The Fear & Greed index moved into a state of “extreme greed” in August as prices rose across the board. More recently, the market moved sharply into “fear” as major coins sold off last week.
On Friday, Arbitrum had a TVL of around $170M. That changed over the weekend though, as yield farms for speculative tokens like ArbiNyan and Carbon.fi (which is already down 99%) managed to spur FOMO and cause bridge volume to spike. Arbinyan’s ETH pool currently has over $1.45B of ETH. Meanwhile, Arbitrum’s ETH bridge custodies over ~$2b worth of ETH. It’s worth noting that a single whale wallet was responsible for ~168K ETH bridged.
Over the weekend we saw a massive uptick in Optimism bridge activity with over 9,000 unique depositors. Notably, the Optimism Twitter handle teased a ‘big news’.
Several NFT projects have been doing well on the back of utility token implementations. Cool Cats and CyberKongz NFTs have performed well recently despite cold feet in the NFT market.
Crypto markets looked muted today as L1 tokens continued to grind up. A fraudulent press release announcing Walmart would accept payments in Litecoin (LTC) made the rounds, leading to some short-term volatility earlier this morning. LTC jumped over 30% in a matter of minutes, only to drop back to its previous trading level.
A Fearful Market
Crypto markets recently moved into “fear,” as measured by the Fear & Greed index. For much of August, the market was in a state of “extreme greed” as prices rose across the board.
September tends to be a negative month for crypto as a whole. While the month kicked off strong, sentiment has deteriorated rather quickly.
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