{"id":66789,"date":"2022-09-07T10:06:52","date_gmt":"2022-09-07T07:06:52","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=66789"},"modified":"2025-09-07T03:11:34","modified_gmt":"2025-09-07T00:11:34","slug":"august-2022-in-figures-bitcoin-correction-miners-revenues-rise-and-defi-liquidity-outflows","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/august-2022-in-figures-bitcoin-correction-miners-revenues-rise-and-defi-liquidity-outflows\/","title":{"rendered":"August 2022 in figures: Bitcoin correction, miners&#8217; revenues rise and DeFi liquidity outflows"},"content":{"rendered":"<div class=\"wp-block-monthly-reviews-top-blk review_top_blk\">\n<h2 class=\"wp-block-heading\">Key Highlights<\/h2>\n<ul class=\"wp-block-list\">\n<li>Leading cryptocurrencies showed signs of a reversal, but subsequently resumed their decline.<\/li>\n<li>Against the backdrop of the upcoming The Merge update investors showed interest in Ethereum derivatives, but withdrew assets from exchanges and DeFi applications.<\/li>\n<li>The Maker community fretted over the threat of DAI collateral being blocked amid sanctions on Tornado Cash<\/li>\n<li>Many market participants expect further Fed rate hikes and a deepening recession in the United States.<\/li>\n<li>Some on-chain indicators hint at bearish signals, but many metrics point to Bitcoin being deeply oversold.<\/li>\n<li>Miner revenues for Bitcoin and Ethereum rose by 12% and 22%, respectively.<\/li>\n<li>Bitcoin dominance fell below 40% \u2014 to levels seen at the start of 2022 and 2018.<\/li>\n<\/ul>\n<\/div>\n<h2 class=\"wp-block-heading\">Dynamics of Leading Assets<\/h2>\n<div class=\"wp-block-monthly-reviews-main-blk review_single_blk\">\n<div class=\"wp-block-monthly-reviews-two-halves-wrapper reviews_has_halves\">\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"457\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/BTC-62-1024x457.png\" alt=\"August 2022 in numbers: Bitcoin correction, miners' revenues rise and DeFi liquidity outflows\" class=\"wp-image-183789\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/BTC-62-1024x457.png 1024w, https:\/\/forklog.com\/wp-content\/uploads\/BTC-62-300x134.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/BTC-62-768x343.png 768w, https:\/\/forklog.com\/wp-content\/uploads\/BTC-62-1536x685.png 1536w, https:\/\/forklog.com\/wp-content\/uploads\/BTC-62.png 1834w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">Daily BTC\/USDT chart on Bybit. Data: TradingView.<\/figcaption><\/figure>\n<\/div>\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"457\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/ETH-55-1024x457.png\" alt=\"August 2022 in numbers: Bitcoin correction, miners' revenues rise and DeFi liquidity outflows\" class=\"wp-image-183790\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/ETH-55-1024x457.png 1024w, https:\/\/forklog.com\/wp-content\/uploads\/ETH-55-300x134.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/ETH-55-768x343.png 768w, https:\/\/forklog.com\/wp-content\/uploads\/ETH-55-1536x685.png 1536w, https:\/\/forklog.com\/wp-content\/uploads\/ETH-55.png 1834w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">Daily ETH\/USDT chart on Bybit. Data: TradingView.<\/figcaption><\/figure>\n<\/div>\n<\/div>\n<ul class=\"wp-block-list\">\n<li>In August, Bitcoin extended its sideways range to $19,500\u2013$25,000. In the first half of the month, leading cryptocurrencies posted local highs; the second half was marked by a correction.<\/li>\n<li>Ethereum showed somewhat better dynamics. Against the backdrop of The Merge update, the second-largest cryptocurrency surpassed $2,000, but the month ended below $1,500. <\/li>\n<li>Bitcoin dominance fell below 40% \u2014 to levels seen at the start of 2022 and 2018.