The crypto industry is largely defined by extremes. The abundant warmth of DeFi Summer v.s. the enduring cold of the crypto winter; euphoric dogcoin flippers v.s. some of the world’s most sophisticated algorithmic operators; and, perhaps most pressingly in 2022, rumormongers v.s. a growing cadre of professional and amateur analysts ready to fact-check and hold the industry to account.
During the collapse of FTX in mid-November, investors and everyday crypto users alike monitored inflows and outflows, reserve holdings, and even individual Alameda Research wallet movements such as withdrawals from DeFi protocols to cover FTX user deposits. Together, these efforts painted a picture of an institution in much deeper distress than its executives were letting on, giving many in the community an opportunity to withdraw their funds before the window closed.
Contrast this lack of fundamental knowledge with the coverage of Binance’s outflows just last week. Sparked by, reporters from Reuters, Bloomberg, the Wall Street Journal, Forbes, Fortune, CNBC, NBC, the Washington Post, the BBC, and CNN – among many others – quoted on-chain data with surprising literacy. Legacy media can now reliably cover on-chain events, at times even citing specific blockchain addresses.
As the year comes to a close, it’s impossible for many investors to look back on the events of 2022 without a sense of frustration. Some of the most ambitious and outspoken members of the community were found to be frauds, and in the face of immense macroeconomic headwinds, one of the most vigorous bull markets in memory collapsed into a devastating bear.
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nansen_ai Crypto
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