It’s been quite the turbulent year in the crypto markets so far in 2022, with words like “contagion”, “death spiral” and “recession” entering vocabulary – a far cry from the up-only environment of the previous year.
However, July provided somewhat of a relief rally. Inflation didn’t quite fall, but at least it didn’t rise either – coming in at the same level as June. In this day and age, that feels like a big victory, where bad news seems to be relentless.
While investors remain fearful amid a cost of living crisis and mass uncertainty, the markets weren’t like the bloodbath of previous months.
That includes crypto, of course. Bitcoin is up from its nadir of close to $17,000 to around $24,000, while liquidity has begun to return, at least a little, to other areas of the market, too.
That’s what makes Charmyn Ho, the Head of Crypto Insights at Bybit, and her monthly report pretty intriguing this month. She works on a monthly study that ByBit publish in conjunction with blockchain analytics company Nansen. This week, she jumped on the CoinJournal podcast to discuss some of the report’s findings.
Looking at many different sectors of the market, the report is an interesting read. It looks at on-chain Ethereum flows, suggesting that capital is still fleeing from the market – pointing towards this welcome reprieve being only a bear rally rather than a trend reversal.
It also assesses NFTs – where things actually look a bit healthier than I was expecting. Charmyn is also particularly drawn to the GameFi sector, and tells a great story of how she began as a pre-teacher before finding her way to crypto through her love of gaming, when one day she came across a game called Axie Infinity.
This, and a lot more, discussed on the episode this week.
Spotify link here.