Hello readers,

The crypto markets came alive last week, with BTC rising 22% over a 48-hour period. This was followed by a large breadth move across the rest of the crypto ecosystem, alongside improving liquidity conditions, DeFi activity, and the return of “animal spirits” onchain.

In this week’s report, we share an update covering onchain data and market structure, as well as the catalyst for the move and what it signals moving forward.

Let’s go.

Market Structure & Current Conditions Update