TL; DR
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The top 35 deployable cryptocurrencies reached an all-time high last quarter.
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People typically don’t lock up their crypto in staking accounts if they have plans to sell in the near term.
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Meaning: The more crypto is deployed in general → the more this indicates the beliefs of people in the space.
Full story
Here’s some good news for your Friday morning:
A lot of people have locked up their crypto.
It is to say: the top 35 deployable cryptocurrencies reached an all-time high last quarter.
In fact, literally half (52.4% to be exact) of the available tokens in that list are being staked.
That’s cool and all… but “many people are betting their crypto” isn’t the real headline here.
Really, it’s all about what this is indicates.
Because people typically don’t lock up their crypto in staking accounts if they have plans to sell in the near term.
Meaning:
The more crypto is deployed in general → the more this indicates the beliefs of people in the space.
Noise!