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This Week In Crypto: $BTC, $ETH, NFTs, and More

This Week In Crypto Thread πŸ” 🌎 Your quick glance at crypto happenings worldwide

πŸ‘‰ BTC and ETH are down by 3% and 3.6%, respectively, this week. Bitcoin dropped the least out of all the major Layer 1 protocols.

Current Events πŸ‘‰560M stolen as BNB Smart Chain hacked in another bridge exploit. πŸ‘‰MakerDAO allocates 500M of its balance sheet to short-term US Treasuries & corporate bonds. πŸ‘‰US Trademark applications for NFTs & Web3 tools are up 2x YOY.

Spot & Derivatives Markets πŸ‘‰ BTC & ETH open interest on Binance, world's largest crypto exchange, reached all-time highs

πŸ‘‰ BTC's open interest surged by ~20% since end of September to 183K BTC. Over the same time frame, ETH's open interest rose by 10% to 1.3 million ETH

On-chain Indicators πŸ‘‰The NUPL ratio, a key metric in evaluating investor sentiment & identifying the tops/bottoms for the price of BTC over the past decade, is back in the capitulation zone after slightly recovering in July-August

Macro & Regulations πŸ‘‰ Europe's Markets in Crypto Assets – the European Council has passed a landmark crypto regulation dubbed MiCA to the parliament. If approved, the bill will be in effect as of 2024. Here are the main takeaways:

The Metaverse and NFTs πŸ‘‰Citi predicted the Metaverse's value could reach 13T by 2030 & McKinsey estimated 5T. We created a Metaverse Dashboard

that tracks the 3 largest projects by market cap: (SAND), (MANA), & (APE). Key Takeaways:

Metaverse OverviewMetaverse Overview

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