At the end of the month, the total market capitalization increased by 40%; such growth has not occurred since October 2021. In addition, the net inflow of spot BTC ETFs in February amounted to more than $4.9 billion, and the outflow of Grayscale decreased significantly compared to January.
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In general, the launch of spot BTC ETFs turned out to be a huge success and continues to attract capital to the crypto market.
All top ten cryptocurrencies showed positive price dynamics in February, reflecting the market's strong upward trend. DOGE, BTC and ETH topped the list with month-over-month gains of 46.0%, 45.5% and 44.5%, respectively.
DOGE's improved performance was likely fueled by rising speculative interest in bullish market conditions. which contributed to the meme coins, while other popular coins such as SHIB, BONK, PEPE and WIF also saw significant price increases.
Strong investment flows into ETFs were key drivers of the BTC price. ETH also performed strongly in February, although it is still 44% away from its all-time high.
On March 8, 2024, International Women's Day was celebrated under the slogan “Invest in women – accelerate progress.” So far, women make up approximately 37% of the total number of cryptocurrency owners. The figure is still low compared to men, but back in 2021 the figure was 21%.
On the eve of an outstanding date for the women's community, Binance published the results of a survey illustrating the dynamic growth of interest in cryptocurrency and blockchain among Ukrainian women. Almost half of the participants (45%) consider themselves new to the world of cryptocurrencies, but they study hard and strive to become full-fledged participants in the promising industry.
EigenLayer, a re-stake primitive on Ethereum, recently saw explosive TVL growth of over 800% year-to-date. EigenLayer took a phased approach to its launch, including three phases and rearranging deposit limits. The latest deposit limit increase temporarily removed all limits from February 5th to 9th, with TVL increasing by over 180%.
Critical to EigenLaye's growth were liquid re-staking protocols, allowing users to participate in re-staking while saving liquidity using a token. These protocols grew by more than 300% in February, from TVL's $1 billion to more than $5 billion.
The Uniswap Foundation proposed updating the management system for distributing protocol fees between stakers and UNI delegates. The goal of the proposal is to encourage active delegation and a more engaged management community.
With Uniswap regularly earning over $50 million per month, this could be a fairly significant source of profit for stakers, depending on the specifics of the reward sharing agreement.
Since its public launch on February 19, USDe Ethena has witnessed a rapid influx of capital, its supply skyrocketing to more than $565 million, and its user base has grown to over 31 thousand.
USDe's extraordinary growth can be attributed to two key factors: the launch of the Shards points program and, more importantly, the appeal of high advertised returns.