David Blumenfeld
@serdave-eth
It’s Sunday which means it’s Crypto weekly 🧵 time with me and @maaria: A lot of market news this week.... BTC down 11%, ETH down 6% and altcoins down 20%+. Stablecoin deposits grew slightly, and BTC now makes up over 60% of the total crypto market (for the first time since 2020). Here were my favorite stories: - BTC fell despite the announcement of a strategic BTC reserve, which will initially be made up of seized criminal and civil crypto assets, meaning the US will not be a net buyer of BTC assets as some speculated. Fun fact: the US government is the 4th largest holder of Bitcoin behind Strategy (formerly Microstrategy), Binance and of course…Satoshi. - ETH revenue dropped by 93% over the past year and its share of blockchain revenue has fallen from 55% in Feb 2024 to 24% this past Feb. A result of this revenue drop is ETH turning inflationary again over the past year (albeit a small amount: 0.41% since Apr 2024).
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Dirk Siebels
@disic
What are your thoughts on ETH revenues? Worth as kind of a startup cost to get L2s going for mainstream transactions (with low to medium value) which can give the L1 a good position for high-value transactions (e.g. looking ahead to tokenised financial assets)?
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