THIS NEWSLETTER IS SPONSORED BY |  | This is The Block's new Data & Insights Newsletter. Each week, The Block Research team will present a series of charts backed by the most exciting and interesting data points, along with explanations for what's happening behind the metrics. The data will be gleaned from The Block's Data Dashboard, which is freely available on our website, theblockcrypto.com/data/. | 1: Average Price of Art and Collectibles NFT Sale | Chart via The Block's Data Dashboard | Key Insights provided by The Block Research | - The average price of a CryptoPunk's sale has been declining rapidly since mid December.
- The average has declined from a high of $570k in November to $304k on December 24th.
- Bored Ape Yacht Club has also seen a decline in average price since December 5th, but at a much steadier rate, declining from a peak of $80k to $52k at time of writing.
- Recently, the floor price for BAYC became higher than that of CryptoPunks, however the average price for a CryptoPunk still remains about 6 times as expensive.
- While the floor price flipped, CryptoPunks still boasts some of the most pricey NFTs in the ecosystem. The highest CryptoPunks sale the past 7 days was 310 ETH ($1.2 million) compared to 200 ETH ($820 thousand) for the top BAYC sale.
| 2: Google Search Volume - OpenSea | Chart via The Block's Data Dashboard | Key Insights provided by The Block Research | - Search volume for the term "opensea" on Google has been increasing since the end of November, but has set a new high the week of December 12th.
- Both the week of December 12th and December 19th saw search volumes at least that of the previous peak at the end of August when OpenSea boasted over $3 billion in trading volume for the month.
- This heightened increase may be due to the former Lyft CFO becoming the new CFO of OpenSea.
- The marketplace was also the platform hosting auction of The Weeknd's NFT collection celebrating the success of "Blinding Lights." The auction started on December 20th.
- The OpenDAO also did an airdrop of 50 trillion $SOS tokens to addresses that have traded on OpenSea since day 1 over the holiday weekend. While OpenSea distanced themselves from the airdrop, the correlation between OpenSea trade volume and amount of $SOS received likely drove up their searches.
| THIS NEWSLETTER IS SPONSORED BY | Fireblocks is a leading enterprise-grade platform delivering a secure infrastructure for moving, storing, and issuing digital assets. Fireblocks enables banks, fintechs, exchanges, liquidity providers, OTCs and hedge funds to securely manage digital assets across a wide range of products and services. The technology consists of the Fireblocks Network and MPC-based Wallet Infrastructure.
With 500 institutions served, Fireblocks has become the go-to-platform for building a digital asset business. | 3: Open Interest Put/Call Ratio | Chart via The Block's Data Dashboard | Key Insights provided by The Block Research | - The open interest put/call ratio across both BTC and ETH options has been showing a downward trend since May, with a more recent sharp decline after December 10th.
- At the end of December both assets saw a new yearly low in PCR, BTC at 0.42 and ETH at 0.35.
- While these news values are the lowest for the year, they are not that far below previous lows of 0.43 for BTC and 0.37 for ETH.
- This indicates people are buying more call options than puts, which is typically associated with a bullish market sentiment as people bet on the price of these assets to increase.
| 4: Average Transaction Fee on Ethereum (7DMA) | Chart via The Block's Data Dashboard | Key Insights provided by The Block Research | - The average transaction fee on Ethereum has been declining from its highs in November.
- On December 13th the 7-day moving average was below $30 for the first time since October 27th and is currently $24.20.
- This decline corresponds to a decreasing number of transactions since early November. The slowdown of the network is not uncommon in the winter months around the holiday season.
- The current average transaction fee around this time last year was around $3.50, so even though the fees are going down it is still roughly 7 times as expensive as it was in 2020.
| 5: BTC Annualized Daily Basis (Binance) | Chart via The Block's Data Dashboard | Key Insights provided by The Block Research | - BTC's basis rate has consistently been low since December 4th, mostly staying between 0% and 1%, except on December 12th (1.2%) and December 14th (-0.12%).
- December 4th corresponds to the large day of liquidations for bitcoin futures.
- The low basis means that bitcoin futures are currently trading at around the same price as bitcoin itself, or we are in a narrow basis situation.
- This is an indicator of stable market conditions and not many arbitrage opportunities are available, this makes sense following the liquidations since bitcoin has not seen too much price action.
| 6. Price Performance (YTD) | Chart via The Block's Data Dashboard | Key Insights provided by The Block Research | - As 2021 comes to an end, we can see that overall price performance has been favorable this year.
- BTC, ETH, and The Block's DeFi Index have seen consistent positive growth since the start of the year.
- Since January 1st, ETH has seen a 440% price increase, the DeFi Index 208%, and BTC 76%.
- This price action is a tribute to the heightened popularity of crypto and its expanding reach.
- On the whole it was a good year and happy holidays!
| Insights by The Block Research
Our Data Dashboards are all available for everyone to access, however, Key Insights are provided by our expert team of Analysts at The Block Research. To get more insights and analysis like this, consider inquiring about a Membership for The Block Research. | The Block's Data & Insights Newsletter is a new free newsletter intended for a subscriber of The Block's Free Newsletters. If this was forwarded to you and you'd like to receive this weekly in your own inbox, please consider subscribing to The Block's Free Newsletters using the button below. | If you do not wish to receive The Block's Data & Insights Newsletter, please use the unsubscribe link at the bottom of this email. This will only unsubscribe you from The Block's Data & Insights Newsletter. | | |  | The Block Research 45 Bond Street, Floor 5, New York, 10012 Unsubscribe | | | |
No comments:
Post a Comment