Ahmad Mustafa Kida
Data Analyst
Last Updated:
June 20, 2024
•
4 mins
DeFi Analytics 12th June 24
This week's edition of our DeFi Analytics report.
Beacon Chain
Cumulative Beacon Chain Deposits
Beacon Chain Deposits and Withdrawals
- Continues to see an influx of inflows at the following the ETH spot ETF approval
Ethereum Gas Market
Hourly Average Gas Fees Burnt per Block
- Transaction fees on the Ethereum network continue to trend downwards reaching historic lows
- Base fees burnt per block now trade at the lowest levels seen since the burn was introduced in the London Upgrade
Hourly Average Cost to Transfer ETH (21,000 Gas)
Hourly Average Blob Gas Usage per Ethereum Block
- Since the announcement of the ETH ETF, blob gas usage has seen a persistent increase in blob gas usage
- This was however not ETF related, but rather the planned mainnet launch of a new L2 protocol, Taiko, which is observed to be posing a significant amount of blobs onto the Ethereum Network
Hourly Average Excess Blob Gas per Ethereum Block
Borrowing and Lending
Total Stablecoin value locked in Aave and Compound
USDC TVL
USDT TVL
DAI TVL
TUSD TVL
WBTC TVL
WETH TVL
Uniswap V3
Uniswap V3 Hourly Volumes
Uniswap V3 Hourly Transaction Count
Liquidations
Aggregate Liquidations across Aave & Compound
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Zcash suffers a Zc(r)ash
Late last week, BTC fell below $60K for the first time since October 2024 as a combination of ETF outflows, renewed geopolitical uncertainty and concerns around the digital asset treasury model weighed on risk sentiment. The selloff triggered a sharp deterioration in derivatives market positioning, with traders paying a significant premium for downside protection.
While options markets initially priced in a substantial increase in expected volatility, that premium has since faded, suggesting traders expect a slightly calmer market environment ahead.
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HYPE ETFs Accelerate Outperformance Against Crypto Market
Crypto sentiment has weakened sharply since mid-May 2026, despite traditional risk assets continuing to rally. While US equities have pushed to record highs, supported by strong earnings and AI-led optimism, BTC has sold off to a four-month low near $60K and ETH has hit a thirteen-month low near $1.8k. Despite the recent pullback in stocks, this divergence began manifesting even prior. This suggests that crypto is being driven less by broader risk appetite and more by sector-specific headwinds. ETF flows have been a major source of pressure. Since May 15, 2026, spot Bitcoin ETFs have recorded 13 consecutive sessions of outflows, with cumulative redemptions around $4.4B.
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BTC and ETH options trade close to their lowest levels all year
This week kicked off with a selloff in global bond markets, in part driven by inflationary concerns from the ongoing US-Iran conflict. Government bond yields at multi-decade highs in turn weighed on crypto risk sentiment. BTC briefly fell to $76K, a two-week low, while ETH tested the $2,100 support level. Despite the weakening macro backdrop, BTC has traded with volatility levels close to year-to-date lows, something we see reflected in options positioning too.