Summary
According to Farside Capital data, the net outflow of US spot Bitcoin ETFs reached $217 million yesterday, with net outflows for two consecutive days. In addition, the US Securities and Exchange Commission (SEC) issued a "Wells Notice" to ConsenSys, an Ethereum infrastructure development company, accusing its product MetaMask of operating an unlicensed brokerage business, causing ETH to fall briefly, but then quickly rebounded, and the current price is basically the same as yesterday. The specific situation is as follows:
Strong sectors: cross-chain field, new generation of popular MEME field;
Tokens and topics that users are interested in: Movement Labs, BounceBit;
Potential airdrop opportunities: Elixir, Grass;
Data statistics end time: April 26, 2024 4:00 (UTC+0)
1. Market environment
CICC's research report pointed out that the quarter-on-quarter growth rate of real GDP in the United States in the first quarter of 2024 was 1.6%, lower than the market expectation of 2.4% and lower than the 3.4% in the fourth quarter of last year. The agency reiterated its forward-looking judgment that the Federal Reserve may only cut interest rates once this year, and the time point may be in the fourth quarter. At the same time, according to Farside Capital data, the U.S. spot Bitcoin ETF had a net outflow of US$217 million yesterday, with net outflows for two consecutive days.
In the cryptocurrency market, the U.S. Securities and Exchange Commission issued a "Wells Notice" to ConsenSys, an Ethereum infrastructure development company, accusing MetaMask of operating as an unlicensed broker, causing a brief drop in ETH prices, but then quickly rebounded and is now basically flat. At the same time, PEPE entered the top of the Smart Money list, which means that there is a high probability that there are institutional internal addresses to purchase it, and the future trend of PEPE is optimistic.
2. Areas that lead to wealth
1) Cross-chain changes (W)
main reason:
On-chain data statistics show that the total number of transactions conducted by users on Layer 2 and other networks in the Bitcoin ecosystem through the cross-chain interoperability protocol Owlto Finance has reached 1,549,313, and the user distribution has covered 206 countries and regions; at the same time, the Wormhole project continues to update. According to the official announcement, the native token W can now be used on multiple platforms such as Solana, Ethereum, Arbitrum, Optimism and Base through the Wormhole native token transfer (NTT). The good news caused the price to rise briefly.
Increase: W increased by 17.32% in the past 24 hours;
Factors affecting the market outlook:
W's subsequent roadmap indicates that it will become a native multi-chain token and has completed the second phase of the roadmap. This release will bring the first multi-chain governance system MultiGov and W staking governance, which is expected to attract more market tokens. If the W staking growth effect is good, the market selling pressure will be further reduced.
2) New generation of popular MEME fields (SLERF, MEW, MANEKI)
main reason:
The recent round of MEME craze has seen the emergence of a new generation of popular MEME tokens, which have rebounded from oversold levels amid market turmoil. Whale wallets and large funds have bottomed out during the market crash, driving the rebound. MANEKI's price continued to rise after being airdropped to Solana Saga phone holders.
Increase: In the past 24 hours, SLERF increased by 9.72%, MEW increased by 0.32%, and MANEKI increased by 20.32%.
Factors affecting the market outlook:
The new generation of popular MEME tokens are characterized by strong manipulation and high market attention. SLERF and BOME have absorbed enough chips in multiple price fluctuations; while MEW issued an airdrop worth $4 million after TGE, and the project party has not yet profited from the asset. Therefore, the strong manipulators of multiple new generation popular MEME tokens have sufficient motivation to push up these highly watched assets in the market. The market's enthusiasm for the entire MEME field and the manipulator's timing will be the key factors for profit.
3) Subsequent areas that need attention: AI
main reason:
The market started to fluctuate this week. With the breakthrough growth of BounceBit TVL and the launch of Runes, the crypto market paid more attention to BTC.
Specific currency list:
ARKM: Arkham is a platform that uses artificial intelligence for blockchain and on-chain data analysis. The secondary market price rebounded sharply;
NEAR: Recently, many AI projects in the NEAR ecosystem have received financing, and NEAR is expected to become the AI center of the future.
