GALAXY RESEARCH · MAY 2023
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A report that covers essential topics including what’s next for Bitcoin and Ethereum, what to watch in DeFi and Web3, the regulatory landscape, and more.
A MUST READ
Galaxy experts focus on the crypto developments that matter.
Up-and-Coming Innovation
Monthly Unique Addresses Accessing DeFi
DeFi protocols, innovation in both the lending and trading space are bringing the on-chain experience more in line with traditional finance rails while maintaining the core properties of decentralization.
Macro Crypto Trends
Bitcoin’s Correlation to the S&P 500
As of Q1 2023, Bitcoin is the best performing asset when compared to a range of securities (both equities and fixed income), indices, and commodities, only beaten by one S&P component (NVDA) at the time of writing.
BUILDING IN A BEAR MARKET
Crypto VC Deal Count & Capital Invested
Across all sectors, venture capital activity is down significantly from its 2021 all-time highs, with capital invested down more than 50%. Despite the decline in capital invested, deal count appears to be rebounding.
001
Bitcoin
The recent global banking crisis puts the focus back on Bitcoin.
002
Ethereum
Becoming the “world computer” able to support decentralized applications.
003
DeFi
Lending and trading innovations drive adoption and the on-chain experience.
004
Stablecoins
Extending the dollar's reach around the world.
005
Venture Investing
Funds raised, capital deployed—driving innovation in a bear market.
006
Bitcoin Mining
The heartbeat of the world's leading decentralized money.
007
Regulation
US regulatory environment gets more challenging while world opens up.
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Packed with insights.
Galaxy's new research report breaks down some of the key trends in crypto.
30+
KEY FACTS
25+
CHARTS & GRAPHS
10
SPACES TO WATCH