Welcome back to DV Chain's Weekly Market Commentary! In this edition we'll explore last week's sell off, the halving, as well as upcoming catalysts & trade ideas. Let's dive right in:

Market Recap

• Risk assets continued to sell off last week
  • NDX ended the week 6% lower, and now only up about 3% YTD
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• Crypto was choppy with upward drift over the past week, with alts leading the way
  • Strong move relative to equities
  • No significant net changes in open interest

• • Seems likely that a local bottom is in after the war headlines of last weekend sparked the largest deleveraging period of this cycle, absent of further macro deterioration
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• Bitcoin had its ‘Halving’ over the weekend on 4/20
  • ETHBTC has been trading up since the halving, suggesting that traders positioned for the event are unwinding
    
    
• Net ETF Flows were slightly negative last week
  
  
• $MERL (Merlin) opened up for trading on Bybit and OKX
  • Currently trading around $1 implying 2.1B FDV and ~200mm MCAP
  • The leading BTC L2 in TVL, sitting just above Polygon and Optimism

• It’s a potentially interesting trade since:
  • it’s a potential category leader in the promising new category of BTC ecosystem tokens
  • it listed during the market selloff
  • the valuation seems reasonable compared to some other recent new listings

Upcoming Catalysts / Trade Ideas

• SUI Unlocks, 5/3

• SUI has unlocks coming up this May/June, one of the largest cliff unlocks this year
• while alts are well off the highs and it doesn’t seem like a great time to be net short alts, SUI seems like a good hedge leg as investors look to lock in some profits
  
  

• $CRO, 4/29
  • Crypto.com App is launching in South Korea
  • South Korea is one of the biggest crypto markets in the world, and if Crypto.com is able to gain some traction there, it’ll be a material development for the company
    
    
• $ETH, 5/23
  • ETF Deadline
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• Eigen token launch, widely expected to be soon
  • mainnet is live
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• $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

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