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25 crypto statistics of a crazy 2022

What a year in cryptoland. After the dizzy heights of the pandemic years of 2020 and 2021, the past twelve months have brought an onslaught of negativity…

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1 year ago

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What a year in cryptoland.

After the dizzy heights of the pandemic years of 2020 and 2021, the past twelve months have brought an onslaught of negativity in the crypto news cycle. And the price action has followed.

There was the spectacular death spiral of UST in May, which triggered a slew of contagion across the space. And then recently, we saw former crypto royalty Bankman-Fried and his FTX exchange descend into bankruptcy, in an event that nobody saw coming.

But there was also a major upgrade of the Ethereum network, big developments with Bitcoin and much more. Here are 25 statistics from the world of cryptocurrency this past year – derived on-chain and off.  

Top crypto stats for 2022

  • Bitcoin’s market cap was $895 billion at the start of the year. Today every cryptocurrency in the world sums to a market cap of $844 billion
  • The top 100 coins have had their market cap sliced by $1.7 trillion this year, a number equivalent to Canada’s GDP
  • Ethereum’s Merge upgrade went live, slicing energy consumption of the network by 99.95%, and reducing worldwide electricity consumption by 0.2%
  • 1,000 addresses on the Bitcoin network now contain more than one Bitcoin
  • Tether’s price reached a low of 95 cents this year, while its market cap fell $13 billion as it lost market share to rivals

1. Ethereum’s energy consumption fell 99.95% as it completed its upgrade to Proof-of-Stake

The biggest upgrade in the history of the Ethereum network, known as the Merge (deep dive here), came and went successfully in September.

The upgrade shifted the network from Proof-of-Work (akin to Bitcoin) to the more energy-efficient Proof-of-Stake, dropping the energy consumption of the network by 99.95%.

2. Worldwide consumption falls 0.2% off the back of the Ethereum Merge

Analyst estimations have a 0.2% reduction in the worldwide electricity consumption off the back of the Merge, further highlighting how impactful the energy emission reductions of the above Merge are.

3. $60 billion ecosystem collapses, the biggest in crypto history

May’s death spiral of the Terra ecosystem wipes $60 billion of wealth across a 48-hour period. When including the contagion that spread out over the ensuing weeks, the damage was a lot worse. It is by far the biggest crash in crypto history according to the numbers.

4. Over 50% of Bitcoin supply loss-making

For the first time since the COVID crash of March 2020, the majority of the Bitcoin supply was in a loss-making position, as of Q4 2022. This shows quite how bloody the price action was this year, given the previous decade (2011-2021) Bitcoin was the best performing financial asset class in the world.

6. 200,000 Bitcoins pulled from exchanges in a month post-FTX crash

In the month following the FTX crash, 200,000 bitcoins were pulled from exchanges, highlighting the extent to which trust in exchanges was broken. (Via CoinJournal)

7. Coinbase sheds 85% of its value

The first major crypto company to go public, Coinbase, flew high last year. However, decreased volume and cratering prices in the industry hit the exchange hard this year. As of mid-December, it has lost 85% of its value, with 1,100 employees laid off.

8. 40 cryptocurrencies are currently worth $1 billion or more, down from 94 at the start of the year

The year began with close to 100 cryptocurrencies worth over $1 billion. Today, there are only 49. (via CoinMarketCap)

9. Top 100 coins lose $1.7 trillion in value

On New Years Day, the top 100 coins’ market cap summed to $2.2 trillion. Today, the top 100 total $505 billion. The $1.7 trillion drop is approximately equal to Canada’s GDP this year. (via CoinMarketCap)

10. Bitcoin was worth more than the entire cryptocurrency industry is worth today

At the start of the year, Bitcoin was worth $895 billion. Today, the global crypto market cap sums to $844 billion. (via CoinMarketCap)

11. 2 – number of top 10 coins on May 1st 2022 which would be worth zero within a week

Luna and the UST stablecoin both occupied positions in the top 10 on the eve of their death spirals in May 2022.

