Bitcoin deep dive: 15M BTC in self-custody as Binance withdrawals peak, derivatives switch to ‘risk-off’
A weekly recap of key Bitcoin metrics affecting its price performance in the market, published every weekend.
Despite one of the worst possible events happening in November—the complete collapse of the world’s largest crypto company—the GameFi market did not fall significantly compared to October.
This may indicate that the market, barring a systemic collapse, has reached a limit of its downside risk.
Nevertheless, decreasing investment in space continued, with the amount of investment and the number of funds reaching a historic low.
Amid the downturn, Polygon has performed relatively well as a gaming chain, with several large titles gaining users in November.
Overall, November was a relatively uneventful month for GameFi, especially considering what happened in the CEX sector.
The FTX collapse did not cause the price of ETH to drop below its June lows, despite this event being arguably more significant than the Terra Luna collapse that happened.
Interestingly, BTC did drop below its June lows, which is unexpected because altcoins would previously bear the greater brunt of negative market sentiment and volatility.
One possible explanation is that this seemingly minor price action news is the first evidence of something huge: the tokenomic effects of the Merge coming to fruition. For the first time, Ethereum is less volatile than BTC.
Funding for GameFi has dried up a fraction of what it used to be. Funds were invested in a handful of projects, most game developers and studios. Most of those rounds were for established developers with a record of publishing successful projects in Web3 or Web2.
The total volume of GameFi more than halved. A large part of this was unusually high volume in October driven by the Axie Infinity unlocking event—with the market now coming back to its normal state.
Polygon has established itself as a potential winner in the GameFi space if it can continue attracting solid projects. Some notable Polygon-based titles that have grown quickly in the past few months are Benji Bananas, Arc8 by GAMEE, and Planet IX.
Benji Bananas has significant growth in users in November, which was reflected in its token price. On the other hand, Planet IX also saw a surge in players, but its token, IXT, continued to decline, indicating a less sustainable project.
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A weekly recap of key Bitcoin metrics affecting its price performance in the market, published every weekend.
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