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Here’s what we got for you today:
- ✍️ Top 5 blockchains in 2024 by the numbers
- ✍️ COTD: Weekly crypto fund flows
- 📊 PRO “where are we in the cycle?” indicators
- 🎙️ The Milk Road Show: Major liquidity cycle coming w/Lark Davis
- 🍪 Gemini forecasts $5B influx for spot Ethereum ETFs
Prices as of 9:30AM ET. Click here for our Fear & Greed Index
TOP 5 BLOCKCHAINS IN 2024 BY THE NUMBERS 🏆
Alright, crypto buddies, it’s time to grab your favorite drink and settle in because we’re about to dive into the wild world of blockchains.
Yep, the competition for who’s the most dominant blockchain has become hotter and hotter every year, 2024 is no exception.
We’ve done the heavy lifting, crunched the numbers, and whipped up some snazzy charts to show you who’s leading the pack in 5 key metrics for blockchains.
So, without further ado, let’s see who’s winning 2024’s blockchain battle royale. ⬇️
1/ Monthly active users:
When it comes to monthly active users, the #1 spot has been a back and forth battle between Tron and Solana, with Solana currently on top. 🤼
Solana started the year chilling in 6th place but has been crushing it nonstop, zooming past everyone else. Pretty epic, right?
And here’s the kicker: Bitcoin’s been slipping faster than a buttered-up penguin, tumbling from #2 down to #5.
Better start looking for a new job, Satoshi! 😅
2/ Number of weekly transactions
When it comes to weekly transactions, Solana is in a league of their own with a jaw-dropping 1.8 billion!
The rest of the pack? They’re all under 50 million transactions per week. 🤣
But let’s put Solana aside for a second to see how the other 4 stack up…
Tron has had a solid, first half of the year, consistently holding the second spot.
Meanwhile, TON has been on a meteoric rise, skyrocketing from less than 5 million transactions per week to over 40 million in just a few months. 🚀
3/ DEX volume
When it comes to DEX volume, which combines the number of transactions with the value of each transaction, Ethereum is leading the charge with Solana hot on its heels.
The biggest surprise this year has been Base, skyrocketing from near obscurity to clinch the 5th overall spot across all chains! 😮
BNB, Arbitrum, and Base are locked in an epic slugfest, trading punches like heavyweight champs.
Right now, Arbitrum's got a slight edge, but it's anyone's game.
4/ Total value locked
Total Value Locked (TVL) in DeFi is a key metric because liquidity begets liquidity. 🧲
Ethereumabsolutely dominates this space, holding a whopping 61.2% of the market.
Only Tron and BNB are in the 5%+ club, looking tiny compared to Ethereum’s DeFi empire.
Following Solana, the next three spots are taken by Layer 2s, which (let’s be real), are also secured by Ethereum.
It’s clear that Ethereum and its ecosystem are where most of the DeFi capital is parked right now. 🏦
5/ Fees
Transaction fees are like the cover charge you pay at the blockchain club. 🪩
Ethereum’s the big dog here, raking in nearly $1.75B in fees, making it the most lucrative network.
Tron and Bitcoin are trying to keep up but are both under $0.8B in fees.
Bottom line? Ethereum is the life of the party, pulling in nearly twice the fees of its nearest rivals.
And for the rest, they look like party crashers still stuck at the door. 🚫
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CHART OF THE DAY: WEEKLY CRYPTO FUND FLOWS 📊
Hold onto your crypto bags, folks! Last week’s outflows of $30M were colder than a polar bear's toenails.
That’s the 3rd consecutive week of outflows! 🥶
Let’s dive into the numbers…
Here’s the scoop:
- Bitcoin ($BTC): The king of crypto is still holding strong with $10M in inflows. After a sluggish period, Bitcoin is showing signs of life again.
- Ethereum ($ETH): Poor $ETH isn't having a great time, with outflows hitting $60.7M —the largest since August 2022!
- Regional Dominance: The US led the charge with a solid $43M in inflows.
- Europe’s Contribution: Germany and Switzerland saw outflows of $28.5M and $13.3M, respectively. It’s a tough time for the lands of bratwurst and chocolate.
- Asia’s Performance: Hong Kong saw a solid $23.2M of outflows. The crypto honeymoon seems to be over here.
- Other Action: Solana ($SOL) made a splash with $1.6M in inflows, and Litecoin ($LTC) saw $1.4M in inflows.
Meanwhile, short Bitcoin products saw outflows of $4.2M, suggesting sentiment may be turning positive.
Looks like the crypto market is shaking off its Spring sorrows and gearing up for a sunny summer. ☀️
With the $ETH ETF on the horizon, it’s an exciting time to be on top of crypto flows! 🌊
MAJOR LIQUIDITY CYCLE COMING 🚀
Global liquidity is like the bloodstream of the world’s financial system, pumping money in and out of markets and affecting everything from your crypto portfolio to your morning coffee price.
And this graph might just be the crystal ball we’re all looking for…
Global liquidity index:
- Blue Line: Shows actual global liquidity as it plays out.
- Gray Line: Long-term market cycle that the blue line generally tracks, a predictable pattern.
According to the long term cycle (gray line), we’re in the beginning stages of a massive wave of liquidity.
But is your crypto portfolio ready for the TSUNAMI? 🌊
On today’s episode of The Milk Road Show we have Lark Davis breaking down the potential MAJOR liquidity upswing that’s about to impact crypto.
Plus, we unpack what that means for your portfolio. 🎧👇
YouTube | Spotify | Apple Podcasts
PRO “WHERE ARE WE IN THE CYCLE?” INDICATORS 🤔
Crypto moves in cycles, and knowing where we are in the current cycle is crucial for capturing the best opportunities.
The goal is to spot the bull market peak before the inevitable bear market hits your bags hard.
Since timing the top perfectly is almost impossible, we use various indicators to give us a better shot at taking profits before it's too late.
Here are the 5 indicators we track, with a color-coded system to show how close they are to signalling the market peak:
🟢 Plenty of room to run 🏄
🟡 Getting closer to the top signal, but haven’t yet reached the mark ⚠️
🔴 We’ve hit the market top indicator 🚨
Every Tuesday, we update these 5 indicators exclusively for PRO members.
Our advice? Don't wait for all of them to hit 🔴. It's better to take profits as they get closer to that point.
Let's dive in and see if we're anywhere near the top of this bull market. 👇