12. $9.6 billion –all-time high of the market cap of the FTX native token which collapsed last month

FTX’s token, FTT, collapsed in November following revelations it was artificially propping up CEO Bankman-Fried’s trading firm, Alameda Research, which had suffered heavy losses and commingled customer assets from the FTX exchange.

13. FTX had one million creditors upon its collapse

The FTX exchange had over one million creditors upon its collapse last month. Court proceedings will likely take years, meaning there will be a long wait for those who are owed money to recoup anything, if at all.

14. 130 FTX-affiliated companies file for bankruptcy in aftermath of FTX collapse

In the days after the FTX collapse, FTX and over 130 additional affiliated companies filed for bankruptcy.

15. $8 billion hole on FTX balance sheet

The size of the deficit at FTX is $8 billion, following funds being sent to Alameda Research to shore up trading losses.

16. Former FTX CEO Sam Bankman-Fried was second-largest donator to congressional Democrats for midterm elections

The disgraced CEO donated $39.2 million to the midterm elections, coming behind only billionaire investor George Soros (via Forbes)

17. Tether reached a low of 95 cents this year

Controversial stablecoin USDT had two significant depegs this year, in the aftermath of the Terra crash and then the FTX crash. The peg recovered in both cases.

18. 14.22 million bitcoin have not moved in over a year, equal to 74% of total supply

The bulk of the bitcoin supply has not moved in over a year. Only 26% of coins have moved in the last 365 days (via IntoTheBlock)

19. 1,077 addresses now hold more than one bitcoin

Just over 1,000 addresses on the network contain over one bitcoin in them. 93% of the supply is contained within these wallets (Via IntoTheBlock)

20. Bitcoin and Ethereum’s correlation averaged 0.87 this year

The hand-in-hand price action of the major cryptos can be demonstrated by Bitcoin and Ethereum averaging a 0.94 correlation (with a score of 1 being a perfect correlation). This is despite the major idiosyncratic event that was the Merge taking place this year.

21. The average address on the Ethereum network contains 80% less in dollar terms today than at the start of the year

At the start of the year, the average address on the Ethereum network contained $6200. Today, that figure is $1,700. The 80% decline is greater than the price decline of ETH, which is off 65%.

22. Average balance in a Bitcoin address has fallen from $22,300 to $7,600

The fall in the average address balance in USD terms is 65%, similar to the 63% price decline. (Via IntoTheBlock).

23. Tether’s market cap has fallen $13 billion in 2022

Tether has lost market share to rivals this year. Opening the year at a market cap of $78 billion, the controversial stablecoin peaked at $83 billion before the LUNA crisis, and is now at $65 billion.

24. Binance USD has stolen the most market share, up over $7 billion

Binance’s stablecoin opened the year at $14.6 billion. Today, it is at $22 billion, partially due to its announcement that it would auto-convert exchange holdings in several rival currencies into BinanceUSD, while de-listing currency pairs for those same stables.

25. 15.6 million ETH staked in Ethereum 2.0 contract, a rise from 8.8 million

15.6 million ETH is locked up in the Ethereum 2.0 contract, and will only be eligible for release next year once the Shanghai upgrade goes live. Beginning the year at 8.8 million ETH staked, the number has close to doubled and now represents 13% of the total supply. (via IntoTheBlock)

Closing thoughts

All in all, the year 2022 has been a torrid one for risk assets across the board. Cryptocurrency is a prime example of this. Prices have cratered, scandals have been seemingly endless and anxiety is at all-time highs. 

There have also been positives, although in the short-term at least, investors’ red portfolios won’t appreciate this. Ethereum completing its long-awaited Merge may have seismic implications down the line. 

It will be captivating to see in future how the year 2022 is looked back upon in the world of cryptocurrency. Could it be a purge of nefarious actors, a badly-needed maturing in the industry? Or could it be a hammer blow from which prices, or the industry at large, never recover from? 

Whatever happens, it will be fun to re-hash this piece and re-assess all these stats this time next year. Happy (nearly) 2023!

