Steaker Monthly Report (2022/01/11–2022/02/10)

Market Recap:

Since various macro and market headwinds triggered correction in early December 2021, the persistent downtrend dominated the crypto market over the past three months. After settling the local bottom of $32,917 on January 24, 2022, the BTC saw a robust rebound, followed by other cryptocurrencies. From local low, the BTC and ETH surged by 38.20% and 51.41% to $45,492 and $3,269, respectively. Despite the sharp rebound, the market did not observe a large-scale short liquidation with a daily short liquidation of $225.6mm and $165.89mm on February 4 and February 7. In light of the lackluster signal, the recent price upside may not be driven by a short squeeze.

Notably, BTC outperformed the world’s major stock and ETFs over the past month. As of press time, the BTC recorded an increase of 2.39% from January 11, compared to TSMC [2330:TT] with -1.23%, S&P 500 with -2.67%, Yuanta/P-shares Taiwan Top 50 ETF Fund [0050:TT] with -2.73%, Nasdaq with -4.97%, and Tesla [TSLA:US] with -12.44%, respectively. The outstanding performance of BTC also reflects the market’s favor for now; crypto is an option for portfolio diversification and asset allocation.

Last month, BTC prices traded between a monthly low of $32,917 and a new local high of $45,492, while ETH prices traded between a monthly low of $2,159 and a new local high of $3,269.

Even though BTC recovered over the past few days, the DeFi market cap still shrank over the past month. According to CoinGecko, the top 100 DeFi tokens’ market cap plunged from $134.5bn on January 11 to $118.4bn at the time of writing, down 13.16% MoM. The DeFi dominance in the crypto space currently sits at 5.6%, a net decrease of 1.1 ppts from the previous month.

According to DeFi Llama, the total value locked (TVL) also declined from $231.4bn to the current level of $211.54bn, decreasing 8.57% MoM. Around 8.3mm ETH and 215.5k BTC are locked in DeFi respectively at the time of writing, citing data from DeFi Pulse.

Notably, contrary to the decrease in the DeFi market, we saw continuous growth in NFT and GameFi markets. Citing the data on CoinGecko, the NFT tokens and GameFi tokens market cap spiked by 12.29% MoM and 4.58% MoM to $43.85bn and $23.26bn, respectively.

Top 100 Coins Price Index:

Top 3 price gainers: LEO (+86.31%), BORA (+30.95%), TFUEL (+30.55%)

Top 3 price losers: ICP (-33.80%), LINK (-29.52%), AMP (-23.09%)

Benchmark: BTC (+2.39%)

DeFi Tokens Price Index:

Top 3 price gainers: TLOS (+155.83%), BIFI (+83.06%), ANY (+56.61%)

Top 3 price losers: TIME (-57.20%), DAO (-47.67%), COVAL (-42.73%)

Benchmark: Top 100 DeFi Tokens’ Market Cap (-13.16%)

NFT Tokens Price Index:

Top 3 price gainers: ERC20 (+260.35%), TLOS (+155.86%), XCUR (+95.71%)

Top 3 price losers: NIF (-74.10%), BABY (-49.61%), COVAL (-42.74%)

Benchmark: NFT Tokens’ Market Cap (+12.29%)

Metaverse/GameFi Tokens Price Index:

Top 3 price gainers: XDOGE (+230.57%), AVXT (+70.13%), DEP (+50.93%)

Top 3 price losers: MEDA (-61.70%), BCMC (-40.62%), COVAL (-37.73%)

Benchmark: GameFi Tokens’ Market Cap (+4.58%)

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