Weekly Market Insight: February Week 3

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Market Updates

17 Feb 2025

Headline News

- The Bitcoin price was muted last week, closing the week with slight decline of approximately 0.36%. The high uncertainty environment of macroeconomics decreased the investors' risk appetite. Bitcoin ETFs experienced the largest net outflow of $651.83 million since September 2024.

Macro-Outlook

- Jerome Powell re-emphasised the Federal Reserve stand to stay patient on rate cuts during his testimony to Congress.
- The U.S. inflation rate in January increased to 3%, higher than the 2.9% market expectation. Meanwhile, PPI increased to 3.5% in January, well above market expectation of 3.2%. Despite that, given the PPI components, economists lowered their expectation that January core PCE to the range around 0.22% to 0.3% from 0.4% to 0.45%. The slightly more benign inflation expectation suppressed the 10-Year government bond yield from a high of 4.66% to 4.48% at the end of the week.
- Howard Lutnick, the president's nominee to lead the Commerce Department, stated the studies of reciprocal tariffs should be completed by April 1 and Trump could act immediately afterward.

Upcoming Economic Calendar including,

- Thursday, February 20, 3:00am: The FOMC Minutes

Weekly-Cryptos-Overview

- The Wisconsin State Pension Fund increased their IBIT shares from 2,889,251 to 6,060,351 in Q4 2024.
- The Argentine President, Javier Milei, faced impeachment calls after promoting LIBRA token, which ended up being rugged. The token was dumped by insiders from the team, KoLs and some accused individuals from Jupiter team had relevant insider information before the launch.

Layer 1 and Layer 2s

- XION onboard Uber to mainnet with EarnOS, helping the company to reach a broader customer base and reward users with real-demand.
- Arbitrum launched BoLD on the mainnet, enabling permissionless validation of the Layer-2 networks.
- Lens, the Web3 social platform, announced Lens Chain will be using GHO as the gas token.
- Union Fintech launched Union Chain with zkSync stack to establish a regulated exchange and RWA tokenisation platform.

Dapps

- Ondo announced strategic partnership with World Liberty Finance to integrate USDY, OUSG and tokenised securities from upcoming GM into the WLFI platform.
- Lido V3 introduced stVaults, a customised vault solution for configuration such as institution staking that connects to specific Node Operators, leverage strategies, restaking exposure and more.
- Uniswap launched the highly anticipated Unichain, the Layer-2 has attracted over $25 million TVL in a week.
- VaderAI introduced Early Agent Offering, a pre-sale launchpad to all VADER stakers. Stakers who sell the pre-sales token early will get their whitelist points slashed and diamond hands will be rewarded with more points for the next pre-sale.
- Unit, a tokenisation layer for Hyperliquid. The protocol was introduced to onboard native BTC to Hyperliquid for unified CLOB spot trading experience. More assets such as ETH and SOL are expected to be integrated soon.
- Nous Research introduced DeepHermes-3 Preview, their new LLM that unifies reasoning and intuitive language model capabilities.
- RedStone, the oracle solution for pricing underlying assets, introduced RED token. The token is designed to be staked as oracle network security via EigenLayer AVS mechanism. 51.7% token supply is allocated to the team and backers, with the first major unlock after 12 months.
- MyShell introduced SHELL token, the native token to compensate AI agent creators and the payment token to use the AI tools on MyShell. MyShell also announced major updates on ShellAgent features with more seamless codeless AI configuration, direct social media interactions, and more on-chain copilot capabilities.

Upcoming Alpha and Governance

- CoinDesk is holding the Consensus conference in Hong Kong from February 18 to 20.
- Jupiter is starting its buyback using 50% of all protocol fees on Monday. Jupiter is also expected to deliver technical previews on the Jupnet in April.
- Kaito introduced KAITO token as the participating token of its platform, network currency and governance. The token generation has been spotted on Base, with more details expected this week.
- Ethereum Foundation deployed 45,000 ETH to participate in DeFi protocols such as AAVE, Spark Finance and Compound. The foundation is exploring staking next.
- Liquity V2 found vulnerability in the Stability Pools, and an update on redeployment is expected next week. Quill Finance has launched a friendly fork on Scroll, two other forks are expected in the coming week and more in March.
- Doodle announced it will be launching DOOD token on Solana.
- OpenSea announced it will be launching SEA token soon without much details.

Token Unlock

- MELANIA token unlocked on February 20, amount representing 23.3% of the token supply.
- IMX token unlocked on February 21, amount representing 1.41% of the token supply.
- PLUME token unlocked on February 21, amount representing 5.32% of the token supply.
- ALT token unlocked on February 25, amount representing 9.47% of the token supply.
- OP token unlocked on February 28, amount representing 2.39% of the token supply.
- GRASS token unlocked on February 28, amount representing 1.52% of the token supply.
- SUI token unlocked on March 1, amount representing 2.60% of the token supply.
- ENA token unlocked on March 2, amount representing 3.02% of the token supply.
- JTO token unlocked on March 7, amount representing 3.84% of the token supply.

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