Data and Dashboards on Digital
Executive Summary
- Market trading color: $BTC outlook on Coinbase news, waning confidence in $ETH ETF approval and its effect on $ETHE, $9.5B worth of options set for Q1 expiry tomorrow
- Theme of the week – A walk through of learning materials and frequented data sources with dashboards
- Sector commentary: Bitcoin trends, DeFi collaborations, AI advancements, tokenization initiatives, and regulatory developments in digital assets
Market Trading Color (Nolan Aibel)
The volatility has continued over the past week as $BTC sunk toward $62,000 on Friday, recovered above $70,000 to the start this trading week before remaining rangebound between $68,000 and $71,700. We noted clear skys could be ahead for $BTC and that stance hasn’t changed despite yesterday’s Coinbase news. In the past, news like this could’ve spiraled prices 10%+. Even though getting an outright dismissal was a low probability here, $BTC held its ground, not giving up the $68,000 level. If we don’t sink below this key support level, a new all time high could be in $BTCs near future. Looking at the heatmap, there is not much liquidity built up ahead that would deter this move upwards.
After a whole trading week of negative net inflows last week for spot $BTC ETFS, the reversal this week has been noteworthy. Albeit a small amount on Monday with $1M net, ETFs brought in total inflows of $661M over the past two trading days.
The reduction of confidence that an $ETH ETF will be approved has not done $ETH many favors of late. The ETHBTC ratio is nearly at a 1 year low of .049. Given this, the $ETHE discount to nav has widened from -8.09% to -24.19% over the short span of a month. While there could be further widening as we believe there won’t be an $ETH ETF approved on the decision day of May 23rd, we believe the market has priced in this decision. If you do believe an $ETH ETF will be approved in the next year, there is a 32% upside if this discount closed. Other $ETH related news worth mentioning is the fact that the CFTC openly opposed the SEC in their filing against KuCoin earlier this week by stating $ETH is a commodity. They did so when they stated “During the relevant period, KuCoin solicited and accepted orders, accepted property to margin and operated a facility for the trading of futures, swaps, and leveraged, margin, or financed retail transactions involving digital assets that are commodities including Bitcoin (BTC), Ether (ETH), and Litecoin (LTC).”
Source: YCharts
In the world of options, over $9.5B worth of options are reaching Q1 expiry tomorrow. While these dates could lead to increased volatility, the large majority of these options are in the money, likely leading to a nonevent. The $65,000 strike had the most notional interest with over $369M.
Source: Derebit
Data and Dashboards
As Bitcoin hits new all-time highs and more researchers, analysts, and developers enter the space, the need for accurate data grows significantly. While there are plenty of great resources behind pay walls like CoinMetrics, TheTie, AmberData, there are also lots of free or partially free sources that should be able to satisfy initial or full inquires depending on the ask.
Before diving into data and dashboards, we recommend anyone looking to ramp up their knowledge of the space to become familiar with Crypto Twitter and Telegram. Depending on one's focus, it would dictate which accounts to follow and groups to join on Telegram. If you are interested in having a discussion like that, please reach out.
Additionally, for those seeking to learn more about the fundamentals of blockchain and cryptocurrency, there are various resources available. These include articles, YouTube videos, reports, academic papers, books, blogs, and videos covering topics such as Game Theory, Network effects, and whitepapers. You can access a selection of these resources through the following links: GitHub Depository and Google Docs.
Data Websites
When exploring cryptocurrencies, two major platforms often referenced are CoinGecko and CoinMarketCap. These platforms offer similar interfaces, allowing users to search based on various metrics and quickly view trending coins, top gainers, and filter by categories such as Layer 1s, Smart Contract Platforms, and DeFi.
Source: CoinMarketCap
For smaller market capitalizations, platforms like Birdeye and Dexscreener provide tools to discover trending tokens and profitable traders, with features like chain-based filtering.
Source: Birdeye
If you wish to delve deeper into specific aspects such as building fundamental or quantitative models, platforms like DeFiLlama and Artemis offer valuable insights. DeFiLlama provides a simple interface with diverse dashboards covering DeFi, governance, fees, stablecoins, and more, with the option for API access or data tables to copy and paste right into Excel sheets.
Source: DeFiLlama
Artemis specializes in large-cap tokens, offering detailed information on daily transactions, addresses, trading volumes, fees generated, and insights into gas spending trends across different chains. Our personal favorite is analyzing the categories that spend the most gas, categorized by chain, to gain insights into emerging trends.
Source: Artemis
Speaking of trends, Dune dashboards, are a great resource for analyzing a variety of topics including more niche things. For example, this dashboard has bucketed a variety of tickers into Narratives and tracks price action alongside volume.
Source: Dune Analytics @cryptokoryo
A Dune dashboard is a user interface that visually represents a variety of blockchain data and metrics, allowing users to create custom charts, graphs, and tables based on specific queries and analyze real-time or historical trends within the blockchain ecosystem.
Below are some additional websites often visited or discussed:
- Token Terminal | Dashboard – A subscription-based website that offers extensive data even to free users. Users can access traditional financial statements alongside a wide range of other metrics.
- https://www.developerreport.com/ - This website provides a great quarterly report on developer metrics across various chains and trends throughout cycles.
- https://deepdao.io/organizations - This platform serves as an analytics tool for decentralized autonomous organizations (DAOs), offering metrics like total treasuries, top treasury tokens, and the number of governance holders.
