these things work but one thing to remember in this market is that “price leads narrative” and not the other way around.
It is the same reason people were excited about Sui not too long ago and the cycle will continue as people continue to chase the next best thing
Nonetheless, there is no need to be crabs in a bucket anymore. It’s not a zero-sum game and we can all win together, as someone who holds BTC, ETH, and SOL I hope they all win.
Believe in something.
Market Digest
Memecoin volume dominating
Mr. Beast caught red-handed over crypto-related insider scams profiting $23M
Bitcoin breaks $73,000
Visa and Coinbase partner for instant crypto buys on debit cards
Grass airdrop is live
DWF Labs lays off Eugene Ng after a bizarre situation
DYDX lays off 35% of the core team
Nillon raises a total of $50m
Swell switches to OP stack for their L2 after originally planning to use Polygon
Celestia has generated $14,500 worth of revenue since launch
Vela Exchange winding down
Bridge Flow
Ethereum had one its largest outflows ever over the past week as sentiment hit rock bottom to the enjoyment of Solana and Sui which has been experiencing surging on-chain activity over the past month. Although while it is small, it is nice to see Arbitrum be a part of the conversation and receive some capital as that hasn’t been the case for a while. Still, for the time being, Solana and Sui are dominating mind share.
DEX Volumes
DEX volume continue to trend up and to the right as we are going into election season and expect things to get very volatile over the coming days. Not only is BTC very close to all time high’s but uncertainty concerning the election that will be overblown in hindsight always causes violent swings to hurt both longs and shorts. Get ready.
Pair Volumes
The hottest traded tokens on Ethereum over the past week has been TEE (which literally launched yesterday as the ETH on-chain version of GOAT) although it ended badly, SPX which now has been listed on Bybit perps as well and lastly ONDO.
On-chain activity has continued to slow down on the mainnet as Base has been stealing the show with their AI agents alongside Solana.
Solana on-chain activity is gravitating towards large caps and mid caps again as winners are getting solidified. Among these behemoths you find WIF, POPCAT, GOAT and MOODENG which all probably will continue to do well this cycle. You don’t need to hold all, but at least one of them for some outperformance in a portfolio might not be a bad idea. LUCE is the latest on-chain runner as it was announced as being the mascot of the Vatican. The church blessed “the trenches” with a runner.
Base volume is a little bit higher than last week with main interest in the LUNA token that skyrocketed as the first AI agents from the virtuals ecosystem on Base. Consequently, you see that the VIRTUAL token has received significant trading interest as well which can be seen in it’s performance. Outside of that some volume has been accredited to BRETT but nothing in comparison to what we have seen before.
For the first time in a long time, GMX has decided to wake up again while the Arbitrum ecosystem reverted to mean after some brief excitement. Outside of GMX it is mainly PENDLE and ARB that have received any significant trading activity as the ecosystem is struggling for mind share.
Although there lies opportunities in places where people aren’t willing to look.
NFT Trading
NFTs have taken a market wide beating outside of Milady’s and Bitcoin Puppets which arguably are among the strongest cult communities of this cycle. As people de-risk going into an election they avoid holding illiquid jpegs. Just a sign of the time’s we are in really.
The Remilia affiliated CULT TGE is rumoured to take place in November.
Interesting mints
Apu Apustajas - NFT collection as a direct derivative to the APU token. Expect these NFTs to follow the performance of the APU token accordingly. The better it does, the more people that are holding it will be proud and want to flex that they are holders and wear the PFP. That’s essentially how these works, see previously with Sprotos and Aeons.
Net Inflow
Ethereum on-chain participants continue to acquire yield products without taking too much excess risk as can be seen in the inflows of USDe over the past week alongside wstETH. ONDO is among the few alts that has received a lot of interest alongside TITANX and SKY while LINK is on the move which always makes some market participants uneasy.
Solana on-chain participants are riskier in nature and have been bidding the unstoppable hippo called MOODENG alongside POPCAT and GOAT and while jitoSOL has received significant flow there is a clear willingness to swing for the fences here in comparison to Ethereum.
Base ecosystem acting simiilarly to the mainnet by hoarding yield bearing assets such as wstETH while being generally risk averse. There are a few outliers in mind such as VIRTUAL which took off with the rise of AI Agents and WELL as the leading Base native money market. Apart from that not much happening unless you have dived into the Virtuals ecosystem.
Sleuthing
The holdings of Blackrock’s Bitcoin ETF are up and to the right and momentum is continuing to go in the right direction as we are going into the end of the year.
You can see the previous month’s units here.
Token Unlocks
SUI - 3.64% of supply worth $128.39m on Nov 1st
IMX - 1.98% of supply worth $44.81m on Nov 1st
ZETA - 11.72% of supply worth $36.92m on Nov 1st
DYDX - 1.29% of supply worth $9.08m on Nov 1st
GAL - 3.27% of supply worth $7.72m on Nov 1st
ADA - 0.05% of supply worth $6.58m on Nov 1st
AGI - 2.84% of supply worth $6.26m on Nov 1st
MEME - 11.89% of supply worth $48.38m on Nov 3rd
It is truly unlock season, beware of the tokens you are holding in case there are big unlocks uncoming. Good luck for the election season, brace for volatility.
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.
If Crypto Taxes ever give you a headache, check out our suggested Tax Partner here
Steer clear of security compromises and safeguard your assets reliably with GridPlus - The Fortnox of Hardware wallets here.
Wallet security overview for beginners here.
Sharing this post helps it reach out to more readers which would be great. If you are interested in future posts from me or premium research, do not hesitate to subscribe. Thanks for taking the time.
Disclaimer: All Content on this site is information of a general nature and does not address the circumstances of any particular individual or entity. Nothing on the site constitutes professional and/or financial advice, nor does any information on the site constitute a comprehensive or complete statement of the matters discussed or the law relating thereto. This post may contain affiliate links. I am just sharing an opinion.