Foresight Ventures Weekly Market Report: Market relay is strong, ETH upgrade unlocks
A. Market View
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Monetary liquidity improved. The U.S. CPI growth of 5% in March was slightly better than expected, confirming market expectations that the Federal Reserve will raise interest rates by 25 basis points for the last time in May. Lower interest rate hike expectations are pulling down the U.S. dollar index, and risky assets such as stocks and cryptocurrencies may benefit. But in the past 20 years, within 3 months of the end of each rate hike cycle, US stocks have plummeted due to economic recession. So this rally could end with a rate hike in May, starting a few months of adjustment. Of course, the general trend is still rising, and it is difficult for the market to return to last year's low point.
Second, the whole market
The top 100 gainers by market capitalization:
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Second, the whole market
The top 100 gainers by market capitalization:
PENDLE: The TVL of Pendle, which is a fixed-rate derivative, continues to hit new highs, benefiting from the expansion of the liquidity staking market, which is expected in the future.
3. BTC market
1) Data on the chain
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3. BTC market
The market is in recovery phase. Most BTC appears to be fairly inactive on-chain, suggesting that investors continue to have confidence in the general uptrend. The share of hot money less than 3 months old is currently close to cycle lows, accounting for about 10-15%, similar to the typical situation during the formation of previous bottoms.
2) Futures market
The capital side is basically flat, mainly based on the stock game. The total market capitalization trend of major stablecoins USDT, USDC, BUSD and DAI has been declining for 12 consecutive months. Among them, the supply of USDT has expanded to 80 billion US dollars, and now the market share of stable coins is 64%. The second-ranked USDC has seen a -25% drop in total USDC supply since briefly depegging from the dollar during the Silicon Valley Bank bankruptcy. At the same time, Paxos stopped issuing BUSD, and the total BUSD supply dropped by -52%.
The long-term trend indicator MVRV-ZScore is based on the total market cost and reflects the overall profitability of the market. When the indicator is greater than 6, it is the top interval; when the indicator is less than 2, it is the bottom interval. MVRV fell below the key level 1 and holders were overall in the red. The current indicator is 0.74, entering the recovery phase.
2) Futures market
Futures funding rate: This week's rate is slightly positive, and the rate is healthy. The fee rate is 0.05-0.1%, and the long leverage is more, which is the short-term top of the market; the fee rate is -0.1-0%, and the short leverage is more, which is the short-term bottom of the market.
3) Spot market
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2. Proportion of TVL of each public chain
1. The total lock-up volume of the public chain
5) Polygon lock-up volume
3. The lock-up volume of each chain agreement
1) ETH locked position situation
2) BSC locked position situation
3) Tron lock-up volume
4) Avalanche lock-up volume
5) Polygon lock-up volume
6) Arbitrum lock-up volume
7) Optimism lock-up volume
6) Arbitrum lock-up volume
The current on-chain transfer fee is about 1.3 U, the Uniswap transaction fee is about 11.78 U, and the Opensea transaction fee is about 4.57 U. The gas trend has not changed much from last week, and it is still in the bottom range. From the perspective of gas consumption, Uniswap occupies the top position, and Arbitrum sequencer is also very active.
5. Changes in NFT market data
1) NFT-500 index:
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5. Changes in NFT market data
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6. The latest financing situation of the project
About Foresight Ventures
Foresight Ventures bets on the innovation of cryptocurrency in the next few decades. It manages multiple funds: VC fund, secondary active management fund, multi-strategy FOF, special purpose S fund "Foresight Secondary Fund l", with a total asset management scale of more than 4 One hundred million U.S. dollars. Foresight Ventures adheres to the concept of "Unique, Independent, Aggressive, Long-term" and provides extensive support for projects through strong ecological forces. Its team comes from senior personnel from top financial and technology companies including Sequoia China, CICC, Google, Bitmain, etc.
Website: https://www.foresightventures.com/
Disclaimer: All Foresight Ventures articles are not intended as investment advice. Investment is risky, please assess your personal risk tolerance and make investment decisions prudently.
