What Happened on Mar. 15th | $BTC is Dispersely Distributed
The analysis suggests that:
An increasingly large proportion of supply is held by smaller entities representative of retail holders, with Shrimps (< 1BTC) and Crabs (< 10 BTC) absorbing a remarkable 2.25x more coins than were mined in 2022.
Institutional adoption post March 2020 is visible on-chain across several wallet cohorts, with balances showing signs of being increasingly market driven (i.e. swelling/contracting with price). Entities with a balance between 10 and 1k BTC are absorbing coin volumes equivalent to 100% of issued coins in 2022.
Exchange reserves continue to deplete in aggregate, especially following the collapse of FTX. This is a combination of both renewed demand for self-custody, but also the expansion of institutional and collaborative custody solutions, and exchange traded products like GBTC.
Biggest Gainers & Losers
Shanghai Upgrade Finalized on Ethereum Goerli Testnet：Goerli is the last testnet to test the Shanghai upgrade. Ethereum developers will have a meeting this Thursday to confirm a date for the mainnet upgrade.
Coinbase Partnered with Standard Chartered Singapore for $SGD on/off Ramp for Free: Coinbase announced a new partnership with Standard Chartered in Singapore. The agreement will allow Coinbase users to transfer Singapore dollars to and from the platform via any local bank in the country for free.
Hot projects on the market
Cosmos Hub Introduces Replicated Security to Safeguard Cosmos Ecosystem
DeFi Lending Protocol Sturdy Finance's $STRDY Airdrop Available to Claim
Other news in case you missed it:
Crypto Wallet Infrastructure Startup Capsule Closes New Funding Round Led by a16z and Geometry
Stablecoin Issuer CNHC (Offshore Chinese Yuan) Raises $10 Million, Led by KuCoin Ventures