Monthly Chartbook - Falling Out of the Merge

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

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

Macro Outlook

Keeping with the theme of previous iterations of The Chartbook, we ask ourselves the same high-level question. Has anything changed on the macro front given that we are in what we’ve described as a macro driven bear market? This month, the answer is…not really. We have recently written an excellent report, Crypto’s Make or Break Moment, which discusses the below themes in more depth should you be interested.

The Fed remains hawkish, once again reiterating its desire to curb inflation at all cost. To quote Fed Chair