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Recent BTC price pumps were catalyzed by single long wicks that penetrated the respective overhead resistances. Read more here.

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Weekly Insights and Analysis of the Crypto World

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Yuga Labs Acquires IP Rights of CryptoPunks and Meebits

Yuga Labs, the creators behind the iconic Bored Ape Yacht Club NFT collection, has recently acquired the intellectual property (IP) rights of CryptoPunks and Meebits from Larva Labs. Find out more 

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Joe Lubin, the CEO of ConsenSys and co-founder of Ethereum, claims that Eth2 will arrive within the next few months or so. Find out more 

This week, we delved into StarkWare’s up-and-coming Ethereum Layer 2 scaling solution, StarkNet.

More specifically, we looked at how it attempts to solve the blockchain trilemma.

This week, we took a clearer look at Fantom’s next-gen AMM protocol, Beethoven X.

We explored what it is trying to solve and how it works.

In this week’s Deep Dive article, we tried to discover if Decentralized Finance (DeFi) is truly decentralized. 

On the on-chain front, we have been observing some constructive developments with regard to BTC’s price action on the lower time-frame chart. 

Recent BTC price pumps were catalyzed by single long wicks that penetrated the respective overhead resistances. However, in every case of said price pumps, this rallying momentum would quickly run out within the next hour or two. 

There is a good note to this though, as BTC has been setting higher lows after each retracement, and taking incremental steps to break out of the tight trading channel that it is currently (as of the time of writing) positioned within. 

On-chain metrics that track the movement of entities with varying BTC holdings reveal that there has been a spike in buying pressure from entities with 1-10 BTC holdings over the last two weeks.

Interestingly, this cohort was the one that managed to front-run their whale counterparts during the crypto market summer slumber of 2021. Flowing from this, is this cohort of smart retail investors now trying to front-run the whales again before the market takes off, or is it just the case that the market-moving whales are splitting up their holdings into a number of smaller wallets? 

Either way, the accumulation and distribution of illiquid entities is definitely something interesting to keep an eye on, as it can potentially indicate the next market direction. 

Meanwhile, the BTC illiquid shock ratio has been going parabolic over the past few days as the BTC supply continues to be absorbed by entities that are more inclined to hold regardless of market conditions. 

The increasing demand for BTC as a one-of-a-kind risk asset is definitely a precursor of an impending supply shock, one that is highly likely to impact BTC’s price actions. 

Finally, the BTC hash price, a number that represents the ratio between the revenue of BTC miners and the BTC hash rate, has been trending down for a while now. 

As a result, it is going to be more difficult to mine BTC in the near-term, corroborating the aforementioned thesis that there is going to be a BTC supply shock soon.   

Macro Events to Look Out For in the Coming Week