It won't take as much to push around prices these days, and that could become an issue as more institutional players start playing in crypto, lvlewitinn writes in this week’s Crypto Long & Short newsletter.
. That works out to a little more than $2 billion per day. In January, the total was $100 billion or north of $3 billion per day.
Yet ether, still the most important currency in decentralized finance, saw average daily volumes over the past month of $15.6 billion, but that’s down from $38 billion a year ago. Speaking of DeFi, ratios in that sector also took a tumble, failing to keep pace with exploding values., which has the lion’s share of DeFi transactions and market cap for its token, was worth $6.8 billion a year ago and saw its token change hands to the tune of $1.5 billion daily. Now its market cap is $5.6 billion, and volumes on the uniswap token average just $223 million.Thinner markets, of course, mean that it doesn’t take as much to move prices as it once did.
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