Crypto Assets Market Weekly Report: Bitcoin Records Largest Monthly Rise in Three Years

Layer 2 Overview:

Last week, Layer 2 showed positive growth, with Starknet experiencing the most significant increase at 15.67%. The TVL growth rates of protocols such as JOJO, VaultCraft, Basemax, XY Finance, and Nostra are worth noting.

LSD Sector Overview:

The amount of Ethereum deposits and total withdrawals has both increased, with withdrawals rising more significantly, reaching 2.88%. In terms of market share, all major LSDs have seen substantial increases, with wstETH showing the most significant growth at 16.28%.

Overview of the RWA Sector:

Last week, the market value of real-world assets grew by 13.85%, and the 24-hour trading volume increased by 43.93%. RWA tokenized treasury rose by 1.6%, and the value of tokenized US Treasury bonds increased by 0.08%. Tokens such as $DEXTF, $LMR, and $BST performed excellently, while tokens like $BRTR, $LNDX, and $SOB experienced significant declines.

Main Topics

Macro Overview

This week, the SPX and NASDAQ rose by 1.33% and 2.06%, respectively. In the coming week, attention should be paid to important events such as the S&P Global Services Purchasing Managers' Index, ISM Non-Manufacturing Purchasing Managers' Index, Spring Forecast Report, ADP Non-Farm Employment Change, and the Bank of Canada's interest rate decision.

Major Events This Week

Bitcoin records largest monthly rise in three years

Bitcoin is creating the strongest monthly close since December 2020. In February, Bitcoin has risen by 44%, breaking the $50,000 and $60,000 barriers for the first time in years, reaching a high of $64,000 on Wednesday. This surge began after a brief pullback following the debut of the US spot Bitcoin ETF at the end of January.

Despite prices nearing historical highs, analysts believe that this bull market is far from over. Alex Thorn, head of research at Galaxy, believes that the U.S. spot Bitcoin ETF is a "game changer," providing stable and accelerated demand for BTC. Meanwhile, about 75% of Bitcoin supply is held by long-term holders who have not yet sold at recent price levels.

Analysts at IntoTheBlock pointed out that the on-chain transaction volume on the Bitcoin network and the interest from retail investors are still far below the levels seen during previous peaks. Analysts at Swissblock indicated that the persistent buying pressure and strong bullish signals from technical indicators suggest that BTC is expected to continue to rise.

Weekly Protocol Recommendation: OpSec

OpSec is a decentralized physical infrastructure network utilizing AI technology ( DePIN ) cloud computing platform. It aims to address the issues caused by the centralization of traditional internet infrastructure, providing secure, efficient, and decentralized cloud computing services.

OpSec mainly provides the following services:

1. OpSec Cloudverse: Includes Nodes, VPS, and GPU components for node deployment, management, and computation.

2. OpSec Network: A Layer 1 network that combines AI and modular architecture, utilizing POS and POC mechanisms.

3. CloudSec: A routing device that improves online privacy and security using a decentralized network architecture.

OpSec has established partnerships with multiple blockchain networks, including Bittensor, Venom, Taiko, and others. Its native token $OPSEC will be issued on Ethereum, with a total supply of 100 million coins, used for network staking, transaction fee payments, and governance.

As a DePIN provider, OpSec utilizes AI technology to build and maintain blockchain infrastructure, ensuring the security and privacy of applications. It occupies an important position in the rapidly growing AI + DePIN market and has established partnerships with multiple well-known projects.

Weekly VC Investment Focus

• Octav: A free and anonymous DeFi data analysis platform that raised $4 million in funding.

• BounceBit: Native BTC staking chain, raised $6 million in funding.

• READYgg: Builds social gaming infrastructure for Web3 creator economy, securing $4 million in funding.

protocol event

• Worldcoin token price fell by 5% due to Musk suing OpenAI
• Delta upgrade reduces on-chain fees in the Optimism ecosystem
• StarkWare released a new open-source zero-knowledge prover Stwo
• SynFutures launched the V3 version on the Blast mainnet and announced the points program.
• Robinhood wallet integrates Arbitrum for token swaps

Industry Update

• According to reports, Nigeria claims $10 billion from Binance.
• BlackRock's IBIT spot Bitcoin ETF manages assets exceeding 10 billion USD.
• The Bank for International Settlements has released regulatory recommendations on global stablecoin arrangements.
• The total value locked (TVL) in decentralized lending has surpassed 30 billion USD for the first time since mid-2022.
• The attorneys general of 8 states in the United States question the SEC's authority in the Kraken lawsuit.

Next week's event

• March 4th Scroll mainnet launch
• March 5th Celestia mainnet launch
• Sei V2 mainnet launched on March 6
• March 7th zkSync Era mainnet upgrade
• March 8 Ethereum Community Conference