March 2022

What Happened in Bitcoin?

What Happened This Month

Key Events This Month

March 8, 2022 | CoinDesk

In a push to become the Bitcoin capital of Europe, the city of Lugano, Switzerland has partnered with the stablecoin issuer Tether to establish bitcoin, tether, and the city’s “point token” as legal tender in the region.

March 5, 2022 | Cypherpunk Cogitations

Jameson Lopp, an American cypherpunk and software engineer, has performed full validation syncs of every Bitcoin node implementation since 2018, with interesting performance results.

March 28, 2022 | BNN Bloomberg

The UST stablecoin has been accumulating BTC as part of its reserves in a push for a US-dollar stablecoin which has not been backed by real fiat currency.

March 28, 2022 | Bitcoin Magazine

Canadian Conservative Party leadership candidate Pierre Poilievre has made an appeal to Bitcoiners within the country, stating that “Canada needs less financial control for politicians and bankers and more financial freedom for the people.”

March 29, 2022 | CoinDesk

Ripple co-founder and Executive Chairman Chris Larsen and Greenpeace USA launched a $5 million campaign against Bitcoin, claiming that a code change could reduce its energy use, forcing a strong reaction from the Bitcoin community.

Market Update

Index Performance vs. Traditional Asset Classes

Data shows returns of BTC, ETH, GLD, DBC, IYR, USO, SPY, TLT. Data sourced from Bloomberg,, as at March 31, 2022. You cannot
invest directly into an index.

Correlation vs. Traditional Asset Classes​

Data shows correlation of XBTUSD, XETUSD, GLD, DBC, IYR, USO, SPY, XIU, EEM, TLT from March 31, 2020 to March 31, 2022. Data sourced from
Bloomberg as at March 31. You cannot invest directly into an index.

Performance vs. Top 10 Cryptoassets (by Market Capitalization)
(excludes Stablecoin performance)

Data sourced from as at March 31, 2022.

Top 5 Stablecoins (by Market Capitalization)

Data sourced from as at March 31, 2022.
All values are in USD.

Why this matters?
A stablecoin is a type of digital asset whose value is tied to outside assets, such as the U.S. dollar, to stabilize its price. Stablecoin issuers generally maintain attestation reports to verify that the total number of token issuances matches the real dollar amounts held in their reserves.

Understanding the data
New stablecoin token issuances generally impact other digital asset prices, as increasing value is in circulation to potentially purchase other digital assets such as BTC.

Month in Charts

Number of Wallets With Non-Zero Balance

Number of Wallets With Non-Zero Balance (% Change)

Data sourced from as at March 31, 2022.

Why this matters?
A crypto wallet is a digital wallet that stores your cryptocurrency. Crypto wallets can be used to store, send and receive different coins and tokens. Tracking the number of Bitcoin wallets with balances above zero is one way to visualize user adoption of Bitcoin.​

Understanding the data
Since 2019 the number of Bitcoin wallets with a non-zero balance has grown by 18,933,543 an 85% increase. This means that in 2022 there are 41,140,974 Bitcoin wallets with values above $0. Note that any person or entity can own any number of Bitcoin wallets.


Cryptoasset Market Capitalizations

Data sourced from,, Bloomberg as at March 31, 2022

Why this matters?
The market capitalization, or the total number of coins that have been mined multiplied by the price of a single coin at any given time, is an indicator that measures the total market value of a digital asset. Keeping track of Bitcoin’s market cap is helpful in understanding how the market values Bitcoin vs. other digital assets.​

Understanding the data
Market caps are often compared against one another. For example, Bitcoin’s dominance over the entire digital asset market can be derived by taking its market cap and dividing it by the combined market cap of all other digital assets.​

Cryptoasset Market Capitalizations (Dominance %)

Data sourced from,, Bloomberg as at March 31, 2022.

Bitcoin Mean Hash Rate (EH/s)

Data sourced from as at March 31, 2022.

Why this matters?
Hashrate refers to the total combined computational power of all participating miners on a Proof-of-Work blockchain such as Bitcoin. This metric is important for assessing the strength and security of a blockchain network. Figures are expressed in Exa hashes per Second
(EH/s), which equates to one quintillion hashes per second.​

Understanding the data
Since 2019, the total hashrate of the Bitcoin network has grown over 379%, to 194 EH/s. Daily figures may sporadically rise or drop due the randomness of block discovery, so using average (mean) data is often preferred when analyzing hashrates over time.​

Important Disclosures​


These materials do not constitute an offer to sell or issue or the solicitation of an offer to buy or subscribe for securities in the United States or any other jurisdiction. Neither the 3iQ Corp.’s (the “Manager”) nor the Fund’s securities have been nor will be registered under the United States Securities Act of 1933, as amended (the “Securities Act”), nor under the applicable securities laws of any state or other jurisdiction of the United States, and may not be offered, sold, resold, transferred or delivered, directly or indirectly within, into or in the United States, absent registration or an applicable exemption from, or except in a transaction not subject to, the registration requirements of the Securities Act and in compliance with the securities laws of any relevant state or other jurisdiction of the United States. No securities regulatory authority has expressed an opinion about these securities and it is an offence to claim otherwise.