<\/li>\n<\/ul>\n<\/div>\n<div class=\"wp-block-monthly-reviews-main-blk review_single_blk\">\n<div class=\"wp-block-monthly-reviews-two-halves-wrapper reviews_has_halves\">\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"358\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/gainers-26-1024x358.png\" alt=\"August 2022 in numbers: Bitcoin correction, miners' revenues rise and DeFi liquidity outflows\" class=\"wp-image-183792\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/gainers-26-1024x358.png 1024w, https:\/\/forklog.com\/wp-content\/uploads\/gainers-26-300x105.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/gainers-26-768x269.png 768w, https:\/\/forklog.com\/wp-content\/uploads\/gainers-26-1536x538.png 1536w, https:\/\/forklog.com\/wp-content\/uploads\/gainers-26.png 1614w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">Gainers &#038; Losers of the month (projects with market cap above $200m). Data: <a href=\"https:\/\/messari.io\/screener\/monthly-gainers-(copy)-E99DF2E8\">Messari<\/a>.<\/figcaption><\/figure>\n<\/div>\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"358\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/losers-25-1024x358.png\" alt=\"August 2022 in numbers: Bitcoin correction, miners' revenues rise and DeFi liquidity outflows\" class=\"wp-image-183794\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/losers-25-1024x358.png 1024w, https:\/\/forklog.com\/wp-content\/uploads\/losers-25-300x105.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/losers-25-768x268.png 768w, https:\/\/forklog.com\/wp-content\/uploads\/losers-25.png 1620w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n<\/div>\n<\/div>\n<ul class=\"wp-block-list\">\n<li>Among mid-cap assets, Ethereum pool token Compound (cETH) ranked among the best performers. In the backdrop of <a href=\"https:\/\/forklog.com\/en\/news\/pavel-durov-announces-plans-for-a-blockchain-marketplace-on-telegram\">statements<\/a> by Telegram founder Pavel Durov about a possible launch of an accounts marketplace in the messenger and various other <a href=\"https:\/\/forklog.com\/en\/news\/what-is-web3\">Web3<\/a> initiatives on Toncoin, TON\u2019s native token showed impressive momentum. The token of blockchain platform Chiliz (CHZ) also rose following the announcement of an expanded partnership with Argentina&#8217;s football association through 2026.<\/li>\n<li>Among the laggards was the token <a href=\"https:\/\/forklog.com\/en\/news\/us-sanctions-tornado-cash-the-ethereum-mixer\">taken<\/a> Tornado Cash (TORN), a sanctioned crypto mixer by OFAC. The arrest of a protocol developer triggered a wide discussion in the community. Other laggards included Helium (HNT) and Optimism (OP) tokens, which entered a prolonged correction amid the bear market.<\/li>\n<\/ul>\n<\/div>\n<div class=\"wp-block-monthly-reviews-main-blk review_single_blk\">\n<h3>Equities of Crypto- \u0645\u0631\u062a\u0628\u0637 Companies<\/h3>\n<div class=\"wp-block-monthly-reviews-thirds-wrapper reviews_has_halves\">\n<div class=\"wp-block-monthly-reviews-third review_half\">\n<p style=\"font-size:24px\"><strong>MicroStrategy (<a href=\"https:\/\/ru.tradingview.com\/symbols\/NASDAQ-MSTR\/\">MSTR<\/a>): <br \/><span style=\"color: #FA0021\">-16.26%<\/span><\/strong><\/p>\n<\/div>\n<div class=\"wp-block-monthly-reviews-third review_half\">\n<p style=\"font-size:24px\"><strong>Coinbase (<a href=\"https:\/\/ru.tradingview.com\/symbols\/NASDAQ-COIN\/\">COIN<\/a>): <br \/><span style=\"color: #33B905\">+8.94%<\/span><\/strong><\/p>\n<\/div>\n<\/div>\n<div class=\"wp-block-monthly-reviews-thirds-wrapper reviews_has_halves\">\n<div class=\"wp-block-monthly-reviews-third review_half\">\n<p style=\"font-size:24px\"><strong>Bakkt (<a href=\"https:\/\/ru.tradingview.com\/symbols\/NYSE-BKKT\/\">BKKT<\/a>): <br \/><span style=\"color: #FA0021\">-8.16%<\/span><\/strong><\/p>\n<\/div>\n<div class=\"wp-block-monthly-reviews-third review_half\">\n<p