Channel: Binance Research
Happy Friday! Binance Bytes Highlights 🧵:
1/ The #ETH to #BTC ratio has continued trending downward, now hovering around 0.05x. The persistent decline in ETH to BTC ratio is due to Bitcoin’s recent price surge, which is largely driven by the speculative sentiment surrounding the approval of the spot Bitcoin ETFs.
2/ Public #Bitcoin funds saw significant inflows, including a remarkable US$43M on Tuesday, making up 10% of year-to-date inflows. U.S. courts also upheld their previous ruling in the SEC vs. Grayscale case, potentially clearing the path for approval of a Grayscale Bitcoin ETF.
3/ dYdX Chain V1.0 officially released with open-sourced code. Celestia, a modular DA network, integrates into Arbitrum’s Orbit and Nitro software stack. Meanwhile, Blockaid, a Web3 security startup, raised US$33M in seed and Series A funding from Ribbit, Sequoia, and more.
4/ For industry updates, we saw IBTC, Blackrock’s #BitcoinETF, being delisted from the DTCC website on early Tuesday then reappeared on Wednesday.
1/ The #ETH to #BTC ratio has continued trending downward, now hovering around 0.05x. The persistent decline in ETH to BTC ratio is due to Bitcoin’s recent price surge, which is largely driven by the speculative sentiment surrounding the approval of the spot Bitcoin ETFs.
2/ Public #Bitcoin funds saw significant inflows, including a remarkable US$43M on Tuesday, making up 10% of year-to-date inflows. U.S. courts also upheld their previous ruling in the SEC vs. Grayscale case, potentially clearing the path for approval of a Grayscale Bitcoin ETF.
3/ dYdX Chain V1.0 officially released with open-sourced code. Celestia, a modular DA network, integrates into Arbitrum’s Orbit and Nitro software stack. Meanwhile, Blockaid, a Web3 security startup, raised US$33M in seed and Series A funding from Ribbit, Sequoia, and more.
4/ For industry updates, we saw IBTC, Blackrock’s #BitcoinETF, being delisted from the DTCC website on early Tuesday then reappeared on Wednesday.
Time to look at this month's market insights!
Our research team analysed the state of the crypto market and provided insights on #Bitcoin dominance, Scroll's new zkEVM, Uniswap fees, Maker's surging revenue, and more.
Check it out ⬇️
https://www.binance.com/en/research/analysis/monthly-market-insights-2023-11
Our research team analysed the state of the crypto market and provided insights on #Bitcoin dominance, Scroll's new zkEVM, Uniswap fees, Maker's surging revenue, and more.
Check it out ⬇️
https://www.binance.com/en/research/analysis/monthly-market-insights-2023-11
Our latest #Binance Research report dives into Rollup-as-a-service ("RaaS") providers, an emerging class of infra players helping propel Web3 into the rollup-centric future.
We cover their strategies, offerings, partnerships, and more!
Read here ⬇️
https://www.binance.com/en/research/analysis/the-rollups-as-a-service-primer
We cover their strategies, offerings, partnerships, and more!
Read here ⬇️
https://www.binance.com/en/research/analysis/the-rollups-as-a-service-primer
Happy Friday! Binance Bytes Highlights 🧵:
1/ Since October, the NFT market has shown recovery, with volumes maintaining momentum into November. Blur remains the top platform, commanding a 70% market share. Concurrently, Blur's native token, $BLUR, has also performed well.
2/ BAYC and CryptoPunks secured the top two positions in terms of 7-day trading volume, amounting to 30,000 ETH in aggregate.
3/ BlackRock's registration of a new iShares Ethereum Trust in Delaware pushed ETH over US$2,100 amid speculation of an Ethereum ETF, boosting the ETH/BTC ratio. HSBC aims to launch digital asset custody for institutional clients, alongside HSBC Orion and tokenized gold services.
4/ Binance introduced its Web3 Wallet, a self-custodial wallet within the Binance App, offering access to various blockchains and dApps. Optimism revealed its post-Bedrock update, Canyon, set for activation across various testnets on November 14.
1/ Since October, the NFT market has shown recovery, with volumes maintaining momentum into November. Blur remains the top platform, commanding a 70% market share. Concurrently, Blur's native token, $BLUR, has also performed well.
2/ BAYC and CryptoPunks secured the top two positions in terms of 7-day trading volume, amounting to 30,000 ETH in aggregate.
3/ BlackRock's registration of a new iShares Ethereum Trust in Delaware pushed ETH over US$2,100 amid speculation of an Ethereum ETF, boosting the ETH/BTC ratio. HSBC aims to launch digital asset custody for institutional clients, alongside HSBC Orion and tokenized gold services.
