Market Trips on LSDs
Carnage Gives Way to Indifference
There are few cohorts of people more excited to turn the page to a new year than crypto investors. After nearly 12 months of unwinding leverage, we have finally reached a point in the cycle where indifference has crept into the market, as demonstrated by the continued decline in volumes and realized volatilities.
Aggregated ETH volume is the best proxy for trading activity in crypto. It is the second largest cryptoasset by market cap, and the data is not skewed by wash trading on Binance. Spot volumes continue to decline, now at the lowest level in over...Unlock this article by joining our Community!
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