Crypto Brief – April 7th 2021
News
After Christie’s broke records with a $69 million NFT auction, Sotheby’s is following suit with its own crypto-art sale https://t.co/57JWBOI1hX via @bopinion
— Bloomberg Crypto (@crypto) April 7, 2021
NEW: Coinbase reports an estimated $1.8 billion in total revenue for Q1 2021https://t.co/LEDP6REBQ6
— The Block (@TheBlock__) April 6, 2021
Charts
Although Ethereum mean transaction fees are off their late-Feb highs (and the eye-watering levels of Sept 2020), they are still uncomfortably high for most casual users and make it expensive to be an active ETH user. (chart @glassnode) pic.twitter.com/bsAmzXDBwz
— CoinDesk Research (@CoinDeskData) April 6, 2021
Since Oct-20, -$20bn of Gold outflows and +$7 billion of #Bitcoin inflows.
Crowding out of Gold implies huge upside for $BTC in the long term pic.twitter.com/btmYbkp5VX
— Mira Christanto (@asiahodl) April 6, 2021
Lowest bitcoin volume in more than 3 months
The 7-day average real bitcoin volume dropped lower this week, and yesterday marked the lowest level since Jan 1st.
Data: @MessariCrypto @skewdotcom pic.twitter.com/0es07IZD7i
— Arcane Research (@ArcaneResearch) April 7, 2021
Here’s a big one that many have been asking for. Track total value locked in Ethereum Layer 2 solutions.
As always. Free on The Block’s data dashboard.https://t.co/lJFskrmIQw pic.twitter.com/9yz5QfqGZx
— The Block (@TheBlock__) April 7, 2021
Analysis
The Q4 surge in BTC tx count and total value transferred trailed off in Q1, hinting at greater holding behavior. And the growth in average BTC tx size in USD levelled off, even in the face of the price increase, indicating more small-holder participation. https://t.co/MCMnqnlNhS pic.twitter.com/jHe9c51iQU
— CoinDesk Research (@CoinDeskData) April 6, 2021
Crypto asset funds attracted a record amount of inflows and assets under management in Q1, according to @CoinShares. @DantesOutlook reports.
https://t.co/PqKNxaCYu1— CoinDesk Markets (@CoinDeskMarkets) April 6, 2021
The Q4 surge in BTC tx count and total value transferred trailed off in Q1, hinting at greater holding behavior. And the growth in average BTC tx size in USD levelled off, even in the face of the price increase, indicating more small-holder participation. https://t.co/MCMnqnlNhS pic.twitter.com/jHe9c51iQU
— CoinDesk Research (@CoinDeskData) April 6, 2021
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