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Bearish

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🐻 $BTC Top crypto analyst on Twitter il Capo is still waiting for Bitcoin to fall via the #wyckoff distribution scheme. It's likely that we will see another leg down to $57k-$59k

🐻 $BTC  Top crypto analyst on Twitter il Capo is still waiting for Bitcoin to fall via the #wyckoff   distribution scheme.
It's likely that we will see another leg down to $57k-$59k

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📉 $BTC #Santiment : Bitcoin's onchain activity is approaching historic lows as traders have dramatically slowed transactions in the 2 months since its all-time high. This isn't necessarily a sign of more BTC dips, but rather a signal of crowd fear and indecision.

📊 $ETH #CryptoQuant : #Dencunupgrade has decoupled Ethereum's transaction fees from network activity, reducing the burn rate even with high activity. This leads to lower user fees but challenges the deflationary mechanism set by The Merge, requiring significantly increased network activity to maintain deflation.

📊 $ETH fees hit a 6-month low, reflecting a shift in activity to over 50 live Layer 2 networks. This aligns with Vitalik Buterin's 2020 roadmap aiming to enhance scalability by offloading transactions from the Mainnet, according to #IntoTheBlock . An increasing number of transactions are now being settled on Ethereum Layer 2s. Last month, the three largest L2s hit a record 82% transaction share of all Ethereum transactions.

📊 $XVS #Messari . Venus status for Q1: ▪️ TVL Venus grew by 128% to $2.7 billion; ▪️ Venus is the fifth largest lending protocol by market capitalization; ▪️ The number of Venus Prime users increased by 113%

📈 #IntoTheBlock : Optimism's $OP token has been outperforming with a 48% increase from its lows on April 13. Thanks to this increase, it has once again surpassed $ARB in market cap.

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