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Ember Nuggets will be a weekly update with commentary from the management team on what’s happening within the crypto market - news, developments, market trends, and more.
Bitcoin saw steady, positive growth over the month of July opening around $42.1K and closing around $47.1K, representing 11.9% MoM gain. Bitcoin’s on-chain volume increased by 22.2% MoM in August. This is an important economic indicator as it helps us see the utilization of the network by stakeholders. Furthermore, the increased utilization of Bitcoin also helped support a resurgence in mining revenue, especially as the network has rebounded after the China crackdown earlier this year. Miners earned $1.4B in August, representing a 44.6% increase MoM.
Ethereum opened August at around $2.6K and closed around $3.5K, representing a 34.6% MoM gain. Ethereum’s on-chain volume increased by 35.2% MoM in August. The network saw increased utilization that can be attributed to a resurgence in demand for NFTs like CryptoPunks, Bored Apes Yacht Club, and Loot to name a few. NFTs saw $3.25B in volume on ETH in August, with OpenSea dominating the market with 97.4% market share.
August was also a notable month for Ethereum, with EIP-1559 (London Fork), going live. For the month of August, ~150K ETH was burned. Although not deflationary, the burn mechanism curbs inflation in the near-term.
Thank you for reading!
Investment Associate | Ember Fund
June 27, 2022
Happy Monday, everyone! In this edition of Ember Nuggets, we'll be covering the fallout of CeFi crypto platforms, a quick look into Web3 cell phones, and a macro market update.
June 24, 2022
Thank you to everyone who has participated in the third season of the mining program! The Ember team is proud to announce the start of Mining Season 4!
June 22, 2022
Welcome to the May recap! It's been a wild month in the space, but we remain bullish on the long-term outlook.