March 2022

What Happened in Ether?

What Happened This Month

Key Events This Month

March 10, 2022 | Decrypt

The Ethereum 2.0 staking contract now holds over 10 million ETH worth over $25 billion USD, as the continuous batches of 32 ETH being sent to this contract intend to become validators of the new proof-of-stake consensus layer.

March 15, 2022 | ConsenSys

The major Ethereum developers ConsenSys have recently raised $450 million USD in Series D Funding as their flagship Web 3.0 wallet product MetaMask now surpasses 30 million in active monthly users.

March 14, 2022 | CoinDesk

Yuga Labs, the developers behind Bored Ape Yacht Club, have acquired the CryptoPunk and Meebits collections from their developer Larva Labs for an undisclosed sum.

March 17, 2022 | CoinDesk

Ethereum has successfully merged on its Kiln testnet as part of a multi-stage rollout to a proof-of-stake consensus mechanism which is expected to go live on the Ethereum mainnet sometime this year.

March 22, 2022 | CNBC

Vitalik Buterin, dubbed the “Prince of Crypto” by Time Magazine, has concerns about the future, noting that “crypto itself has a lot of dystopian potential if implemented wrong.”

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, 2022. 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 ETH.

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 Ethereum wallets with balances above zero is one way to visualize user adoption of Ethereum.​

Understanding the data
Since 2019 the number of Ethereum wallets with a non-zero balance has grown by 56,300,355 a 261% increase. This means that in 2022 there are 77,895,374 Ethereum wallets with values above $0. Note that any person or entity can own any number of Ethereum 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 Ether’s market cap is helpful in understanding how the market values Ether vs. other digital assets.​

Understanding the data
Market caps are often compared against one another. For example, Ether’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.

Ethereum Mean Hash Rate (TH/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 Ethereum. This metric is important for assessing the strength and security of a blockchain network. Figures are expressed in Tera hashes per Second (TH/s), which equates to one trillion hashes per second. 

Understanding the data
Since 2019, the total hashrate of the Ethereum network has grown over 461%, to 961 TH/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.

Any descriptions of, references to, or links to other products, publications or services does not constitute an endorsement, authorization, sponsorship by or affiliation with 3iQ with respect to any linked site or its sponsor, unless expressly stated by 3iQ. Any such information, products or sites have not necessarily been reviewed by 3iQ and are provided or maintained by third parties over whom 3iQ exercises no control. 3iQ expressly disclaims any responsibility for the
content, the accuracy of the information, and/or quality of products or services provided by or advertised on these third-party sites. By clicking on any of the links included in this newsletter, you acknowledge that you will be taken to a third-party site, which is not managed by 3iQ.

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.