Attack on the BadgerDAO

Chart of the Day

As BTC continues to linger below the $57k level amid investor passivity, its UXTO-realized price distribution chart is hinting at the presence of multiple lower nodes of volume in the $30k-$50k range and a cluster of moderately higher nodes between $56k to $58.3k, with the latter constituting an immediate price wall against sudden plummets. Said price wall is further bolstered by whale movements that took place in the aftermath of the Black Friday dip, as can be seen from the dense cycles above the $55.8k mark on the whale map. Additionally, many holders who bought in at the $35-$50k range are also still sitting in profit, and will likely hold despite the general gloom overshadowing the global financial markets. Meanwhile, ETH has retraced slightly from the $4,600 level, and continues to trade in a narrow range. Despite the fact that transaction activity on Ethereum has dwindled from past highs, the total value locked in decentralized finance (DeFi) protocols has now reached a new all-time high of above $250 billion. Ethereum's declining dominance within the DeFi space suggests that capital is rotating into alternative L1 ecosystems, with leading networks such as Solana, Terra, and Avalanche the main (and deserved) benefactors.