Foresight Ventures Weekly Market Report: MEME Explodes Collectively, Market Retracement Consolidates
A. Market View
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Monetary liquidity improved. The market bets that the probability of the Fed raising interest rates by 25 basis points in May has risen to 90%, and the high probability will be the last rate hike. The U.S. dollar index has turned from strong to weak, and the market is expected to continue to fall by 20%, continuing to be bullish on risky assets. US stocks maintain a bullish trend, but be wary of the economic recession that will follow after raising interest rates in May. BTC basically follows the trend of US stocks.
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:
Market correction this week. The ETH Shanghai upgrade was successfully completed, and the ETH/BTC exchange rate strengthened. Market hotspots are concentrated on meme coins and new coins.
XEN: Recently, the circulation of XEN has continued to reduce deflation, and the increase in ETH's gas fee has also led to an increase in XEN's mint cost. The ecological project Dbxen is launched. Similar to OHM, XEN can be destroyed to pledge Dbxen to get the following ETH, which will accelerate the deflation of XEN. On April 18th xenknight’s NFT bidding campaign begins, and XEN from the top 100 winning bidders will be burned.
CTSI: It is an L2 off-chain computing platform focusing on decentralization and scalability, supporting the infrastructure of Linux and mainstream software components. CTSI is currently close to the mainnet release stage, and is currently conducting a hackathon.
3. BTC market
1) Data on the chain
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The market is in recovery phase. The current mainstream BTC mining machine is the S 19. If the price of BTC falls below $30,000 after halving next year, all these mining machines will have to be shut down. This rarely happens in history.
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 0.66, entering the recovery phase.
2) Futures market
The funding side was basically flat, indicating that there was no new funding. At present, the most popular public chain narratives are Arbitrum and zkSync. The remaining L1 projects lack innovation, and the current amount of funds is insufficient. Instead, ETH will lead L2 to continue sucking blood from the old L1 public chain.
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 0.66, entering the recovery phase.
2) Futures market
Futures funding rate: The rate is still very low this week, and there is no FOMO in market sentiment. 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.
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B. Market Data:
1. The total lock-up volume of the public chain
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 $3.69, an increase of about 183% compared to the same time last week, the Uniswap transaction fee is about $32.76, and the Opensea transaction fee is about $12.72. Due to the collective outbreak of meme this week, there is hot speculation in the market. Gas has risen sharply. From the perspective of gas consumption, Uniswap occupies the top position.
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.