style=\"font-size:24px\"><strong>Galaxy Digital (<a href=\"https:\/\/ru.tradingview.com\/symbols\/TSX-GLXY\/\">GLXY<\/a>): <br \/><span style=\"color: #33B905\">+0.84%<\/span><\/strong><\/p>\n<\/div>\n<\/div>\n<div class=\"wp-block-monthly-reviews-thirds-wrapper reviews_has_halves\">\n<div class=\"wp-block-monthly-reviews-third review_half\">\n<p style=\"font-size:24px\"><strong>Voyager Digital (<a href=\"https:\/\/ru.tradingview.com\/symbols\/OTC-VYGVF\/\">VYGVF<\/a>): <br \/><span style=\"color: #33B905\">+55.54%<\/span><\/strong><\/p>\n<\/div>\n<div class=\"wp-block-monthly-reviews-third review_half\">\n<p style=\"font-size:24px\">\n<\/div>\n<\/div>\n<\/div>\n<div class=\"wp-block-monthly-reviews-main-blk review_single_blk\">\n<h3>Trading momentum of mining companies<\/h3>\n<div class=\"wp-block-monthly-reviews-thirds-wrapper reviews_has_halves\">\n<div class=\"wp-block-monthly-reviews-third review_half\">\n<p style=\"font-size:24px\"><strong>Canaan (CAN): <br \/><span style=\"color: #FA0021\">-10.9%<\/span><\/strong><\/p>\n<\/div>\n<div class=\"wp-block-monthly-reviews-third review_half\">\n<p style=\"font-size:24px\"><strong>Ebang International (EBON): <br \/><span style=\"color: #FA0021\">-3.1%<\/span><\/strong><\/p>\n<\/div>\n<\/div>\n<div class=\"wp-block-monthly-reviews-thirds-wrapper reviews_has_halves\">\n<div class=\"wp-block-monthly-reviews-third review_half\">\n<p style=\"font-size:24px\"><strong>Riot Blockchain (RIOT): <br \/><span style=\"color: #33B905\">+0.5%<\/span><\/strong><\/p>\n<\/div>\n<div class=\"wp-block-monthly-reviews-third review_half\">\n<p style=\"font-size:24px\"><strong>Hut 8 (HUT): <br \/><span style=\"color: #FA0021\">-1.5%<\/span><\/strong><\/p>\n<\/div>\n<\/div>\n<div class=\"wp-block-monthly-reviews-thirds-wrapper reviews_has_halves\">\n<div class=\"wp-block-monthly-reviews-third review_half\">\n<p style=\"font-size:24px\"><strong>Marathon Digital (MARA): <br \/><span style=\"color: #FA0021\">-5.2%<\/span><\/strong><\/p>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"wp-block-monthly-reviews-main-blk review_single_blk\">\n<p>In August, Coinbase stood out among publicly traded crypto-related firms. Despite releasing weak results, the platform announced a partnership with BlackRock, which will give clients access to digital assets via Coinbase Prime. Voyager, currently in bankruptcy proceedings, saw a notable rally, but its value has plunged more than 99% since the start of the year.<\/p>\n<\/div>\n<h2 class=\"wp-block-heading\">Macro-economic backdrop<\/h2>\n<div class=\"wp-block-monthly-reviews-main-blk review_single_blk\">\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"974\" height=\"138\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/image1-530.png\" alt=\"August 2022 in numbers: Bitcoin correction, miners' revenues rise and DeFi liquidity outflows\" class=\"wp-image-183799\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/image1-530.png 974w, https:\/\/forklog.com\/wp-content\/uploads\/image1-530-300x43.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/image1-530-768x109.png 768w\" sizes=\"auto, (max-width: 974px) 100vw, 974px\" \/><figcaption class=\"wp-element-caption\">Probability distribution of a key rate increase at the September meeting (current target range 225\u2013250 bps). Data: <a href=\"https:\/\/www.cmegroup.com\/trading\/interest-rates\/countdown-to-fomc.html\">CME Fed Watch<\/a>.<\/figcaption><\/figure>\n<ul class=\"wp-block-list\">\n<li>At Jackson Hole, Fed Chair Jerome Powell warned against rushing to reduce rates to keep inflation expectations in check. This contrasted with investors\u2019 expectations for a policy pivot in spring 2023.<\/li>\n<li>Powell explained that the magnitude of the rate hike in September would depend on upcoming macro data, and that July\u2019s inflation decline is not enough. By that time, investors will have had time to analyse the fresh CPI print (September 13) and the employment report (September 2).