- https://app.rwa.xyz/ - Real world assets (RWAs) dashboard with active loan value by sector, geography, network, and protocol.
- https://dappradar.com/rankings - This website provides rankings for Decentralized Apps (dApps) across various ecosystems. It categorizes dApps based on unique active wallets, volume, and the amount of assets in each dApp.
- https://token.unlocks.app/ - This link serves as a tracker for token unlocks, which is useful for seeing when a new supply of token becomes unlocked, potentially impacting the market.
- UltraSound Money – An easy way to look at Ethereum’s supply. From the burn rate and supply growth to base fees, burn leaders, and number of validators.
- https://dashboard.taoshi.io/ - We added this one to the list as a fun addition, discovered while writing the AI weekly. Taoshi is a proprietary trading network (PTN) that integrates signals from quantitative and deep learning machine learning trading systems. It incentivizes miners who predict the price of Bitcoin, rewarding those with the highest returns over a 30-day rolling lookback period. While not a data dashboard, it's interesting to explore price predictions and could even be scraped to build an ensemble for daily BTC price predictions. To learn more about how Taoshi operates, you can access its documentation through the provided link.
Source: Taoshi
A variety of emerging resources and third-party data providers are continually entering the market, driven by the increasing interest in digital assets. Our team has conducted thorough due diligence on numerous platforms and maintains close partnerships with several of them. Should your team have any inquiries or wish to connect with our data scientist, please do not hesitate to reach out.
Source: CoinMarketCap, CoinGecko
Sector Commentary
- Layer One / Altcoins
- Bitcoin ($BTC): Crypto Traders Dismiss Waning ETF Inflows as Bitcoin Holds Steady Over $70K (link)
- Bitcoin ($BTC): Bitcoin lacks support above $60K, chart shows as BTC price halts gains (link)
- Bitcoin ($BTC): Cathie Wood Calls Bitcoin a ‘Financial Super Highway,’ Reiterates $1.5M Price Target (link)
- Bitcoin ($BTC): Why Past Bitcoin-Halving Cycles May Lead Traders Astray (link)
- Bitcoin ($BTC): Over $6B worth of BTC moved by 5th-richest Bitcoin whale (link)
- Bitcoin ($BTC); Ethereum ($ETH): Hidden gem in the CFTC's KuCoin complaint (link)
- Ethereum ($ETH): Based culture: Inside Coinbase’s L2 feat (link)
- Solana ($SOL): 5 dangers to beware when apeing into Solana memecoins (link)
- Dogecoin ($DOGE): Dogecoin Soars As Elon Musk's X Payments Gains Ground, Enthusiasts Rally With $800M Boost (link)
- Altcoins: Internet Computer's 40% Rally Led CoinDesk 20 Gainers Over Past Week: CoinDesk Indices Market Update (link)
- DeFi
- AI / NFTs / Web3
- Protocol Village: Ankr, Blockchain Node Provider, Introduces 'Neura' Chain on Cosmos SDK (link)
- Tether to Establish AI Unit, Starts Recruitment Drive (link)
- AI Bot 'Syntax' From Spectral Labs Could Help Non-Coders Write Ethereum Apps (link)
- Op-Ed (Mo Shaikh, Nicole Valentine): The Future Is Open Finance (link)
- RWA / Tokenization / Metaverse / Gaming
- BlackRock Enters Asset Tokenization Race With New Fund on the Ethereum Network (link)
- BlackRock’s New Tokenized Fund Brings TradFi, Crypto Closer: Bernstein (link)
- Layer-1 Blockchain WAX Signs Deal With Amazon Web Services (link)
- UK Govt-Backed Report Urges Firms to Execute Tokenization Strategies (link)
- Digital Infrastructure: Capital Markets / Exchanges / DAOs / Mining
- Blackrock’s Robert Mitchnick: Bitcoin is "overwhelmingly" the number one priority for clients (link)
- Michael Saylor: “Bitcoin is for everyone.” (link)
- MicroStrategy stock breaks past $1,860 to reach all-time high (link)
- Franklin Templeton debuts new crypto SMA amid bitcoin ETF hype (link)
- Insurance Broker Marsh Introduces $825M Crypto Custody Coverage (link)
- Hong Kong Likely To Allow In-Kind Creations for Spot Bitcoin ETFs: Bloomberg (link)
- Nayib Bukele Update on El Salvador Bitcoin Holdings Shows Growing Stack (link)
- Op-Ed: El Salvador Doubles Down on Bitcoin (link)
- Bitcoin Miner Arkon Energy Plans Public Listing in Amsterdam Through Merger With Shell Company (link)
- SEC delays decision on Grayscale's Ethereum Futures Trust ETF, again (link)
- London Stock Exchange eyes crypto ETN listings in late May (link)
- Crypto Exchange KuCoin Violated Anti-Money Laundering Laws, U.S. Charges (link)
- Galaxy Digital's Strong Earnings Will Carry Into Current Quarter, Analyst Says (link)
- Latam Insights: Chile to Keep Advancing CBDC Tests, Argentina Debuts VASP Registry (link)
- SEC Seeks $1.95B Fine in Final Judgment Against Ripple (link)
- Op-Ed: New Hampshire Has a Better Approach to DAOs (link)
