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

Layer 2 Overview:

Last week, Layer 2 showed an overall positive growth trend, with Starknet experiencing the most significant increase at 15.67%. The total locked value of protocols such as JOJO, VaultCraft, Basemax, XY Finance, and Nostra also saw noteworthy growth.

LSD Sector Overview:

In the LSD field, both the deposit volume and total exit volume of Ethereum have increased, with the exit volume showing a more significant rise of 2.88%. In terms of market share, mainstream LSDs have all seen substantial increases, with wstETH showing the most notable growth of 16.28%.

RWA Sector Overview:

Last week, the market value of physical assets increased by 13.85%, and the 24-hour trading volume rose by 43.93%. The RWA tokenized treasury rose by 1.6%, and the value of tokenized U.S. Treasury bonds increased by 0.08%. Notable rising tokens include $DEXTF, $LMR, and $BST, while tokens such as $BRTR, $LNDX, and $SOB experienced significant declines.

Main Topics

Macro Overview:

• US Stocks vs Crypto Assets

This Week's Focus:

• Bitcoin has recorded its largest monthly rise in three years.

Weekly Recommended Protocol:

• OpSec

Weekly Venture Capital Investment Focus:

• Octav (400 million USD )

• BounceBit(600 million USD)

• READYgg (400 million USD )

Twitter Insights:

• @Hercules_Defion AI+DePIN

• @MoonKing___on Aark

• @zerokn0wledge_on Modular

• @stacy_muuron Gearbox Protocol

• @DeRonin_on TON

Macroeconomic Overview

This week, the stock market SPX and NASDAQ rose by 1.33% and 2.06% respectively. Important events to watch for in the coming week include S&P Global Services PMI, ISM Non-Manufacturing PMI, Spring Forecast Report, ADP Non-Farm Employment Change, and the Bank of Canada's interest rate decision.

This Week's Focus

Bitcoin records the largest monthly rise in three years

Bitcoin is creating its strongest monthly closing performance since December 2020. Despite the price nearing historical highs, analysts believe this round of the bull market is far from peaking. In February, Bitcoin has risen by 44%, breaking through the $50,000 and $60,000 marks for the first time in several years, reaching a high of $64,000 on Wednesday. This surge began with a pullback after the debut of the U.S. spot Bitcoin ETF at the end of January, when the price had fallen below $40,000.

Bitcoin is expected to set a record high closing price at the end of the month. To achieve this goal, it needs to exceed $61,357 before midnight UTC, which is the closing price from October 2021. As of the time of writing, Bitcoin is trading at around $61,200.

In February, the CoinDesk 20 Index (CD20) rose by more than 40%. Among them, the Uniswap governance token (UNI), Filecoin's FIL, and Dogecoin (DOGE) performed the best, with a rise exceeding that of Bitcoin.

Despite Bitcoin prices approaching historical highs, some analysts remain optimistic about its further rise potential.

Alex Thorn, the research director of Galaxy, stated that we are still far from the possible peak. He believes that the U.S. spot Bitcoin ETF is a "game changer" that provides stable and recently accelerating demand for Bitcoin. At the same time, about 75% of the Bitcoin supply is controlled by long-term holders who have not yet sold at the current price levels.

IntoTheBlock analysts pointed out that the on-chain transaction volume of Bitcoin and retail interest in Crypto Assets are still far below the previous peak levels. Swissblock analysts stated in a report on Thursday that the sustained buying pressure and strong bullish signals from oscillators and moving averages indicate that Bitcoin is expected to continue its upward momentum.

Weekly Recommended Protocol

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

Traditional internet infrastructure is often controlled by centralized entities, which may restrict users' freedom on the network. OpSec, based on blockchain technology and combined with AI, aims to provide a secure, efficient, and decentralized cloud computing platform to address the issues brought by centralized server networks.

Currently, OpSec provides the following solutions to offer a user-friendly cloud service experience for Web3 users and developers:

• OpSec Cloudverse: consists of three parts: Nodes, VPS, and GPU. Users can deploy and manage nodes to enhance network security and decentralization; VPS is used for node operations and computations; OpSec offers a more decentralized GPU solution.

• OpSec Network: OpSec's Layer 1 network combines AI and modular architecture to enhance scalability, security, and flexibility. By utilizing the POS and POC( cloud proof mechanism, it establishes consensus based on cloud resources while enhancing network security and reducing development costs.