<\/li>\n<li>The market oscillates between a 50 bps and a 75 bps move in September. Against hawkish Fed rhetoric, the latter scenario gained traction (probability rose from 28% to 72%). November and December are expected to feature 25 bps steps.<\/li>\n<\/ul>\n<\/div>\n<div class=\"wp-block-monthly-reviews-main-blk review_single_blk\">\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"944\" height=\"623\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/image2-340.png\" alt=\"August 2022 in numbers: Bitcoin correction, miners' revenues rise and DeFi liquidity outflows\" class=\"wp-image-183801\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/image2-340.png 944w, https:\/\/forklog.com\/wp-content\/uploads\/image2-340-300x198.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/image2-340-768x507.png 768w\" sizes=\"auto, (max-width: 944px) 100vw, 944px\" \/><figcaption class=\"wp-element-caption\">Reuters poll: economists\u2019 expectations of US recessions over one and two years. Data: <a href=\"https:\/\/www.reuters.com\/markets\/us\/fed-slow-50-bps-hike-september-recession-worries-grow-2022-08-22\/\">Reuters<\/a>.<\/figcaption><\/figure>\n<ul class=\"wp-block-list\">\n<li>After Jackson Hole, the policy pivot faded from the market until mid-2023. This disposition would increase risk-asset sensitivity to negative macro data, given the high correlation between Bitcoin and the S&#038;P 500.<\/li>\n<li>Amid Europe\u2019s energy crisis and China\u2019s economic slowdown, economists raised the probability of US recession, rising from 40% to 45% (assuming September\u2019s move is only 50 bps).<\/li>\n<\/ul>\n<\/div>\n<h2 class=\"wp-block-heading\">Market mood, correlations and volatility<\/h2>\n<div class=\"wp-block-monthly-reviews-main-blk review_single_blk\">\n<div class=\"wp-block-monthly-reviews-two-halves-wrapper reviews_has_halves\">\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"507\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/Dinamika-indeksa-straha-i-zhadnosti-9-1024x507.png\" alt=\"August 2022 in numbers: Bitcoin correction, miners' revenues rise and DeFi liquidity outflows\" class=\"wp-image-183803\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/Dinamika-indeksa-straha-i-zhadnosti-9-1024x507.png 1024w, https:\/\/forklog.com\/wp-content\/uploads\/Dinamika-indeksa-straha-i-zhadnosti-9-300x149.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/Dinamika-indeksa-straha-i-zhadnosti-9-768x380.png 768w, https:\/\/forklog.com\/wp-content\/uploads\/Dinamika-indeksa-straha-i-zhadnosti-9.png 1268w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">Bitcoin fear-and-greed index dynamics. Data: <a href=\"https:\/\/alternative.me\/crypto\/fear-and-greed-index\/\">alternative.me<\/a>.<\/figcaption><\/figure>\n<\/div>\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"862\" height=\"172\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/indeks-straha-i-zhadnosti2-4.png\" alt=\"August 2022 in numbers: Bitcoin correction, miners' revenues rise and DeFi liquidity outflows\" class=\"wp-image-183804\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/indeks-straha-i-zhadnosti2-4.png 862w, https:\/\/forklog.com\/wp-content\/uploads\/indeks-straha-i-zhadnosti2-4-300x60.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/indeks-straha-i-zhadnosti2-4-768x153.png 768w\" sizes=\"auto, (max-width: 862px) 100vw, 862px\" \/><\/figure>\n<\/div>\n<\/div>\n<ul class=\"wp-block-list\">\n<li>Compared with July, August&#8217;s average Fear and Greed Index rose by almost a third (32.6 versus 24.2). Yet by month-end the indicator returned to the &#8220;extreme fear&#8221; zone.<\/li>\n<li>Investors\u2019 sentiment was affected by the Powell speech and other macro factors. Negative backdrop also included rumors of Mt. Gox creditors being reimbursed and information about movements of a crypto asset tied to a bankrupt exchange.