Read Our New Project Report About Bitcoin (BTC) - The World's Largest Cryptocurrency

Monthly Market Insights - March 2023

Binance Research (JieXuan Chua, CFA, Shivam Sharma, Colin Chan, Mac Naggar)


  • February proved to be a recovery period for the industry with a healthy momentum observed for both DeFi and the NFT space. Crypto enjoyed an upswing as investors regained an appetite for risk, outside of traditional asset classes.

  • The Ordinal Inscription on Bitcoin brought waves of discussion to the community, essentially dividing users on the utility of the blockchain. Nonetheless, it is heartening to witness it evolve and embrace new demands for block space.

  • Ethereum’s Shanghai Upgrade in March has dominated the headlines, as it will allow ETH stakers to remove their staked ETH. A snapshot of the current Liquid Staking Derivative (“LSD”) landscape reveals Lido’s consistent market dominance but also the emergence of new innovative protocols in the ecosystem.

  • Dominance of Ethereum in DeFi still remains although total value locked (“TVL”) continues to increase across the top blockchains such as BNB Chain and Tron. Meanwhile, the Layer-2 narrative is in full swing, with leading optimistic roll ups, Optimism and Arbitrum gaining significant traction.

  • While NFT trading volume has increased due to the highly anticipated Blur airdrop, it remains to be seen how trading volume will look when airdrop incentives taper. Separately, the NFT lending landscape has hit all-time highs in its demand and TVL, and looks to be gaining ground as holders seek ways to unlock liquidity of their assets.

  • In terms of returns, several coins have exhibited strong price actions, largely driven by idiosyncratic factors specific to each chain. We go into more details in this report.


Please feel free to share with us any feedback or suggestions you may have via this form

About Binance Research: Binance Research is the research arm of Binance, the world's leading cryptocurrency exchange. The team is committed to delivering objective, independent, and comprehensive analysis and aims to be the thought leader in the crypto space. Our analysts publish insightful thought pieces regularly on topics related but not limited to, the crypto ecosystem, blockchain technologies, and the latest market themes.

General Disclosure: This material is prepared by Binance Research and is not intended to be relied upon as a forecast or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities, cryptocurrencies or to adopt any investment strategy. The opinions expressed are as of the date shown above and are the opinions of the writer, they may change as subsequent conditions vary. The information and opinions contained in this material are derived from proprietary and non-proprietary sources deemed by Binance Research to be reliable, are not necessarily all-inclusive and are not guaranteed as to accuracy. As such, no warranty of accuracy or reliability is given and no responsibility arising in any other way for errors and omissions (including responsibility to any person by reason of negligence) is accepted by Binance. This material may contain ’forward looking’ information that is not purely historical in nature. Such information may include, among other things, projections and forecasts. There is no guarantee that any forecasts made will come to pass. Reliance upon information in this material is at the sole discretion of the reader. This material is intended for information purposes only and does not constitute investment advice or an offer or solicitation to purchase or sell in any securities, cryptocurrencies or any investment strategy nor shall any securities or cryptocurrency be offered or sold to any person in any jurisdiction in which an offer, solicitation, purchase or sale would be unlawful under the laws of such jurisdiction. Investment involves risks.