Mudrex Crypto Market Outlook | February 06 – February 12 2024


  • King Crypto ready to take off?
  • EigenLayer TVL zooms past $1B after removing staking caps
  • Ethereum Name Service’s Latest Integration
  • Biggest gainer and loser of the week

Key Observations


Is Bitcoin on the rise?

Figure 1: Bitcoin preparing for the bull run?

The market has seen bulls lead a Bitcoin rally to reclaim $45k as BTC sits comfortably on $43,000. After closing the month of January strongly with the Fidelity inflow and GBTC outflow, the fee wars encompassing other fund managers like WisdomTree and CoinShares.

According to on-chain analytics firm Santiment, Bitcoin has seen a notable shift in wallet distribution, with the number of wallets holding between 1,000 and 10,000 BTC surging to the highest level since November 2022. The number of wallets holding between 100 and 1,000 BTC has declined to its lowest point since November 2022. This whale accumulation coincides with a buy signal, hinting at potential further upward movement for the flagship cryptocurrency.

Meanwhile, Bitcoin miners have intensified selling pressure on the cryptocurrency market, with over 4,000 coins—valued at approximately $173 million—transferred from their wallets to cryptocurrency exchanges in a single day. This represents the highest figure observed since May 16, 2023. 

Data from The Block has shown that Bitcoin has consistently witnessed a spike in trading volumes as seen with the new yearly highs in January. These elevated trading volumes could be drawn back to October 2023, which coincides with the anticipation around a potential spot ETF.

EigenLayer Total Value Locked sees an inflow of $1B

Figure 2: EigenLayer’s announcement

EigenLayer, an Ethereum-based liquid restaking protocol, has witnessed a remarkable $1 billion inflow following the protocol’s decision to temporarily remove its staking cap. EigenLayer is hoping this temporary removal is a step towards a future where all staking caps are permanently eliminated.

Figure 3: EigenLayer sees a spike in TVL

As a result, EigenLayer’s TVL surged from approximately $2.5 billion to $3.67 billion at the time of publication, according to data from DefiLlama. This remarkable growth represents a staggering $1.6 billion increase within the last week. With the surge in TVL, EigenLayer is poised to solidify its position within the DeFi landscape, potentially paving the way for further advancements and adoption in the future.

ENS peaks with GoDaddy Integration!

Figure 4: ENS and GoDaddy’s announcement went live

The Ethereum Name Service has unveiled a partnership with GoDaddy, the world’s largest domain registrar. This has in turn led to a 22% surge in the token price in 24hrs making it one of the top gainers of the day.

“Beyonce owns, and now she can set up a wallet just by going into the GoDaddy page and entering your address,” Nick Johnson, the founder of ENS, told CoinDesk as an example. “Now is her wallet identifier for all intents and purposes.”

This collaboration aims to streamline the integration of DNS domains into the ENS ecosystem, offering enhanced convenience for GoDaddy customers seeking to leverage ENS services.

Figure 5: LINK technical analysis


Technical Analysis:

LINK has witnessed a 26% growth over the last week. There is a growing sentiment that LINK should witness a correction in the price. As LINK prepares to go past 19.20, there is a possibility that LINK could test support regions of 18.1 and 17.6 if current levels fail to hold.

Oscillator indicators: 4 bearish, 6 neutral, 1 bullish

Moving Average indicators: 1 bearish, 1 neutral, 13 bullish

Biggest loser of the week: Monero (XMR) down by 16.27%

Figure 6: XMR technical analysis


Technical Analysis:

XMR has seen a steep crash owing to insurmountable selling pressure. This has brought it back to the levels previously seen in September 2023. The current levels seem weak and it seems increasingly likely that XMR will drop even further before finding support.

Oscillator indicators: 2 bearish, 9 neutral, 0 bullish

Moving Average indicators: 14 bearish, 1 neutral, 0 bullish


The cryptocurrency market was marked with important events. Bitcoin looks prepared to reclaim $45k amid supply shock speculation. Eigenlayer’s TVL skyrockets past $3.6B as ENS flashes their new integration with GoDaddy to streamline domain service.


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