<\/li>\n<\/ul>\n<\/div>\n<div class=\"wp-block-monthly-reviews-main-blk review_single_blk\">\n<div class=\"wp-block-monthly-reviews-two-halves-wrapper reviews_has_halves\">\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"497\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/90-dnevnye-pokazateli-korrelyatsii-aktivov-8-1024x497.png\" alt=\"August 2022 in numbers: Bitcoin correction, miners' revenues rise and DeFi liquidity outflows\" class=\"wp-image-183808\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/90-dnevnye-pokazateli-korrelyatsii-aktivov-8-1024x497.png 1024w, https:\/\/forklog.com\/wp-content\/uploads\/90-dnevnye-pokazateli-korrelyatsii-aktivov-8-300x145.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/90-dnevnye-pokazateli-korrelyatsii-aktivov-8-768x372.png 768w, https:\/\/forklog.com\/wp-content\/uploads\/90-dnevnye-pokazateli-korrelyatsii-aktivov-8-1536x745.png 1536w, https:\/\/forklog.com\/wp-content\/uploads\/90-dnevnye-pokazateli-korrelyatsii-aktivov-8.png 1559w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">90-day asset correlation indicators. Data: <a href=\"https:\/\/www.blockchaincenter.net\/en\/cryptocurrency-correlation-study\/?timeframe=90days&#038;asset1=SP500&#038;asset2=BTC#correlationtable\">BlockchainCenter<\/a>.<\/figcaption><\/figure>\n<\/div>\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"545\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/Dinamika-indeksa-volatilnosti-BVOL24H-1024x545.png\" alt=\"August 2022 in numbers: Bitcoin correction, miners' revenues rise and DeFi liquidity outflows\" class=\"wp-image-183809\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/Dinamika-indeksa-volatilnosti-BVOL24H-1024x545.png 1024w, https:\/\/forklog.com\/wp-content\/uploads\/Dinamika-indeksa-volatilnosti-BVOL24H-300x160.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/Dinamika-indeksa-volatilnosti-BVOL24H-768x409.png 768w, https:\/\/forklog.com\/wp-content\/uploads\/Dinamika-indeksa-volatilnosti-BVOL24H.png 1333w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">Dynamics of Bitcoin BVOL24H historical intraday volatility. Data: <a href=\"https:\/\/www.bitmex.com\/app\/index\/.BVOL24H\">BitMEX<\/a>.<\/figcaption><\/figure>\n<\/div>\n<\/div>\n<ul class=\"wp-block-list\">\n<li>Bitcoin&#8217;s correlation with the US stock market weakened slightly. The 90-day smoothed average correlation stood at 0.61 with the S&#038;P 500 and 0.55 with the Dow (July figures were 0.64 and 0.58, respectively).<\/li>\n<li>The statistical relationship between Bitcoin and gold, conversely, strengthened (0.24 versus 0.15 last month), but remains too weak to regard Bitcoin as a reserve asset.<\/li>\n<li>In August the average BVOL24H was 2.6%, below July\u2019s 3.5%. Spikes occurred during local price corrections on August 19 and 26. At other times, price action traded within a relatively narrow range.<\/li>\n<\/ul>\n<\/div>\n<h2 class=\"wp-block-heading\">On-Chain data<\/h2>\n<div class=\"wp-block-monthly-reviews-main-blk review_single_blk\">\n<div class=\"wp-block-monthly-reviews-two-halves-wrapper reviews_has_halves\">\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"600\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/Whale-shadows-1024x600.jpg\" alt=\"August 2022 in numbers: Bitcoin correction, miners' revenues rise and DeFi liquidity outflows\" class=\"wp-image-183814\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/Whale-shadows-1024x600.jpg 1024w, https:\/\/forklog.com\/wp-content\/uploads\/Whale-shadows-300x176.jpg 300w, https:\/\/forklog.com\/wp-content\/uploads\/Whale-shadows-768x450.jpg 768w, https:\/\/forklog.com\/wp-content\/uploads\/Whale-shadows-1536x900.jpg 1536w, https:\/\/forklog.com\/wp-content\/uploads\/Whale-shadows-2048x1201.jpg 2048w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">Whale Shadows indicator dynamics. Data: <a href=\"https:\/\/www.lookintobitcoin.com\/charts\/whale-shadows\/\">Look Into Bitcoin<\/a>.