Weekly Events and Catalysts
• $AVAX will unlock 2.6% of the circulating supply worth $417.6M on February 22nd
• ETHDenver 2024, the largest crypto conference, will take place from February 23rd until March 3rd. Large projects announcements are expected to occur
• Polygon’s AggLayer V1 mainnet will go live on February 23rd
• $MANTA will unlock 2.7% of the circulating supply worth $20.1M on February 18th
• Aptos will be holding its first-ever online hackathon on February 21st
• Shido, a PoS L1, will launch its final testnet on February 20th

Weekly Narratives and Catalysts
• Jupiter Exchange, the largest Solana DEX, will have its highly anticipated $JUP airdrop on January 31st, with 10% of the total supply distributed to users.
• Cosmos Hub is discussing the launch of $ATOM Wars, an initiative to increase $ATOM liquidity by offering enhanced voting power for locking $stATOM for up to a year.
• $OP will unlock 2.5% of circulating supply worth $68.13M on January 30th.
• $DYDX will unlock 10.6% of circulating supply worth $87M on February 1st.
• Frame, an NFT-based Ethereum L2, will go live on January 31st, with also the Chapter

dYdX V4 has just become the leading perpetual DEX, achieving $5.3B in traded volume over the past week.
Thanks to the revenue-sharing program, $DYDX stakers are also strongly benefiting from this trading activity with an annualized revenue of $60M.
With the end of V3 incentives, a user shift to V4 is expected, likely boosting trading activity and stakers’ APY, thus making $DYDX more appealing as a yield-generating asset.

The #Bitcoin ETF Wars continue as issuers compete to offer the lowest fees.
BlackRock, Fidelity, and Invesco, among others, have further reduced their fees, with Bitwise now offering the lowest long-term rate at 0.2%

$BTC ETF Fees have just been released.
With extremely competitive management fees, some even below operating costs, issuers prioritize market share over short-term profits, likely in anticipation of a substantial influx of future demand for the $BTC market.
Additionally, with fees up to 6x lower than Grayscale's, its market dominance could be at risk as new ETF issuers compete to attract investors with significantly more cost-effective options.

Solana's Daily DEX Volume has surpassed Ethereum for the second time in history, with over $1.2B traded in a single day.
Providing a better user experience with significantly cheaper fees and faster transactions, coupled with the recent wealth effect in the eco_, this trend of Solana gaining market share will likely continue.

We have found that Celsius has sold $243M worth of $ETH over the past 30 days.
This selling activity happened despite their initial plan to redistribute those assets in kind, meaning they should not be liquidated for cash.
They still have $3.94B in digital assets remaining, with 84% of that in $BTC and $ETH.

• $INJ Volan Mainnet Upgrade, the largest in Injective history, is expected to happen soon. The Injective eco_ is also shaping with the recent memecoin mania with $NINJA/$KIRA and airdrop farming, strongly increasing $INJ demand.
• Bitcoin Frogs, the largest Bitcoin NFT collection, have been ripping lately as it surpassed all of Ethereum blue chips NFT 24h trading volume combined, currently sitting at a $148m market cap
• $SNX Andromeda upgrade is expected for December, mainly featuring a chain expansion to Base, the full V3 rollout, and a buyback and burn mechanism with 50% revenue share.
• $

Monthly Alpha

In the past week, Michael Egorov has raised a total of $37.3M via several $CRV OTC deals at an average price of $0.4.
With these proceeds and some personal funds, he has partially repaid his debts, totaling $56.1M across Aave, Fraxlend and Abracadabra. This moves his liquidation price down from $0.4 to ~$0.3.

In the past week, Michael Egorov has raised a total of $37.3M via several OTC deals at an average price of $0.4.
With these proceeds and some personal funds, he has partially repaid his debts, totaling $56.1M across Aave, Fraxlend and Abracadabra. This moves his liquidation price down from $0.4 to ~$0.3.

State of the $CRV OTC deals
Egorov sold a total of 37M $CRV for $14.8M OTC yesterday, at an average of $0.40/$CRV.

Abnormal flows from Multichain bridge has sparked fears of a potential exploit, with a total of ~$127M being withdrawn to suspicious addresses.
Notable affected assets are $UNIDX and $ICE, making up 25.4% and 9% of their market cap respectively.

The total unlocked value amounts to $149M:
• $APT: $35.6M
• $APE: $33.8M
• $OP: $31.9M
• $AXS: $21.3M
• $IMX: $13.6M
• $DYDX: $12.8M