TVL on Aurora Sees Significant Uptick; Framework Ventures Establishes Blockchain-Focused Fund

Chart of the Day 

On Tuesday, the broader crypto market continued its recovery charge. As of the time of writing, BTC has managed to establish a stronger foothold above the $41k handle after rising by 1.2% over the past 24 hours. The largest cryptocurrency by market cap is currently eyeing multiple immediate hurdles sitting within the $41.5k to $41.8k zone, where a clear breakout above said levels would likely bring about further upside momentum that will propel BTC to retest the resistance levels within the $42.5k to $43.2k region.

On the on-chain front, several key on-chain metrics reveal that there is a lot of accumulation going on within the $38k to $45k range. In spite of the fact that the crypto market has been stuck in a sideways consolidation phase for a while now, many traders have actually become less sensitive to choppy price actions, and have joined the group of market participants who are currently holding at a loss. Additionally, and if we are to take a look at the profits and losses realized over the past two months via the BTC UTXO Realized Price Distribution chart, we can see that the $35k to $42k region is a value zone for accumulation (of BTC) as several price walls have already been formed at said levels. These price walls will likely provide a solid form of support against any further downside corrections that BTC may experience. 

In a similar vein to BTC, ETH is slowly inching its way towards the $3,100 level after posting a 1.4% gain over the past day. Most major altcoins are also very much in the green, with leading L1 tokens like SOL and LUNA both building on their previous-day gains by surging by another 5% each. Meanwhile, the total value locked (TVL) on Aurora, an EVM chain built on Near Protocol, has seen a significant uptick. This is likely due to the fact that USN, the alleged decentralized stablecoin of the NEAR ecosystem, is starting to gain some real traction on Twitter. If this does materialize, it would be interesting to see if USN will be able to fuel the price action of NEAR in the same way that UST did for LUNA. 

Talk of the Town 

Framework Ventures has established a $400 million fund to focus on investing in early-stage blockchain-powered startups. The fund is expected to target the many up-and-coming sectors within the crypto industry. Said sectors include the likes of the blockchain gaming space, Web3 space, and decentralized finance (DeFi) space. Of the $400 million raised, half has already been allocated to the development of the blockchain gaming space. With three funds under its belt, Framework Ventures now has a whopping $1.4 billion worth of assets under management (AUM), making it one of the largest VCs within the blockchain industry.