Can Gurel, cryptocurrency researcher of the leading blockchain analytics firm Delphi Digital, indicates some fundamentals of Thorchain (RUNE) operations that might be behind its triple-digit run on the bearish market.

Splendid Thorchain (RUNE) price rally “fundamentals driven,” Delphi Digital analyst says

Thorchain (RUNE) became the first large-cap altcoin to recover to levels unseen since the Terra (LUNA) collapse. Today, Nov. 4, 2023, it surged to $3.46, the highest since early May 2022. Delphi Digital’s researcher Can Gurel attributes its 3x rally of the last 90 days to fundamentals, not narratives.

RUNE did more than 3x in the last 90 days, outcompeting the rest of the market.

Price is still far away from ATH (20$), but what about other metrics?

Below are 6 ATH metrics on @THORChain that proves why price action is all fundamentals drivenšŸ§µ

(h/t @THORmaximalist) pic.twitter.com/ksbf3s091G

ā€” Can Gurel (@CannnGurel) November 3, 2023

Liquidity fees, the “lifeblood” of healthy Thorchain (RUNE) economics, almost revisited the all-time high in October 2023. As interest in the protocol shows no signs of exhaustion, the historic high might be left in the dust as soon as this month.

Liquidity fees set yet another record: Their share in the total protocol revenue (where they are combined with block rewards) is on the record high.

So is the number of unique swappers, i.e., accounts involved in using the cross-network Thorchain (RUNE) ecosystem for asset conversion.

As Thorchain (RUNE) provides better exchange options than some major CEXes, the amount of liquidity injected also smashed through April 2022 records.

RUNE liquidity metrics also look bullish

Finally, two RUNE supply metrics hint at a solid role of fundamentals in the ongoing pump. As demonstrated by Gurel, the amount of bonded RUNE (temporarily removed out of speculative circulation) is floating near the all-time high.

Last but not least, the volume of Savers, single-sided liquidity instruments on Thorchain (RUNE), exceeded $40 million in equivalent for the first time ever.

The combination of all six factors makes this run fundamentally driven, the researcher explains.

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