1. Summary of Industry Dynamics



Last week, the crypto market did not fluctuate much, continuing the previous trend of shrinking volume and volatility. The overall trend was similar to that of the US stock market. As of the time of writing on April 9, Bitcoin was reported at 27878, down 1.04% during the week; Ethereum was reported at 1836, up 2.42% during the week. With BTC sideways, Ethereum has made up for the rise, but other Altcoins have performed generally. BTC's market share fell by 0.64%, the ETH/BTC exchange rate rose by 3.48%, and the total market value of crypto fell by 0.31%. It is still in the Bitcoin Season.



As for U.S. stocks, last Friday was Good Friday and the U.S. stock market was closed for one day. The Dow Jones Industrial Average rose slightly by 0.63%, the S&P rose by 0.1%, and the Nasdaq fell by 1.1%. The overall fluctuation was not large, but the S&P 500 index is currently facing important early resistance, and it remains unknown whether it can successfully break through.

Last Friday, non-farm data was released, with 236,000 new non-farm jobs in March, lower than expected and falling for two consecutive months, but the unemployment rate fell to 3.5%. Influenced by this news, the probability of a 25bp rate hike in May rose sharply to about 70%, and the US dollar index also jumped, and then fell back.



However, U.S. stock futures did not fall, but instead jumped, breaking the negative correlation between rate hike expectations and the U.S. dollar index. From this point of view, the main contradiction in the market has shifted from rate hike expectations to attenuation trading.

The U.S. stock market enters the earnings season this week. The March CPI data will be released at 20:30 Beijing time on Wednesday, April 12. Large market fluctuations are expected and risks need to be noted.

Industry data

1) Stablecoins

  • According to glassnode data, as of April 8, 2023, the total supply of the top five stablecoins (USDT, USDC, BUSD, DAI, TUSD) was approximately 127.265 billion, an increase of approximately 118 million (0.09%) from last week, and there was a small inflow of funds into the currency market.



  • Among the fiat stablecoins, the supply of USDT increased, but continued to slow down. USDT only increased by about 521 million (0.65%) this week. After reaching a market share of 60%, the growth rate of USDT slowed down, and most of the USDC funds may have been replaced.

  • The supply of USDC stabilized this week, with a slight increase of about 75 million (-0.23%). Since the Silicon Valley Bank incident, the supply of USDC has fallen sharply for four consecutive weeks, and its market share has fallen to 25%. This week, there were finally signs of stabilization, and North American funds have flowed back.

  • The supply of BUSD continued to decline this week, decreasing by about 485 million (-6.42%). As Paxos has been banned from minting BUSD, it is expected that the supply of BUSD will continue to decline, and BUSD may exit the stage of history. As an alternative, TUSD's supply rose slightly this week, increasing by 24 million (1.21%), and TUSD continued to grow slightly.

  • Overall, the net outflow of funds in the currency market has stabilized, but there is still no sign of a large influx of external funds. With limited incremental funds, the market needs to accumulate more liquidity to pull up, and under the game of existing funds, the structural market will be the main focus.

2) BTC Miner Balance

  • The BTC miner address balance shows the total BTC holding balance marked as miner addresses on the chain, including Foundry USA, F2Pool, AntPool, Poolin, Binance and other addresses.

  • This data is usually used to judge miners' interest in the current BTC price. When the miner's balance increases, it usually means that the chips are in a state of accumulation; when the miner's balance decreases, it indicates that miners are selling or pledging their BTC.

  • According to OKLink data, as of April 9, the miner balance has increased slightly compared to last week. The market has been sideways at a high level for three weeks, but miners have not shipped out. The miner balance has not changed significantly since the stockpiling during the correction in early March. It is expected that the BTC price will most likely continue to rise.

  • The current sideways fluctuations may be more due to the accumulation of chips and liquidity. After the market accumulates strength, it will attempt another round of upward attack.

3) ETH deflation data

  • As of April 9, according to data from ultrasound.money, the supply of ETH this week has decreased by about 6,921 compared to last week. Since the completion of The Merge, the supply of ETH has decreased by 81,700 in total. Based on the data of the past week, the annualized inflation rate is -0.3%, a slight increase from last week, and the activities on the Ethereum chain remain active.

