Ahmad Mustafa Kida
Data Analyst
Last Updated:
June 20, 2024
•
4 mins
DeFi Analytics 19th June 24
This week's edition of our DeFi Analytics report.
Beacon Chain
Cumulative Beacon Chain Deposits
Beacon Chain Deposits and Withdrawals
- An influx of withdrawals brought a brief deviation from the uptrend we’ve seen since late last month
Ethereum Gas Market
Hourly Average Gas Fees Burnt per Block
- On-chain activity on Ethereum has slipped amidst the spot price drawdown over the last week reaching month-long lows
Hourly Average Cost to Transfer ETH (21,000 Gas)
Hourly Average Blob Gas Usage per Ethereum Block
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
- Stablecoin borrowing and lending markets have experienced little to no activity over the last 2 weeks, despite the drawdown in spot prices
- WBTC and WETH markets have seen their TVLs slip during this period, as liquidity providers withdraw their tokens from the protocols
Uniswap V3
Uniswap V3 Hourly Volumes
Uniswap V3 Hourly Transaction Count
Liquidations
Aggregate Liquidations across Aave & Compound
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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.
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Senate CLARITY Act markup incoming, yet crypto derivatives still muddied
The CLARITY Act "markup": Here's what you need to know.
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BTC breaches $82K while derivatives flag mixed signals
After a double-digit rally in April, BTC has continued its ascent, even briefly trading past $82K — its highest level since end-January. As such, Block Scholes’ Risk Appetite Indices for both BTC and ETH have surged past a value of 1 and into a region that has typically marked further bullish price momentum. Since 2021, BTC has rallied by more than 12% on a monthly basis on 17 occasions, 9 of which were followed by a second month of higher spot prices. However, despite a backdrop of easing geopolitical tensions and a major crypto bill in the "red zone", derivatives markets are sending mixed signals.