.glassnode takes a look at Silvergate, Silicon Valley Bank, and Signature Bank- how the banking fallout impacts core $BTC on-chain metrics, stablecoin depegging, and net capital outflows from the digital asset market. 💪 Details 👇
After one of the most consequential weeks of 2023, the digital asset industry is short three crypto friendly banking institutions in the US. However the principle investor response thus far appears to be a seeking safety in the most trustless major assets BTC and ETH.
Bitcoin prices find themselves trading between several popular, and widely observed technical analysis pricing models. After finding resistance at the 200-week and 365-day moving average in Feb, prices visited and then rallied off the 200-day and 111-day average this week. In the case of DAI, stablecoins have become the dominant form of collateral backing it, with this trend growing consistently since mid 2020. USDC accounts for approximately 55.5% of direct collateral, as well as a significant share of the various Uniswap liquidity positions used, in sum representing around 63% of all collateral.
On a 30-day change basis, February was the first net capital inflow into the industry since April 2022, peaking at +$5.8B/month, and primarily led by BTC and ETH. The last month however, the market has seen a reversal outflow of -$5.97B, with 80% of that a result of stablecoin redemption , and 20% from realized losses across BTC and ETH.
For futures trading volume, Bitcoin dominance is similar at around 60%, and volumes have picked back up after the post-FTX and end of year lull. Total trade volume is approximately $58.2B/day, and equivalent to levels seen throughout 2022. This suggests that ETH markets are being utilized more heavily for expressing speculative interest of late, exacerbating volatility.
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