After an extremely consequential week, the digital asset industry finds itself short three crypto friendly banks in the US.
Investors appear to be seeking safety in the most trustless major assets #Bitcoin and #Ethereum
In this edition, we will focus on some of the key effects playing out on-chain, and within wider in market structure, including:
- De-pegging of several stablecoins from $1, as well as dominance shifting back towards Tether (USDT).
- Net capital outflows from the digital asset market, observable across both stablecoins, and the two majors, BTC and ETH.
- Cyclical lows hit in futures open interest, despite elevated trade volumes, and speculative interest leading to an explosive rally back to $22k for BTC, and $1.6k for ETH.
Read more in The Week On-chain
