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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.

Watch this Space

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