2023 was a bull year for digital assets, with Bitcoin's market cap increasing at a peak of +172%. The rest of the cryptocurrency ecosystem also had a decent year, with Ethereum seeing a +90% increase in capitalization. This highlights the growing dominance of BTC, which is often seen as a recovery from a prolonged bear market such as 2022. The ETH/BTC ratio has fallen to multi-year lows of ≈ 0.052, despite the successful Shanghai upgrade and the growth of the L2 ecosystem. Minimal Pullbacks One of the standout features of 2023 was the surprisingly shallow depth of all pullbacks and price corrections. Historically, periods of recovery from bear markets and the beginning bull markets for BTC regularly see a pullback of at least -25% from the local high, in many cases even -50%. (think 2021) However, the deepest correction in 2023 closed just -20% below the local high, suggesting that buyer support and the overall balance of supply and demand were in favor of the bulls throughout the year. Bear market 2022 was a little less violent than the 2018-20 bear year. Major cryptocurrencies are currently trailing their ATHs by -40% (BTC), -55% (ETH) Volumes and Captions It was the October rally breaking through the $30,000 resistance that played a key role in the continuation of the uptrend. The rally doubled transfer volumes on the Bitcoin network from $2.4 billion per day to over $5 billion per day, the highest level since June 2022. Transfer volumes to crypto exchanges BTC and ETH increased throughout the year, indicating an overall increase in interest in spot trading. Number of transactions on the network Bitcoin has reached new all-time highs this year, largely due to the unexpected rise in popularity of ordinals and inscriptions. 🟠 Total number of transactions (unfiltered)🔵 Regular transactions, which reached highs of 372.5 thousand per day🔴 Inscription transactions, which added another 175 thousand transactions per day in addition to classic transactions Interestingly, while inscription accounts for about 50 % of confirmed transactions, they surprisingly only take up 10% to 15% of block space. This is a result of the small size of the text files that are attached to the satoshi (1 BTC = 100 mln sat) Ethereum and its derivatives Activity on the Ethereum blockchain has been a bit sluggish this year, with October again being a notable turning point.Active addresses were relatively constant at 390K per day Transactions increased from 970K per day to 1.1 million per day ETH sending volume increased from $1.8 billion per day to $2.9 billion per day The key growth area for Ethereum was general the amount of ETH locked through Proof-of-Stake. The amount of ETH staked has increased by 119% since the beginning of the year, reaching 34.64 million ETH ($77 billion). Long-term view Despite the incredible rise in the price of Bitcoin, the majority of BTC remains dormant and held by long-term holders. Of the total circulating supply of 19.574 million BTC, more than 14.9 million (76.1%) are held on exchanges and have not moved for 155 days. This figure has increased by 825 thousand BTC since January 2022 Blue curve - change in BTC supply among long-term holders; the red curve is for short-term holders. The chart below shows BTC price cycles for each calendar year since 2015.🟠 End of the bear and gradual recovery🔵 Early bull market🟢 Euphoria and the last gasp of the bulls🔴 Beginning of the bear after the peak Derivatives Markets 2023 turned out to be a big year for options markets , as they outperformed the futures markets in open interest.Derivatives exchange Deribit continues to dominate (90% open interest) in the options space. This hints at growing institutional interest in Bitcoin as traders use options for their more complex trading, risk management and hedging strategies. The futures market has also seen a notable shift in dominance open interest to regulated exchange, CME surpassed the amount of open interest on Binance for the first time in history. October played a major role here as well, hinting at an influx of institutional capital. Futures trading volume for both BTC and ETH increased in October, totaling daily volume of $52 billion per day. Bitcoin contracts accounted for 67% of trading volume, compared to 33% for Ether contracts. Stablecoins Stablecoins have played a huge role this year, becoming the currency of choice for traders and a major source of market liquidity. Stablecoin capitalization has been declining since March 2022, falling by 26% from peak This is due to a combination of regulatory pressure (the SEC designated BUSD as a security), capital rotation (preference for US bonds over low-interest stablecoins) and waning investor interest during the Bear Market.October turned the situation around 180 degrees, when the MCap of stablecoins bottomed out at 120 billion, and after that the supply began to grow at 3% per month. This is the first increase in the capitalization of stablecoins since March 2022 and a likely sign of returning investor interest. Dominance between stablecoins has also undergone significant changes from 2022 to 2023. Previously rising stablecoins such as USDC and BUSD have significantly reduced their dominance, with BUSD going into redemption-only mode (Paxos said in January it would stop minting) and USDC dominance falling from 37.8% to 19.6% Tether (USDT) has once again established itself as the largest stablecoin, with the total supply growing to more than 90.6 billion and taking 72.7% of the market share. Results 2023 could not have gone better for crypto. how it came about. From a long decline and downtrend in 2022, 2023 has brought renewed interest in digital assets. The lion's share of BTC is held by long-term holders, and most investors are currently in profit, as a Bitcoin spot ETF will almost certainly be approved in January 2024. In addition, halving is just around the corner in April, so the crypto community is ready for a new, exciting year

