Gryphsis Crypto Assets Weekly: Bitcoin Sees Largest Monthly Rise in Three Years

Welcome to this week's Crypto Assets market summary. We bring you key market trends, in-depth insights into emerging protocols, and the latest industry developments, aimed at enhancing your expertise in Crypto Assets and Web3.

Layer 2 Overview:

Last week, Layer 2 showed positive growth, with Starknet experiencing the most significant increase, reaching 15.67%. Protocols such as JOJO, VaultCraft, Basemax, XY Finance, and Nostra demonstrated noteworthy TVL growth ratios.

Overview of the LSD Field:

In the LSD sector, the amount deposited in Ethereum and the total amount withdrawn have both risen, but the withdrawal amount is more pronounced, at 2.88%. In terms of market share, all major LSDs have seen significant increases, with wstETH showing the most remarkable growth, reaching 16.28%.

Overview of the RWA Field:

Last week, the market value of real-world assets grew by 13.85%, with a 24-hour trading volume increase of 43.93%. RWA tokenized treasury rose by 1.6%, and the value of tokenized U.S. Treasury bonds increased by 0.08%. Notable growth tokens include $DEXTF, $LMR, and $BST, while tokens such as $BRTR, $LNDX, and $SOB experienced significant losses.

Main Topic

Macro Overview:

• Performance of US Stocks and Crypto Assets Market

Major Events This Week:

• Bitcoin welcomes the largest monthly rise in three years

Weekly Protocol Recommendations:

• OpSec

Weekly Venture Capital Investment Focus:

• Octav (400 million USD )

• BounceBit(600 million USD)

• READYgg (400 million USD )

Twitter Hot Topics:

• AI+DePIN

• Aark

• Modular

• Gearbox Protocol

• TON

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 major events such as the S&P Global Services PMI, ISM Non-Manufacturing PMI, Spring Forecast Report, ADP Nonfarm Employment Change, and the Bank of Canada's interest rate decision.

Major Events This Week

Bitcoin welcomes the largest monthly rise in three years

Bitcoin is on track for its strongest monthly close since December 2020. Even as prices approach historical highs, analysts say this bull market is far from peaking. In February, Bitcoin has already risen 44%, breaking the $50,000 and $60,000 marks for the first time in years, and on Wednesday it reached a high of $64,000. This rise came after a sell-off correction in the market following the debut of the first U.S. spot Bitcoin exchange-traded fund (ETF) at the end of January, which had seen prices dip below $40,000.

Bitcoin is expected to reach its highest month-end price ever. To achieve this, it needs to exceed $61,357 before midnight Coordinated Universal Time (UTC), which is the closing price from October 2021, close to the peak of the previous market cycle. As of the time of writing, BTC is trading at around $61,200.

In February, crypto assets grew by over 40% in the CoinDesk 20 index (CD20). The governance token of a decentralized exchange, the token of a decentralized data storage network, and popular meme coins were the best performers in the CD20, surpassing the rise of BTC.

Although the price of Bitcoin is close to its historical high, some analysts are still optimistic about its further rise.

The research director of a certain company believes that the US spot Bitcoin ETF is a "game changer," providing stable and recently accelerated demand for BTC. Meanwhile, about 75% of the Bitcoin supply is held by long-term holders who have not been willing to sell at the recent price levels so far.

An analyst pointed out that the on-chain transaction volume on the Bitcoin network and retail interest in Crypto Assets are still far below the levels seen during previous peak periods. Other analysts in the report indicated that the ongoing buying pressure and strong bullish signals from oscillators and moving averages suggest that BTC is preparing to continue its upward momentum.

Weekly Agreement Recommendations

This week, we chose OpSec, a decentralized physical infrastructure network utilizing AI technology ( DePIN ) cloud computing platform provider.

OpSec is based on blockchain technology and utilizes artificial intelligence to provide a secure, efficient, and decentralized cloud computing platform to address the issues arising from centralized entities controlling traditional internet infrastructure.

OpSec currently offers the following solution services:

• OpSec Cloudverse: includes Nodes, VPS, and GPU.

