DeFi Alpha: Farming FBTC - A New Omnichain Tokenized Bitcoin
gm Defiers! Here's today's alpha:
- Market analysis (BTC inches closer to $70K)
- Dispatch from the trenches (Bitcoin2024, Monad and more)
- FBTC farming tutorial
Market Analysis
Crypto markets traded lower for most of last week before surging over the weekend on the back of Trump’s speech at Bitcoin2024 in Nashville.
Trump said he would fire SEC chair Gensler ‘on Day 1’ if elected and vowed to retain the government’s Bitcoin holdings.
Bitcoin is trading just under $70,000, while ETH is underperforming as outflows from ETHE continue to weigh on sentiment, similar to what happened with GBTC in January. Meanwhile, SOL continues its upward march and appears to have its sights set on $200.
The top 100 digital staged a mixed performance over the past seven days. Bitcoin forks BCH and BSV were the top gainers after both rallied 15%. Meanwhile, Celestia (TIA) plummeted by nearly 25%, followed by CORE and WIF with 12% drops.
Bitcoin ETFs started the week strong, with $485 million of inflows on Monday, but the following days were lacklustre.
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