Why BTC could rise in 2024 Bitcoin has four reasons for growth next year: the approaching halving, the possible launch of the first spot Bitcoin ETF in the United States, the resolution of Binance’s conflict with regulators and a reduction in the key rate. Reason 1. Halving is getting closer BTC is a deflationary coin with limited issue. Limited emission and halvings are responsible for the value of Bitcoin. A total of 21 million BTC will be issued. Halving is a halving of the mining speed (coin production). It occurs once every 4 years, or every 210 blocks mined, and creates a shortage of BTC in the market. The shortage provokes demand, the coin begins to grow. The next Bitcoin halving will take place in April 2024. As observations show, after halvings, Bitcoin always updates its highs. Reason 2. Perhaps in 2024 they will finally launch the first ever spot Bitcoin-ETFETF allows you to invest in cryptocurrency not directly, but through a fund. It is legal even where digital assets are illegal. Many in the crypto community believe that a spot Bitcoin ETF will make it easier for large investors to access BTC. As a result, their money will pour into the crypto market, and this will support growth.Bloomberg analysts believe that the first spot Bitcoin ETF will appear in the United States in January 2024. If you believe them, the active growth of BTC may begin in the first months of next year. Reason 3. Binance’s conflict with US regulators has begun to be resolved. It’s no secret that Binance is the largest crypto exchange on the market. According to Reuters, she came under the radar of American regulatory authorities in 2018. In November 2023, Binance finally reached an agreement with regulators under which it must leave the country, pay a $4 billion fine, and remove its CEO. Now Changpeng Zhao is considered a hero, and talk about a possible collapse of the exchange has stopped. The crypto community has not yet healed the “wound” from the bankruptcy of what was once one of the largest crypto exchanges, FTX. It crashed in November 2022, sending the entire market to lows. Binance is bigger than FTX in its prime, so its collapse could be a huge blow. The resolution of Binance’s conflict with several US regulators at once allowed everyone to breathe out. Reason 4. The Fed may soon begin to lower the key interest rate. The key interest rate is the percentage at which the Central Bank lends money to banks. The higher the rate, the more expensive the loans and the higher the interest on deposits. When the rate rises, it becomes more profitable not to spend, but to save: for example, to refuse a resort and instead put money at interest in the bank. A reduction in the key rate works the other way around and increases purchasing activity. Money is starting to reach high-risk assets—cryptocurrencies. Analyst forecasts 1. BTC at $100,000 before halving, and after that it will rise to $700,000 within a year or two. CEO of the blockchain technology company Blockstream, Adam Back, believes that investors will see Bitcoin at $100,000. even before the halving. And then he does not rule out the growth of BTC to $700 thousand within a year or two. This forecast implies that Bitcoin will grow actively in 2024. According to Adam Back, BTC will also be supported by investors who previously invested in gold. Seeing the effectiveness of BTC, they will begin to exchange the precious metal for cryptocurrency.2. Growth with a target of $150,000 The team of one of the largest asset management companies Bernstein, which controls assets worth $676 billion, believes that by January 2025 BTC will be worth $150 thousand. This forecast for Bitcoin also implies active growth next year.Bernstein analysts believe that the launch of spot Bitcoin ETFs in the United States will increase the attractiveness of the cryptocurrency. BTC will begin to be bought more often, and this will push the coin rate to a new high.3. BTC at $125,000 by December 2024 Analysts of the Matrixport crypto-financial platform with a monthly trading volume of $5 billion believe that BTC will rise in price to $125 thousand by December 2024. Their Bitcoin forecast is based on the cyclical theory, which is based on halving. A decrease in the influx of new BTC to the market may allowing Bitcoin to nearly triple. The halving coin itself will meet at $62 thousand.4. $100,000 per Bitcoin at the end of 2024 The team of Standard Chartered Bank, which ranks 255 in the Forbes ranking of the largest companies, gave a less optimistic forecast. She believes that the maximum BTC for 2024 is $100 thousand per coin. According to analysts, Bitcoin can meet the next New Year holidays at this level. The main driver of growth will be the launch of a spot Bitcoin ETF in the United States. 5. $40-45,000 - no more Analysts at the largest US bank JPMorgan consider forecasts for Bitcoin to exceed $100 thousand next year as too optimistic. In their opinion, BTC will meet the halving at $40 thousand., and during 2024 it could grow to $45 thousand. The JPMorgan team explained such a modest forecast by the limited potential of BTC, calculating growth by comparing the BTC rate with the movement of gold. Should you buy Bitcoin now? The history of observations suggests that BTC has every chance for growth. And many eminent analysts give a very positive forecast for the Bitcoin price in 2024. Probably, investments in BTC today can bring profit in the near future, but, of course, it is impossible to give an accurate forecast. There is no need to blindly believe even the most authoritative experts: conduct your own research and draw your own conclusions.

