Ethereum's revenue up for 4 consecutive months
- Ethereum's revenue has now improved for the fourth consecutive month to $208m. But this is still low. When monthly revenue started to ramp up in 2021 and eclipsed >200m for the first time, ETH traded around 1,300.
- Bitcoin price is 28,048 above the 50d MA 27,963 -> this is bullish, price WoW increased by 1.6%; Ethereum price is 1,828 below the 50d MA 1,854 -> this is bearish, price WoW decreased by -1.9%;
- Ethereum underperforms Bitcoin currently as the trend (20d) MA shows ETH / BTC ratio is going down, crypto is driven by beta factors.
- The Global Crypto market cap decreased by -1.4% WoW to $1.21trn, below the 50d MA ($1.22trn), which is bearish, Bitcoin dominance at 45% for the week (above the 50d MA 44.2% -> as alt coins underperforming), this is bearish.
- Global Crypto trading volume decreased by -36.5% WoW to $48.1bn, below the 50d MA ($75.7bn), which is neutral, weekly Bitcoin volume was -33% lower than avg. while Ethereum volume was -5% lower than average.
- Top 3 stablecoin mkt cap ($118.6bn) is in the 0%ile range, volume ($33bn) is in the 13%ile range (last 3m), Mkt cap WoW -0.1% or $-0.1bn, is a very bullish sign for 'risk-on' liquidity (as USDC mkt cap down while USDT mkt cap up) but (net-net) liquidity is leaving the eco-system, which is negative.
- TVL (Total Value Locked) decreased by -1% (or by $-0.7bn) WoW, & now stands at $68.2bn, notably MakerDAO TVL decreased by -2% to $7.3bn, TVL outflows driven by Yield sector with $-0.77bn outflows to $5.3bn, Convex Finance dominance 57.1%, Largest TVL changes were recorded for WBTC with $6m increased and MakerDAO with $-149m decreased.
- The number of active Bitcoin addresses has decreased by -3.9% over the last 1 week, to 758k, this is bearish, number of active Ethereum addresses has decreased by -15.9% over the last 1 week, to 579k, this is bearish.
- The futures funding rate trades positive for Bitcoin (4.5%), this is bullish and the funding rate is positive for Ethereum (13.1%), this is bullish. Bitcoin futures saw avg. daily liquidations of $45m, historically, liquidations print $53m, this is seen as neutral, Ethereum saw avg. daily liquidations of $23m, historically, liquidations print $47m, this is seen as neutral.
- Our Greed & Fear Index prints 46%, while the Ethereum Greed & Fear Index prints 30%. The RSI for Bitcoin is 46% while the Ethereum RSI is at 42%.
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