Crypto Market

BTC and ETH Market Insight

BTC traded above $70K and spot Bitcoin ETFs cumulative total net inflows have reached over $12.13B since January. CTFC's confirmation of ETH as a commodity raised the likelihood of approving a spot Ethereum ETF. Meme coins on Solana are currently dominating in terms of volume and activity, with Base following closely. After several months of liquidity games and experimentation, most successful memes are now found on chains with higher throughput.

Options Market

BTC swiftly bounced back from last week’s selloff and had been hovering around the 70k mark since then. ETH lagged for the week as the prospect of potential ETF approval remained unclear. Heading into Easter weekend, near-term implied volatility decreased significantly in tandem with the realised volatility. Skew reversed a bit towards neutrality as the rebound eased the market’s nerves. The positive vol carry suggests that it is still good to overwrite the optionality to extract yield.

Altcoins and Blockchain News

• BCH, BSV, and BTC halving will be  in April, with a price increase of over 15% in the past month.

• According to L2BEAT data, Base network TVL has risen to $3.2 billion, with a 7-day growth rate of 62.69%, reaching a historic high.

• According to official data, the total trading volume of the Move ecosystem DEX and liquidity protocol Cetus has exceeded $5 billion. 

• According to official data, the 50th Binance  launchpool (synthetic US dollar protocol Ethena) has deposited over 17 million BNB and over 1 billion FDUSD.

• The Solana-based AI concept project gm.ai foundation proposed tokenomics, with 15% to be used for liquidity and airdrops, launched by Dexter, founder of Whales Market.

• According to official sources, AINN Layer2, the first Bitcoin layer 2 network dedicated to Web3+AI applications, has officially launched its mainnet and opened AINN Layer2 Dataset staking activities, and will also support the inscriptions as soon as possible.

• According to Dune data, the number of Zora mainnet bridging addresses has reached 470,594, bridged 6,824 ETH.

Macro

The major benchmarks closed the week mixed: the DJIA added+0.8%, the S&P 500 added+0.4%, and the NASDAQ lost-0.3%. The Federal Reserve  is seeking a soft landing and the investors are broadly hoping for the rally to continue.