Crypto Market

BTC and ETH Market Insight

Bitcoin ETFs see a record $1 billion inflow in a single day, and it sent BTC above 73k. Both long-term holders and short-term holders were in profit. On Friday, the market experienced a rapid and severe pullback. Nearly $678 million worth of BTC positions were liquidated on the main futures exchanges. Following the Dencun upgrade, Layer 2s have experienced a notable decrease in transaction fees. Solana's daily DEX volume hits a record high, crossing $3.5 billion as the price of meme coins surged.

Options Market

BTC recorded a new ATH this week while ETH topped 4k for the first time in more than two years before the market had a major correction on Friday. The flush did bring down the overall market leverage level and now we see a closer-to-normal funding rate. Near-end IV skyrocketed on the dump and cooled off to 70+ handles since then. Skew, on the other hand, manifested a neutral view on BTC and a bearish sentiment on ETH. The odds of a potential ETH ETF approval in May dropped and more hedges are done on the downside. That echoed the falling ETH/BTC conversion rate.

Altcoins and Blockchain News

• Coinglass data shows that the current total trading volume of BTC ETF reaches US$6.647 billion, the total market value reaches US$60.307 billion, and the total asset under  management reaches US$61.194 billion.
• DeFiLlama data shows that the volume of DEX on the Solana chain exceeded US$3.8 billion yesterday, reaching US$3.808 billion, a record high.
• According to L2BEAT data, the current total value locked (TVL) of the Ethereum Layer 2 network is 34.84 billion US dollars, a drop of 9.78% in 7 days.
• Manta Network cooperates with  ether.fi to launch the first phase of Restaking Paradigm, staking  ETH to mine double EtherFi airdrop points
• The non-custodial liquidity staking protocol ether.fi has launched the airdrop inquiry page, and airdrop applications will begin on March 18th.
• According to Bloomberg, Binance has tightened its token listing process, and crypto projects seeking to list on Binance must agree to a longer cliff (i.e., the period before the token is unlocked), which is at least one year.
• Bloomberg: Berachain is raising more than $69 million in financing, led by Brevan Howard Digital and Framework Ventures.
• According to The Block, Dutch cryptocurrency derivatives exchange D2X completed a $10 million Series A round of fundraising, led by Point72 Ventures and participated by GSR Markets and others.

Macro

The equity market finished the week slightly lower: the DJIA closed flat, the S&P 500 lost -0.1%, and the NASDAQ -0.7%. The energy sector outperformed the market while chipmaker giant NVIDIA lagged for the week. The 10-year U.S. Treasury note yield hit a recent high of 4.32%.