Crypto Market Weekly Report: Market Performance on the Eve of BTC Halving

This week, the crypto market is showing a downward trend, similar to stocks and other risky assets. This is mainly due to the Federal Reserve's continued cautious stance on interest rate cuts, which has heightened market concerns about re-inflation risks.

In this environment, gold has performed remarkably, reaching new price highs. This reflects the market's expectations of rising inflation and concerns over geopolitical risks.

Bitcoin's positioning as "digital gold" is increasingly solidified, which may attract new groups of investors. Meanwhile, the launch of the US spot Bitcoin ETF has brought broader funding channels for Bitcoin, helping to suppress price volatility.

CME Bitcoin futures open interest has reached 9.9 billion USD, surpassing any single centralized exchange, accounting for more than one-third of the total Bitcoin futures market. This reflects the growing demand from institutional investors.

The upcoming Bitcoin Halving ( is expected to take place between April 20 and 21 ), along with other positive factors, leading us to hold an optimistic attitude towards the market performance in the second quarter.

In the DeFi space, the Maker protocol has been very active recently. Its Endgame plan details the roadmap for future development, including token restructuring, governance reform, and the expansion of subDAOs. These changes have sparked speculation in the market about potential airdrops for MKR token holders and DAI stakers.

However, some governance proposals quickly passed by Maker have also sparked controversy. Some believe that these changes are too radical and increase risks. The Aave community is even discussing whether to revoke DAI's eligibility as collateral.

The decentralized stablecoin market is undergoing changes. Compared to DAI, the emerging USDe is rapidly gaining market share due to its higher yield and airdrop incentives. However, overall, the growth rate of decentralized stablecoins still lags behind that of centralized stablecoins. The market share of USDC and USDT has increased to 90%.

Last week, the BTC price fluctuated within the $2000 range, with a slowdown in inflows to the US spot Bitcoin ETF. Overall, the trading volume in the crypto market has decreased, and the market is looking for new upward momentum.

In terms of institutions, the trading volume of spot Bitcoin ETFs in March approached $111 billion, nearly doubling month-on-month. In terms of regulation, the TRON Foundation and Justin Sun requested the US court to dismiss the SEC's lawsuit.

Globally, Hong Kong financial company VSFG plans to launch a spot Bitcoin ETF as early as May. Singapore is expanding its crypto market regulations by introducing stricter user protection requirements. Taiwan has approved the establishment of a crypto industry association.

In the coming week, attention should be paid to the release of important economic data such as the US CPI data and the ECB interest rate decision.