<\/figcaption><\/figure>\n<\/div>\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"589\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/Number-of-Active-Entities-1024x589.png\" alt=\"August 2022 in numbers: Bitcoin correction, miners' revenues rise and DeFi liquidity outflows\" class=\"wp-image-183815\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/Number-of-Active-Entities-1024x589.png 1024w, https:\/\/forklog.com\/wp-content\/uploads\/Number-of-Active-Entities-300x173.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/Number-of-Active-Entities-768x442.png 768w, https:\/\/forklog.com\/wp-content\/uploads\/Number-of-Active-Entities-1536x884.png 1536w, https:\/\/forklog.com\/wp-content\/uploads\/Number-of-Active-Entities.png 1600w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">Dynamic of the number of active Bitcoin addresses. Data: <a href=\"https:\/\/insights.glassnode.com\/the-week-onchain-week-35-2022\/\">Glassnode<\/a>.<\/figcaption><\/figure>\n<\/div>\n<\/div>\n<ul class=\"wp-block-list\">\n<li>29 August, on-chain indicator Whale Shadows indicated the awakening of a large cluster of Bitcoin that had lain dormant for a long time. The chart above shows that such spikes have historically been followed by notable price corrections for Bitcoin.<\/li>\n<li>Researchers revealed that the 10,000 BTC moved for the first time since 2013 are linked to the bankrupt Mt. Gox exchange.<\/li>\n<li>The seven-day moving average of active addresses (excluding co-related) tests the lower boundary of a bearish channel. Glassnode analysts suggested that further declines would indicate a &#8220;regrettable deterioration of the user base, not seen in many years&#8221;.<\/li>\n<\/ul>\n<\/div>\n<div class=\"wp-block-monthly-reviews-main-blk review_single_blk\">\n<div class=\"wp-block-monthly-reviews-two-halves-wrapper reviews_has_halves\">\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/aSOPR-2-1024x576.png\" alt=\"August 2022 in numbers: Bitcoin correction, miners' revenues rise and DeFi liquidity outflows\" class=\"wp-image-183817\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/aSOPR-2-1024x576.png 1024w, https:\/\/forklog.com\/wp-content\/uploads\/aSOPR-2-300x169.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/aSOPR-2-768x432.png 768w, https:\/\/forklog.com\/wp-content\/uploads\/aSOPR-2-1536x864.png 1536w, https:\/\/forklog.com\/wp-content\/uploads\/aSOPR-2.png 1800w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">aSOPR indicator dynamics. Data: <a href=\"https:\/\/studio.glassnode.com\/metrics?a=BTC&#038;category=&#038;ema=0&#038;m=indicators.SoprAdjusted&#038;mAvg=7&#038;mMedian=0&#038;s=1597777417&#038;u=1661904000&#038;zoom=\">Glassnode<\/a>.<\/figcaption><\/figure>\n<\/div>\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"678\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/Hash-Ribbons-Indicator-1024x678.png\" alt=\"August 2022 in numbers: Bitcoin correction, miners' revenues rise and DeFi liquidity outflows\" class=\"wp-image-183818\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/Hash-Ribbons-Indicator-1024x678.png 1024w, https:\/\/forklog.com\/wp-content\/uploads\/Hash-Ribbons-Indicator-300x199.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/Hash-Ribbons-Indicator-768x509.png 768w, https:\/\/forklog.com\/wp-content\/uploads\/Hash-Ribbons-Indicator.png 1170w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">Dynamically of the Hash Ribbon indicator. Data: <a href=\"https:\/\/www.lookintobitcoin.com\/charts\/hash-ribbons\/\">Look Into Bitcoin<\/a>.