The post 25 crypto statistics of a crazy 2022 appeared first on Invezz.

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February Employment Situation

By Paul Gomme and Peter Rupert The establishment data from the BLS showed a 275,000 increase in payroll employment for February, outpacing the 230,000…

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March 9, 2024

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By Paul Gomme and Peter Rupert

The establishment data from the BLS showed a 275,000 increase in payroll employment for February, outpacing the 230,000 average over the previous 12 months. The payroll data for January and December were revised down by a total of 167,000. The private sector added 223,000 new jobs, the largest gain since May of last year.

Temporary help services employment continues a steep decline after a sharp post-pandemic rise.

Average hours of work increased from 34.2 to 34.3. The increase, along with the 223,000 private employment increase led to a hefty increase in total hours of 5.6% at an annualized rate, also the largest increase since May of last year.

The establishment report, once again, beat “expectations;” the WSJ survey of economists was 198,000. Other than the downward revisions, mentioned above, another bit of negative news was a smallish increase in wage growth, from $34.52 to $34.57.

The household survey shows that the labor force increased 150,000, a drop in employment of 184,000 and an increase in the number of unemployed persons of 334,000. The labor force participation rate held steady at 62.5, the employment to population ratio decreased from 60.2 to 60.1 and the unemployment rate increased from 3.66 to 3.86. Remember that the unemployment rate is the number of unemployed relative to the labor force (the number employed plus the number unemployed). Consequently, the unemployment rate can go up if the number of unemployed rises holding fixed the labor force, or if the labor force shrinks holding the number unemployed unchanged. An increase in the unemployment rate is not necessarily a bad thing: it may reflect a strong labor market drawing “marginally attached” individuals from outside the labor force. Indeed, there was a 96,000 decline in those workers.

Earlier in the week, the BLS announced JOLTS (Job Openings and Labor Turnover Survey) data for January. There isn’t much to report here as the job openings changed little at 8.9 million, the number of hires and total separations were little changed at 5.7 million and 5.3 million, respectively.

As has been the case for the last couple of years, the number of job openings remains higher than the number of unemployed persons.

Also earlier in the week the BLS announced that productivity increased 3.2% in the 4th quarter with output rising 3.5% and hours of work rising 0.3%.

The bottom line is that the labor market continues its surprisingly (to some) strong performance, once again proving stronger than many had expected. This strength makes it difficult to justify any interest rate cuts soon, particularly given the recent inflation spike.

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Mortgage rates fall as labor market normalizes

Jobless claims show an expanding economy. We will only be in a recession once jobless claims exceed 323,000 on a four-week moving average.

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2 days ago

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March 8, 2024

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Everyone was waiting to see if this week’s jobs report would send mortgage rates higher, which is what happened last month. Instead, the 10-year yield had a muted response after the headline number beat estimates, but we have negative job revisions from previous months. The Federal Reserve’s fear of wage growth spiraling out of control hasn’t materialized for over two years now and the unemployment rate ticked up to 3.9%. For now, we can say the labor market isn’t tight anymore, but it’s also not breaking.

The key labor data line in this expansion is the weekly jobless claims report. Jobless claims show an expanding economy that has not lost jobs yet. We will only be in a recession once jobless claims exceed 323,000 on a four-week moving average.

From the Fed: In the week ended March 2, initial claims for unemployment insurance benefits were flat, at 217,000. The four-week moving average declined slightly by 750, to 212,250


Below is an explanation of how we got here with the labor market, which all started during COVID-19.

1. I wrote the COVID-19 recovery model on April 7, 2020, and retired it on Dec. 9, 2020. By that time, the upfront recovery phase was done, and I needed to model out when we would get the jobs lost back.

2. Early in the labor market recovery, when we saw weaker job reports, I doubled and tripled down on my assertion that job openings would get to 10 million in this recovery. Job openings rose as high as to 12 million and are currently over 9 million. Even with the massive miss on a job report in May 2021, I didn’t waver.

