Monthly Chartbook - Crypto vs. Macro Battle Heats Up

AUG 10, 2022 • 22 Min Read

Jason Pagoulatos + 7 others

DISCLOSURES: THE AUTHORS OF THIS REPORT MAY HOLD MATERIAL OPEN POSITIONS IN TOKENS REFERENCED IN THIS REPORT INCLUDING BTC, ETH, GMX, GLP, AAVE, AXS, MANA, SAND, JEWEL, RAIDER, ILV, RBW, SPS, CRA. THE AUTHOR & EDITOR HAVE NOT PURCHASED OR SOLD ANY TOKEN FOR WHICH THEY HAVE MATERIAL NON-PUBLIC INFORMATION DURING THE RESEARCH AND DRAFTING OF THIS REPORT. DELPHI VENTURES MAY HOLD TOKENS MENTIONED IN THIS REPORT. THESE STATEMENTS ARE INTENDED TO DISCLOSE ANY CONFLICT OF INTEREST AND SHOULD NOT BE MISCONSTRUED AS A RECOMMENDATION TO PURCHASE OR SELL ANY TOKEN, OR TO USE ANY PROTOCOL. THE CONTENT IS FOR INFORMATIONAL PURPOSES ONLY AND YOU SHOULD NOT MAKE INVESTMENT DECISIONS BASED SOLELY ON IT. THIS IS NOT INVESTMENT ADVICE.

 

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The Monthly Chartbook is a collection of interesting charts and trends we’re watching across crypto and markets. This month’s edition focuses on:

  • Market Bottoms & Macro Headwinds
  • Crypto Market Review – Market Structure & On-Chain Observations
  • L1s, L2s, & DeFi Analysis
  • NFTs & Gaming Sector Breakdown

Market Bottoms & Macro Headwinds

In our latest Pro markets report, “Liquidity Runs The World”, we discussed the importance of global liquidity as a key determinant for the direction of asset prices. We noted how expansions and contractions in global liquidity are cyclical, and right now we’re still in the downtrend of the cycle.

We’ve likened the crypto market to one of the most levered bets on global liquidity expansion, and we cited the decline in global liquidity growth as one of the biggest risks to the crypto market at the start of the year.

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Jason Pagoulatos + 7 others