《Wheatfield with Crows》 —— Vincent van Gogh
Lead:
With Powell's comments on inflation data, investors are betting on only one or two rate cuts this year, and BTC prices remain under pressure even though leverage in the market has been cleared and the fourth halving of BTC has been completed.
1. Investment and financing observation
Last week, there were 34 investment and financing events in the crypto market, an increase of 25.9% month-on-month, but the total size of funds was $144 million, a decrease of 68.2% month-on-month:
DeFi announced 11 investment and financing, including Centrifuge, an on-chain financial platform, announced the completion of a $15 million Series A financing, co-led by ParaFi Capital and Greenfield;
The blockchain game track announced 3 investment and financing, among which crypto game studio AVALON completed a $10 million financing, led by BITKRAFT Ventures and HASHED;
The infrastructure and tools track announced 8 investment and financing, among which the account abstraction application Plena announced the completion of a $5 million financing, with Big Brain Holdings and others participating;
In the NFT & Metaverse field, 1 investment and financing was announced, and the Bitcoin NFT project INK received $10 million in financing;
DePIN announced two investment financings, including SendingNetwork, which focuses on Web3 communications, announced the completion of a $7.5 million seed expansion financing;
Nine other Web3/crypto fundraisings were announced, including a $10 million Series A funding round by real estate equity mortgage lender and tokenization platform Homium, led by Sorenson Impact Group and Avalanche's Blizzard Fund;
Judging from the month-on-month data, the number of investment and financing in the crypto market rebounded sharply last week, but the total scale of funds fell significantly, and the market heat gradually cooled down.
About Puffer:
Restaking project. Puffer is a native liquidity restaking platform built on Eigenlayer, which introduces native liquidity restaking tokens (nLRT) that accumulate PoS and restaking rewards.
About Centrifuge:
RWA protocol. Centrifuge is a decentralized asset financing protocol that unlocks liquidity for real-world assets, and borrowers can finance their real-world assets without banks or other intermediaries.
About Thruster
Blast native DEX. Benefit traders, LPs, and developers with Blast's native yields, customized liquidity solutions, and a cleaner user interface.
2. Industry data
The market has fallen and rebounded, and the BTC bulls are still there
In the past week, bearish forces have dominated the market, with BTC falling below the $60,000 mark and ETH falling below the $3,000 mark, causing panic to spread. From the perspective of option indicators, although ETH bulls are relatively fragile and have limited ability to lead the market, the strength of BTC bulls is still the same, and with the completion of the halving, BTC is likely to continue to lead the market.
The trend of the option price represents the risk propensity of the whale. Last week's sharp drop in call option prices, with put options much higher than call options, and medium and long-term options falling near the zero line, had the most direct impact on market sentiment, but BTC bulls were not weakened and rebounded significantly.
Social indicators reflect that the trend will rise during the period
Santiment's social trend indicators show that the number of mentions of "bull market" or "bull cycle" on crypto social media has been declining since late March, while the number of mentions of "bear market" or "bear cycle" has steadily increased, and the number of mentions of other keywords such as "buy the dip" has also started to decline. Combined with the relevant performance of historical data and the market, the rebound will become the next phased market trend.
Santiment's social trends metrics are based on scraping and analyzing content information from Telegram, Reddit, X, and 4Chan.
In terms of the correlation performance of historical data, the number of mentions of the keyword "bear market" increases, and the probability of a market rebound increases, while the number of mentions of the keyword "buy on dips" decreases, and the selling momentum of BTC is likely to weaken.
BounceBit TVL surpasses $1 billion
According to BounceBit's official website, its TVL reached $1.042 billion on April 21, including $818 million in Bitcoin, $68.85 million in USDT and other assets, of which 77.83% are the native assets of Bitcoin repledged.
BounceBit investors include Blockchain Capital, Binance Labs, OKX Ventures, etc., and the first phase of Binance's Megadrop is BounceBit, which is recommended for investors to focus on.
BounceBit is a native BTC collateral chain with a PoS mechanism, introducing a dual-token collateralization system that leverages the security of native BTC with full EVM compatibility, and through the CeFi + DeFi framework, BounceBit enables BTC holders to earn yield from multiple sources.
