Weekly Research Roundup (March 20 - 24)

Weekly Research Roundup (March 20 - 24)

Analysis of ETH holdings across whales and retail investors, on-chain investigations into the activity of early investors of protocols in the Arbitrum ecosystem, USDC's depeg and macro overviews, all in this week's roundup.

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Gm Nansen Explorers,

Welcome to the first edition of Nansen's Weekly Research Roundup, where we bring you the latest research reports from our team. Let's dive in!

1. Whales vs Retail: Tracking ETH Holdings Across the Market

Addresses holding less than 100 ETH, have decreased by 37.35% since 2022 as of March 20th. However, retail addresses with less than 1 ETH, have increased by 18.86% YTD, alongside rising prices. Jake dives into the behavior of ETH holders over time to help you understand market sentiment and emerging trends. The charts in this report refresh every 24 hours, giving you updated stats daily. 

2. An On-Chain Investigation of Early MAGIC Miners

Most “Early MAGIC Miner” addresses have taken profits or transferred their capital to another wallet. The average net position size remaining in the same wallet sits at ~20%. Out of the 200 addresses, 127 still hold MAGIC, with an aggregate of $18m in total holdings. Tharm examines these wallets and MAGIC whales to understand what they’re doing with their capital and their latest activity in the Arbitrum ecosystem. 

3. What are Early GRAIL Participants Doing On-Chain?

62.7% of Early GRAIL Participants have exited their GRAIL and xGRAIL positions, some of which have made a 20x return on their investment. These addresses hold a total of $6.5M GRAIL and have significant investments in various Arbitrum ecosystem tokens. Sandra analyzes these wallets to uncover what they’re up to and which protocols they’re most bullish on. 

4. Regime Transition

The US Federal Reserve is using new tools to help banks with short-term liquidity. Central banks now have to worry about both inflation and the negative implications of rapid rate hikes. How will this affect the markets? Aurelie shares key data points and her thoughts on the current macro environment in this report. 

5. USDC De-peg: What Happened On-Chain?

Over $4.4 billion USDC was redeemed between March 10-15, with Coinbase users being the largest redeemers. USDC dropped to a low of $0.88 as fear about their solvency grew. Niklas takes a look at on-chain activity and analyzes the dynamics and impact of de-peg.

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