• OpSec Network: A Layer 1 network that combines AI and modular architecture.

• CloudSec: A routing device that utilizes decentralized network architecture to enhance online privacy and security.

OpSec Cloudverse business achieves automated node management and deployment by building on globally distributed cloud services, addressing issues such as node dependency and insecurity. Currently, OpSec has established connections with numerous blockchain networks.

The native token of OpSec, $OPSEC, will be launched on Ethereum with a total supply cap of 100 million coins, primarily used for network staking, fee payments, node operation rewards, governance voting, and more.

Our Insights

OpSec is currently a hot part of the AI + DePIN narrative. DePIN currently has a market value of 23 billion USD and a total trading volume of 1.9 billion USD. According to a certain data platform's forecast, the DePIN industry is expected to reach 3.5 trillion USD in the next four years, with an anticipated growth potential of nearly 135 times in this field.

The combination of AI and DePIN can be mutually beneficial. DePIN provides decentralized storage and computing resources, which are crucial for AI models. Decentralized nodes can provide hardware resources and earn rewards. AI can intelligently manage the DePIN network, optimizing resource allocation and network efficiency.

Currently, there are multiple AI + DePIN projects, with OpSec serving as a cloud computing service, focusing on B-end business and dedicated to bringing decentralized node services to more infrastructure projects.

OpSec has been launched on multiple networks and has collaborated with various projects to release new versions, participate in industry events, and continuously expand its market influence.

Overall, OpSec provides a secure, efficient, and decentralized cloud computing platform that can host and run blockchain applications, utilizing AI to optimize platform performance, security, and privacy, offering innovative solutions for the Web3 ecosystem.

Weekly Venture Capital Investment Focus

Octav

Octav is a free, anonymous, and editable data analysis platform that helps to analyze decentralized finance (DeFi) investment activities. Users can access comprehensive DeFi portfolio information, such as cost basis, profit and loss (P&L), and more.

BounceBit

BounceBit is a native BTC staking chain that protects through the staking of Bitcoin and BounceBit tokens. BounceBit is supported by a certain custodial platform and Mainnet Digital for the secure storage of Bitcoin. Its PoS mechanism introduces a dual-token staking system that leverages the native BTC security, which has full EVM compatibility.

READYgg

READYgg builds social game infrastructure for the Web3 creator economy. It is creating mobile-first Web3 tools and technologies to democratize game creation. RGN is coordinating the economic interests between developers, creators, and players to create a sustainable, long-term distributed game ecosystem and creator economy.

protocol event

A certain project's token fell by 5%, related to a lawsuit involving a certain well-known individual against a certain AI company.

An upgrade of a certain project has led to a reduction in fees within the optimistic chain ecosystem.

A certain project announced a new open-source zero-knowledge prover.

A certain futures project has launched the V3 version on a public chain mainnet and introduced a points program; the plan is to release tokens this year.

A certain wallet integrates a certain Layer 2 for token exchange.

Industry Update

A certain country reportedly demands a compensation of 10 billion US dollars from a certain exchange.

The asset management scale of a certain asset management company's Bitcoin ETF has exceeded 10 billion USD.

The Bank for International Settlements has released regulatory recommendations regarding global stablecoin arrangements.

The total locked value of decentralized lending has surpassed 30 billion USD for the first time since mid-2022.

The attorneys general of eight states in the U.S. jointly submitted an amicus brief to the court, questioning the SEC's authority in a lawsuit involving a certain exchange.

Twitter Hot Topics

Every week, we curate insightful Twitter threads to put together a weekly highlights list for you. This week's hot topics include:

• Analysis of AI+DePIN Field
• Introduction of a new project
• Modular Architecture Discussion
• Update on a lending agreement
• Development of a certain public chain ecosystem

next week's events

Next week, several important economic data will be released, including the PMI indices and employment data from various countries, as well as the Bank of Canada's interest rate decision. These events may affect the Crypto Assets market.

That concludes all the content for this week. We hope you benefit from our insights and observations.