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On-chain volume for Bitcoin and Ethereum grew 5.6% to $904B, with Bitcoin growing 5.6% and Ethereum growing 5.8% (Bitcoin on-chain volumes 1.9x Ethereum). The London-Fork continues to burn ETH with a total 361K ETH, or $1.6B being burned. Miners continue to rake in revenue, with Bitcoin miners earning $1.69B in November and Ethereum miners earning $1.99B - one reason why GPUs remain short across the globe.
NFTs saw transaction volume of $1.94B, representing a MoM decline of 18.6%. However, the large numbers continue to highlight a strengthening and growing segment within crypto that can’t be avoided. OpenSea continues to own the lion’s share of the market at 96.4% but continues to lose share as competitors develop and grow. The largest threat to OpenSea will be Coinbase who have 2M+ unique users for their NFT marketplace that is expected to go live in Q1 '22.
Investment Associate | Ember Fund
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November 21, 2022
Welcome to the October 2022 Recap Newsletter! We hope everyone is safe & sound. Despite November being one of the wilder months in a while (given all the news), last month was a strong one for crypto.
November 16, 2022
The Ember team is proud to announce the launch of our latest investing feature: Recurring Deposits
November 15, 2022
With all the news around FTX, we felt it would be helpful to run through what non-custodial wallets are and why they’re important.