Currently, the jobs openings, quit percentage and hires data are below pre-COVID-19 levels, which means the labor market isn’t as tight as it once was, and this is why the employment cost index has been slowing data to move along the quits percentage.  

2-US_Job_Quits_Rate-1-2

3. I wrote that we should get back all the jobs lost to COVID-19 by September of 2022. At the time this would be a speedy labor market recovery, and it happened on schedule, too

Total employment data

4. This is the key one for right now: If COVID-19 hadn’t happened, we would have between 157 million and 159 million jobs today, which would have been in line with the job growth rate in February 2020. Today, we are at 157,808,000. This is important because job growth should be cooling down now. We are more in line with where the labor market should be when averaging 140K-165K monthly. So for now, the fact that we aren’t trending between 140K-165K means we still have a bit more recovery kick left before we get down to those levels. 




From BLS: Total nonfarm payroll employment rose by 275,000 in February, and the unemployment rate increased to 3.9 percent, the U.S. Bureau of Labor Statistics reported today. Job gains occurred in health care, in government, in food services and drinking places, in social assistance, and in transportation and warehousing.

Here are the jobs that were created and lost in the previous month:

IMG_5092

In this jobs report, the unemployment rate for education levels looks like this:

  • Less than a high school diploma: 6.1%
  • High school graduate and no college: 4.2%
  • Some college or associate degree: 3.1%
  • Bachelor’s degree or higher: 2.2%
IMG_5093_320f22

Today’s report has continued the trend of the labor data beating my expectations, only because I am looking for the jobs data to slow down to a level of 140K-165K, which hasn’t happened yet. I wouldn’t categorize the labor market as being tight anymore because of the quits ratio and the hires data in the job openings report. This also shows itself in the employment cost index as well. These are key data lines for the Fed and the reason we are going to see three rate cuts this year.

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Inside The Most Ridiculous Jobs Report In History: Record 1.2 Million Immigrant Jobs Added In One Month

Inside The Most Ridiculous Jobs Report In History: Record 1.2 Million Immigrant Jobs Added In One Month

Last month we though that the January…

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March 8, 2024

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Inside The Most Ridiculous Jobs Report In History: Record 1.2 Million Immigrant Jobs Added In One Month

Last month we though that the January jobs report was the "most ridiculous in recent history" but, boy, were we wrong because this morning the Biden department of goalseeked propaganda (aka BLS) published the February jobs report, and holy crap was that something else. Even Goebbels would blush. 

What happened? Let's take a closer look.

On the surface, it was (almost) another blockbuster jobs report, certainly one which nobody expected, or rather just one bank out of 76 expected. Starting at the top, the BLS reported that in February the US unexpectedly added 275K jobs, with just one research analyst (from Dai-Ichi Research) expecting a higher number.

Some context: after last month's record 4-sigma beat, today's print was "only" 3 sigma higher than estimates. Needless to say, two multiple sigma beats in a row used to only happen in the USSR... and now in the US, apparently.

Before we go any further, a quick note on what last month we said was "the most ridiculous jobs report in recent history": it appears the BLS read our comments and decided to stop beclowing itself. It did that by slashing last month's ridiculous print by over a third, and revising what was originally reported as a massive 353K beat to just 229K,  a 124K revision, which was the biggest one-month negative revision in two years!

Of course, that does not mean that this month's jobs print won't be revised lower: it will be, and not just that month but every other month until the November election because that's the only tool left in the Biden admin's box: pretend the economic and jobs are strong, then revise them sharply lower the next month, something we pointed out first last summer and which has not failed to disappoint once.

To be fair, not every aspect of the jobs report was stellar (after all, the BLS had to give it some vague credibility). Take the unemployment rate, after flatlining between 3.4% and 3.8% for two years - and thus denying expectations from Sahm's Rule that a recession may have already started - in February the unemployment rate unexpectedly jumped to 3.9%, the highest since February 2022 (with Black unemployment spiking by 0.3% to 5.6%, an indicator which the Biden admin will quickly slam as widespread economic racism or something).

