This week we cover the strong price action that has taken place thus far in 2023 and where it leaves the market. We evaluate potential signs for a bottom based on blockchain metrics during previous bear markets, while also considering that this time may *actually be different* given the macro outlook and the broader effects of global liquidity on risk assets. Network Fees — Sum of total fees spent to use a particular blockchain. This tracks the willingness to spend and demand to use Bitcoin or Ether. • Bitcoin fees spiked as its price rose above $20,000 for the first time since early November • Ethereum fees reached ... (full story)