On April 9th, Jeff, a partner at OKX Ventures, attended the 2024 Hong Kong Web3 Carnival sponsored by OKX Web3 and delivered a keynote speech titled “Exploring the Future of the Bitcoin Ecosystem” at the main venue. The forum, with Bitcoin as its theme, was jointly organized by Wanxiang Blockchain Lab, HashKey Group, and Nervos CKB.
Jeff first shared the development of the Bitcoin ecosystem. He stated that in the past two years, the cryptocurrency market has been continuously developing, and the OKX Ventures team has always been optimistic about its underlying value and development resilience. In terms of trading volume, the current upward cycle began in September 2023. As of March 2024, the monthly total trading volume has exceeded 7 trillion US dollars.
Furthermore, compared to the data released by the World Bank in 2022, the total trading volume of US stocks is 43.22 trillion US dollars, and the trading volume of cryptocurrencies is at the same level. Secondly, from the perspective of investment and financing in the cryptocurrency market, after the frenzy in 2021 and 2022, the total market investment in 2023 has fallen to around 10 billion US dollars. The investment mainly focuses on infrastructure, gaming, DeFi, and other areas. The total investment and financing in the first quarter of 2024 exceeded 2.6 billion US dollars, which is currently in a moderate state compared to historical data.
Of course, what is worth noting is that based on Bitcoin’s UTXO, SegWit, Taproot upgrade, and protocols such as Ordinals and Atomicals, the underlying infrastructure for the issuance of BTC’s NFTs and tokens has been built. As of April 1, 2024, according to data from OKLink, Dune, and brc-20.io, the total number of inscriptions is 64,066,164.
When it comes to the development of the Bitcoin ecosystem, Jeff believes that in the background where Bitcoin itself does not have Turing completeness and does not support smart contracts, Bitcoin Layer2 has emerged to provide scalability and improve the overall performance of Bitcoin by processing transactions outside the Bitcoin main chain.
Of course, in addition to the progress of the ecosystem, the listing of BTC spot ETF this year is also a milestone event in the industry. In early 2024, the US SEC finally approved the listing of Bitcoin spot ETFs. As of April 1, the average daily net inflow of funds for Bitcoin spot ETFs was 219 million US dollars, and the average daily trading volume was 3.37 billion US dollars.
Regarding the halving of BTC this year, it is another major event in the industry. This halving is influenced by various factors related to the new progress of the Bitcoin ecosystem, especially the growth of inscriptions and the listing of spot ETFs. The emergence of Bitcoin inscriptions injects new vitality into on-chain activities, and the continuous growth of on-chain activities benefits from the renewed attention of developers and the innovation of the Bitcoin blockchain. At the same time, the widespread adoption of Bitcoin ETFs may absorb selling pressure, reshape the market structure, and provide new stable demand sources for BTC prices. These factors have had a certain impact on BTC prices.
In addition to the dynamics related to Bitcoin itself, the integration of AI and crypto is also a recent focus in the industry. Currently, we can see several integration points from the perspective of technological development:
– Through the decentralization and permanent storage characteristics of blockchain, it provides solid integrity support for AI data and models.
– The introduction of token economics will more effectively support the incentives and payment mechanisms for AI in terms of data, models, and computing resources.
– With the continuous development of blockchain technology and the improvement of computing power, it is expected to deploy AI models on the chain in the future, promote the deep integration of blockchain and artificial intelligence, and bring unprecedented changes and innovative opportunities to various industries.
When talking about the investment layout of OKX Ventures, Jeff admitted that in the face of challenges and based on the encrypted market, OKX Ventures has always actively embraced industry construction and insisted on contributing its own modest efforts. In 2023, OKX Ventures’ total external investment exceeded 50 million US dollars, covering multiple fields including the Bitcoin ecosystem, with a focus on infrastructure.
Jeff concluded.
About OKX Ventures:
As the investment department of OKX, OKX Ventures focuses on exploring and investing in innovative projects in the blockchain technology and digital currency ecosystem. We are committed to promoting the healthy development of the industry through investment support and seeking emerging technologies and business models that can drive the advancement of the digital economy.
This article is provided by the official source and does not represent the position and investment advice of this site. Readers must conduct their own careful evaluations.
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