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Bitcoin/Ethereum:
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:
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.
Harsharn Singh
Investment Associate | Ember Fund
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