There is an increasing demand in self custody. People are going to be using decentralized exchanges and stablecoins as a proxy more often. And this is how we see stablecoins usage on Ethereum compared to Arbitrum.
1. USDT, active addresses compared on a shared axis. Red — USDT on Ethereum, yellow — USDT on Arbitrum:
2. USDT, active addresses in different scales, to see the trend. Red — USDT on Ethereum, yellow — USDT on Arbitrum:
- Stablecoin activity on Ethereum is way higher than on Arbitrum yet.
- Arbitrum stablecoin activity almost doubled, while it remain just slightly increased on Ethereum.
The above and few more charts for your review:
There is still plenty more to come regarding Audius fundamentals, but some metrics have really began to reveal some anomalies.
1. Increasing on-chain activity by a large number of unique addresses, significantly spiking the AUDIO active address chart:
2. Increasing on-chain activity visible in network growth:
3. Strong development activity. See its github submission rate compared with Solana here for added perspective:
4. Increasing amount of supply held by whales, specifically addresses holding 1M to 10M AUDIO:
When these specific metrics begin spiking together for an asset, there has historically been an increased chance of a price surge. Will Audius see a breakout? Let’s keep a close eye on this together.
During the last bear market bottom, supply on exchanges % was relatively high. This time, people are calling the bottom but supply on exchanges is decreasing.... Why this anomaly?
Or will be a bottoming signal if we see a massive increase on supply on exchanges soon?
Here are some examples :
Let me know your thoughts in the comment section.
If you like this content, throw some rockets!
Our screener has highlighted an exchange inflow outlier in AXS...
... along with a significant loss on NRPL:
This appeared to be a trace of a single very wealthy wallet moving funds to Binance.
This wallet AXS holdings chart:
The wallet dumped 3.6 million AXS to Binance shortly after some weird pump happened:
Why? Capitulation? Weak hands? We don't know. Just a serious move.
DYDX has a chance to become a strong narrative for the coming weeks. The strength of this narrative depends on what's happening on the market, will we see a next wave of liquidations or not. It's good to have a chart layout prepared. We did it for you.
Our eye catching a few pieces, but especially looking into the last one, token holders balance trend, with accumulation with of perhaps a smartest group of DYDX token holders so far:
They were able to do a great job, adjusting their position at the right time. Having strong nerves, they sometimes buy during a crash. They seem to be knowing what they doing so far.
Ethereum holders are all massively buying:
It probably means that exchange reserves are being sold. The dump is being bought by everyone.
On the other side very big holders (from 100K to 10M ETH) are being liquidated. They need to liquidate ETH in order to replenish liquidity. So they are doing it.
There is very massive a risk addressing activity. The crypto market realized risk.
If you want to see one chart, see how people withdraw from exchanges, this is the chart.
Exchange balances (supply ETH on exchanges also) also decreasing, everything goes to private wallets:
Now everyone learned, you need to be your own custodian.