Polychain Capital led the investment.

While the concept pursued by EigenLayer is certainly laudable, it remains to be seen whether restaking is truly the next great crypto innovation or just another reliant crypto pipe dream.

In terms of options, the overall IV level plummeted again. The cyclical options of BTC and ETH continued yesterday's selling pressure, and the IV fell by about 8%.

When Layer2 was flourishing everywhere and was in a development dilemma, Metis's rebellious move of abandoning ETH as a Gas Token instead laid the foundation for the development of the DeFi ecosystem.

“Bad news is good news” is back again, with the slowdown in the manufacturing PMI in April boosting risk market sentiment, with the overall figure falling below 50, below expectations of 52. Cryptocurrency prices remain strong, with BTC once again approaching $67,000.

Compared with previous Launchpool projects, Renzo’s valuation logic seems to be much clearer.

In the past day, the BTC price broke through 660 million USD to 67000 and then fell back to around 66000. In terms of options, the implied volatility has obviously gone down steeply. In the BTC bulk, there are two sets of Iron Condor transactions in opposite directions, buying Vol at the end of April and selling Vol at the end of May.

Geopolitical tensions did not escalate further over the weekend, and oversold positions led to a risk rebound, with risk markets rising across the board yesterday. In terms of cryptocurrencies, JPM believes that BTC positions are also overweight based on CME futures contracts, and ETFs have seen outflows for two consecutive weeks (albeit on a smaller scale).

Why is diamond hand not a good choice?

A gambling platform turning to on-chain gaming Layer 2.

After the successful completion of BTC halving, the market did not stir up any waves, and most trading views had been fully priced-in before the event. In terms of options, on the one hand, we see that the current volatility curve has broken the previous inverted pattern, but the overall slope is still relatively flat.

As more and more blockchain and crypto projects seek to reduce startup costs through shared security models, EigenLayer's re-staking model may become an important direction for future blockchain network security architecture. In addition, it may also promote the emergence of new economic models and investment opportunities, especially in the fields of DeFi and cross-chain operations. It not only brings innovation and value to the Ethereum network, but also provides power and direction for the entire blockchain ecosystem.

Hawks drive the near-term narrative, although the long-term positioning remains bullish.

Looking back, the Ethereum futures ETF was somewhat hasty in passing. Ethereum is much more complicated than Bitcoin. The reason why Ethereum was rejected will definitely set an example for future crypto assets to apply for spot ETFs. However, in the traditional world, there are also ETF products for commodities with particularly wide application scenarios, such as pork ETF and oil ETF.

In the past week's market, the prices of Bitcoin and Ethereum fluctuated at a low level after falling at the beginning of the week. The historical volatility and trading volume were both large during the decline from April 13 to 14, and the open interest decreased. The implied volatility of BTC and ETH did not change much. In addition, the funding rate dropped sharply, indicating that the contract trading sentiment was low. The overall market is in an extremely weak stage in terms of market breadth indicators. In terms of events, the Federal Reserve has slowed down the pace of interest rate cuts, and the tense situation in the Middle East war has led to a sharp drop in Bitcoin. Bitcoin will be halved in the next day, and long-term investors can pay close attention to the investment opportunities and risk management of the halving.

High-quality in-depth analysis articles and a weekly cram session on hot topics.