A. Market View

1. Macro liquidity

Monetary liquidity deteriorated. The U.S. dollar index is close to a new high for the year, putting significant pressure on risk assets. The current strength of the U.S. dollar not only comes from the stickiness of U.S. inflation and the delay in corresponding interest rate cuts, but also reflects the market's revaluation of geopolitical risks. In this election year, the rally in U.S. stocks so far has been impressive. Crypto market trends appear more fragile than U.S. stocks.

2. Market conditions

The top 100 companies with the highest market capitalization:

This week, BTC fell below the weekly line. Recently, there has been a lot of selling pressure in the United States, Germany, and Mentougou exchanges. The ETH/BTC exchange rate has strengthened, and the altcoins have rebounded first. The main line of the market rebound revolves around the ETH system.

1. BLAST: It is an ETH-based L2 developed by NFT platform BLUR. The recent airdrop was not listed on major exchanges. BLAST is the initiator of this round of points airdrop model, and Paradigm Fund is in charge. The L2 narrative is gradually being abandoned by the market.

2. KAS: It is a POW public chain and the first KRC-20 meme plan to launch the mainnet at the end of June. Recently, major American miners have begun mining KAS.

3. LISTA: It is a decentralized stable blockchain of Bsc, basically without VC, and fully controlled by BN. A new mining activity will be launched recently.

3. BTC market

1) On-chain data

The market has entered a phase of exhaustion. Since June, the price of BTC has fallen below the average holding cost of 3 months. If this quilt structure continues, it will historically lead to a deterioration in investor confidence and may make this adjustment deeper and take longer to recover. In previous bull markets, similar major adjustments have occurred an average of five times.

The supply of stablecoin market capitalization has slowed down and the market lacks new capital.

Institutional funds have been experiencing net outflows for two consecutive weeks, but inflows into altcoins have increased.

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 range; when the indicator is less than 2, it is the bottom range. MVRV falls below the key level of 1, and the holders are generally in a loss state. The current indicator is 1.8, entering the middle stage.

2) Futures market

Futures funding rate: The rate dropped slightly this week. The rate is 0.05-0.1%, with more long leverage, which is the short-term top of the market; the rate is -0.1-0%, with more short leverage, which is the short-term bottom of the market.

Futures Open Interest: BTC open interest continued to decline this week.

Futures long-short ratio: 2.4, retail investors are in a high mood to buy at the bottom, and the market is likely to have not fallen through. Retail investor sentiment is mostly a reverse indicator, below 0.7 is more panic, and above 2.0 is more greedy. The long-short ratio data fluctuates greatly, and its reference value is weakened.

3) Spot market

BTC fell below the weekly line. Since hitting a record high of $73,000 in March, the market has been in a sideways state. The overall trading volume of centralized exchanges CEX has dropped to the level at the end of 23 years, but the on-chain DEX remains stable. The ETH/BTC exchange rate continues to be strong, and the future mainline opportunities revolve around the ETH system.

B. Market Data

1. Total locked-up amount of public chains

2. TVL Proportion of Each Public Chain

This week's TVL is $95.3 billion, down $5.6 billion, or 5.6%. This week, the TVL of the mainstream public chains almost all fell. The ETH chain fell 8%, the TRON chain fell 6%, the BSC chain fell 5%, the ARB chain fell 9%, the BASE chain fell 4%, the BLAST chain plummeted 27%, the POLYGON chain fell 5%, and the OP chain fell 8%. In addition, this month's mainstream public chain TVL fell by nearly or more than 10%, except for the TON chain, which rose by 107%.

3. Locked Amount of Each Chain Protocol

1) ETH locked amount

2) BSC locked amount

3) Polygon locked-up amount

4) Arbitrum locked amount

5) Optimism locked amount

6) Base locked amount

7) Solana locked amount

4. Changes in NFT Market Data

1) NFT-500 Index

2) NFT market situation

3) NFT trading market share

4) NFT Buyer Analysis

This week, the floor price of blue-chip projects in the NFT market fell sharply, and the market is still falling. This week, CryptoPunks fell 13%, BAYC fell 17%, Pudgy Penguins fell 28%, Space Doodles fell 35%, Azuki fell 23%, The Captainz fell 16%, MAYC fell 22%, and LilPudgys fell 29%. In addition, only Milady rose 4%. This week, the overall transaction volume of the NFT market declined slightly, and the transaction volume of blue-chip projects also fell by about 20% in the past week. The number of first-time and repeat buyers is also gradually declining. Overall, the NFT market is still extremely bleak and the market environment is extremely harsh.