4/ Binance introduced its Web3 Wallet, a self-custodial wallet within the Binance App, offering access to various blockchains and dApps. Optimism revealed its post-Bedrock update, Canyon, set for activation across various testnets on November 14.
Happy Friday!
1/ The crypto market has remained relatively stagnant this week with market cap and DeFi TVL showing little change. The Fear and Greed Index is down slightly but remains firmly in the “Greed” zone.
2/ Chart of the Week: Oracles are pivotal to Web3, connecting on- and off-chain worlds. Since July 2023, sector TVS has grown by over US$5B. Chainlink, leading with over US$14B in TVS, is poised to solidify its lead further with Chainlink staking v0.2, data automation, and CCIP.
3/ Pyth, another key player, recently announced its airdrop and has seen strong adoption driven by its network of data consumers like TradingView. With 120 protocols utilizing Pyth, its the second-ranked oracle after Chainlink, supporting 350+ protocols.
4/ Nocturne, a privacy protocol with backers including Vitalik, has launched its v1 on Ethereum. The launch promises to bring privacy solutions directly to user accounts, functioning similarly to smart contract wallets.
1/ The crypto market has remained relatively stagnant this week with market cap and DeFi TVL showing little change. The Fear and Greed Index is down slightly but remains firmly in the “Greed” zone.
2/ Chart of the Week: Oracles are pivotal to Web3, connecting on- and off-chain worlds. Since July 2023, sector TVS has grown by over US$5B. Chainlink, leading with over US$14B in TVS, is poised to solidify its lead further with Chainlink staking v0.2, data automation, and CCIP.
3/ Pyth, another key player, recently announced its airdrop and has seen strong adoption driven by its network of data consumers like TradingView. With 120 protocols utilizing Pyth, its the second-ranked oracle after Chainlink, supporting 350+ protocols.
4/ Nocturne, a privacy protocol with backers including Vitalik, has launched its v1 on Ethereum. The launch promises to bring privacy solutions directly to user accounts, functioning similarly to smart contract wallets.
1/ Monthly DeFi derivatives volume hit a new high for the year, standing at US$66.4B as of November 24. The volume of perpetual contracts continues to overshadow that of options, making up a substantial 99.6% of the total on-chain derivative volume.
2/ Among top 10 derivatives protocols, Vertex and Hyperliquid recorded the highest monthly volume gains, with MoM changes of 143% and 93% respectively.
3/ In options trading, Aevo leads, constituting 70% of notional volume. Aevo's recent dominance can be attributed to diverse trading pairs, tight spreads, and integration of perpetuals.
4/ Blast, optimistic L2 by Paradigm, launched with a key feature of embedded native yield for staked $ETH or stablecoins. The deposit-only, one-way bridge has attracted >US$290M TVL already. Separately, Bullish, a crypto exchange, acquired 100% of CoinDesk in an all-cash deal.
2/ Among top 10 derivatives protocols, Vertex and Hyperliquid recorded the highest monthly volume gains, with MoM changes of 143% and 93% respectively.
3/ In options trading, Aevo leads, constituting 70% of notional volume. Aevo's recent dominance can be attributed to diverse trading pairs, tight spreads, and integration of perpetuals.
4/ Blast, optimistic L2 by Paradigm, launched with a key feature of embedded native yield for staked $ETH or stablecoins. The deposit-only, one-way bridge has attracted >US$290M TVL already. Separately, Bullish, a crypto exchange, acquired 100% of CoinDesk in an all-cash deal.
1/ Crypto market cap increased 0.92% WoW, supported by a move in BTC prices above the US$38K level, a level last seen in May 2022. In other BTC-related news, Microstrategy purchased an additional 16,130 Bitcoin for US$593.3M, with an average price of US$36,785/BTC.
2/ Base has witnessed a decline in gas consumption in November with its share declining from 26.7% to 17.6%. A contributor to this could be due to the waning interest in Friend.tech, which saw an overall decline of 78% in average daily transactions MoM.
3/ Meanwhile, OP Mainnet and Arbitrum saw increasing share of gas consumption. The notable increase in Arbitrum's gas consumption share from 28.2% to 34.1% is likely due to the Arbitrum Odyssey campaign, which drove daily transacting address from ~130K to ~187K during November.
2/ Base has witnessed a decline in gas consumption in November with its share declining from 26.7% to 17.6%. A contributor to this could be due to the waning interest in Friend.tech, which saw an overall decline of 78% in average daily transactions MoM.
3/ Meanwhile, OP Mainnet and Arbitrum saw increasing share of gas consumption. The notable increase in Arbitrum's gas consumption share from 28.2% to 34.1% is likely due to the Arbitrum Odyssey campaign, which drove daily transacting address from ~130K to ~187K during November.
