Crypto is softer overall, with Bitcoin below the 19-handle and trading $18,928 on $27B of volume. Ethereum is off -1.5% to $1275 on $9B of turnover — hardly a change to both majors in terms of volumes over the past few weeks. The overall market cap of crypto sits at $943B, down 1.7% on the day. DeFi tokens have been trading lower, with Uniswap, Sushiswap, and Synthetix all down close to 10%. The long USD trade continues to work, as USDJPY runs all the way to 151.94 at its peak intraday.
NFT volumes haven’t changed much, with ETH-NFTs at under $10M and Solana-NFTs hovering around $1M. As the week closes, it's worth taking a look at the top projects over the past 7-days:
Loot — $13M with 70 trades
Bored Ape Yacht Club — $11M with 400 trades
Azuki — $6.6M with over 1000 trades
CryptoPunks — $4M with 40 trades
Otherside — $3M with 900 trades
RENGA, Nyolings, ENS, and CloneX all had a $2M turnover week. Doodles fell out of favor post-announcement of their jumbo fundraise and had $1M total, along with DigiDaigaku, which secured a commercial slot for the upcoming 2023 Super Bowl.
As a quick side note, Burberry is collaborating with Minecraft — a sign fashion brands are still open to advertising in the Metaverse despite the crypto winter conditions.
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