  • Last week, the market fluctuated at a high level. BTC's market share began to fall after trading sideways at a high level. The ETH/BTC exchange rate rose significantly after trading sideways for two weeks. It is expected that this situation may continue. In the past two years, the ETH/BTC exchange rate has always maintained a wide fluctuation range of about 0.05~0.08. During the period when BTC trades sideways at a high level, ETH may see a rebound.



  • Compared with ETH under the POW mechanism, the supply under the POS mechanism has been reduced by about 2.31 million coins. In terms of current US dollars, this part of the selling pressure is nearly US$4.3 billion.

    2. Macro and Technical Analysis

    The market continues to move sideways. At present, it needs positive catalysts to have a chance to continue to move upward.





Two-year US Treasury bonds are trading sideways, and the overall expectation is that interest rates will be cut by 25bp by the end of this year



The Nasdaq index is sideways for a short period of time, and the market begins to expect a decline



arh999：0.78



The number of addresses holding more than 100 coins is decreasing rapidly



The number of currency holding addresses is relatively stable



  • III. Summary of Investment and Financing

    • Investment and Financing Review

      • From April 3 to April 9, 2023, the crypto VC market disclosed 31 investment and financing events, with a cumulative financing amount of more than US$269.5 million; (https://www.rootdata.com/Fundraising)

      • During the reporting period, there were 7 events with financing amounts exceeding USD 10 million:



Organization News





  • 4. Dynamic tracking of non-performing assets

    1. The latest developments of FTX digital non-performing asset claims market:

    Last week, FTX EU, the European subsidiary of crypto exchange FTX, created a new website for customers under their jurisdiction to withdraw balances from the platform. According to a statement from FTX EU, "ftxeurope.eu" will handle legal balance claims separately, but the new website will not provide other services. The new domain name ftxeurope.eu has been approved by the Cyprus Securities and Exchange Commission (CySE). When logging into the new website, a dialog box pops up asking users to "Log in to your FTX EU account to view your balance and request a withdrawal." The original old website is still unavailable.

    2. FTX creditor related information: FTX fee report includes information such as "tax and security analysis of potential restart plans"

    FTX creditors tweeted that the latest FTX fee report shows that the vague "FTX 2.0" restart in the previous document has more concrete terms and relevant information. This includes the creation of a simulated exchange for user experience testing, tax and security analysis of potential restart plans.



The average price of bonds in the OTC market did not change much last week, remaining in the range of 18-20%.



3. Mt. Gox repayment window opens, repayments can be made before October 31

According to a letter from the Mt. Gox trustee, the deadline for Mt. Gox creditors to provide repayment information has passed, and the Mt. Gox trustee can now pay the basic, interim and early lump-sum repayments before the October 31 deadline. The trustee noted that he will make preparations for the repayments, coordinating with a list of financial institutions, including cryptocurrency exchanges, that will receive the payments and distribute them to creditors. The trustee said that "in view of this, it is expected that it will take some time to start repayments," and the repayment period can be extended with the permission of the Tokyo District Court. Mt. Gox will distribute an unknown portion of its holdings of 142,000 BTC ($3.9 billion), 143,000 BCH ($17.9 million), and 69 billion yen ($523 million).

According to previous information, on January 6, 2023, the Mt. Gox creditor registration deadline was postponed from January 10, 2023 to March 10, and the basic repayment period, early lump-sum repayment period and mid-term repayment period were also postponed from July 31, 2023 to September 30.

4. Global Market Overview

After the collapse of Silicon Valley Bank, the practice of moving money from one regional bank to another became more common. This week, the spotlight turned to another regional bank, Western Alliance Bancorp, after the Phoniex, AZ-based bank did not update shareholders on deposit balances in its financial disclosure on Tuesday. Investors were very unhappy with this, causing the stock price to plunge more than 19% at one point on Wednesday, before recovering slightly after announcing that the reduction in deposits was less than some analysts expected.