Base Chain 合约部署者创历史新高
Token Terminal data: Recently, the number of single-day contract deployers of Base Chain surpassed Arbitrum and BSC, reaching a record high of 21,700, becoming the public chain second only to Ethereum (Jesse Pollak, head of the Base protocol, aims to reach 1 million developers). According to Coin98 Analytics, Base Chain not only has a significant increase in TVL, but also a daily transaction growth that far exceeds that of many L2 ecosystems in Ethereum.
Base Chain's impressive performance reflects Coinbase's strength in the market against Binance and other platforms, and its biggest attraction for developers as a listing-compliant platform that gives developers access to the Coinbase ecosystem of more than 110 million verified users and $80 billion in assets.
3. VC holdings
Note: The above data source is https://platform.arkhamintelligence.com/, statistical time: 17:00 on April 22, 2024 (UTC+8).
4. Focus this week
April 22nd
- Eigenpie LST, a subDAO organization under Magpie that provides liquidity re-staking services, will go live on April 22nd;
- Southeast Asia Blockchain Week will be held from April 22 to 28, 2024 in Bangkok, Thailand;
- SEC filings say Ripple has until April 22, 2024, to file a response to the $1.95 billion penalty judgment;
- SPACE ID Token ID unlocked 18.49 million tokens worth approximately $15.29 million at 8:00 on April 22, representing 4.29% of the circulating supply;
- MerlinSwap, a Merlin ecosystem DEX, will open the esMP staking party from 14:00 Beijing time on April 22nd.
April 23rd
- NFT marketplace Magic Eden will launch the Runes trading platform on April 23;
- StarkWare's AI project in partnership with decentralized AI project Giza, which will be unveiled at the Starknet event in Berlin on April 23;
- The Cartesi token CTSI unlocked 21.43 million tokens worth approximately $4.66 million at 12:00 on April 23, representing 2.73% of the circulating supply;
April 24th
- U.S. weekly EIA crude oil inventories;
- The AI Crypto Hackathon by BeWater will be officially launched on April 24, and registration will be open on the BeWater platform.
- QnA3.AI The second phase of the airdrop is open until 20:00 on April 24, and 5 million tokens can be claimed by 200,000 BNB and Solana Chain users;
April 25th
- U.S. Initial Jobless Claims for the Week;
- Registration for BNB Chain's Q2 online hackathon closes on April 25, with a prize pool of $470,000;
- NFT marketplace Magic Eden will launch on the Base network on April 25;
April 26th
- U.S. core PCE price index for March;
- U.S. University of Michigan Consumer Sentiment Index Final for April;
- YGG unlocked 16.69 million tokens, worth approximately $15.71 million, or 5.33% of the circulating supply, at 22:00 on April 27.
April 27th
- io.net launched the first phase of the loyalty program on March 1 and will last until April 28;
- SingularityNET token AGIX unlocked 8.84 million tokens at 8:00 on April 28, worth about $8.78 million, or 0.69% of the circulating supply;
5. Conclusion
Last week, the number of investments and financing in the crypto market rebounded sharply, but the total size of funds fell sharply, and institutional investors were more cautious, in addition, the price of long options fell, the price of put options was much higher than that of call options, and the market sentiment showed a downturn in social indicators.
This week, the market is showing a rebound trend, especially after the four halvings of BTC, with the breakthrough growth of BounceBit TVL and the launch of Runes, the BTC on-chain data performance is extremely active. The strong ecological performance such as Base and TON is almost unaffected by the changes in the market, and the rebound will most likely be the next stage of the trend, but the long and short game is still fierce.
In addition, during the Token2049 conference, AI, Restaking, RWA, BTC ecology and other track projects are active and hot, which may become an important factor to promote the further recovery of the market, and it is recommended that investors should remain vigilant, pay attention to risk management, and pay attention to the innovation and development of related tracks.
Note: All views above are for reference only and are not intended as investment advice. If you have any objections, please feel free to contact us for correction.
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Position: Investment Research Analyst / Operations Manager / Visual Designer.