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SBF Proposes Community Standards, Ethereum’s Supply Growth Becomes Deflationary, and More!
The crypto market entered another week maintaining a high resistance level, with Bitcoin’s price bearly moving as shown in the figure below and Ethereum’s returns rising by almost 2.4%. This week’s biggest winners are Optimism increasing in price by almost 14%, Lido by 3%, and Algorand’s total value locked (TVL) increased by 11% on the back of a $25M injection in the Layer 1’s DeFi protocols which we’ll delve deeper into later in this report.
Figure 1: TVL and price development of major crypto sectors
Source: 21Shares, Coingecko, DeFi Llama
Key takeaways:
• Tesla’s $218M of Bitcoin holdings in Q3 remain unchanged from Q2
• Ethereum’s supply growth has become deflationary over the past two weeks
• MakerDAO to invest $1.2BB into Coinbase custody for to earn $15M in annual revenue
• A South Carolina house has been sold as an NFT on OpenSea
Spot and Derivatives Markets
Figure 2:
Source: Glassnode
The chart above plots the average funding rate (in %) set by exchanges for perpetual futures contracts. A negative funding rate, as seen in Figure 2, means that short positions have to pay long positions periodically and usually indicates a bearish sentiment since more short traders are dominant.
On-chain Indicators
Figure 3:
Source: Ultrasound.money
Ethereum’s supply growth has become deflationary over the past two weeks as the network prepares itself to convert ETH into a deflationary asset in the long run, in the case that Ethereum maintains its adoption, and in turn, becomes a more valuable asset. In Figure 3 we can see that issuance of ETH has dropped after the Merge, which promises to decrease Ethereum’s inflation rate by 90%. We delve deeper into the implications of that further in this report.
Next Week’s Calendar
Read the full report here
Research Newsletter
Each week the 21Shares Research team will publish our data-driven insights into the crypto asset world through this newsletter. Please direct any comments, questions, and words of feedback to research@21shares.com
Disclaimer
The information provided does not constitute a prospectus or other offering material and does not contain or constitute an offer to sell or a solicitation of any offer to buy securities in any jurisdiction. Some of the information published herein may contain forward-looking statements. Readers are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties and that actual results may differ materially from those in the forward-looking statements as a result of various factors. The information contained herein may not be considered as economic, legal, tax or other advice and users are cautioned to base investment decisions or other decisions solely on the content hereof.
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