Weekly Market Insight: February week 4

한국인

시장 업데이트

20 Feb 2024

Headline News

- BTC price increased 22% in 2-weeks, open-interest hits the highest level since December 2021 with average aggregated annualised funding rate of 22%. BTC spot ETFs increased approximately $2.27 billion in AUM last week, marked the largest inflow week since launch. 97% of BTC addresses are in profit, the highest level since November 2021.
- Genesis was cleared by bankruptcy court to redeem 35 million GBTC, approximately $1.6 billion.

Macro-Outlook

- Above market expectations of core CPI (actual increased 0.4% vs 0.3% estimated) and PPI (actual increased 0.3% vs 0.1% estimated) increased the probability of Fed rate remaining unchanged from 84% to 89% and US 10-Year Treasury yield increased 10.6 bps last week.
- US retail sales in January decreased 0.8%, significantly lower than the market estimation of 0.1% decrease.

Upcoming Economic Calendar including,

- Thursday, February 22nd, 3:00am: FOMC minutes

Cryptos-Outlook

- Bitcoin halving is expected on April 21st.
- The Ethereum Dencun upgrade is expected to take place on March 13th.
- Franklin Templeton filed an application for ETH spot ETF. The first ETH spot ETF final deadline will be on 23rd May for VanEck application.
- Ethereum co-founder, Vatalik released an article about Verkle tree, introducing nodes with minimum hard disk space and instant synchronization.

Layer 1 and Layer 2

- Solana experienced a 5-hour outage due to a bug in the JIT cache.
- Polygon launched Type-1 zkEVM upgrade, enabling cheaper zk-rollup transaction costs.
- Tensorplex launched liquid staking for Bittensor's TAO token.
- Dymension mainnet is live, enabling deployment of modular RollApps.
- Horizen Protocol has passed to migrate from PoW to PoS blockchain. It also disabled shielded pool transactions in its recent hardfork, which distance itself from being a privacy token.

Dapps

- Wormhole introduced its tokenomics with 11% being allocated to initial airdrop and a total of 18% will be unlocked during token launch. Snapshot had been taken at the time of tokenomics publication.
- Renzo Protocol introduced native ETH restaking on Arbitrum.
- OpenAI introduced Sora, a text-to-video AI model. Worldcoin, Render, AI-concept tokens and Livepeer surged from average 30% and above last week. Worldcoin has crossed 1 million daily active users.
- Filecoin announced integration with Solana blockchain.
- Degen Base announced token airdrop to Pyth stakers. Pyth Network has also introduced DAO constitution to responsible for decision making in update fees, reward distribution and more. It also announced the launch of Phase 2 Retrospective Airdrop to 160 dApps.
- Thorchain will burn 60 million RUNE from reserve to boost lending scalability.
- Sushi Swap will launch its perpetual exchange, Susa on Layer N.
- Jupiter kickstarts its LFG launchpad applications.
- Across introduced v3 feature "solver price", enabling solver to compete with lowest fees offering.
- Apecoin will build its Apechain on Arbitrum.
- The first incubated game by Beam, Forgotten Playland will launch its token on February 21st.
- Pixelmon and BoomLand will build their gamechain on ImmutableX.
- Illuvium announced Overworld, introducing open-world hunting gameplay which will launch in Q2.
- Parallel released a video teaser for Colony mobile.
- Chiliz announced a partnership with K-League to integrate the "K-League Fantasy" game into Chiliz.

Upcoming Alpha: Token Unlock, Governance

- Blast is expected to launch soon and potential airdrop for Blur holders.
- Starknet token will be listed on major centralised exchanges on 20th February.
- Shrapnel STX1.1 playtest will be launched on February 22nd, 23rd and 24th.
- Ronin will cut its Katana LP reward from 1st March. Neo (v2.7.1) upgrade and the Miko hardfork are expected on February 26th, enabling Sponsored Transactions into games and dapps. Pixel, a blockchain game, announced 20 million PIXEL token airdrop allocation to RON stakers in 2 stages with 10 million released in each stage.
- Potential airdrop snapshot for Fraxtel will be on 6th March.
- Xai and Treasure DAO both work together to propose 100 million to 200 million ARB incentives to grow gaming on Arbitrum.
- AVAX token unlocked on 22nd February, amount representing 2.6% of the token supply.
- ID token unlocked on 22nd February, amount representing 4.29% of the token supply.
- YGG token unlocked on 27th February, amount representing 5.64% of the token supply.
- PRIME token unlocked on 29th February, amount representing 4.9% of the token supply.
- OP token unlocked on 29th February, amount representing 2.52% of the token supply.

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