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Tom Capsey

Articles by Tom Capsey

DeFi Forensics – Volume 1

Welcome to DeFi Forensics where we dive into the different base layers from Ethereum to Solana, Arbitrum and Avalanche to analyse where capital is flowing and...

FED vs Crypto

Context & Pre-Russia/Ukraine War In beginning this report, I believe it is important to revert to November 2021, where the FED changed its stance to...

On-Chain Forensics 49

TLDR: Bitcoin price has fallen approximately 22% over the past week, mostly due to LFG selling its Bitcoin holdings. The percent of Bitcoin supply spiked...

On-Chain Forensics 48

TLDR: The Exchange Net Position Change shows considerable accumulation in both Bitcoin and Ether. The smallest wallet cohorts have been in the majority responsible for...

On-Chain Forensics 47

TLDR There are a number of macro headwinds on the near-term horizon which may prove problematic to prices going forward. The Exchange Net Position Change...

On-Chain Forensics 46

TL:DR Increasing geopolitical and macro headwinds may prevent significant buy-side demand and momentum from coming into the market. The Exchange Net Position Change shows increased...

On-Chain Forensics 45

TL:DR The FED’s tightening cycle (interest rate hikes and a reduction of the Balance Sheet) has only just begun and will ramp up in the...

On-Chain Forensics 44

TLDR: There has been heavy accumulation from the smaller wallets and the largest wallet cohort, but the largest wallets have begun to de-risk. Funding Rates...

On-Chain Forensics 43

TLDR: The geopolitical headwinds look as if they may be beginning to wind down. This is positive for markets assuming there are no alarming changes....

On-Chain Forensics 42

TLDR: Recently, markets have had greater certainty over possible macro headwinds, however, a 50 basis point rise may be on the cards at the next...

On-Chain Forensics 41

TLDR: FED policy has been significant for crypto as a whole. When the FED has been printing, crypto as a risk-on asset has performed well,...

On-Chain Forensics 40

TLDR: The macro situation continues to be a major headwind in terms of new demand flowing into the market. The Exchange Net Position Changes show...