Pro
Market Data Flows
Key Insights
- From majors to memecoins, prices reacted positively to increased speculation on a potential Bitcoin ETF approval. However, on chain metrics reveal a lack of unique addresses, DEX volume, and liquidity inflows.
- The implication being, this move was largely driven by off chain, institutional capital. The uptick in Bitcoin derivatives flows indicate a) institutions positioning for spot ETF decisions, b) DeFi was not the recipient of increased capital, and c) fundamental drivers on chain need to improve accessibility and liquidity rails.
The What
Bitcoin price rose 15% this week, ultimately topping around $35,000, a level not reached since the infamous Luna unwind in May 2022. While traders, investors, and degens alike rejoiced at the long-awaited pump, most were unprepared by the move.
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Toe is a technical research analyst at Messari specializing in DeFi coverage. Before joining Messari, he worked as a data scientist at both Celsius Network and IBM. Toe graduated from the University of Michigan School of Information.
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