The decoupling event has been on everyone's Twitter fingertips. From Barry Silbert to Zhu Su, many of the most prominent investors in the space have been calling for a decoupling event for weeks. This week, we have seen the decoupling event, yet it has been received with little

I have been scrolling through DeFi land, which has taken an absolute beating since May of last year. Annihilation DPI, the index like token fund that tracks major DeFi projects, is down almost 85% from its all time high in May 2021. Furthermore, monthly DEX volumes are steady at approximately

I took a week off from writing to attend the Permissionless conference and EDC. While I won't comment on the hottest new trends in electronic music, I will discuss some of the most salient announcements stemming from Permissionless, which mostly catered to the established projects in crypto, before

On May 5th, The Block released their Layer 2 Scaling Solutions: A Framework for Comparison [https://www.theblockcrypto.com/post/145059/layer-2-scaling-solutions-a-framework-for-comparison-commissioned-by-polygon] . While this report was commissioned by Polygon, and thus gives special treatment to Polygon in particular, the data undoubtedly was insightful and presents the justification for why scaling

I have been spending a lot of my time thinking about bridges in crypto. Bridges are the names of the entities that allow users to port over their assets from one blockchain to another. These entities attract significant amounts of TVL because they are necessary for users wanting to access

While my base case is still we have more downside to go, there are multiple signs of capitulation that I am noticing. Specifically, exchange volumes, transfer volumes from whale addresses to exchanges, and rumors of major funds going belly up are can be major indicators of capitulation. Additionally, there has

If you were looking for hope in Coinbase's earnings report [https://s27.q4cdn.com/397450999/files/doc_financials/2022/q1/Coinbase-Q122-Shareholder-Letter.pdf] to assuage you of any bearish sentiment, you assuredly did not find it. While I think Coinbase is ridiculously undervalued at this point (P/E ratio

The hero to villian arcs in crypto are probably the most epic out of any industry. On March 24th, 2022, Do Kwon was the savior [https://rapture.ghost.io/rapture-176/] of the market. Today, he is the the cause of the market's woes. UST implodes Everyone in crypto

We are on the outskirts of goblin town at this point, having broken our previous YTD low of $35,180. The breaking of $30,000 would undoubtedly confirm to me we are in goblin town, which is crypto talk for a prolonged bear market. Better than expected CPI numbers on

Recently, Dan Robinson [https://twitter.com/danrobinson] (Paradigm) and Gordon Liao [https://twitter.com/gordonliao] (Uniswap) released a report [https://uniswap.org/blog/uniswap-v3-dominance] analyzing the liquidity on Uniswap. Now, I will start off by saying that there is likely some bias in this research considering Paradigm was a lead

As many of you know know, I have been pretty bearish starting in late November of last year, and quite a bit more bearish since the beginning of the year. While BTC has held on better than I have expected the past few months with all of the macro turbulence,

While the crypto market overall has been in a serious slump, DeFi tokens in particular have been decimated. DPI, an index product that roughly tracks a compilation of the top DeFi projects, has drawn down nearly 80% [https://www.coingecko.com/en/coins/defi-pulse-index] from its all time high a

By far, Genesis' quarterly crypto reports are my favorite research pieces that track institutional adoption. Last week, Genesis released their Q1 2022 Market Observations [https://info.genesistrading.com/hubfs/quarterly-reports/2022/Genesis-Q1-Report-2022.pdf] . You know the drill, let's dive into some of the major takeaways. High level

Continuing the theme of yesterday's Rapture, today I will go through more of Bankless' Q1 2022 state of Ethereum report [https://newsletter.banklesshq.com/p/state-of-ethereum-q1-2022?s=w]. Yesterday, I covered the adoption that occurred on the Ethereum protocol itself and within the DeFi ecosystem. For today&

Bankless recently released their Q1 2022 State of Ethereum report [https://newsletter.banklesshq.com/p/state-of-ethereum-q1-2022?s=w]. While the Bankless guys are generally Ethereum permabulls, I do find the data they amalgamate for the report quite useful in terms of tracking the adoption of Ethereum. So, lets dive into

Today, a bipartisan set of representatives from the House introduced the digital commodity exchange act of 2022 [https://republicans-agriculture.house.gov/uploadedfiles/digital_commodity_exchange_act_of_2022.pdf] . If passed, this bill would squarely put certain areas of crypto under the regulatory purview of the CFTC, which is seen

While the goblin's roar is ever increasing with every 1% drop in the US equities market... whoops I mean crypto... (what's the difference right now?), there remains plenty of tokens to remain optimistic about in the short term. Optimism's upcoming token launch [https://optimism.

I just got back from a week in Amsterdam for Devconnect, and I can definitely say that if you want to know where the industry is going in terms of innovation, developer conferences like EthDenver/Devconnect are the places to be. At these events, you directly interact with the sources

We are undoubtedly within the eye of the storm period. Not much is happening. The market is (still!) trying to decide whether we go to goblin town or attempt take another shot at surpassing new highs, and many teams are heads down in buidl mode. Still, there was one major

More and more protocols are either producing their own reports on their treasuries or are hiring outside firms (Messari, Llama) in order to compile a report. Continuing this trend, Joe Flanagan, the Co-Founder of Maple, recently published a quarterly report that covers the revenues and expenses of the Maple DAO.

Clearly, the industry is moving towards producing consistent financial reporting for protocols. Last week, Llama produced a report on Aave for the month of February. I covered the report in a Rapture newsletter [https://rapture.ghost.io/rapture-185/]. Today, Messari released their Q1 2022 report [https://twitter.com/jerrysun_/status/

Increasingly, the BTC rise to $47,500 is looking like a bear market rally. While I would like to see a drop below $37,500 for further confirmation, the fact that the market has dropped on significant bullish news such as Do Kwon's/Saylor's recent $2

Recently, Llama, a DAO service provider focused on treasury management, released their February 2022 financials for Aave [https://llama.xyz/reports/aave/Llama_-_Aave_February_2022_Financials.pdf]. Soon, they will also be compiling a quarterly report for Aave's financials. This report largely covers the Aave market

While the markets and SSV have been taking up much of my time lately, I had a chance to go through Gemini's 2022 Global State Crypto Report [file:///C:/Users/matti/Downloads/Gemini%20-%202022%20-%20Global%20State%20of%20Crypto.pdf] . Much of this report covers a survey

As I mentioned in yesterday's post, I am still bearish on the market. Yet I am preparing for upwards continuation of the most recent trend we have had since late January. Thus, I have begun compiling a list of assets that I like in the scenario of a