1. Binance announces open recruitment plan for coin listing projects
We sincerely invite high-quality teams and projects to apply for Binance listing projects, including direct listing, Launchpools, Megadrops, etc. We hope to promote the development of the blockchain ecosystem by strengthening support for small and medium-sized cryptocurrency projects with good fundamentals, organic community foundation, sustainable business models and industry responsibility.
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2. Binance Research: Low circulation and high FDV token unlocking may lead to selling pressure, and it is expected to unlock $155 billion from 2024 to 2030
Binance Research published an article discussing low circulation and high FDV tokens, predicting that $155 billion worth of tokens will be unlocked between 2024 and 2030. Factors such as the influx of private capital, aggressive valuations, and optimistic market sentiment have contributed to the high valuation of tokens. If demand does not increase accordingly, it will inevitably cause a lot of selling pressure.
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3. Last week, digital asset investment products received $932 million in inflows
The inflows were mainly due to market expectations of rate cuts. Bitcoin inflows were $942 million, with almost no inflows to short Bitcoin. Ethereum continued to be bearishly affected by the SEC's approval of a spot ETF this week, with further outflows of $23 million.
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4. The key vote for the approval of the Ethereum spot ETF may come from SEC Chairman Gary Gensler
In January, the approval of the Bitcoin spot ETF was handled by a panel of five commissioners. Two crypto-friendly commissioners, Hester Pierce and Mark Uyeda, voted to approve the ETF, while commissioners Caroline Crenshaw and Jaime Lizárraga voted against it. Gensler also ultimately voted in favor, and many in the industry believe his vote ultimately ensured the approval of the spot Bitcoin ETF. The same five SEC commissioners will vote to approve or reject VanEck's Ethereum spot ETF on May 23.
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5. DYθR: Analysis of venture capital fund exposure in different projects
DYθR sorted out the exposure of venture capital funds in different projects, and judged the potential selling pressure by comparing indicators such as unrealized profit multiples and VC's share of supply with the median. Among them, the projects with high VC's share of supply and high selling pressure include Saga, Sei, Renzo, Celestia, Altlayer, Omni and Ethena; the projects with low VC's share of supply but high selling pressure include Zeta, Arkham, Pixels, Dymension and Ondo.
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6. Three Ethereum Foundation staff members invested in or served as EigenLayer advisors
In response, Justin Ðrake said: The advisory service comes with significant EIGEN token incentives, including millions of dollars worth of token vesting over 3 years, with a commitment to inject all advisory proceeds back into valuable projects within the Ethereum ecosystem; it can be expected that the default public stance will continue to lean toward criticizing EigenLayer; 3 Ethereum Foundation personnel have formal relationships with the EigenLayer entity: one is an early investor and two are recent advisors.
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7. Wu said this week's macro indicators and analysis: Fed meeting minutes, Fed officials' speeches
Summary
Last week, the slightly lower-than-expected CPI data for April in the United States opened the way for interest rate cuts, and the market expects the Fed to cut interest rates in September and December. This week, the focus will be on the minutes of the Fed's May monetary policy meeting and the intensive speeches of Fed officials.
Last week review
●The U.S. PPI rose 2.2% year-on-year in April, in line with expectations and the previous value of 2.1%.
●Federal Reserve Chairman Powell: I don’t think the next move may be to raise interest rates.
●The U.S. unadjusted CPI annual rate in April was 3.4%, in line with expectations and the previous value of 3.5%. The core CPI monthly rate in April fell to 0.3% as expected, the lowest since December last year.
●2024 FOMC voting member and Cleveland Fed President Mester delivered a speech on the economic outlook: interest rates need to be kept high for a longer period of time to achieve inflation targets.
●Bostic, FOMC voting member in 2024 and president of the Atlanta Fed, gave a speech on the economic outlook: Inflation made progress in April, but no trend has been formed. It may be appropriate to cut interest rates before the end of the year.
This week's key events & indicators
May 20
●Federal Reserve Board Governor Barr delivered a speech (21:00)
May 21
●The Reserve Bank of Australia releases the minutes of its May monetary policy meeting (09:30)
● U.S. Treasury Secretary Janet Yellen, European Central Bank President Christine Lagarde, and German Finance Minister Lindner delivered speeches (16:00)
●Federal Reserve Board Governor Waller delivers a speech on the US economy (21:00)
May 22
● Reserve Bank of New Zealand announces interest rate decision and monetary policy statement (10:00)
May 23
●The Federal Reserve releases the minutes of its monetary policy meeting (02:00)
●Initial jobless claims in the U.S. for the week ending May 18 (10,000 people) (20:30)
May 24
●Final value of the University of Michigan Consumer Confidence Index in May (22:00)
●Federal Reserve Board Governor Waller delivered a speech (21:35)
