Crypto Brief – May 3rd 2021

🌎 #Ether Hits $3,000 as #Bitcoin’s #Crypto Dominance Declines – Bloomberg
*Link: https://t.co/vLAF4VJTLY pic.twitter.com/NgAUrCQq2i

— Christophe Barraud🛢🐳 (@C_Barraud) May 3, 2021

More than $50 billion in Tether has been issued, an amount that's more than the insured deposits at almost all but the largest U.S. banks. Any idea where the reserves are held? https://t.co/GhGsPfp9yN

— Bloomberg Crypto (@crypto) May 1, 2021

27-year-old Ethereum co-founder Vitalik Buterin becomes one of the youngest self-made crypto billionaires as #Ether hits $3,000. https://t.co/QjdPmGtbzw

— Cointelegraph (@Cointelegraph) May 3, 2021

Looking at futures, CME's ether futures market – which kicked off in February – grew from $68m in open interest on March 1 to $373 million in OI on May 1

Aggregate open interest across Ethereum futures recently hit an all-time high of $8.6bn pic.twitter.com/TW2VL18Mxf

— Frank Chaparro (@fintechfrank) May 3, 2021

This is one of the coolest charts in my opinion:

Gross value locked across Ethereum-based DeFi now stands at nearly $78 billion

Just one year ago (May 2 2020) that number sat around $700 million.

100x increase. pic.twitter.com/kAKqZXFHCo

— Frank Chaparro (@fintechfrank) May 3, 2021

Web-3

Week-over-week correlations among Web-3 have mostly remained stable.

The two to note are $STX and $AR which are becoming increasingly uncorrelated with the rest of the group. pic.twitter.com/qVrDL5dcaz

— Roberto Talamas (@RobertoTalamas) May 2, 2021

As $ETH price reaches over $3,000 setting a new ATH, the NVT Ratio is driven back down towards this cycles lows.

Low NVT Ratios indicate transaction volumes are high and growing faster than the network market cap.

Today's market strength is supported by volume settled on-chain. pic.twitter.com/xKP0ustbZq

— glassnode (@glassnode) May 3, 2021

Bitcoin bear and bull regimes were getting shorter in duration. Then 2020 happened. https://t.co/S6cIPl8Umx pic.twitter.com/XScY4NSU3X

— CoinDesk (@CoinDesk) May 1, 2021

In the latest Crypto Long & Short, @NoelleInMadrid highlights a trend pointing to a broader financial role for bitcoin than as just an asset on a corporate balance sheet.https://t.co/kZgDuSgsId

— CoinDesk Research (@CoinDeskData) May 3, 2021