Steaker Monthly Report (11/12/2021–10/01/2022)

Market Recap:

After the market crashed on December 4 due to concern about Federal Reserve tapering efforts and the emergence of the Omicron virus variant, there was a general lack of activity and the market continued sideways consolidation over the past month. Notably, according to the minutes from the Fed’s December meeting, the US officials are ready to aggressively dial back policy help and put wheels in motion for balance sheet reduction. After Fed published the document, BTC further fell to a recent low of $39,650, while the 10-YR US Treasury yield rose to the yearly high of 1.808% on January 10.

Last month, BTC prices traded between a monthly low of $39,650 and a new local high of $52,088, while ETH prices traded between a monthly low of $2,928 and a new local high of $4,173.

Even though BTC plunged over the past few days, the DeFi market cap slightly increased over the past month. According to CoinGecko, the top 100 DeFi tokens’ market cap plunged from $134.5bn on December 11 to $139.6bn at the time of writing, rising by 3.78% MoM. The DeFi dominance in the crypto space currently sits at 6.7%, a net increase of 0.8 ppts from the previous month.

According to DeFi Llama, the total value locked (TVL) also rose from $228.1bn to the current level of $231.4bn, up 1.43% MoM. Around 9mm ETH and 226.6k BTC are locked in DeFi respectively at the time of writing, citing data from DeFi Pulse.

Top 100 Coins Price Index:

Top 3 price gainers: NEAR (+140.80%), FTM (+122.11%), ONE (+96.77%)

Top 3 price losers: DCR (-20.61%), WAVES (-18.52%), TFUEL (-15.95%)

Benchmark: BTC (-3.33%)

DeFi Price Index:

Top 3 price gainers: TIME (+320.71%), FTM (+122.11%), FXS (+81.31%)

Top 3 price losers: FIDA (-60.87%), DFI (-40.62%), COVAL (-37.73%)

Benchmark: Top 100 DeFi Tokens’ Market Cap (+3.78%)

Top Industry News

1. Total value locked in DeFi surges over 1,200% in 2021 to surpass $240 billion
2. Bitcoin network turns 13, celebrates with new hash rate all-time high
3. MicroStrategy purchased another $94.2M worth of Bitcoin during December
4. Eminem purchases Bored Ape Yacht Club NFT for $462,000
5. Russia’s largest bank launches country’s first blockchain-focused ETF
6. SEC delays decisions on Bitwise and Grayscale’s Bitcoin ETFs
7. Circle’s USDC stablecoin deployed on Avalanche blockchain
8. Hackers infiltrate Monkey Kingdom NFT community, steal $1.3M