3. User Hot Searches
1) Popular Dapps
Movement Labs：
Blockchain development team Movement Labs was founded in 2022 and previously completed a $3.4 million seed round of financing in September 2023. In addition to its flagship product Movement L2, the team will also launch Move Stack, an execution layer framework compatible with Rollup frameworks such as Optimism, Polygon, and Arbitrum.
Yesterday, Movement Labs completed a $38 million Series A financing led by Polychain Capital, with participation from Hack VC, Foresight Ventures, Placeholder, Nomad Capital, Bankless Ventures, OKX Ventures, dao5 and other institutions. The funds will support the company to introduce Facebook's Move virtual machine into Ethereum, solve smart contract vulnerabilities and increase transaction throughput.
2）Twitter
BounceBit：
BounceBit is a Bitcoin re-staking and CeDeFi protocol. At present, BounceBit TVL has broken a new high, the maximum supply of BB is 2.1 billion, and the initial circulation is 409.5 million. It is an investment project of Binance Labs. The first project of Binance Megadrop, BounceBit (BB), has been opened. Users can participate in BounceBit Megadrop at 08:00 on April 26, Beijing time, and obtain BounceBit airdrop rewards by purchasing BNB regular products on the platform and/or completing tasks in the Binance Web3 wallet. At the same time, Binance will launch BounceBit (BB) on May 13, Beijing time.
3) Google Search & Region
Globally:
"Why is Down Today": Yesterday, the crypto market continued to fall generally, and BTC ETF continued to have net outflows, causing the price of Bitcoin to fall by about 3.2% during the day. A large number of users, KOLs, etc. continued to ask on Twitter "Why is cryptocurrency down today?". There are many unstable factors in the current market, which has had a great impact on investor confidence.
Hot searches by region:
(1) Hot searches in various regions of Asia are mainly focused on the MEME field
Solana's new MEME tokens WIF and BOME have risen to varying degrees in the region, and some leading MEME tokens such as SHIB and PEPE have appeared in the top three hot searches in the region. MEME has always been the focus of the crypto market. During the market's major adjustments, MEME's wealth effect is generally better than other altcoins. Yesterday, Bloomberg reported that hedge funds began to be interested in the incredible returns of MEME tokens, which means that some hedge funds on Wall Street have begun to pay attention to the unique narrative MEME tokens in the crypto world.
(2) AI cryptocurrency topics appear more frequently in Africa, Europe, and CIS
The AI field is a field that has shown strong resilience and rebounded quickly in this round of market decline, and is also a field that venture capital is collectively optimistic about. Among them, NEAR, AR and RNDR are leading projects in the AI field, and they rose significantly yesterday, attracting a certain amount of Twitter hot search traffic in some regions.
Potential Airdrop Opportunities
Elixir
Elixir is a modular liquidity network that enables anyone to provide liquidity directly to the order book, providing liquidity for long-tail crypto assets. Currently, Elixir has received $17.6 million in financing, with investors including Hack VC, Mysten Labs, Arthur Hayes, etc., and has strong background support.
How to participate: Open the following event link to bind Twitter DC, select ETH wallet to log in, and you can participate. Event address: www.elixir.xyz/refer/wisozk1828, click "mint elxeth" in the lower right corner, enter the deposit page, deposit at least $100 worth of ETH or USDC, and provide liquidity to get points.
Grass
Grass is the flagship product launched by Wynd Network, allowing users to make a profit by selling unused network resources. For individual users, it will appear as a network extension that users can download, keep and forget. It will work behind the scenes to help others obtain public network data in exchange for payment in the protocol's native token. Grass focuses on turning public network data into AI datasets, making public network data more accessible to open source AI projects.
Wynd Network has completed a $3.5 million seed round of financing, led by Polychain Capital and Tribe Capital, with participation from investors such as Bitscale, Big Brain, Advisors Anonymous, Typhon V, and Mozaik, bringing the total financing amount to $4.5 million.
Specific participation method: After registering as a user on the Grass official website, install the web plug-in, complete the network connection, and start contributing bandwidth and earning income. Users can view their daily idle points income and network status in the control panel.
