Weekly Market Insight: April week 1

한국인

시장 업데이트

01 Apr 2024

Headline News

- BTC prices regained 6.11% from its lowest level at $66,406 last week and closed at $71,320. Bitcoin ETFs had $845 million net inflow last week, compared to net outflow of $887.6 million the week before. BTC futures annualised funding rate is trading at approximately 75% on March 31st.

Macro-Outlook

- Durable goods orders in February increased by 1.4%, higher than the estimated 1.1%. US final Q4 GDP increased by 3.4%, higher than the estimated 3.2%.
- The US core PCE price index in February increased 0.3%, consistent with market expectation. The market expects 96% probability that the rate will remain unchanged in the upcoming May FOMC meeting.

Upcoming Economic Calendar including,

- Monday, April 1st 10:00pm: US ISM Manufacturing PMI in March
- Tuesday, April 3rd 10:00pm: US ISM Service PMI in March
- Thursday, April 4th 12:10pm: Jerome Powell Economic Outlook Speech at the Stanford Business, Government, and Society Forum
- Friday, April 5th 8:30pm: US Non Farm Payrolls and Unemployment Rate in March

Cryptos-Outlook

- The US Justice department charged Kucoin with bank secrecy act and unlicensed money transmission offenses. The exchange experienced approximately $1 billion net outflow a week after the announcement.

Layer 1 and Layer 2

- Base increased its gas target from 2.5 mgas/s to 3.75 mgas/s for an observation period then expected to 5 mgas/s this week due to explosive demand on the chain.
- Altlayer's staking module went live and kicked off MACH Alpha as the fast finality layer for modular rollups. The feature will be integrated with EigenLayer's AVS in Phase 3.
- Ankr introduced Neura blockchain, which is secured by Babylon's Bitcoin restaking security model, EVM-compatible and provides on-demand GPUs and decentralised storage for AI creation, training and deployment.
- Fantom announced to enter into the shared sequencing market and potential airdrop in the future.
- NEAR Protocol announced Chain Signature, a feature secured by EigenLayer and NEAR stakers, which enable transaction signs on any blockchain from NEAR account.

Dapps

- Farcaster developer team, Merkle Manufactory, was valued at about $1 billion in the latest funding led by Paradigm.
- SingularityNET, Fetchai, and Ocean Protocol will merge their tokens into the ASI token.
- Maker DAO deployed sUSDe and USDe markets on Morpho Blue, enables users direct exposure to Ethena.
- PancakeSwap announced the launch of MancakeSwap on Mantle, which 60% of its revenue redirects to PancakeSwap.
- Angle Protocol, EURA stablecoin issuer, introduced USDA with real-yield from Treasury, lending and liquidity.
- The Blast Big Bang award-winning project Munchables suffered approximately $62 million hack. Fortunately, the fund was returned by the hacker as rumors suggested the hacker identity was doxxed or simply he/she realised the probability of bringing the fund to Ethereum was very slim (due to address freeze).
- Prisma Finance was hacked and lost approximately 3,257.7 ETH. The team is actively negotiating with the exploiters and reducing fee distribution by 50% to build reserves for recovery stage.

Upcoming Alpha: Token Unlock, Governance

- Ethena announced token launch on April 2nd.
- Cosmos IBC 3rd birthday on April 2nd, potentially something big will be announced.
- Wormhole will launch its W token on April 3rd.
- Synthetix has been approved to be launched on Arbitrum, Solana and Sui. It also secured 600,000 OP from Optimism Grants Cycle 19.
- Render proposed licensing dataset for 3D asset training and including module for RENDER staking.
- Solana ecosystem protocols including Parcl, Drift Protocol and Kamino are expected to have airdrop in April.
- The Sui Basecamp Conference will be held from April 10th to 11th.
- Arbitrum Phrase 3 Foundation Grant Program application will start on April 15th.
- Stacks Nakamoto upgrade is expected to rollout from April 15th to 29th.
- Bitcoin halving is expected around April 20th evening to 21st.
- SUI token unlocked on April 3rd, amount representing 2.81% of the token supply.
- GAL token unlocked on April 5th, amount representing 3.34% of the token supply.

Disclaimer

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