Time to look at this month's market insights!
Our research team analysed the state of the crypto market and provided insights on Bitcoin fees, Solana DEX volumes, Polygon zkEVM growth, Telegram bots activity, and more.
Check it out ⬇️
https://www.binance.com/en/research/analysis/monthly-market-insights-2023-12
Our research team analysed the state of the crypto market and provided insights on Bitcoin fees, Solana DEX volumes, Polygon zkEVM growth, Telegram bots activity, and more.
Check it out ⬇️
https://www.binance.com/en/research/analysis/monthly-market-insights-2023-12
Binance
Monthly Market Insights - December 2023
A summary of the most important market developments, interesting charts and upcoming events.
Binance Research pinned «Time to look at this month's market insights! Our research team analysed the state of the crypto market and provided insights on Bitcoin fees, Solana DEX volumes, Polygon zkEVM growth, Telegram bots activity, and more. Check it out ⬇️ https://www.binanc…»
Since October, the global crypto market cap has risen by nearly 50%, with #Bitcoin seeing a 61% increase.
In our latest #Binance Research report, we explore the top 10 narratives to follow as we enter this new stage of the cycle.
Have a read ⬇️
https://www.binance.com/en/research/analysis/are-we-entering-a-bull-market-top-10-narrative
In our latest #Binance Research report, we explore the top 10 narratives to follow as we enter this new stage of the cycle.
Have a read ⬇️
https://www.binance.com/en/research/analysis/are-we-entering-a-bull-market-top-10-narrative
1/ The crypto market notched an increase of 12% WoW driven by significant increase in BTC, ETH and SOL with gains of 13.9%, 13.5% and 18.9% respectively. The DeFi market was also lifted, with TVL exceeding US$50B, a 10.7% increase WoW.
2/ Solana liquid staking has seen strong adoption over the past month. With Lido's stSOL being the only top 5 liquid staking protocol in decline due to its exit from the Solana ecosystem, the remaining 4 projects have all seen increasing TVL.
3/ Notable gainers include Jito, which has seen a growth of 63.2% MoM, attributed to its highly anticipated airdrop. A notable contender, BlazeStake, has recorded the largest increase MoM of 163% due to its double digits base APY for staking SOL, and its ongoing airdrop event.
4/ EigenLayer added 6 new LSTs, including Binance WBETH, effective 18 Dec 2023. Caps for existing LSTs will also rise to 200K ETH. Integrations of LSTs from Liquid Collective, Mantle and Frax are also in the pipeline.
2/ Solana liquid staking has seen strong adoption over the past month. With Lido's stSOL being the only top 5 liquid staking protocol in decline due to its exit from the Solana ecosystem, the remaining 4 projects have all seen increasing TVL.
3/ Notable gainers include Jito, which has seen a growth of 63.2% MoM, attributed to its highly anticipated airdrop. A notable contender, BlazeStake, has recorded the largest increase MoM of 163% due to its double digits base APY for staking SOL, and its ongoing airdrop event.
4/ EigenLayer added 6 new LSTs, including Binance WBETH, effective 18 Dec 2023. Caps for existing LSTs will also rise to 200K ETH. Integrations of LSTs from Liquid Collective, Mantle and Frax are also in the pipeline.
Happy New Year from Binance Research! To kick off the first weekend of the new year, we have two new reports for you. Our regular Monthly Market Insights and our latest report on AI x Crypto. Check them out!
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Time to look at this month's market insights!
Our research team analysed the state of the crypto market and provided insights on Solana stablecoin volumes, Inscriptions on EVM chains, demand for Restaking, native yield L2s and more.
Check it out ⬇️
https://www.binance.com/en/research/analysis/monthly-market-insights-2024-01/
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The intersection of AI and Crypto has emerged as a major narrative, rapidly capturing the community's attention.
In our new #Binance Research report, we examine the sector’s recent traction and highlight notable developments.
Have a read ⬇️
https://www.binance.com/en/research/analysis/ai-x-crypto-latest-data-and-developments/
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Time to look at this month's market insights!
Our research team analysed the state of the crypto market and provided insights on Solana stablecoin volumes, Inscriptions on EVM chains, demand for Restaking, native yield L2s and more.
Check it out ⬇️
https://www.binance.com/en/research/analysis/monthly-market-insights-2024-01/
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The intersection of AI and Crypto has emerged as a major narrative, rapidly capturing the community's attention.
In our new #Binance Research report, we examine the sector’s recent traction and highlight notable developments.