💶 EOS Foundation launched a staking rewards program with a yield of 60% per annum
As part of the tokenomics update plan introduced in June, which set the maximum supply at 2.1 billion EOS [instead of the previous 10 billion] and introduced halving cycles [for 20 years, EOS supply will be halved every 4 years until inflation reaches 0.01 %], 31.25 million tokens will be paid annually to stakers on REX, with APY decreasing over time

The summary shows only those metrics that have shown significant change over the past month. To simplify the perception of a large amount of information, I chose the “short comment + graph” format.
Centralized exchanges
In June, the total trading volume on all crypto exchanges decreased by 11% and amounted to $1.11 trillion. After reaching a 28-month high in March 2024 ($2.49 trillion), trading volume continued to decline for the third month in a row.

🔶 Binance сообщила, that it will completely delist four tokens - BOND, DOCK, MDX and POLS - on July 22 as part of a review of the cryptocurrencies available for trading and the teams behind them

The total capitalization of these cryptocurrencies is currently less than $68 million. After notification of removal from the exchange, their value fell in the range from 20% (Polkastarter) to 45% (Dock)

⏰ There wasn’t much news over the weekend, so I combined it into a single summary:

🔶 Binance отпразднует its 7th anniversary on July 14th
In honor of the birthday, the crypto exchange is organizing beach and street parties in the UAE, Australia, New Zealand, Bulgaria, Spain and Benin. There will also be a raffle for $7,000 worth of BNB vouchers for the most loyal users on Twitter, Telegram and Discord

Mt.Gox exchange moved 47,229 BTC to a new address.
Coins worth $2.7 billion were sent to a wallet that had not previously appeared with the bankrupt exchange.

On June 24, the exchange announced that it would begin paying off debts in BTC, BCH and fiat currency in early July.

🔥 Consequences of panic:
• Fear and Greed Index: For the first time since January 2023, it fell below 30 points, although a month ago it was at 77

🔷 Bitwise filed an updated Form S-1 for its ETH ETF with the SEC
The main thing: Bitwise will not charge a commission for six months or until the fund’s assets reach $500 million.
The document does not indicate a management fee, so you will have to wait another N amount of time until the SEC finds time to comment (or the issuers will start working and not sit back). ETH funds will almost certainly not be approved by July 4, as ETF analysts had predicted.

