Surge in Global Onchain Interest Signals New Blockchain Era and Optimistic Bitcoin Trajectory
Summary:
In May, the search term "onchain" hit a high on Google Trends, with a surge in interest from Nigeria, Afghanistan, and Ethiopia. A new era of recording everything "onchain" is predicted. The BlackRock USD Institutional Digital Liquidity Fund is the largest onchain treasury fund with assets of $459.9m. AI agents will soon perform on-chain activities for users on Ethereum's StarkNet. Lastly, based on recent metrics, Bitcoin could be on an upward trajectory.
In May, the search rate for the term "onchain" reached a new peak, as demonstrated by data from Google Trends. The global curiosity in this term was widely unchanged over the past half-decade, seldomly exceeding 25 out of 100, except once in March when it rose briefly to around 30. However, between May 26 and June 1, the term "onchain" achieved a perfect score of 100 on the index. The CEO of CryptoQuant, Ki Young Ju, stated on June 3 that "A new age is dawning," emphasizing the importance of recording everything "onchain." Over the last month, Nigeria, Afghanistan, and Ethiopia showed the most interest, with Google users often pairing the search term with "onchain token," "onchain coin," "onchain crypto," and "onchain summer." The last phrase is a promotional slogan for Coinbase's Ethereum layer-2 network, Base.
In late April, the BlackRock USD Institutional Digital Liquidity Fund became the largest treasury fund to be tokenized on a blockchain, currently managing assets worth $459.9 million, surpassing Franklin Templeton which stands at $357.7 million. In May, the Ethereum layer-2 blockchain Starknet, alongside AI company Giza, announced plans to introduce AI agents to the blockchain that can independently carry out onchain operations for consumers. Following this announcement, GaiaNet raised $10 million for its AI project, with ambitions to decentralize AI software on-chain.
In May, analysis of onchain measurements offered an optimistic outlook for Bitcoin. Several metrics, as highlighted by the anonymous crypto analyst 'ELI5 of TLDR' on May 19, suggested that Bitcoin's bull run might just be beginning. Subsequently, Glassnode experts suggested Bitcoin is readying for an upward shift, citing the Supply Last Active Age Band metric. This tool examines the length of time since Bitcoin last moved on-chain based on varying degrees of "supply last active". This is a clear evidence that crypto enthusiasts are already causing disruption ahead of the 2024 elections and this trend is likely to continue.
Published At
6/4/2024 4:38:50 AM
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