Wave wave Wave 🌊

Since my inaugural Glassnode guest research report on the state of Bitcoin three years ago, there has been much progress in how we think about value drivers and measures for the network. This piece revisits long-standing valuation methodologies as well as introduces more novel valuation models for Bitcoin to form a two-layer valuation framework.

Liquidity concerns upon a debt ceiling agreement may cause near-term headwinds but net positive growth of liquidity within the market cycle is around the corner - and that's all that matters.

최근 크립토 시장에 여러 사건들이 발생하면서, 마켓메이커(Market Maker) 및 마켓메이킹(Market Making)에 대한 관심이 높아졌습니다. 그러나 대부분의 경우 마켓메이킹은 시세 조작, 특히 펌프 앤 덤프(Pump and Dump)의 창구로 오인되어 있으며, 마켓메이커들은 금융시장에서 “실제로” 어떤 역할을 하는가에 대한 올바른 정보가 부족한…

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The Top 300 Global Crypto VC firms by fund size and investment activity

Two big suprises from the announcement: Arbitrum Orbit and Self-Enforcing governance

Welcome back, anon! Seems like the January/February up only-market is gone, and we’re back to ranging. $BTC is only down 15% from the local 2023 top, but several altcoins are down 30-60% from their top this year (including my $CANTO-bag ;)) Before we jump into today’s newsletter, let’s have a word from our sponsor.