• CloudSec: An advanced routing device that improves online privacy and security using a decentralized network architecture. It routes data across multiple nodes and employs onion routing, supporting anonymous communication over public networks, making it more difficult for attackers to trace.

OpSec Cloudverse offers a fundamental solution to existing blockchain infrastructure. By building a globally distributed cloud service, it achieves automated node management and deployment, addressing issues such as node dependency and insecurity. OpSec has partnered with several blockchain networks, including Bittensor, Venom, Taiko, Optimism, Celestia, and others.

The native token of OpSec, $OPSEC, will be launched on Ethereum, with a total supply cap of 100 million. It is mainly used for network staking, payment of transaction fees, node operation rewards, and governance voting.

)# Analysis Insights

OpSec represents the current popular AI + DePIN narrative. The total market value of the DePIN market is currently about $23 billion, with a daily trading volume of $1.9 billion, showing significant growth recently. Messari predicts that the DePIN industry will reach a scale of $3.5 trillion in the next four years, with an expected growth potential of about 135 times.

The combination of AI and DePIN is mainly reflected in: DePIN provides decentralized storage and computing resources to meet the substantial computational demands of AI models; decentralized nodes provide hardware resources and earn rewards. Conversely, AI can intelligently manage DePIN network resources, optimize resource allocation, automatically perform complex operations such as network detection and maintenance, and improve network efficiency.

Currently, there are several AI+DePIN projects such as Flux, Node AI, EMC Protocol, etc. OpSec, as a cloud computing service, is oriented towards the B-end, mainly providing decentralized node services for infrastructure projects like Layer 1 public chains.

OpSec has been launched on networks such as Taiko, Linea, Zora, Optimism, Starknet, and Celestia, with multiple partners pending launch. Recently, it collaborated with Commune AI and Dmail Network to release the V2 test version and sponsored the Eth Denver conference, demonstrating a proactive approach to expanding its market influence.

Overall, OpSec provides a secure, efficient, and decentralized cloud computing platform that can host blockchain applications and offers various tools to enhance Web3 capabilities. By optimizing platform performance, security, and privacy with AI, it provides innovative solutions for Web3 users, developers, and builders.

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) 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 (, etc.

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BounceBit

BounceBit is a native BTC staking chain that secures the network by staking Bitcoin and BounceBit tokens. Supported by CEFFU), formerly known as Binance Custody( and Mainnet Digital, it is used for the secure storage of Bitcoin. It utilizes a PoS mechanism to introduce a dual-token staking system, leveraging the native BTC security with full EVM compatibility.

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READYgg

@TheReadyGames is dedicated to building social gaming infrastructure for the Web3 creator economy. They are creating mobile-first Web3 tools and technologies to democratize game creation. RGN aims to coordinate the economic interests between developers, creators, and players to create a sustainable, long-term distributed gaming ecosystem and creator economy.

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) protocol event

Worldcoin token price fell by 5% due to Musk suing OpenAI.

Delta upgrade leads to reduced on-chain fees in the Optimism ecosystem.

StarkWare announces the launch of a new open-source zero-knowledge prover Stwo.

SynFutures launched V3 on the Blast mainnet and announced a points program; plans to issue tokens this year.

Robinhood Wallet integrates Arbitrum for token exchange.

industry update

Nigeria reportedly demands Binance to compensate for $10 billion in losses: BBC

BlackRock's IBIT spot Bitcoin ETF asset management scale has surpassed $10 billion.

Bank for International Settlements released regulatory recommendations for global stablecoin arrangements.

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

Eight Attorneys General from the United States challenge the SEC's authority in the Kraken lawsuit through a joint amicus brief.

Twitter Insights

There is a lot of Alpha information contained in Crypto Twitter, but filtering valuable content from the massive volume of tweets is quite challenging. We spend several hours each week researching and selecting insightful tweet threads to present our weekly highlights to you. Let's dive into this week's selection!

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) Important events next week

• March 4th S&P Global Composite PMI
• March 5 ISM Non-Manufacturing PMI, Federal Reserve Evans speech
• March 6 ADP employment change, Canadian Central Bank interest rate decision, Federal Reserve Chairman