Highlights from the last week
Market Update
BTC is down 13% in the last seven days after a wide de-risking response to another negative inflation surprise last week as market participants brace for tightening conditions after tomorrow’s FOMC. (Read article)
The merge became a sell-the-news event. ETHUSD is down 17% since the merge and has fallen 13% compared to BTC, as ETHBTC currently trades at 0.07. (Read article)
Ethereum PoW forks have underperformed Ether seeing losses extending 66% since launching five days ago. (Read article)
All eyes are on the FOMC this week after yet another negative inflation surprise reaped havoc in crypto and equities alike, and this FOMC is likely to introduce volatility to the market. (Read article)
Valuation
Bitcoin again revisits range lows after a tumultuous week. (Read article)
Funding rates declined to a 12-week low on Monday as BTC visited June lows. (Read article)
Ethereum funding rates and futures basis has normalized post-merge, and the derivatives normalization had no major impact on prices. (Read article)
Blockchain Activity
The profitability of bitcoin mining has fallen to 2020 levels due to the lethal combination of the declining bitcoin price and surging mining difficulty. (Read article)
Less than a week after the successful merge, Ethereum staking is facing increased scrutiny for being overly centralized. The data shows that staked ether is highly concentrated to a small set of large depositors but doesn’t equate to the same centralization of voting power. (Read article)
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