Weekly Market Wrap: October 03 - 09

A new week — a new Market Wrap. It’s time to dig into the key charts and metrics to understand the market deeper.

Bitcoin Price Action

Key takeaways from the recent Weekly Overview by Glassnode on crypto markets:
  • BTC remains “pretty solid” in terms of its price compared to traditional assets amid turmoil in global markets.
  • Still, flat within the range of $18.000 - 20.000
  • Some macro metrics are starting to indicate the beginning of a bottom formation, however, the process can take several months until BTC is finally bottomed.

The Middle East & North Africa’s Crypto Markets Grow More Than Any Other Region in 2022

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Digital asset investment products saw outflows totaling $5m last week

💡 During the week: Bitcoin focused crypto products = inflow = +$11M Ethereum oriented crypto products = minor churn = -$2.2M increased outflows from "short BTC" funds = -$14.7M

NFT sales plunge in Q3, down by 60% from Q2

The NFT sector is going through challenging times. In 2021, a popular Youtuber Logan Paul spent $2.645M on NFT, with the Azuki being the most expensive.
Trading volumes for non-fungible assets plummeted 97% from a record high in January. Now his investments are worth $10.

Bitcoin-Gold correlation hits the highest level in over a year

A correlation with the main “safe harbor” asset is a good sign, as it indicated that more people find Bitcoin a good investment during this turbulence across the globe.