Weekly Market Insight: April Week 2

한국인

시장 업데이트

08 Apr 2024

Headline News

- Bitcoin decreased by approximately 2.75% last week with weak momentum of BTC ETFs netflow on Monday and Tuesday, but improved quickly from Wednesday onwards and ended the week with $484.5 million net inflow. BTC price decreased by 6.05% last Tuesday, but had only approximately $108 million long position been liquidated, which is relatively low compared to March 5th and 16th.
- BlackRock added Citadel, Goldman Sachs, UBS and Citigroup as the authorized participants (APs) for its spot Bitcoin ETF, further increasing its liquidity and accessibility. Other Wall Street banks were reported extending offers to Bitcoin mining company Hut 8 in acquiring some of its Bitcoin.

Macro-Outlook

- Jerome Powell once again emphasised more evidence needed for sustainable disinflation before cutting the rate. Last Friday, non-farm payrolls increased 303K in March, the most in 10 months, compared to estimated 200K. The majority of the employment gains came from healthcare and government sectors. The unemployment rate in March was 3.8%, lower than the market estimation of 3.9%. Pessimistic on sustainable disinflation path decreased the chances of rate cuts in June from 60.4% to 53.2% and increased the US 10-year Treasury yield by 19.8bps last week.

Upcoming Economic Calendar including,

- Wednesday, April 10th 8:30pm: US Inflation Rate in March
- Thursday, April 11th 2am: FOMC Minutes
- Thursday, April 11th 8:30pm: US PPI in March

Cryptos-Outlook

Layer 1 and Layer 2

- CoreDAO has launched Core Ignition, an incentivised program to reward early adopters and bootstrap its Defi ecosystem.
- Ripple introduced its own USD stablecoin, 100% backed by US dollar deposits, short-term U.S. government Treasuries and other cash equivalents.
- The China government launched the "Ultra-Large Scale Blockchain Infrastructure Platform for the Belt and Road Initiative" public blockchain project with Conflux as part of the participating partners.
- Kadena introduced Kadena Cabinet (CAB), empowers stakers' ability to impact strategic decisions and earning yield.
- Memeland announced to launch Memenet, a blockchain with MEME as its native gas token and native yield for ETH and stablecoins (similar to Blast) in June for testnet and September for mainnet.
- Orion Protocol, a DEX protocol, announced the transition to Lumia, a restaking rollup focusing on liquidity fragmentation, zkML optimised yield, RWA and more.

Dapps

- Ethena had launched its ENA token and crossed over $2 billion USDe issuance. It also announced accepting BTC as the second collateral asset.
- Wormhole, a cross-chains protocol which has transferred over $40 billion worth of assets across chains, has launched its W token.
- UniswapX is live. Swaps via UniswapX enjoy aggregated liquidity, save on network costs and are protected from MEV attacks.
- Threshold announced the launch of thUSD, overcollateralisation stablecoin backed by BTC and ETH.
- Velodrome announced to launch on Build on Bitcoin (BOB), a Bitcoin rollup.
- Farcaster introduced Farcaster Actions, an extension feature for its social platform.
- Star Atlas unveiled gameplay footage of the "Surge" game mode, which is set to launch on April 20th.
- Hyperliquid announced to launch an onchain spot trading orderbook.

Upcoming Alpha: Token Unlock, Governance

- EigenLayer is expected to launch soon.
- Ether.fi announced the launch of the second Liquid vault with USD market neutral strategy this week.
- Doge Day, a pure-honor event, will be celebrated on April 20th.
- LayerZero is expected to launch soon. Its co-founder also hinted that the launch of Stargate V2 is imminent.
- MakerDAO proposed to allocate 600 million DAI into USDe and sUSDe.
- Origin protocol proposed to merge OGN and OGV, unifying goal and renew product roadmap.
- Aave proposed turning on the protocol's "fees switch".
- Arbitrum Stylus activation discussion is live on governance forum.
- APT token unlocked on April 12th, amount representing 6.23% of the token supply.
- CYBER token unlocked on April 15th, amount representing 5.98% of the token supply.
- STRK token unlocked on April 15th, amount representing 8.79% of the token supply.
- ARB token unlocked on April 16th, amount representing 3.49% of the token supply.

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