This document provides a comprehensive overview of the cryptocurrency bull markets, highlighting key trends and indicators, particularly focusing on Bitcoin and Ethereum. It outlines historical bull markets, driving forces behind recent market movements, and the emergence of new sectors such as DeFi and NFTs. Additionally, it discusses institutional adoption and changes in market dynamics compared to previous cycles.

1. A Data-Centric
Perspective of
the Crypto Bull
Market

2. Agenda
❖ Overview of Crypto Bull Markets
❖ Key Bitcoin Indicators
❖ Ethereum & Smart Contract Platforms
❖ Emerging Sectors
2

3. A quick update about ITB…

4. 4
4
Thodex

5. 5
5
Bitcoin Kurier

6. 6
6
Dash Exchange Flows

7. Q1 Overview & Q2 Roadmap
Q1
▸ ITB Pro subscribers doubled
▸ 20 new partners
▸ Growth in quant services
Q2
▸ Ownership indicators v2
▸ Social analytics v2
▸ NFT Insights
▸ More DeFi protocol support

8. 1
Overview of
Crypto Bull
Markets
8

9. 9
Previous Bull Markets
▸ 2011 - Bitcoin’s first
▹ Price: $0.01 to $30 to $2
▸ 2013 - Bitcoin ‘double bubble’,
▹ Price: $2 to $270 to $65 to $1,200
▹ Emergence of altcoins (Litecoin, Ripple, Peercoin)
▸ 2017 - Bitcoin $20k & ICO Bubble
▹ Price: $265 to $20,000
▹ Creation of ERC-20, ICO speculation, altcoins > 70% share
Sources: BraveNewCoin, CoinMarketCap

10. Crypto Price-Innovation Cycle
Source: a16z
▸ Price → attention → build new ideas → price

11. 2021 Bull Market
Sources: CoinMarketCap, Google Trends
▸ $100B to $2T+ ▸ Broader adoption ▸ Emergence of dapps

12. Key Bitcoin Indicators

13. 13
13
On-Chain: Bitcoin Cycles
▸ Record holders of 1Y+ ▸ Cycle restarts
▸ Short-term interest renews

14. Bitcoin 2021 Bull Market Driving Forces
1. Broader Adoption
2. Bitcoin as Digital Gold
3. Institutional Dominance
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15. 15
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Macro Perspective - Covid Recession
▸ US dollar supply reaches all-time highs
▸ Has not led to inflation yet
Source: Federal Reserve Bank

16. 16
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Macro Perspective
▸ Debt is worryingly high
▸ USD drops to lows
▸ Increased demand to hedge
▸ Increased speculative activity
▸ Digitization Acceleration
Source: Financial Times

17. 17
17
Broader Bitcoin Adoption
▸ Number of holders* hits new highs
▸ Bull market momentum attracting new holders

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Bitcoin as Digital Gold
▸ Long-term investing and value retention
▸ Hodlers’ unaffected by short-term volatility

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Institutional Adoption
▸ Volume in $100k transactions surpasses $100b/day
▸ Avg transaction size > $300k vs ~ $100k in Dec ’17

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Institutional Dominance

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Derivatives Growth
▸ Options open interest 10x ▸ Perpetual swaps 8x
Sources: TheBlock, Bybt

22. Smart Contract Platforms

23. Smart Contract Platforms Driving Forces
1. Adoption & Usage
2. Store of Value Potential
3. Growing Ecosystems
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24. 24
24
Ethereum Adoption & Usage
▸ Growing and steady use of Ethereum (despite high fees)
▸ Decreasing correlation between price and DAAs

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Ethereum Adoption & Usage

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Store of Value Potential
▸ Long-term investing and value retention
▸ Most credibly-neutral asset within its ecosystem
▸ Decreasing supply with EIP 1559

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Ethereum Adoption & Usage

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Growing Ecosystems
▸ Launches in 2019 and 2020
▸ Bridges and forks
▸ Lower fees, higher throughput
▸ Early adoption of dapps

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Growing Ecosystems

30. 30
30
Growing Ecosystems

31. Emerging Sectors

32. 32
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Defining Asset Classes
Sources: David Hoffman, Placeholder Ventures

33. Leading Sectors
▸ Stablecoins
▸ Oracles
▸ Decentralized Finance (DeFi)
▸ Non-fungible tokens (NFTs)/digital art
▸ Decentralized storage
▸ Gaming
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Decentralization’s Growing Proposition
Sources: Google Trends, Twitter

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DeFi’s Growth
Sources: Dune Analytics, DeFiPulse, DeFi Llama
▸ Over 2M addresses
▸ TVL 60x in Ethereum
▸ Growth in BSC, Solana, Cosmos
▸ TVL over $100 billion

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36
NFTs Go Viral
Sources: TheBlock, DappRadar, CryptoSlam
▸ Artists, athletes, celebrities
▸ Beeple’s $69 million
▸ Dapper Labs
▸ Nifty Gateway
▸ OpenSea

37. Differences vs 2017
▸ Products that actually work
▸ Broader use-cases
▸ Updated ‘tokenomics’
▸ Institutional adoption
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38. What Comes Next…
▸ Coinbase IPO
▸ Bitcoin ETF (?)
▸ Ethereum layer 2 & EIP 1559
▸ Multi-chain
▸ Bubble and restart
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40. INTRODUCING
CONTACT INFORMATION
Lucas Outumuro
Senior Analyst
Twitter: @LucasOutumuro
Email: loutumuro@intotheblock.io
Thank you! Do you have any
Questions/Feedback?