After a mind numbing 9 month run up, $SNX blew off.

It looks like its hit a bottom, with strong accumulation occurring via Kucoin, Uniswap, OTC in the 0.003 - 0.004 ETH range over the past few months.

What looks like a local USD bottom in March coincides with the point at which $SNX on exchange peaks and reverses trend from exchange balances increasing to now decreasing

Fresh $SNX supply hitting the market from reward vesting was a major concern for many. However, the first wave of vesting shows that only 5% of wallets have sold rewards (representing 5% of SNX rewards vested)

Those currently vesting are strong holders

H/T @SNXified for data

@synthetix_io has strong momentum & catalysts from both a tech development & marketing standpoint:

- Increasing marketing headcount for sX
- Aggressive South Korea expansion
- Crude Oil synths launching
- Layer 2 launch (successful test already)
- Leveraged futures/perps

- Limit orders
- Liquidations
- Binary options
- Margin trading platform
- Circuit breakers
- Liquidations

Seems like a lot, but @synthetix_io team has demonstrated they are capable of #expressshipping and some of these are being built by external partners

$SNX now up since average March re-entry:

~+240% in USD
~+60% in ETH

Short term catalysts:
- Korean marketing push
- Synthetic Futures (finally leverage)
- Stealth Project launching on top to drive volume
- Stealth trading fund planning on using synthetix exchange for positions

Is that an all-time low of $SNX on exchanges? yes sir

Important read to understand the ongoing upwards squeeze - "Market distortions of staking yields" https://medium.com/coinmonks/market-distortions-of-staking-yields-d8078586c183

TL;DR

High staking yields can result in long-biased price parabolas (and also quick reversals):

- High opportunity cost for holders to lend or put on exchange
-> high borrow cost / limited borrow supply
-> inability to short & difficult for MMs to provide liquidity
-> low float

$SNX reaches a new ATH