Professional Investor Report - September 2022

This month bitcoin price action was range bound.  Adoption is consistent and strong, with big names like Nasdaq now offering digital asset services.  One state now accepts bitcoin for tax payments, expanding adoption past the private sector.  Government agencies are paying closer attention to the impact of digital assets. We'll dive into some on-chain trends (including a proprietary metric) along with Lightning Network expansion.

TL;DR (Too Long; Didn't Read)

• The White House releases a report on a CBDC, including policy position
• The Fed releases paper on DeFi and Financial Stability
• A market-maker suffers $160 million in losses
• Previously discussed trends of exchange drain continue
• We track available bitcoin in the market (i.e. liquid coin)
• Bitcoin in profit vs. bitcoin in loss is trending towards a bullish inflection point
• Colorado now accepts Bitcoin (and some other assets) for taxes
• Lightning Network adoption continues & Michael Saylor dedicated resources
• Nasdaq opens a new line of business to service digital asset institutions
• The ETH merge happened