Q9 Markets: Network Effect

  • Crypto markets steady following weekend sell-off
  • ETH/BTC ratio rises sharply following EIP-1559 upgrade
  • Whatsapp testing new crypto feature for sending money
Source: CoinGecko
Source: Alternative.me
Source: TradingView
  • BTC/USD dropped -15.6% lower while ETH/USD fell -8.7%. The total market cap of crypto fell below the $2.3tn mark, while BTC’s dominance dropped to 40%
  • Among other majors, LTC/USD and EOS/USD dropped -25.4% and 18.7%. Among DeFi coins, COMP/USD and UNI/USD were down -28.5% and -27.5%
  • Annualised volatility subsided in crypto markets, dropping to 75% for BTC and 86% for ETH.
  • Client pad was skewed towards selling (1.6x sellers vs buyers) on lighter volumes
  • Sellers on ETH dominated the pad. BTC saw a two-way flow
  • Net buyers in SOL and EOS on mild volumes

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