Your daily snapshot from our OnChainFX markets dashboard.
We try not to dabble too deeply into tea leave reading here at Messari, and instead focus on providing insights that can help our subscribers draw their own conclusions regarding which way the markets will move long-term.
But it’s no secret that we ourselves are bullish. (I’m on record saying the bottom is in, and we hit bottom in December.)
We got a *lot* of great questions today on market trends, projects we liked, new features we’ll be rolling out, etc. If you want to be sure you don’t miss out on future calls with our analyst team and extended network, that’s just one more reason to…
Otherwise, here are a few of the charts that have us smiling. (I’m actually nervous about how relaxed we all seem to be.)
1) Bitcoin is now trading above it’s 200 day moving average for the first time in more than a year. (Chart courtesy of Fundstrat.)
2) Contrary to mainstream media coverage, regulated futures markets aren’t dead. CME Bitcoin Futures Volume hit a record high last week.
3) Coinbase Pro now offers 20 assets, all of which are in the green YTD. The calendar year may be arbitrary, but it is a psychological boon for retail investors to see that type of Q1 bump once again.
4) The Market Value to Realized Value ratio is back over 1.0; the only other time MVRV fell below 1.0 prior to Dec 2018 was in the 2015 bear market. (Coinmetrics)
The overall story these snapshots tell is an exciting one: we’ve got positive momentum, institutional activity is picking up, retail investors are all seeing green once again, and my pet “fundamentals” metric just tipped back in the right direction.
Happy crypto spring.
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Best of the Rest - What We Missed Last Week
Every weekend, we dig through the past week’s posts from crypto’s other great sources of content to see what we missed in our own weekend reads.
Here’s us curating the curators:
Last week, the SEC released guidance pertaining to whether or not digital asset offerings are securities. According to this summary by Coin Center, the regulator stated clearly that it is possible to sell tokens in compliance with securities law and over time, lose their securities status when the third party is no longer essential to the project. In addition, unique cases, like airdrops, are likely not securities if the recipient did not offer anything of value.
The ability to create a token introduced a novel means for fundraising as we’ve seen in the vast number of ICO’s over the last few years, but often times the tokens had no use or means to accrue value according to Boris. For those that have been successful it has been through becoming a store of value, acting as working capital or providing governance rights.
While almost all data in cryptonetworks is public, it can still be difficult to extract and analyze in order to reach meaningful conclusions. According to Mohamed Fouda, as the crypto space grows, the addressable market for blockchain data companies will continue to grow creating an opportunity to build a valuable business around meaningful data synthesis. Evidenced by Coinbase acquisition of blockchain analytics company Neutrino, there is also a host of acquisition related opportunities to win bigger market share and offer more sophisticated services.
Did I miss something?
Send me the link, your twitter handle and your best imitation compression algorithm write up. If I like it, I’ll include your bit next issue (with attribution).
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