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The above chart is canonical but somewhat overcomplicates the psychology at play....@secretsofcrypto
Last cycle played out the same way as 2017/2018....Your doubt is my alpha.
— Chris Burniske (@cburniske) April 25, 2018
From 2014 to 2024: A Decade...from the 2014 cycle.
Report
17 Min
Macro & Markets
Mar 2024
The Good [Charts], The Bad [Charts], and the Ugly [Charts]
The good news is so far we’ve seen strong...-day equivalent for the first time since March 2020....Note: the chart below uses trading days on Bloomberg....But if you look at a chart of several of those same asset classes normalized against the growth of the...
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6 Min
Macro & Markets
Jun 2021
[pdf-embedder url=”https://storage.googleapis.com/members-portal-bucket/uploads/2020/07/Research-Report-Reserve-Celo-Part...-2-5-31-2020.pdf” title=”Research Report – Reserve & Celo – Part 2 – 5 31 2020″]...
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1 Min
DeFi
May 2020
Chart of the Week – The SEC Won’t Let Me Be, Or Let Me Be Me
Anyone who’s hung around the cryptoverse...The ISM PMI Index, for example, peaked at the end of Q1 2021....The below chart shows BTC price vs. estimated liquidation levels....When compared to the previous two downtrends during the 2018 bear market and the March 2020 crash, the...
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14 Min
Macro & Markets
Apr 2022
In this report, we look at how the Layer 2 ecosystem is shaping up and dive into the varying rollup solutions...In order to unlock the next phase of growth, the scaling torch has been passed over to Layer 2s, led...
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1 Min
Infrastructure
Dec 2020
On 28th June it stood at 484mil, a 100mil(-17%) supply decrease in 30 days....The chart above speaks to the dynamics of the Axie breeding economy....Axie floor prices increased from 0.03 ETH to around ~0.066 ETH, and MEO 2 Axie prices rose from 0.084...flat throughout the month while Mystic 1 Axie floor price grew from 5.5 ETH to 9.99 ETH and Mystic 2...
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9 Min
Games
Jul 2021
Infrastructure
Jun 2019
From 2019 to 2024, gross revenue grew from ₩113.6 billion ($87 million) to ₩711.9 billion ($547 million...steep losses in 2022 and 2023, at -₩185.8 billion (-$143 million) and -₩206.7 billion (-$159 million)...the fundamental question of how to create enough demand-side pressure for CROW to support a healthy chart...
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18 Min
Gaming
Jun 2025
...century, yet the amounts of money raised to acquire these seats have gone up astronomically to $1.2B in 2017...mathematical demonstration of the sub-optimality of the 1p1v system in provisioning public goods, see page...
Report
11 Min
Asset Management
Nov 2020
...century, yet the amounts of money raised to acquire these seats have gone up astronomically to $1.2B in 2017...mathematical demonstration of the sub-optimality of the 1p1v system in provisioning public goods, see page...
Report
11 Min
Asset Management
Nov 2020
...and then encourage liquidity providers to move over from the main pool to the layer 2 equivalent....Ideally a user executing a swap on the ETH-USDC pool on Unipig (Uniswap fork on the Optimism layer 2)...Ideally as a user, regardless of whether interacting with the ETH-USDC pool on layer 1 or on layer 2,...
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5 Min
Layer 2 / L2
Nov 2020
Part 2 – Applications
In Part 1 we have overviewed Anoma’s intents and seen how they compare to Ethereum-style...“Part 2: WTF are intent-based apps?”...has 2 sections;
First, we take a look at some existing intent-based apps across various verticals that...User 0xea wanted to sell 48,942 USDC and receive at least 26.66 ETH.
Report
24 Min
Layer 1 / L1
Sep 2023
BRC-20’s on this DEX trade against sUSDT....The limited edition NFT collection boasted tiers ranging from $10K to $200K....Actual activity on Ordinals saw a significant spike between May and Sept 2023, averaging over 200K inscribed...As you can see from the chart above, fees spiked to a massive level of over 200 BTC per day for an extremely...
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47 Min
Layer 1 / L1
Jan 2024
We have added SudoSwap (in yellow) to the list of marketplaces we track on this chart, as we expect it...Internet Game is an interactive entertainment platform that is launching its Season 2, titled “Bear Market...There are 2 parts to the games....Part 2 is a live finale with 3 multi-player games hosted by Gmoney & Leah Lamarr.
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11 Min
NFTs
Aug 2022
Topics Covered:
2:05 – MicroStrategy’s Bitcoin Blueprint with Kevin Kelly
5:45 – Bitcoin ETF, Funds...& Futures with Kevin Kelly
6:27 – Inflation Expectations with Kevin Kelly
8:55 – Mirror & Terra...Cosmos IBC Launch with Medio Demarco
15:50 – How Nexus Can Incentivize Auditors with Medio Demarco
21...
Report
1 Min
Layer 1 / L1
Feb 2021
Delphi L1 Index
Oversold is not Overextended
The percentage of constituents in the Delphi L1 index (N=26...this in a historical context shows that this is not at all overextended compared with, say, August of 2024...The indicator has triggered 72 times since SOL’s inception in 2020....Indeed, the relative return of SOL from the close on 2025-04-06 is +3.33%.
Alpha Insight
3 Min
Macro & Markets
Apr 2025
Welcome to our second installment of Charts of the Week. To see last week’s edition, click here....This week saw a fairly depressing chart make the rounds on CT, showing new crypto startups nuking amid...After propelling the 2020-2021 bull run, the U.S. has been in distribution mode since the summer of 2022...
Alpha Insight
6 Min
Macro & Markets
Jul 2023
Welcome to our third installment of Charts of the Week. Check out last week’s drop here....UMich’s consumer sentiment survey jumped way more than expected — its largest gain in sentiment since 2006...
Alpha Insight
3 Min
Global Macro Themes
Jul 2023
Welcome to the first installment of Charts of the Week, a new weekly series where we cover the coolest...charts in the world....And without further ado, let’s get to some charts!...of the Fed’s preferred inflation gauges — is nearing the Fed’s self-proclaimed inflation target of 2%...
Alpha Insight
4 Min
Financial Market Themes
Jun 2023
In just over 2 months, adoption metrics have grown considerably:
Total unique humans (orb-verified)...World App users grew 16% from 26.7M to 30.9M, maintaining the ~2:1 ratio between app downloads and completed...For now, the gap between user demand (evidenced by the 2:1 app-to-verification ratio) and Orb availability...
Alpha Insight
6 Min
Artificial Intelligence
Jul 2025

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