Weekly Market Insight: March Week 5

한국인

시장 업데이트

25 Mar 2024

Headline News

- Long positions in Bitcoin futures were liquidated $166 million last Tuesday, set the highest long liquidated amount since FTX collapsed November 2022 according to CryptoQuant. Bitcoin ETFs experienced the largest net outflow of $887.6 million last week.

Macro-Outlook

- The US Federal Reserve kept the rate unchanged in the FOMC meeting last Thursday. Despite insufficient evidence on sustainable disinflation path from the inflation data in 2024, the projected median federal funds rate by the end of 2024 remained 4.6% unchanged from the previous December projection. Estimation of 3 rate cuts. The market projected 89% chance rate remain unchanged in the upcoming May FOMC and 75% probability of at least 25bps cut in June.
- Last week, Congress passed the $1.2 trillion spending bill for government until October, preventing government shutdown.

Upcoming Economic Calendar including,

- Tuesday, March 26th 8:30pm: US Durable Goods Order in February
- Thursday, March 28th 8:30pm: US Q4 Final GDP
- Friday, March 29th 8:30pm: US Core PCE Price Index, Personal Income and Spending
- Friday, March 29th 11:30pm: Jerome Powell's speech at Federal Reserve Bank of San Francisco Macroeconomics and Monetary Policy Conference.

Cryptos-Outlook

- A Github commit dated February 26th by the Ethereum Foundation removed the statement "The Ethereum Foundation (Stiftung Ethereum) has never been contacted by any agency anywhere in the world in a way which requires that contact not be disclosed..." and followed with a comment "This commit removes a section of the footer as we have received a voluntary enquiry from a state authority that included a requirement for confidentiality." No direct evidence of who the state authority is.
- Blackrock launched its first tokenized fund, BUIDL, on Ethereum. The fund invests in cash, US Treasury bills and repurchase agreements, offers investors a stable value of $1 per token and pays daily accrued dividends directly to investors' wallet each month.
- Kucoin announced the platform has registered with India's Financial Intelligence Unit (FIU).
- Vatalik introduced "Rainbow Staking" at ETH Taipei, which was proposed by Barnabe in February 2024, featuring delegators & operators separation and heavy & light service separation. The concept aims to improve decentralisation in staking landscape, integrate further "protocol services" in plug-and-play manner and pave an alternative path towards Single-Slot-Finality (SSF).

Layer 1 and Layer 2

- Sui introduced Pilotfish, the first multi-machine smart contract execution engine, which enables Sui network validators to use multiple machines and autoscale to execute more transactions when the load increases.
- TON Foundation announced an approximately $115M community rewards program.
- Avalanche partnered with Alipay+ to enable voucher program on its all-in-one ordering solution, D-store.
- Polygon's zkEVM experienced a 12-hour outage due to issues faced by the sequencers related to Ethereum reorganisation.
- Espresso Systems, the shared sequencing protocol, announced they raised $28 million in funding led by a16z.
- Wilder World, AAA-game protocol, announced the building of a gas free rollup, Meowchain, with Polygon and Celestia.

Dapps

- Centrifuge launched an onchain credit fund management platform for asset managers and fund operators.
- AIOZ Network partnered with Alibaba Cloud as its principal blockchain ally for Alibaba Cloud Singapore Innovation Accelerator, focused on Web3 projects.
- Fluence, a cloudless computing platform, has its mainnet launched.
- Jupiter Exchange introduced Value-Average, featuring auto-investing based on the token price action.
- OpenSea announced Seaport 1.6, a new generation NFT marketplace protocol in the EVM ecosystem, introducing a new feature called Seaport hooks.

Upcoming Alpha: Token Unlock, Governance

- Bitcoin halving is expected in less than 4 weeks, April 20th.
- Frax Finance proposed the "Singularity Roadmap", which includes turn on FXS fee switch with 50% revenue redirects to veFXS holders, 50% revenue used to buy FXS and other Frax assets to pair in the FXS Liquidity Engine (FLE).
- OP token unlocked on March 29th, amount representing 2.4% of the token supply.
- PRIME token unlocked on March 31st, amount representing 4.65% of the token supply.
- ZETA token unlocked on April 1st, amount representing 2.24% of the token supply.
- DYDX token unlocked on April 1st, amount representing 11.35% of the token supply.

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