Ahmad Mustafa Kida
Data Analyst
Last Updated:
May 8, 2024
•
4 mins
DeFi Analytics 8th May 24
This week's edition of our DeFi Analytics report.
Beacon Chain
Cumulative Beacon Chain Deposits
Beacon Chain Deposits and Withdrawals
- Deposits and withdrawals continue to cancel one another, with the beacon chain balance seeing little to no change
Ethereum Gas Market
Hourly Average Gas Fees Burnt per Block
- Crypto spot prices capitulated on the 1st of May, with BTC briefly trading below $57k and ETH trading below $2.9k
- The spike in transaction fees during that period was significant relative to transaction fees close to that period, though not significantly different from value seen early last moth
Hourly Average Cost to Transfer ETH (21,000 Gas)
Hourly Average Blob Gas Usage per Ethereum Block
- Ethereum’s blob market remained unaffected by this downturn in spot price with the average blob gas utilisation per block remaining at 200k units - the same levels seen since early last month
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
- The recent decline in the TVLs of headline assets BTC and ETH mentioned last week was observed to have bottomed around the same time their spot prices capitulated on the 1st of May
- Their TVLs have since recovered, with WBTC recovering more so that WETH did
- USDTs TVL also slid, going into the spot price capitulation, but still trades at the same levels as it did during the capitulation
Uniswap V3
Uniswap V3 Hourly Volumes
Uniswap V3 Hourly Transaction Count
Liquidations
Aggregate Liquidations across Aave & Compound
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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.
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Institutional Demand Underpins BTC’s Best Month Since April 2025
Strong institutional demand has helped underpin a close to 12% rally in BTC’s spot price month-to-date, while derivative markets continue to fade the rally. Spot Bitcoin ETFs saw their longest consecutive inflow streak since the 10/10 liquidation event, vacuuming more than $2.1B worth of bitcoins. Meanwhile, Strategy and BitMine have continued to showcase their insatiable appetite for bitcoin and ether, respectively: Strategy made its largest purchase since November 2024 earlier this month; BitMine recently purchased over 100,000 Ether. April is also on track to break 5 straight months of Spot Ethereum ETF outflows.
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Major Cryptos Focused on US-Iran Peace Talks; Shrug Off Biggest DeFi Hack of 2026
As the two-week ceasefire agreement with Iran was on the cusp of expiring, President Trump announced an indefinite extension, marking yet another reversal from his comments on Monday that an additional extension would be “highly unlikely”. Risk-appetite rose following the announcement with BTC trading up past $78K, its highest since the onset of the war, though it fell short at the $78.5K resistance wall. Our in-house Risk Appetite Metric has continued to tick higher too, and now moves at a year-to-date high for both BTC and ETH. Block Scholes’ Risk-Appetite Indexes for both major assets have once more crossed over the -0.5 threshold from below; a crossing that has typically marked a transition into a more bullish market regime.