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Kraken On-Chain Analysis (Aug 2022): Mixed Signals

Kraken Blog | Sep 8, 2022

Kraken report Aug 2022 mixed signals - Kraken On-Chain Analysis (Aug 2022):  Mixed Signals


  • Over the last few months, the crypto industry faced numerous headwinds.
    • These included the death spiral of the Terra ecosystem, the insolvency of over-leveraged hedge fund Three Arrows Capital, and major crypto lending platforms – like Celsius, BlockFi, Voyager and Vauld – taking drastic measures to accommodate “extreme market conditions.”
  • Due to these developments, market participants have been forced to deleverage, contributing to downward market pressures since May. That trend broke in late July as cryptoassets rebounded, but August brought a pullback once again as the macroeconomic environment remained difficult.

See:  Suspected Sanctions Breach? The UK Forces Crypto Exchanges to Immediately Report

  • Between the challenging crypto market and the difficult macroeconomic environment, it’s tough to anticipate what lies ahead. However, on-chain data can help identify the signal amid the noise by providing evidence of trends in network usage and demand.
  • A lot has happened so far in 2022 and on-chain data suggests mixed demand and usage activity across cryptoassets. However, this month, overall activity trended negative. Still, the emerging pattern indicates ETH demand could continue to rise throughout 2022 if all goes well with The Merge.
  • On-chain fundamentals: 
    • Our findings suggest that BTC’s on-chain demand and usage fell as YTD and MoM volume and fees declined.
    • On the other hand, ETH outperformed this month, as Merge anticipation helped it post MoM growth in dominance, on-chain volume and fees in August. ALGO continued to perform poorly across the board on a monthly and YTD basis, except in daily active addresses, which rose +69% in August.

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