🤑 Coinbase Derivatives has filed with the CFTC to list regulated futures contracts on Chainlink (LINK)
The document filed states: “Coinbase has spoken with market participants who support the decision to launch Chainlink contracts.”
Coinbase Derivatives currently trades futures on five cryptocurrencies recognized as commodities by the CFTC: BTC, ETH, BCH, LTC and DOGE

🔷 TheBlock sources reported that the SEC sent Form S-1 to ETH ETF issuers with “minor comments” and asked for updated documents by July 8
The sources noted that once companies submit the amended forms, it will not be the final step, as at least one more round of comments must take place before the ETFs go to market.

❗️ The SEC filed a lawsuit against Consensys, the developer of MetaMask

🤡 In the submitted document, the Commission claims that MetaMask acts as an intermediary in transactions with securities [MetaMask Swaps] and itself participates in the offer and sale of securities [MetaMask Staking]
According to the SEC, in addition to acting as an “unlicensed broker,” Consensys also offered and sold tens of thousands of “securities” from two issuers: Lido and Rocket Pool, both liquid staking protocols.

🙏 Pavel Durov in his Telegram channel mentioned the TapSwap mini-application, which, according to him, without any marketing, gathered a base of 56 million players
Notcoin, Yescoin, TapSwap and other tap-to-earn games are really on the wave of popularity now. Although I don’t particularly like the TON ecosystem precisely because of a bunch of useless applications (they’re not even dApps), perhaps this is its calling: simple mini-games accessible to a wide audience, combining Web2 and Web3 🥴

Blast is an L2 network created by the founder of the NFT marketplace Blur and launched on February 29 of this year. Blast uses optimistic-rollup transaction processing solution for Ethereum scalability
In the first 100 days of its existence, the total value locked (TVL) in applications built on Blast reached $2.9 billion. No other L1/L2 network was able to achieve this figure in a similar period

Originally known as Ribbon Finance, the exchange launched in 2021 and specialized in trading options and perpetual futures on its proprietary optimistic-rollup L2. In August 2023, there was a rebranding, a change in tokenomics and the development of a new platform, now known as Aevo
The AEVO token performs two main functions: voting on DAO proposals and staking. But staking is not in the usual sense: stakers receive discounts on trading commissions and can participate in airdrops of AEVO and partner project tokens

❌ Tether will stop issuing new USDT on the EOS and Algorand networks starting today, citing a “re-evaluation of the network security architecture” as the basis for this decision.
Although USDT will no longer be minted on EOS and Algorand, existing coins will be redeemable within 12 months
However, the total circulating supply of USDT in these blockchains is slightly more than 90 million (75 million – EOS; 17 million – Algorand)

📈 Chief Investment Officer of Bitwise (which has a BTC ETF and an ETH ETF on the way) Matt Hogan outlined the following points as tailwinds for ETH:
1️⃣ Significant new demand (eight ETFs launched on Ether)
2️⃣ Limited supply: net supply is limited to zero (for the life of me, I don’t understand what he’s talking about.  He probably meant the ratio between coins issued and coins burned, but yesterday 2542 ETH were issued as rewards to stakers, and 258 ETH were burned)

😎 The Winklevoss brothers, the founders of the Gemini crypto exchange, were returned part of the funds that they donated in bitcoins to the Trump campaign due to exceeding the established limit
Cameron and Tyler Winklevoss, who made a fortune of $5.4 billion by buying BTC at $10 back in 2012, have repeatedly stated their strong support for Trump, believing that “Trump is a choice in favor of Bitcoin, cryptocurrencies and business.”

💵 The total outflow from Bitcoin funds over the past two days amounted to $246 million
The trend continues: new IBIT (BlackRock) shares are not created or repurchased; largest sources of outflow GBTC & FBTC
Total assets under management of 11 funds – $55.5 billion; decrease since June 6 (when BTC ≈ $71k) by $6 billion

🦘Around Australia: