Yesterday, after falling below $62,000, Bitcoin quickly rebounded to $63,000-64,000 and remained in a narrow range. Altcoins remained weak and their prices continued to fall. Bitcoin spot ETFs had a total net outflow of $58.03 million yesterday, with net outflows for two consecutive days. GBTC had a net outflow of $79.38 million in a single day.
On the macro level, futures markets show that market expectations for the Fed to cut interest rates have further declined after Powell's comments on inflation. Investors are now betting that there will be only one or two rate cuts this year, with an expected rate of around 40 basis points. There is no positive news for the cryptocurrency market at the macro level. The market correction continues. Under the general decline of the cottage market, some Solana Meme coins such as MEW have strong gains, indicating that funds are grouped together. In addition, with the European Cup approaching, you can pay attention to the football fan token sector.
Sector changes
The new generation of popular MEME (SLERF, MEW, BOME)
During the market crash, the general wealth effect of altcoins weakened, there were memes of whale wallets and smart money buying at the bottom, and the overall popular memes rose strongly in the rebound.
Factors Affecting the Market Outlook
Solana ecosystem TVL and capital inflow: Currently, Solana ecosystem TVL has exceeded 4.7 billion US dollars, and has risen by more than 100% in the past month. Currently, it is second only to ETH, TRON and BSC. If funds continue to flow in, the overall ecosystem currency price will rise further. At the same time, the speed of listing Solana tokens on various exchanges has significantly accelerated. The secondary market funds flowing in from exchanges will also indirectly affect the Solana ecosystem TVL.
Subsequent increase of MEW: For Solana ecosystem Meme tokens, the newly launched MEW is expected to break the ceiling, with a rapid increase. The token was very strong in the rebound after the market crash, doubling in a single day, and then OKX was launched. Due to the large amount of early airdrops, the project party is likely to have not yet made a profit on the asset, so the project party has the motivation to pull the market again to make liquidity and sell the token for profit.
New assets in the BTC ecosystem (RUNE, CKB, STX)
The BTC ecosystem is active as the halving is approaching, and the founder Casey’s genuine Runes protocol will be officially launched around the 20th of this month.
Factors Affecting the Market Outlook
Updates from BTC core developer Casey and other related project parties: Pay attention to the project party’s Twitter and TG/DC news releases. During the BTC halving period, the possibility of BTC ecological projects releasing positive news is very high. It is necessary to pay attention to the release of project news in a timely manner. The new asset protocol Runes is about to be launched on the mainnet, and there may be speculation on hot assets in the ecosystem;
CKB and STX have attracted much attention from the market during the halving period: CKB is favored as a UTXO Stack prototype project and is considered one of the best representatives of Bitcoin Layer2 technology. Recently, asset issuance protocols based on RGB++ have gradually emerged, bringing a wealth-creating effect to the ecosystem. STX chose the threshold signature algorithm token T, and with the Nakamoto upgrade of STX on the 15th of this month, there is speculation in the market. In addition, the halving of Bitcoin will also bring new changes, and miners' income will be further reduced, requiring ecological prosperity to support income transformation. Investors can pay attention to the flow of funds in the ecosystem to assist investment decisions.
The sector that needs to be focused on in the future: Football fan tokens
As the European Cup/America's Cup approaches, the fan token sector began to warm up one and a half months in advance. During the market decline, the fan token sector was relatively resilient. The top tokens in the sector fell by about 10% in the past 7 days, which is stronger than the general 7-day decline of altcoins. SANTOS rose 30% in the past 24 hours, PSG rose 10%, and other fan tokens also rose sharply for a short period of time before falling back.
Specific currency list:
SANTOS: Santos FC Fan Token is a fan token of Santos Football Club based on BSC. Santos Football Club is a well-known Brazilian team. The token SANTOS was launched on Binance Launchpool and currently has the highest market value in the fan token sector.
PSG: Paris Saint-Germain Fan Token is the fan token of Paris Saint-Germain Football Club. It recently became the first Chiliz Chain node validator and pledged to repurchase 100% of its accrued revenue into PSG fan tokens.
LAZIO: Lazio Fan Token is a fan token of Lazio Football Club issued based on BSC and is also a Binance Launchpad project. The current FDV is 120 million US dollars.
Later, I will bring you analysis of leading projects in other tracks. If you are interested, you can click to follow. I will also organize some cutting-edge consulting and project reviews from time to time. Welcome all like-minded people in the cryptocurrency circle to explore together.
