Crypto Market Weekly Report: Casual Games Erupt, Computing Power Projects Compete Fiercely

Macroeconomic Environment

The U.S. May CPI year-on-year hit a three-year low, but the Federal Reserve's dot plot still indicates only one rate cut this year, appearing slightly hawkish. The Federal Reserve's approach of trading time for space may leave room for subsequent policy operations. Major U.S. stock indices continue to reach new highs, while the crypto market shows a wide fluctuation.

Market Trends

This week, Bitcoin has seen wide fluctuations, while altcoins have generally declined. Due to Bitcoin still attracting ETF capital inflows and the overall crypto market having limited new funds, the performance of altcoins has been constrained. In fact, the altcoin season index has fallen back to the low levels of the first half of 2023, with only around 20 of the top 100 altcoins outperforming Bitcoin in the past 90 days. Market hotspots are concentrated on Base ecosystem Meme coins, Bitcoin ecosystem, and newly launched tokens.

Projects worth paying attention to include:

1. IO: Decentralized AI Computing Power project, which may launch staking in the future. Similar projects RNDR have a market value of 4.5 billion USD, and AKT has a market value of 1 billion USD.

2. BRETT: A meme coin on the Base chain, associated with PEPE. A new wallet from a certain exchange is directing traffic to the Base chain.

3. PIZZA: The first five-character inscription of Bitcoin, it is the first Meme coin of a certain BTC L2 wallet. The competition in the Bitcoin ecosystem projects is relatively small.

Bitcoin Market Analysis

1. On-chain data

• The trading volume of Bitcoin inscriptions has decreased, while the trading volume of runes has surged to 60% of daily trading, indicating a shift in speculative interest from the inscription market to the rune market.
• The market value of stablecoins increased by 1%, and funds are generally showing an inflow trend.
• Institutional funds have seen net inflows for 5 consecutive weeks, and the market expects a shift towards easing in U.S. monetary policy.
• The MVRV-ZScore indicator is currently at 2.3, entering the middle stage, reflecting that the overall profitability of the market is average.

2. Futures Market

• The funding rate has slightly decreased and is at a neutral level.
• The open interest has slightly decreased.
• The long-short ratio is 1.3, and the market sentiment is neutral.

3. Spot Market

Bitcoin is experiencing wide fluctuations, and the turbulent market is expected to continue until the end of July. Market liquidity is insufficient, with fewer sector-specific opportunities, mainly presenting individual stock trading opportunities.

Public Chain Ecosystem Data

This week's TVL is $111.6 billion, an increase of $1.8 billion, 1.6% (. The TVL of mainstream public chains has fallen across the board except for TRON, with ETH, SOLANA, and ARB down 7%, BSC and OP down 11%, BLAST down 9%, BASE down 6%, and MERLIN down 4%. Notably, the total TVL of SOLANA is close to $6 billion and is expected to surpass BSC and even TRON soon.

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NFT Market

This week, the floor prices of blue-chip projects in the NFT market fluctuated, with an overall slight decline. CryptoPunks dropped by 12%, BAYC dropped by 8%, MAYC dropped by 10%, Azuki dropped by 2%, Milady dropped by 3%, and Doodles dropped by 16%. On the other hand, Pandora rose by 66%, Pudgy Penguins rose by 5%, Ringers rose by 24%, DeFrogs rose by 44%, and LilPudgys rose by 8%.

Overall trading volume has明显下滑, and the number of first-time and repeat buyers has also decreased. The NFT market has yet to show significant improvement and still needs to wait for opportunities.

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