Have a read ⬇️
https://www.binance.com/en/research/analysis/ai-x-crypto-latest-data-and-developments/
Binance
Monthly Market Insights - January 2024
A summary of the most important market developments, interesting charts and upcoming events.
Happy Friday! Binance Bytes is an initiative by the Research team to provide a quick round-up of the week.
Highlights 🧵:
1/ Over the past week, we observed strong fluctuations in BTC price due to increased volatility leading up to the deadline for the approval of spot BTC ETFs. As expected, the SEC approved the first wave of spot BTC ETFs. This has driven a market rally, with overall crypto market cap ending the week with a 6.6% gain. With the approval of spot BTC ETFs behind us, hopes are now on the potential approval of spot ETH ETFs.
2/ The price of Bitcoin has topped US$49K briefly, reaching its highest level since December 2021. Trading volume of spot BTC ETFs on the first day exceeded US$4.6B, with Grayscale's Bitcoin Trust accounting for about half of it.
3/ In other news, Injective has released its Volan Upgrade on mainnet, with notable highlights such as building the world's first real world asset infrastructure, enhanced scalability, interoperability, novel burn capabilities, and more.
Highlights 🧵:
1/ Over the past week, we observed strong fluctuations in BTC price due to increased volatility leading up to the deadline for the approval of spot BTC ETFs. As expected, the SEC approved the first wave of spot BTC ETFs. This has driven a market rally, with overall crypto market cap ending the week with a 6.6% gain. With the approval of spot BTC ETFs behind us, hopes are now on the potential approval of spot ETH ETFs.
2/ The price of Bitcoin has topped US$49K briefly, reaching its highest level since December 2021. Trading volume of spot BTC ETFs on the first day exceeded US$4.6B, with Grayscale's Bitcoin Trust accounting for about half of it.
3/ In other news, Injective has released its Volan Upgrade on mainnet, with notable highlights such as building the world's first real world asset infrastructure, enhanced scalability, interoperability, novel burn capabilities, and more.
#Binance Research is delighted to announce the release of our comprehensive industry year-in-review report.
We uncover the top crypto industry dynamics of 2023 and discuss key trends as we head further into 2024.
Check it out đź”˝
https://www.binance.com/en/research/analysis/full-year-2023-and-themes-for-2024/
We uncover the top crypto industry dynamics of 2023 and discuss key trends as we head further into 2024.
Check it out đź”˝
https://www.binance.com/en/research/analysis/full-year-2023-and-themes-for-2024/
1/ Manta Pacific TVL reached US$879M, making it the 3rd largest L2 in terms of TVL. Manta has also seen notable traction in on-chain activities; the L2 has recorded 9.4M total transactions, 400K active wallets, and 1K smart contracts.
2/ Manta’s growth is driven by its diverse yield opportunities, including ETH base yield, airdrops, ecosystem incentives, DeFi composability, and restaking. The roadmap outlines 3 upcoming stages to achieve modularity, high extensibility, low costs, and full EVM equivalence.
3/ The SEC postponed its decision on Fidelity’s proposed spot ETH ETF until Mar 5, 2024. Meanwhile, Solana Mobile unveiled a US$450 successor to its Saga crypto smartphone. Available in early 2025, pre-orders have already exceeded 30K.
4/ Chainlink integrated Circle’s Cross-Chain Transfer Protocol ("CCTP") with its Cross-Chain Interoperability Protocol ("CCIP") for cross-chain USDC transfers. Moreover, the proposal for Arbitrum’s long-term incentive pilot program is now live.
2/ Manta’s growth is driven by its diverse yield opportunities, including ETH base yield, airdrops, ecosystem incentives, DeFi composability, and restaking. The roadmap outlines 3 upcoming stages to achieve modularity, high extensibility, low costs, and full EVM equivalence.
3/ The SEC postponed its decision on Fidelity’s proposed spot ETH ETF until Mar 5, 2024. Meanwhile, Solana Mobile unveiled a US$450 successor to its Saga crypto smartphone. Available in early 2025, pre-orders have already exceeded 30K.
4/ Chainlink integrated Circle’s Cross-Chain Transfer Protocol ("CCTP") with its Cross-Chain Interoperability Protocol ("CCIP") for cross-chain USDC transfers. Moreover, the proposal for Arbitrum’s long-term incentive pilot program is now live.
Want some insight into the state of crypto in Q4 2023?
Look no further than our latest #Binance Research market pulse report, where we cover it all 🫡
Check it out ⤵️
https://www.binance.com/en/research/analysis/4q23-market-pulse/
Look no further than our latest #Binance Research market pulse report, where we cover it all 🫡
Check it out ⤵️
https://www.binance.com/en/research/analysis/4q23-market-pulse/
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