In this On-chain and Off-chain data analysis, Unich Analysis will grasp the latest trends surrounding stablecoins, the amount of TVL on DeFi platforms, and the current situation of Bitcoin. Let’s explore the key metrics, market fluctuations, and detailed information that have shaped the crypto market over the past week.
Stablecoin
The amount of stablecoins on exchanges continues to trend downward. Currently, stablecoins on centralized exchanges (CEX) total $30.2 billion, a decrease of $5.95 billion compared to two months ago.
The total market supply of stablecoins remains steady at $80 billion in circulation. This indicates that investors are holding off after taking profits, opting to withdraw stablecoins rather than cashing out and leaving the market entirely.
Most Issued Stablecoin: USDT
Most Burned Stablecoin: USDC
The trend shows that most of the stablecoin burning comes from USDC, predominantly used by US investors due to Circle’s dominance. Despite the drop in BTC prices, there are no significant outflows from the market, signaling a positive outlook for ETH and other altcoins.
Conclusion: Profit-taking stablecoins from March and April are not being cashed out but are temporarily withdrawn from exchanges, waiting for new opportunities.
TVL (Total Value Locked)
Most major Layer 1 and Layer 2 solutions have seen a decrease in TVL over the past week and month. The layer with the most significant decline in the last 30 days is Blast, with a 25% drop due to users ending farming activities after Layer 2 launched its BLAST token airdrop.
Linea and Ton are two of the few layers that had positive TVL growth last month, with increases of 19.31% and 107%, respectively. For Linea, this growth is due to users moving assets to farm projects within Linea’s ecosystem. In the case of Ton, the growth is driven by sustainable capital attracted by the “Game” created by projects within its ecosystem.
Conclusion: Linea and Ton are currently the most attractive layers to investors, whereas other layers lack engaging mechanisms to draw funds and investors.
Bitcoin
On-chain Data
The amount of BTC on exchanges has increased by 25,710 BTC, valued at $1,563,168,000, over the past 15 days.
This increase in BTC circulating on exchanges is due to miners moving BTC to exchanges, along with large deposits by the German and US governments over the past two weeks. However, miners’ deposits are slowing down compared to when BTC prices recovered to $71,500, as the price is now approaching the minimum cost to mine one BTC ($60,000).
The decreasing amount of BTC being transferred by miners suggests that the selling pressure on BTC, leading to short-term corrections, may be coming to an end.
Long-term holders have also returned with a positive outlook on BTC, unlike their selling behavior when BTC was at $73,000. The highest inflow was 93,264 BTC, valued at $5,670,451,200.
Looking at the data, we can see that miners are currently handing over BTC to long-term holders.
Short-term holders, after a slight reduction at the peak, are also showing signs of increasing their balances again. This indicates that these investors expect BTC prices to rise again from the $60,800 level. This group of wallets, along with long-term holders, is absorbing the selling pressure from miners, though the buying pressure is not yet significant.
Off-chain Data
Sell limit orders around $71,500 have decreased, which contributed to the unsuccessful break above this price during the fourth attempt.
Short positions still dominate, with large volume, low leverage shorts starting from $63,400. The market sentiment remains bearish for BTC with a significant amount of short positions.
The liquidation map shows two large liquidity zones that could be targeted. For short, it’s an area above $73,000, and for long, it’s around $55,600. Both zones have approximately $1.2 million in volume. With the reduction of sell limit walls above, and the buy limit walls being placed back with increased volume, it indicates an effort by significant capital to protect the lower liquidity zones.
Conclusion: For Bitcoin, buy walls are increasing while sell walls are being removed. Bulls are trying to protect long positions and the $55,800 liquidity zone. Onchain data suggests that recent selling pressure is related to miners, which is decreasing as prices approach mining costs. The main buyers are long-term holders, with some participation from short-term holders.
Unich Analysis has analyzed the notable on-chain and off-chain data in the crypto market with you. We hope this article will help readers make informed investment decisions!
