| Kraken Intelligence

Bleeding out: October and November 2022 on-chain report

After several months of headwinds for the crypto space, the historical collapse of Sam Bankman-Fried’s FTX crypto exchange in early November added fuel to the bear market’s fire. While FTX’s collapse has negatively impacted many actors in the industry, the true extent of the collateral damage from this debacle is only beginning to surface.

The downtrending crypto market coincided with a bleak macroeconomic environment, which continued to weigh on stocks, crypto, and more, making it difficult to anticipate what lies ahead. However, on-chain data can help identify the signals amid the noise by providing evidence of trends in network usage and demand. In Kraken Intelligence’s latest on-chain digest, Bleeding Out, the team investigates what went down between October 15 and November 13.

Crypto’s Market Cap 

The total crypto market cap has taken a rough hit this year, dropping by more than $1.5 trillion year-to-date (YTD) (-63%). The last 30 days was no exception as the crypto market continued to bleed out, dropping by $82 billion (-9%). ETH and DOGE took the spotlight, recording the largest increases in market share between October 15 and November 13 and witnessing rising network demand across several on-chain metrics. 

On-chain fundamentals

While BTC market share fell the most among the group, the leading cryptoasset saw network demand increase over the last month. Namely, BTC saw rising transaction fees, active addresses, and transaction count. DOGE outperformed the group over the last 30 days across transaction fees and volume and saw increases in active addresses. Thanks to Elon Musk’s latest endorsements of the meme coin and acquisition of Twitter, DOGE’s recent performance has made it the best-performer YTD for market share and transaction count. ETH made a comeback after seeing a downtrend following The Merge on September 15.


USDT continued to give up market share to competing stablecoins. USDT has seen the most redemptions out of all centralized issuers in 2022. After Binance consolidated holdings of USDC, USDP, and TUSD on its platforms into its native stablecoin, Binance’s BUSD supply saw a $2.1 billion rise in the last month–the biggest nominal increase among the stablecoins analyzed.

Want to learn more about on-chain activity in the last month and what’s ahead? Read the Kraken Intelligence report, Bleeding Out in which the team explores the crypto fundamentals and on-chain data that shaped the market.

Read the full report

These materials are for general information purposes only and are not investment advice or a recommendation or solicitation to buy, sell or hold any cryptoasset or to engage in any specific trading strategy. Some crypto products and markets are unregulated, and you may not be protected by government compensation and/or regulatory protection schemes. The unpredictable nature of the cryptoasset markets can lead to loss of funds. Tax may be payable on any return and/or on any increase in the value of your cryptoassets and you should seek independent advice on your taxation position.