The EU securities regulator, warns of highly concentrated crypto trading.

April 12, 2024

Hot projects + Market overview

I. Mainstream exchange news

• Binance CEO reiterates its clear direction of establishing a robust compliance plan.
• CZ's Giggle Academy launching Beta soon, waitlist now open.
• Binance, in talks with the Nigerian government on the release of detained executives.
• Binance Spot to add four new trading pairs, including CKB/USDC and ENA/USDC.
• Coinbase Prime launches Marinade Staked SOL (mSOL).

II. Mainstream projects and trending events

• Jupiter lines up upcoming updates, including market and token system improvements.
• The US Fed meeting minutes shows almost all officials believe this year is suitable for a rate cut. They are preparing to begin slowing the tapering process soon.
• NEAR to start an AI program within the next three to six months.
• The US SEC issues a Wells notice to Uniswap.
• Ethena announces integration of Web3 wallet for exchanges, including Binance, Bybit, OKX, and Bitget.
• Mysten Labs partners with gaming company Playtron to launch the handheld gaming device SuiPlay0x1.
• Bifrost’s testnet version of Bitcoin pledge service BTCFi will be opened on April 11th.
• Pandora launches ERC-404 trading market Box Protocol.
• Aptos Labs to collaborate with io.net to develop AI models and inference products.
• CyberConnect launches Cyber re-staking function and double-staking model.

III. Funding news

• Web3 social application Tomo completes a $3.5 million seed round of funding, led by Polychain Capital.
• Crypto derivatives exchange Stream Trading completes a $1.5 million seed round of funding.
• Bitcoin L2 developer Alpen Labs completes a $10.6 million funding, led by Ribbit Capital.
• RWA platform Zoth completes a $2.5 million funding, led by Blockchain Founders Fund.

IV. Regulatory news

• ESMA, the EU securities regulator, warns of highly concentrated crypto trading, raising failure concerns.
• New Zealand's Minister for Business and Consumer Affairs is calling for the introduction of policies to support the development of the crypto industry.
• US lawmakers plan to introduce a new stablecoin bill in the Senate within the next two weeks.

V. Popular projects 

Market Overview

The US released adjusted March CPI figures, with an annual rate of 3.5%, surpassing the anticipated 3.4% mark, the highest since September 2023. Following the release, BTC, gold, and silver all fell. The cryptocurrency market had already factored in the CPI data, evident from BTC's dip a day before the announcement. BTC briefly rallied to $71,172 before settling around $70,900. The market closely watches BTC's potential to breach $71,800 again and the strength of the $67,300 support level.

BTC Spot ETF 

As of April 10th, data show that the total net inflow of BTC spot ETF is $12.66 billion, with a single-day net inflow of $9.041 million, and a single-day trading volume of $3.01 billion. The net assets of the ETF account for 4.27% of the BTC market value, with the main observations:

GBTC: The daily net outflow was $174 million, and the cumulative net outflow amounted to $15.98 billion. The daily turnover reached $620 million, and the net asset value stood at $22.12 billion.

IBIT: The daily net inflow totaled $34 million. The cumulative net inflow reached $14.953 billion. The daily turnover data and asset value have not been updated yet.

FBTC: The daily net inflow totaled $76.31 million. The cumulative net inflow reached $8.04 billion. The daily turnover data is $592 million, and the current asset value reached $10.6 billion.

MUBI attracts investors' attention

Multibit, positioned as a dual-sided bridge, frees up liquidity of BRC20 assets within the EVM ecosystem. Recently, Multibit brought the BTC ecosystem's meme PUPS liquidity over to the Solana ecosystem. On April 11th, Multibit hinted at a collaboration with runes in a post, leaving much room for user speculation. The token MUBI, starting from its bottom at a fully diluted valuation (FDV) of $100 million, has surged by 90% in 5 days. Multibit's overall valuation is not high, attracting investor attention.

Gearbox Protocol is a potentially good investment candidate

Gearbox Protocol, a leveraged lending protocol based on the Ethereum network, has shown notable performance lately. With a core design that bridges depositors and borrowers via credit accounts, Gearbox interacts with various DeFi protocols, offering up to 10x leverage. Recent collaborations with Etherfi, Renzo, Kelp, and Ethena have significantly boosted users' point-earning efficiency. The protocol's Total Value Locked (TVL) now exceeds $400 million. Meanwhile, its GEAR token, boasting a market cap of $175 million, has climbed from a minor 0.006 USDT to a considerable 0.034 USDT. Given its ongoing momentum, Gearbox Protocol continues to be an important candidate for investor attention.

ENA presents growth prospects

Ethena Labs's current Total Value Locked (TVL) is $2.33 billion, with sUSDe APY reaching 37.1%. Considering the futures-spot arbitrage volume on major exchanges like Binance and OKX, the issuance range of USDe is predicted to be between 80 to 150 billion, indicating a potential for 4-7 times growth from the current position. The market capitalization of the ENA token has hit $2.07 billion, bringing the total valuation to $21.8 billion. While the valuation of ENA seems high from its current perspective, the overall return of USDe is considerably high and presents further growth prospects. This drives the continuous price increase of the ENA token.

On-chain Daily

1. APU: APU is a derivative of Pepe, which represents a younger, friendlier, more innocent anthropomorphic frog. Tired of memecoins always being rug pulled or manipulated, Apu created its own transparent memecoin with fair distribution.

The current price of APU  is 0.00066 USDT, with an all-time high of 0.00077 USDT. It has increased by 67.8% in the last 24 hours. The current market value is $223M.

2. ECL: EuclidFi is a multichain restaking protocol. Users can stake ETH or LST, and restake via EigenLayer.

The current price of ECL is 0.128 USDT, with an all-time high of 0.2 USDT. It has decreased by 14% in the last 12 hours (Token went live on April 10th). The current market value is $12.8M.

3. DUMP: DUMP is a point, pre-market, and OTC trading platform established on Ethereum.

The current price of DUMP is 0.046 USDT, with an all-time high of 0.084 USDT. It has decreased by 25% in the last 12 hours (Token went live on April 10th).

4. BREPE: BREPE is an old Ethereum memecoin featuring a 'bad guy,' a combination of Brett and Pepe. The project is currently planning to migrate its tokens to the Base Chain.

The current price of BREPE is 0.0(8)1635 USDT, with an all-time high of 0.0(8)45 USDT. It has decreased by 52.7% in the last 24 hours. The current market value is $680K.

5. DEORBIT: DeOrbit Network is an infrastructure project by DePIN offering DeVPN, decentralized virtual hosts, and decentralized node custodial services.

The current price of DEORBIT is 0.12 USDT, with an all-time high of 0.21 USDT. It has increased by 141% in the past 12 hours (Token went live on April 10th). The current market value is $1.2M.

6. PEPY: PEPY is an Ethereum memecoin, representing Pepe's inner child.

The current price of PEPY is 0.0(5)14 USDT, with an all-time high of 0.0(5)26 USDT. It increased by 13% in the last 6 hours (Token went live on April 10th ). The current market value is $579K.

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