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

Kraken Blog | June 3, 2022

Kraken May 2022 on chain report survival model - Kraken May 2022 Report:  On-Chain Crypto Analysis:  Survival ModeCryptoasset 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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NCFA Jan 2018 resize - Kraken May 2022 Report:  On-Chain Crypto Analysis:  Survival ModeThe National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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