After a brief correction, the spot gold price surged again, breaking the all-time high of $2,353/ounce. BTC slightly corrected after breaking through the $70,000 pressure level for the third time in a month. BTC Spot ETF had a net inflow for four consecutive days from April 2 to April 5, and market sentiment began to improve. Today, it broke through the $70,000 pressure level again and is currently hovering around $72,000.
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The ETH/BTC exchange rate has weakened, falling 13% in the past month. In the past 24 hours, the gas on the ETH chain has dropped to around 10 gwei, and the activity on the ETH main network has decreased significantly. In the Layer 2 network, except for Base, whose TVL has risen significantly recently, the TVL of Starknet, Optimism, and Arbitrum has fallen by 10%, 9%, and 5% respectively in the past week.
Bitcoin ecosystem (BRC 20, ARC 20, BTC Layer 2, etc.)
(1) As the Bitcoin halving approaches, Bitcoin ecosystem projects are most likely to attract market attention. A large number of Bitcoin asset issuance agreements and expansion agreements will prepare to release important announcements before and after the halving.
(2) The Beta version of Atomicals Protocol’s ARC 20 token split solution entered the testing phase;
Factors Affecting the Market Outlook
The situation and effect of Bitcoin ecosystem innovation before and after the Bitcoin halving, and the actions of major funds during this period will directly affect the trend of the entire sector. At present, the asset liquidity of the ARC20 sector is weak, which is conducive to capital pulling. The market value of ATOMARC and QUARK is not high. It is worth paying attention to the changes in the sector and investing in it at the right time.
Ethena (ENA)
(1) Ethena’s protocol fees reached $8.3 million in the past week, ranking first among stablecoin protocols, far exceeding the second-ranked MakerDAO. USDe’s circulating market value has also rapidly reached the level of $2 billion.
(2) Ethena has been very popular in social media and among industry KOLs. Some people compared Ethena with Luna to highlight the risks of the project, while others pointed out the differences between the project and Luna and praised it for proactively disclosing its potential risks. Amid the discussions and disagreements, Ethena's social media exposure continued to rise.
Factors Affecting the Market Outlook
USDe circulation growth: Currently, USDe’s market value is 2 billion US dollars, and it has reached the fourth place in the stablecoin market value. If USDe’s circulation market value can approach or even exceed the third-ranked DAI, then ENA’s currency price imagination space will be greatly opened up.
The expected rate of return of Ethena activities and the strength of external cooperation projects: The second season of Ethena campaign has started. Ethena has cooperated with a large number of well-known projects such as Zircuit to add more returns to the staking of USDe. If Ethena can continue to carry out such expansion and allow users holding USDe to get more excess returns given by external parties, the project will be able to develop faster.
The sectors that need to be focused on in the future: Nakamoto upgrade related tokens (STX, T)
The Stacks Nakamoto upgrade will be rolled out between April 15 and 29, and the bootstrap contract required for the Nakamoto upgrade is ready. The Stacks Nakamoto upgrade is to upgrade the BTC cross-chain bridge to a threshold signet, while the Threshold Network and its $tBTC is a threshold signet cross-chain BTC bridge solution that has been running for 5 years.
Specific currency list: STX (Stacks), T (Threshold Network)
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