# Weekly On Chain - Safe DEX

By [Tom Head](https://paragraph.com/@cryptoteddy) · 2022-12-07

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DEX Trading Volumes Get a Boost
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With the continued move away from centralized exchanges we saw 24-hour trading volumes across Uniswap, dyDX, Dodo and Curve all up, some as high as 60%.

Uniswap in particular had some promising metrics this week as it registered the highest daily active addresses in more than a year.

![](https://storage.googleapis.com/papyrus_images/d33c1e5b00f87b9c40fa1f8038838a565f888032773310d12246c86aa24719dc.jpg)

GMX also saw active daily addresses climbing consistently through the last week in November. And finally, Optimism had a decent spike in the last days of the month.

![](https://storage.googleapis.com/papyrus_images/28f2d0608e6140417ced92b354bec7d6f1136f14ee0202a8ac4fe485cf06e0cc.jpg)

This is backed up by looking at Ethereum and comparing the supply held by top exchange addresses against the supply held by top non-exchange addresses. The exchange addresses have seen a continued decline through November with 2m coins moving away. At the same time, the top non-exchange wallets have seen a steady accumulation of coins.

![](https://storage.googleapis.com/papyrus_images/6f960388611b97132f179827e2c06b6984d277c4ba1a4b5672f2bb7eaba072b4.jpg)

Solana NFTs
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While in recent weeks we highlighted worrying on chain signals for Solana which included a big drop in development activity and a drop in Defi TVL by 70%. However, the Solana NFT data is still growing, with average transaction volumes increasing by 67%; the blue-chip index increasing by 28%. Solana still has considerable NFT projects, players, and communities. You can see more here: [https://solanafloor.com/blue-chip](https://solanafloor.com/blue-chip)

DappRadar data showed that some top Solana NFT collections, like y00ts and DeGods, saw massive sales in the past 30 days. According to the data aggregator, y00ts’ sales increased by 528%, and DeGods recorded a 324% increase in sales. Solana NFTs trading volume also increased 141% on OpenSea to $255 million and 62% on Magic Eden to $94.48 million.

Bitcoin
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There are two sides to the Bitcoin story right now. The first is that in November we saw the fourth largest capitulation event on record, recording a 7-day realized loss of -$10.16B. This is 4.0x larger than the peak in Dec 2018, and 2.2x larger than March 2020.

The price of BTC has been trading below the Realized Price (which is the average price it's been bought for when looking at the whole market) for over 4.5 months.

But the other side of the story is that we are now in a phase of accumulation. From a comparative point of view, the recent strong accumulation score following the recent sell-off resembles that of late 2018. Among all holders, the entities with < 1 BTC (Shrimps) have recorded two ATHs of balance increase over the last 5-months. Shrimps have added +96.2k BTC to their holdings since the collapse of FTX and now hold over 1.21M BTC, equivalent to a fairly impressive 6.3% of the circulating supply. Is this a good indication that the bottom is finally in?

![](https://storage.googleapis.com/papyrus_images/24dfd7ba29d311c3cb3600198efcdef7d8910236ed707284b9c0bc6d422ecad0.png)

Digital Asset Fund Flows
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Investment products saw outflows totaling US$23m in a continuation of the negative sentiment seen the previous week. There was mixed interest in short investment products as these saw a mixture of inflows and outflows. Blockchain equities are also suffering from the FTX collapse, seeing US$13m outflows last week.

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*Originally published on [Tom Head](https://paragraph.com/@cryptoteddy/weekly-on-chain-safe-dex)*