And then there were average hourly earnings, which after surging 0.6% MoM in January (since revised to 0.5%) and spooking markets that wage growth is so hot, the Fed will have no choice but to delay cuts, in February the number tumbled to just 0.1%, the lowest in two years...

... for one simple reason: last month's average wage surge had nothing to do with actual wages, and everything to do with the BLS estimate of hours worked (which is the denominator in the average wage calculation) which last month tumbled to just 34.1 (we were led to believe) the lowest since the covid pandemic...

... but has since been revised higher while the February print rose even more, to 34.3, hence why the latest average wage data was once again a product not of wages going up, but of how long Americans worked in any weekly period, in this case higher from 34.1 to 34.3, an increase which has a major impact on the average calculation.

While the above data points were examples of some latent weakness in the latest report, perhaps meant to give it a sheen of veracity, it was everything else in the report that was a problem starting with the BLS's latest choice of seasonal adjustments (after last month's wholesale revision), which have gone from merely laughable to full clownshow, as the following comparison between the monthly change in BLS and ADP payrolls shows. The trend is clear: the Biden admin numbers are now clearly rising even as the impartial ADP (which directly logs employment numbers at the company level and is far more accurate), shows an accelerating slowdown.

But it's more than just the Biden admin hanging its "success" on seasonal adjustments: when one digs deeper inside the jobs report, all sorts of ugly things emerge... such as the growing unprecedented divergence between the Establishment (payrolls) survey and much more accurate Household (actual employment) survey. To wit, while in January the BLS claims 275K payrolls were added, the Household survey found that the number of actually employed workers dropped for the third straight month (and 4 in the past 5), this time by 184K (from 161.152K to 160.968K).

This means that while the Payrolls series hits new all time highs every month since December 2020 (when according to the BLS the US had its last month of payrolls losses), the level of Employment has not budged in the past year. Worse, as shown in the chart below, such a gaping divergence has opened between the two series in the past 4 years, that the number of Employed workers would need to soar by 9 million (!) to catch up to what Payrolls claims is the employment situation.

There's more: shifting from a quantitative to a qualitative assessment, reveals just how ugly the composition of "new jobs" has been. Consider this: the BLS reports that in February 2024, the US had 132.9 million full-time jobs and 27.9 million part-time jobs. Well, that's great... until you look back one year and find that in February 2023 the US had 133.2 million full-time jobs, or more than it does one year later! And yes, all the job growth since then has been in part-time jobs, which have increased by 921K since February 2023 (from 27.020 million to 27.941 million).

Here is a summary of the labor composition in the past year: all the new jobs have been part-time jobs!

But wait there's even more, because now that the primary season is over and we enter the heart of election season and political talking points will be thrown around left and right, especially in the context of the immigration crisis created intentionally by the Biden administration which is hoping to import millions of new Democratic voters (maybe the US can hold the presidential election in Honduras or Guatemala, after all it is their citizens that will be illegally casting the key votes in November), what we find is that in February, the number of native-born workers tumbled again, sliding by a massive 560K to just 129.807 million. Add to this the December data, and we get a near-record 2.4 million plunge in native-born workers in just the past 3 months (only the covid crash was worse)!

The offset? A record 1.2 million foreign-born (read immigrants, both legal and illegal but mostly illegal) workers added in February!

Said otherwise, not only has all job creation in the past 6 years has been exclusively for foreign-born workers...

Source: St Louis Fed FRED Native Born and Foreign Born

... but there has been zero job-creation for native born workers since June 2018!

This is a huge issue - especially at a time of an illegal alien flood at the southwest border...

... and is about to become a huge political scandal, because once the inevitable recession finally hits, there will be millions of furious unemployed Americans demanding a more accurate explanation for what happened - i.e., the illegal immigration floodgates that were opened by the Biden admin.

Which is also why Biden's handlers will do everything in their power to insure there is no official recession before November... and why after the election is over, all economic hell will finally break loose. Until then, however, expect the jobs numbers to get even more ridiculous.

Tyler Durden Fri, 03/08/2024 - 13:30

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