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Winter Comes Early for Crypto [June 2022 Chartbook]

OpenSea transactions dropped sharply while USD volume continues to decline. USDD drifted back towards its USD peg, Lido stETH remains in the doldrums. Withdrawals surged on Bancor and Celsius.

Jul 11, 2022
Chartbook June 2022

Here are the ten key takeaways for this month:

1) The launch dates of ProShares’ long and short ETFs seem to have coincided with BTC’s peak and (current) bottom respectively.

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2) Despite recurring rumours of USDT instability, it seems to be holding strong as the major player in the stablecoin market, with BUSD continuing to rival USDC.

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3) Bancor paused Impermanent Loss Protection (ILP) this month, citing potentially anomalous user behaviour. The pausing of ILP seems to have coincided with an increase in withdrawals from the platform.

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4) Solana announced that they intended to release a smartphone product, which led to a surge in pre-orders during the last week of June.

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5) Bitcoin miners face a drop in revenue due to the decline in BTC’s price lately. The network’s hashrate has dropped somewhat but remains relatively strong, suggesting that many miners have yet to reach their shutdown price.

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6) Celsius paused withdrawals on 18 June, citing adverse market conditions. Volume data suggests there was a flurry of wBTC trading shortly before this, possibly indicating users attempting to reclaim their BTC and withdraw.

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7) The number of transactions taking place on OpenSea fell sharply towards the latter half of this month, suggesting that NFT interest may be waning somewhat in the face of adverse market conditions.

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8) USDD is showing signs of recovery, having been depegged for over two weeks at the time of writing. 

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9) Similar to USDD, stETH’s woes continue as it has yet to regain its peg, not having had parity with ETH since 8 May.

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10) The Grayscale Bitcoin Trust’s discount over Bitcoin hit an all-time low of -34% this month, as market conditions continued to deteriorate.

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Authors

Michael Bolger (Senior Research Analyst)

Henry Hon PhD, CFA (Head of Research & Insights)

Tags

chartbook

crypto research

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