<\/figcaption><\/figure>\n<\/div>\n<\/div>\n<ul class=\"wp-block-list\">\n<li>In August the on-chain metric aSOPR remained below 1 despite Bitcoin testing $24,000; this suggests that many short-term investors closed positions with little or no loss. A return above 1 would signal renewed demand and improved market sentiment.<\/li>\n<li>The Hash Ribbon indicator signaled the end of miner capitulation (blue line crossing the purple line from below). Charles Edwards, head of Capriole Investments, called it a &#8220;great buying signal&#8221;.<\/li>\n<\/ul>\n<\/div>\n<div class=\"wp-block-monthly-reviews-main-blk review_single_blk\">\n<div class=\"wp-block-monthly-reviews-two-halves-wrapper reviews_has_halves\">\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"713\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/RHODL-Ratio-1024x713.png\" alt=\"August 2022 in numbers: Bitcoin correction, miners' revenues rise and DeFi liquidity outflows\" class=\"wp-image-183820\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/RHODL-Ratio-1024x713.png 1024w, https:\/\/forklog.com\/wp-content\/uploads\/RHODL-Ratio-300x209.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/RHODL-Ratio-768x535.png 768w, https:\/\/forklog.com\/wp-content\/uploads\/RHODL-Ratio.png 1170w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">RHODL Ratio dynamics. Data: <a href=\"https:\/\/www.lookintobitcoin.com\/charts\/rhodl-ratio\/\">Look Into Bitcoin<\/a>.<\/figcaption><\/figure>\n<\/div>\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"730\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/MVRV-Z-Score-3-1024x730.png\" alt=\"August 2022 in numbers: Bitcoin correction, miners' revenues rise and DeFi liquidity outflows\" class=\"wp-image-183821\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/MVRV-Z-Score-3-1024x730.png 1024w, https:\/\/forklog.com\/wp-content\/uploads\/MVRV-Z-Score-3-300x214.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/MVRV-Z-Score-3-768x547.png 768w, https:\/\/forklog.com\/wp-content\/uploads\/MVRV-Z-Score-3.png 1170w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">MVRV Z-Score dynamics. Data: <a href=\"https:\/\/www.lookintobitcoin.com\/charts\/mvrv-zscore\/\">Look Into Bitcoin<\/a>.<\/figcaption><\/figure>\n<\/div>\n<\/div>\n<ul class=\"wp-block-list\">\n<li>Another long-term indicator, the RHODL Ratio, points to Bitcoin&#8217;s deep oversold condition. Its values remain in the &#8220;green zone&#8221; for the first time since early 2019.<\/li>\n<li>A similar signal is given by the metric <a href=\"https:\/\/forklog.com\/en\/news\/what-is-on-chain-analysis-and-how-to-use-it\">MVRV Z-Score<\/a>. Its values in the second half of August again suggest the price of digital gold is below its<br \/>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin dominance fell below 40%, to levels seen at the start of 2022 and 2018; the Maker community fretted over the threat of DAI collateral being blocked; miner revenues for Bitcoin and Ethereum rose by 12% and 22%, respectively.<\/p>\n","protected":false},"author":1,"featured_media":66790,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"4","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[1144],"tags":[1740],"class_list":["post-66789","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-longreads","tag-bitcoin-industry-in-numbers"],"aioseo_notices":[],"amp_enabled":true,"views":"22","promo_type":"1","layout_type":"4","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/66789","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=66789"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/66789\/revisions"}],"predecessor-version":[{"id":66791,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/66789\/revisions\/66791"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/66790"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=66789"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=66789"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=66789"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}