Weekly Market Commentary - DV Chain - April 29, 2024

April 29, 2024

Welcome back to DV Chain's Weekly Market Commentary! In this edition, we'll dive into the latest market movements, upcoming airdrops, and preview potential market catalysts & trading opportunities. Let's dive in:

Market Recap

  • Risk assets recovered some April losses last week as Big Tech earnings beat expectations

  • While equities marched higher, the crypto market followed BTC lower in choppy, low volume illiquid trading

  • ETH/BTC inched higher all week, culminating in a sharp move up over the weekend, only to give back most of the gains on Sunday
    • Given the nature of the sharp weekend move, rumors started swirling on twitter that the Eigenlayer airdrop is this week, and Eigenlayer responded today with claims starting 5/10
    • ETH ETF rejection in May seems to be expected and priced in at this point
    • We saw some pockets of strength in old Eth Alts such as L2s alongside ETH/BTC strength

  • Stripe re-entered crypto by allowing merchants to accept USDC on Ethereum, Solana, and Polygon starting this summer

  • Hong Kong BTC and ETH spot ETFs begin trading this week, but mainland china investors wont be able to purchase them

  • The Fed is making an interest rate decision this week, which is widely expected to leave rates unchanged, but expect to see some moves in forward rates from the press conference

  • This week will also be heavy in Tech earnings, most notably AAPL, AMZN, COIN and MSTR

Upcoming Catalysts / Trade Ideas

  • SUI Unlocks, 5/3
    • SUI has unlocks coming up this May/June, one of the largest cliff unlocks this year
    • In this environment where alt liquidity is thin and investors are likely looking to lock in gains, SUI will see some downside if newly unlocked tokens are sold
  • $ETH, 5/23
    • ETF Deadline
  • Eigen token launch, claims 5/10
    • mainnet is live
    • most anticipated airdrop of this cycle yet

  • $LDO
    • We think $LDO is poised to outperform as it should benefit from a re-staking narrative that’s heating up into the Eigenlayer airdrop
    • Having a whopping $30B in TVL, LDO is one of the biggest and fundamentally strong Defi Protocols that exists, and has a first mover advantage in the liquid staking space
    • There are rumblings that Lido is working on re-staking as well, which is very sensible given their current position and moat in Liquid staking, which may result in a price re-rating as investors draw comps towards Eigenlayer


➡️ Should you require limits for any of the cryptocurrencies listed above or any other coins available through DV Chain (see full list below), please contact your DV Chain representative or email



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