Kraken May 2022 Report: On-Chain Crypto Analysis: Survival Mode

June 3, 2022 Blockchain, Crypto, Digital Assets, Tokens, CBDCs, Metaverse, NFTs, FinTech and Alternative Finance, Fintech International, Fundraising, Investing, Trading, Innovation and Resources, Research No comments

Kraken Blog | June 3, 2022

Kraken May 2022 on chain report survival model - Kraken May 2022 Report: On-Chain Crypto Analysis: Survival Mode Cryptoasset prices crashed in early May as BTC fell nearly -32% from $39,500 to $27,000 within a week and brought the rest of the crypto market down with it. The broader macroeconomic environment continues to keep market participants on their toes. Over the last month, US inflation rates hovered at 40-year highs of 8.3%, the Federal Reserve hiked interest rates by 50 basis points, Russia continued to occupy Ukrainian territory, and the Terra ecosystem experienced a large-scale death spiral. Risk-on assets declined rapidly as market participants withdrew their risk appetite and scrambled to identify the short-term narratives in the market.

See: a16z Releases 2022 State of Crypto Report: 5 Key Takeaways

Fundamental on-chain data, such as transaction fees, transaction count, active addresses, new addresses, circulating supply growth, and more, indicate that general cryptoasset network demand declined further in May, continuing the downtrend year-to-date. BTC outperformed altcoins in many regards year-to-date; BTC was the first or second-best performer in every on- chain metric we tracked and saw the smallest circulating supply growth year-to-date.

Between the declining asset prices and the hectic macroeconomic environment, it is difficult to anticipate what lies ahead. However, on-chain data can help filter out the signal from the noise by providing evidence of trends in network usage and demand. The Kraken Intelligence team analyzed several core on-chain metrics across select cryptoassets to surface recent network performance.

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