Bi-Weekly Recap: Sept 18 - 30

Messari hit three significant milestones over the last two weeks: a $35 million Series B, a successful Messari Mainnet, and the release of our first-ever BTC and ETH quarterlies. With The Merge in the rearview mirror, let’s check out what’s going on around the space — starting with the almighty macro.

BTC Returns to Macro Spotlight

Turmoil in Europe! For various reasons, the EU and U.K. are under substantial pressure at the currency and commodity levels, so much pressure that the prospect of bank bail-ins has entered the collective consciousness of the trader hive mind. Bail-ins effectively seize funds from shareholders and bank creditors to save the bank, as opposed to bank bailouts which use public funds to shoulder the losses.

Executing a bail-in is not without precedent. In 2013, island nation Cyprus did just that, instituting withdrawal taxes and limits for bank depositors. More recently, the U.K. actually published an operational guide to executing bank bail-ins — perhaps a sign of what’s to come. As a result of these pressures and concerns, BTC-denominated volumes in both euros and pounds skyrocketed 100–300%.

Not Ultrasound Enough?