  • 5. Crypto Ecosystem Tracking

  • Data collation of each sector

  • NFT

Blue chip index: The blue chip index fluctuated downward, continuing to verify the strength of the trading support level of around 8k, but the overall strength is weak, beware of the risk of falling below



Market value & trading volume: The overall market value continued to fluctuate in a narrow range. On the 7th, the sudden increase in volume and then a rapid decline



Top collection: cryptopunks, BAYC, and monkeyland rank in the top three



  • Gamefi Chain Games

    Overall review

    Overall, the Gamefi industry's coin price has rebounded slightly this week, but the interaction volume of the top chain games has declined.

    From the perspective of token prices, 60% of the top 10 blockchain game tokens by market value have seen a slight decline. The top three blockchain games with the highest market value growth this week are Axie, Decentraland, and The Sandbox, all of which have seen a slight increase.



According to the on-chain contract interaction volume, among the top ten active blockchain games, the interaction activity increased by 50% in the past week. Among them, Oath of Peak's interaction volume increased by 141%, which may be mainly due to its online operations such as prize-giving activities.



  • DeFi & L2 Track Data

    As of writing, DeFi TVL is 50.52B, up 0.18B from last week. The top five protocols by TVL are: Lido, MakerDao, AAVE, Curve, Uniswap. Lido and Curve rose 2.57% and fell 0.04% this week, respectively.



As of writing, Layer2 TVL is 9.17B, up 0.18B from last week, a growth of 0.89%.



Among them, Arbitrum One, Op, zkSync Era, and Starknet TVL ranked first, second, fourth, and tenth respectively. zkSync Era and Starknet TVL increased by 74.45% and 15.08% respectively in the past week. The ranking of zkSync Era has jumped from seventh to fourth.



  • This week's key events & projects

    • Aptos Bridge

      • Recommended reason: LayerZero official launch, must-do for airdrop interaction

      • Official website: https://theaptosbridge.com/bridge

      • Supported wallets: Little Fox, Coinbase Wallet; Aptos: Pontem, FewCha, Martian, Petra

      • Currently supported assets: USDC, USDT and ETH

      • Currently available cross-chain networks: Etheruem, Arbitrum, Optimism, Avalanche, Polygon and BNB

      Aptos Bridge, launched by LayerZero and Liquidswap DEX, is more like a cross-chain bridge customized for Aptos at this stage, rather than integrated into Layerzero's native cross-chain bridge Stargate protocol. Compared with other cross-chain bridges, LayerZero's feature is to achieve direct transactions of native assets on different chains, but Aptos Bridge currently does not support native assets of the Aptos ecosystem, including APT. In order to import assets into the ecosystem, the new chain relies on encapsulated assets to mirror existing assets in other chains, but encapsulated assets themselves carry the risks of the underlying cross-chain bridge. Therefore, at present, Aptos Bridge has compromised on security for the convenience of the new chain in the early stage.

      However, LayerZero said that as Aptos native assets are introduced into the ecosystem, LayerZero will transfer control or facilitate the migration of assets to the native version of the assets, and may later integrate with LayerZero's native asset bridge Stargate.

      The biggest highlight of Aptos Bridge is that when conducting the first transaction, you can get an APT Gas airdrop to support the first cross-chain transaction of new users.

      Compared with other cross-chain protocols:

      • Advantages: Simple interface, easy to operate; friendly new user experience; relative security is gained at the expense of efficiency.

      • Disadvantages: Cross-chain contracts require "contract interaction" fees, which are relatively expensive; currently transfers to other networks require waiting, which is inefficient; some liquidity pools may lack depth.

      • Of course, because the Aptos ecosystem is in its early stages of development, LayerZero is adding more networks and assets.

about Us

JZL Capital is a professional institution registered overseas, focusing on blockchain ecosystem research and investment. The founder has extensive work experience and has served as CEO and executive director of many overseas listed companies, and has led and participated in eToro's global investment. Team members come from top universities such as the University of Chicago, Columbia University, University of Washington, Carnegie Mellon University, University of Illinois at Urbana-Champaign, and Nanyang Technological University, and have served internationally renowned companies such as Morgan Stanley, Barclays Bank, Ernst & Young, KPMG, HNA Group, and Bank of America.

【Disclaimer】The market is risky, so be cautious when investing. This article does not constitute investment advice, and users should consider whether any opinions, views or conclusions in this article are suitable for their specific circumstances. Investing based on this information is at your own risk.