“Should Have Bought” is a news podcast featuring the ForkLog editorial team and friends, discussing the week’s major industry events and the hottest tokens.
In the latest episode: Ethereum flirts with the $3000 level, experts talk about the start of altseason, the head of EigenLayer denies token launch rumors, crypto funds receive record inflows, and the market anticipates Bitcoin at $60,000.
Participants: ForkLog authors Lena Jess, Alex K., Vasily Smirnov.
Special guest: Maxim, CTO of Envelop.
StarkNet Airdrop
On February 20, the Ethereum Layer 2 network StarkNet unlocked 728 million STRK tokens (7.3% of the issuance) for over 1.3 million wallets as part of an airdrop.
Early users of StarkNet and StarkEx, as well as members of the Ethereum community, including EIP authors and some developers, were eligible for the distribution.
As is common with most airdrops, users encountered errors and network congestion when claiming STRK.
Trading on major exchanges began in the $5-7 range, after which the price fell below $2.
The project team took user criticism into account and adjusted the tokenomics. As a result, the STRK token rose by 15%.
Hype Around EigenLayer and Its Peers
The restaking protocol EigenLayer received $100 million in investments from venture firm Andreessen Horowitz.
TVL of the platform is approaching $8 billion, and many users are expecting a “juicy” airdrop. The project has a points system for those interacting with the protocol, with many anticipating the future conversion of earned points into a new crypto asset.
However, EigenLayer’s head, Sriram Kannan, stated that the team currently has no specific plans to launch a native coin.
On February 19, the TVL of liquid restaking protocols like EtherFi, Renzo, and Puffer reached $3.67 billion. These platforms allow users to stake LST assets through EigenLayer.
Has Altseason Already Begun?
While Bitcoin’s growth has slowed, the second-largest cryptocurrency by market cap nearly reached a two-year high at $3000. Some industry analysts have predicted the onset of altcoin season.
A trader known as Mikybull Crypto noted that March has always been an optimistic month for Ethereum. He also predicted a “huge altseason cycle.”
Amberdata suggested that Ethereum could outpace Bitcoin’s growth due to its “more constructive deflationary policy.”
Markus Thielen, head of 10x Research, believes there is no evidence of an altcoin season. In his view, the market phase requires “a reduction in the dominance of the first cryptocurrency below 45%.”
Market Anticipates Bitcoin at $60,000
Bitcoin call options expiring at the end of June are concentrated above a strike price of $60,000, indicating bullish sentiment.
“The June expiry for call options is a good sentiment indicator ahead of the halving, and our charts show much more positive positioning. The put/call ratio is significantly lower in June — 0.28 versus 0.55 in March,” said Deribit’s Chief Commercial Officer Luuk Strijers.
A put-call ratio of less than 1 implies bullish sentiment, indicating greater interest in Bitcoin’s potential rise.
However, Strijers noted that after the halving in April, the market may face increased selling pressure and, consequently, a correction.
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