Some highlights from last week:
- Grayscale Gears Up For Bitcoin ETF
- Senators Move to Exempt Bitcoin Miners From Tax Provision in Infrastructure Bill
- Ethereum Network Burns $12M in ETH in First 24hrs Since EIP-1559
- Binance U.S. CEO Brooks Resigns Just Three Months into Job
- Bakkt Partners with Quiznos to Pilot Bitcoin Payments in Denver
- Perpetual Protocol Launches $47M Fund to Boost DeFi Derivatives
Crypto Topics Trending in the Media
The total cryptocurrency market cap increased by a strong 10.4%, growing from $1.71T to $1.90T. All major assets saw a positive 7 day return this past week, with a median return of 7.3%. UNI (19.5%), DOGE (16.1%), and ETH (15.4%) were the market leaders, seeing double digital returns. Investor sentiment remains high for the majors, with a median score of 66.4. Trading volume was up a slight 3.3% with DOGE (28.6%) and ETH (26.8%) surging the most. Tweet volume was down -2% this past week.
All eyes were on Ethereum this week, as the London hard fork went live which activated EIP-1559. The Ethereum network burned over $12M in ETH within the first 24hrs since EIP-1559. We not only saw the price of ETH increase before the hard fork went live, but we also saw investor sentiment increase dramatically leading up to the event. Following the event, ETH climbed from $2,611 up to $3,170 (21%) over the next few days.
There have now been over 20,000 ETH burned since EIP-1559.
Ethereum Tweet Volume
With the hard fork in motion, the community was highly focused on Ethereum this past week. Social conversations surrounding ETH reached a new all time high, as there were 66.9k tweets sent out about Ethereum in a single day. ETH accounted for 30% (new high) of all cryptocurrency tweets.
Social conversations surrounding Luna have recently spiked and overtaken its competing ecosystems at just over 2000 tweets/day.
Not only has the number of tweets about LUNA increased, but the conversational tone has become more positive. The 30-day average of daily sentiment score for LUNA has climbed above 50 and is in the lead against its competitors for the first time.
On Wednesday, The TIE published a long form research report on the fast growing Terra ecosystem, check it out here.
Bitwise, the $1B digital assets manager has launched crypto funds for Aave and Uniswap after Wall Street-type clients demand more exposure to DeFi. After this announcement, the price of AAVE increased by 26.5% over the next few days, climbing from $309 to $391.