The commentaries contained herein are provided as a general source of information based on information available as of March 31, 2022. Every effort has been made to ensure accuracy in these commentaries at the time of publication; however, accuracy cannot be guaranteed. Market conditions may change investment decisions arising from the use or relevance on the information contained here. Investors are expected to obtain professional investment advice to determine suitability of their investment objectives and portfolio. 3iQ Corp. makes no representation or warranty to any investor regarding the legality of any investment, the income or tax consequences, or the suitability of an investment for such investor. Prospective investors must not rely on this document as part of any assessment of any potential investment and should not treat the contents of this document as advice relating to legal, taxation, financial or investment matters. Prospective investors are strongly advised to make their own inquiries and consult their own professional advisers as to the legal, tax, accounting and related matters concerning the acquisition, holding or disposal of an investment. All content is original and has been researched and produced by 3iQ Corp. unless otherwise sourced or stated therein.

All statements made regarding companies, securities or other financial information contained in the content or articles relating to 3iQ are strictly beliefs and points of view held by 3iQ and are not endorsements of any company or security or recommendations to buy or sell any security. No securities regulatory authority has expressed an opinion about these securities and it is an offence to claim otherwise.

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Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. Mutual funds are not guaranteed, their values change frequently, and past performance may not be repeated.

There are ongoing fees and expenses associated with owning units of an investment fund. An investment fund must prepare disclosure documents that contain key information about the fund. You can find more detailed information about the fund in these documents. The indicated rates of return are the historical annual compounded total returns including changes in unit value and reinvestment of all distributions and does not take into account certain fees such as redemption fees or optional charges or income taxes payable by any securityholder that would have reduced returns. Investment funds are not guaranteed, their values change frequently and past performance may not be repeated.

You will usually pay brokerage fees to your dealer if you purchase or sell units of the Fund on the Toronto Stock Exchange, or other alternative trading system (an “exchange”). If the units are purchased or sold on an exchange, investors may pay more than the current net asset value when buying units of the Fund and may receive less than the current net asset value when selling them.

Information contained in the prospectus or applicable offering documents, includes the investment objectives and potential strategies of the Fund, and a description of management fees, and other charges and expenses. You can find more detailed information about the Fund
and its public filings available at

Some of these risks, uncertainties and other factors are described in the offering documents for the relevant Funds under the heading “Risk Factors”. These factors – many of which are beyond the Manager’s control and the effects of which can be difficult to predict – include: no assurance in achieving investment objectives, loss of investment, volatility and fluctuation in value of cryptoassets, concentration risk, reliance on the Manager, no ownership interest in the cryptoasset portfolio, changes in legislation, conflicts of interest, valuation, significant redemptions, limited liquidity in the units, limited operating history, exchange rate risk, liquidity constraints on cryptoasset markets, tax risk, risks associated with blockchain networks and forks, risks associated with digital asset platforms and cybersecurity.

About 3iQ Corp.

Founded in 2012, 3iQ is Canada’s largest digital asset investment fund manager with more than C$3.0 billion in assets under management. 3iQ offers investors convenient and familiar investment products to gain exposure to digital assets. For more information about 3iQ and its
digital asset investment funds, visit or follow us on Twitter @3iQ_corp

Publication Date: April 13, 2022

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Fred Pye

Frederick T. Pye


Frederick T. Pye is the Chairman, Chief Executive Officer and Director of 3iQ Corp. He is also the Chairman and Director of 3iQ Digital Holdings Inc. Mr. Pye is recognized for creating and promoting creative and unique investment products for the investment industry.

Mr. Pye has managed private client portfolios with Landry Investment Management and various other investment dealers. Prior to this Mr. Pye was Founder, President & Chief Executive Officer of Argentum Management and Research Corporation, a company dedicated to managing and distributing quantitative investment portfolios including the first long-short mutual fund in Canada.

He was also Senior Vice-President and National Sales Manager of Fidelity Investments Canada and an integral part of the team that saw assets rise from $80 million to over $7.5 billion in assets under management during his tenure. He also held various positions with Guardian Trust Company, which listed the first Gold, Silver and Platinum Certificates on the Montreal Exchange.

Mr. Pye obtained a Masters in Business Administration from Concordia University.