Nansen Founder: 11 Catalysts for the New Bull Market and 6 Trends We're Watching
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Nansen Founder: 11 Catalysts for the New Bull Market and 6 Trends We're Watching
The worst period has passed, forced sellers have disappeared, and the fraudsters are in prison.
Navigating Web3 tides with focused insightsRecently, the crypto market has performed exceptionally well. Alex Svanevik, founder of blockchain data analytics platform Nansen, shared a Twitter thread analyzing 11 catalysts driving the new bull market:
1. The worst is behind us—forced sellers have exited, and scammers are behind bars;
2. A spot BTC ETF could be approved within months, bringing institutional investors into the market;
3. Fintech companies are moving into blockchain—PayPal’s launch of a stablecoin is the canary in the coal mine (a sensitive indicator signaling economic shifts), and other fintech firms will follow suit. Some banks are expected to launch stablecoins in 2024;
4. We’re seeing genuinely compelling new products in social and gambling;
5. NFT trading volume hit bottom a month ago and has been trending upward since;
6. Web3 games developed over the past two years are beginning to launch. I’ve tried several, but we only need one breakout hit;
7. Technological advances now make it easier for ordinary people to participate—low gas fees on L2s and other chains, and account abstraction mean users can enter crypto without seed phrases;
8. DeFi is now powered by liquid staking tokens (LST) and real-world assets (RWA), with yields no longer dependent on Ponzi schemes;
9. MicroStrategy's unrealized profit from Bitcoin has surpassed $1 billion, fueling corporate FOMO;
10. The Federal Reserve hasn't even pivoted its monetary policy yet (future rate cuts remain possible);
11. Bitcoin will undergo its halving event next year.
Additionally, Alex Svanevik believes that DeFi 1.0 relied on yield from liquidity mining and Ponzi-like mechanisms, which was unsustainable. In contrast, DeFi 2.0 generates yield through LSTs and RWAs, which is sustainable—and in his view, DeFi 2.0 has already begun.
In October, Alex Svanevik also shared six key trends in the cryptocurrency market via Twitter:
1. Fintech Frontend + Crypto Backend
For example, PayPal now has a stablecoin, and Revolut allows you to stake ETH.
2. Gambling & Betting
L2s and account abstraction make apps more accessible to average users, and relying on DeFi backends makes even more sense—platforms can sustain themselves using capital yields.
3. RWA – (especially U.S. Treasuries)
Tokenized U.S. Treasuries could potentially absorb a significant portion of the stablecoin supply.
4. Web3 Gaming
Over the next six months, games developed over more than two years will begin launching. While most will fail, a few could achieve massive success.
Alex expressed optimism about SIPHER Odyssey, MixMob, andAxie Infinity.
5. Decentralized Social
Take friend.tech as an example—after a few iterations, SocialFi will carve out a solid place in the crypto space.
6. NFTs Integrated with Physical Goods
For instance, Pudgy Penguins toys are now available on Amazon and Pudgy Toys are being sold at Walmart stores across the U.S.
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