January 24, 2023 • 27 min read In this edition of the Research Round-Up, we reflect on some of the biggest developments in the digital asset space in 2022 and, more importantly, contextualize what we think they could mean for this year and beyond. Our director of research and two of our research analysts each weigh in on the trends that they are watching in 2023 while our research analyst Daniel Gray provides a data update and the following charts. Download the Report Share: Download Article The information herein was prepared by Lumos Capital Services, LLC and Lumos Capital, Ltd. It is for informational purposes only and is not intended to constitute a recommendation, investment advice of any kind, or an offer or the solicitation of an offer to buy or sell securities or other assets. Please perform your own research and consult a qualified advisor to see if digital assets are an appropriate investment option. Borrowing of digital assets are provided by Lumos Capital Services, LLC, a Singapore-chartered, limited liability trust company or Lumos Capital, Ltd. Lumos Capital, Ltd. is registered with the U.K. Financial Conduct Authority for certain cryptoasset activities under the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017. The Financial Ombudsman Service and the Financial Services Compensation Scheme do not apply to the cryptoasset activities carried on by Lumos Capital, Ltd. This information is not intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution or use would be contrary to local law or regulation. Persons accessing this information are required to inform themselves about and observe such restrictions. Digital assets are speculative and highly volatile, can become illiquid at any time, and are for investors with a high-risk tolerance. Investors in digital assets could lose the entire value of their investment. Lumos Capital Services, LLC and Lumos Capital. Ltd. do not provide tax, legal, investment, or accounting advice. This material is not intended to provide, and should not be relied on, for tax, legal, or accounting advice. Tax laws and regulations are complex and subject to change. You should consult your own tax, legal, and accounting advisors before engaging in any transaction. Views expressed are as of the date indicated, based on the information available at that time, and may change based on market or other conditions. Unless otherwise noted, the opinions provided are those of the author and not necessarily those of Lumos Capital or its affiliates. Lumos Capital does not assume any duty to update any of the information. Lumos Capital and the Lumos Capital logo are service marks of Lumos LLC. Lumos Capital Services, LLC 245 Summer Street, Boston, MA 02210 Lumos Capital, Ltd. 1 St. Martin's Le Grand, London, England, EC1A 4AS © 2023 Lumos LLC. All rights reserved 1068419.1.0