Welcome back to 0xResearch ā quick hitting alpha for the crypto degens. Here's what we got for you today:
BTC tests sub-$60k
Airdrop popularity on thin ice
Trackinā hacking with Hacken
After a tepid bounce from yesterdayās low around $61.6k, bitcoin is once again testing the low end of the March range.
For reference, the lowest daily close last month was on March 19, at just under $62k. Todayās broader market weakness makes BTC poised to break that to the downside, though as of now it is still only 18% off the all-time high.
Bitcoin briefly tapped $60k heading into 12 pm ET, but there are no signs of panic just yet. Those with dry powder are now right and properly salivating ā which means thereās probably more pain to come.
Bottoms tend to form when the majority is screaming that itās all over, and anyone hitting the buy button does so with at least a slightly queasy feeling in their gut.
Less likely to bottom while my timeline is full of jokes about liquidity in Dubai following unprecedented rains that literally washed out the Token2049 conference.
Weāre all underwater, but it doesnāt matterā¦until it does.
Airdrop timing
Price action in newly minted airdrop tokens has certainly taken a turn for the worse. While new supply was getting scooped up a month or two ago, the latest Solana offering, PARCL, which opened the week at $1.50 per token on Aevoās pre-launch futures market, is now trading at just north of $0.50, a 65% fall.
The project's "Homeowners Association" NFT collection has dropped by a similar amount as airdrop farmers have collectively decided they have no further use for it.
Wormholeās W has also not been treated kindly by the market in its first fortnight of trading. The token is also down around 65% from where it started. A new chunk of supply allocated to MadLads NFT holders starts unlocking today.
So, if you thought to yourself, "this marketās bullish ā maybe Iāll hold on to this one, rather than pocket the free money," well, commiserations.
DePIN is ripe to disrupt a range of traditional infrastructure networks. Our latest report, made free thanks to AIOZ Network and POKT Network unpacks how investors can best gain long-term exposure to the sector, and where the opportunity lies. Check it out here!
Audits arenāt everything, but they help.
Source: hacken.io
Web3 security firm Hacken released its Q1 report today and, perhaps unsurprisingly, the auditing firm found that the vast majority of crypto exploits arose when protocols or dapps were either unaudited or under audited.
Weāve written about how audits are no guarantee of safety, but it's safe to say that their absence is a guarantee of higher risk, to be ignored at your peril.
Arweave recently launched the testnet for AO computer, a new messaging protocol that will sit atop a PoS network and aims to become a scalable global compute platform through parallel processing and modularity.
Solana current design is causing usersā transactions to be displaced or dropped. Until further solutions mature, we do not see the appetite to add additional risk at present; however longer term, we think the market will eventually look past these idiosyncratic headwinds and believe SOL is still a top candidate for outperformance throughout this cycle.
Marathon Digital and Riot Platforms each have more than $1 billion in cash and BTC to deploy, while CleanSpark has said it could be "one of the most aggressive acquirers."
Worldcoin-related activity currently makes up 43% of activity on Optimism, a Dune dashboard suggests.
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The insights, views and outlooks presented in the report are not to be taken as financial advice. Blockworks Research analysts are not registered broker/dealers or financial advisors. Blockworks Research analysts may hold assets mentioned in this report, further outlined in the Firmās Financial Disclosures.
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