?? Ethereum’s week 1 post-Shapella
Get an overview of crypto market liquidity from April 10th, 2023 to April 17th, 2023 through 2?insightful?reports! As usual, we look at the liquidity and trading patterns of BTC and ETH last week, including bid-ask spreads and fragmentation index?and take it a step further with a detailed report on market anomalies.
Top crypto market headlines:
Weekly Insights Report:?
Ethereum’s Shapella upgrade is complete as of April 12 at 6:27 PM (ET), and it went through without any significant network problems, driving ETH's price above $2000 for the first time since August 2022. By activating staked ETH withdrawals, developers have closed the Ethereum validator life cycle loop, allowing validators to fully exit and unstake from the Beacon Chain. As of Sunday night, ETH withdrawals crossed 1 million tokens. Most of the withdrawals were partial, meaning that validators withdraw the rewards they got from staking, not the actual staked ETH. This makes more sense because most staked ETH portfolios are in the red, as ETH's current price is significantly lower than when they started staking.??????????
Neobroker eToro said on Thursday that it has partnered with Musk's Twitter to let users trade crypto via the app. This move brings Elon closer to his goal of turning Twitter into a so-called "super app" that offers users financial services on top of social media. Musk is also launching an OpenAI rival called?X.AI, weeks after?signing a petition?with other tech leaders to halt further AI developments. As a reminder, Musk co-founded OpenAI in 2015 but stepped down in 2018 due to differing opinions. Little is known about which direction the new X project will take.
Uniswap’s iOS wallet has finally gone live on Apple’s App Store, after the startup behind the DEX unveiled the app early last month. "Apple approved the wallet for use in several countries throughout the world," the startup said. "We’ll continue to launch in other countries as soon as Apple lets us." Apple’s posture towards crypto has previously drawn criticism after the mobile giant was accused of holding back the adoption of blockchain-centric gaming due to its app store policies. Uniswap DAO also greenlit its v3 deployment on Polygon zkEVM, enabling DEX access via Polygon's Layer 2 network.
We also learned that the tiny Kingdom of Bhutan secretly held millions of dollars in crypto via its sovereign investment arm, Druk Holding & Investments. The info, revealed in the bankruptcy filings of BlockFi and Celsius, puts the nation's sovereign wealth fund as the first to own cryptocurrencies directly.
On a weekly basis, BTC is up by 7% and ETH is up by 14%.
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Weekly Anomalies Analysis:
On April 14th, around 00:37 AM, BTC-USD prices on Binance-US were 30 bps on average lower than other major CEXs.
Other major crypto headlines:
And in case you haven't seen, here is a selection?of our latest articles:
Brilliant Newsletter as always. Thank you SUN ZU Lab