Monthly Chartbook - Crypto vs. Macro Battle Heats Up

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.