Cryptocurrency Market Performance
The total market value of cryptocurrencies is 1.24 trillion, with BTC accounting for 53.35%.
This week, the market showed a trend of rising first and then falling. The market continued to fall from May 6 to 9, and the weekend was volatile. This week, the net inflow of Bitcoin spot ETF was US$112.62 million, of which: US ETF inflow was US$116.8 million, and Hong Kong ETF outflow was US$4.18 million.
This week's "Fear & Greed Index": 2 days shows "Neutral" and 5 days shows "Greed".
The "Pi Cycle Top Indicator" shows that the recent price of BTC is close to 111DMA, which indicates that the current price may be at a stage low.
Indicator Historically, this indicator has been effective in picking the timing of market cycle highs to within 3 days. In the past three market cycles, when the 111DMA moved upward and crossed the 350DMA x 2, we saw it coincide with Bitcoin peak prices. It has been highly accurate over the past 7 years.
This week, the Altcoin CEL performed well, rising from $0.37 at the beginning of the week to $0.88 over the weekend. The reason for the rise: On May 1, Celsius Network destroyed 652.2 million CEL it held. The destruction accounted for 94% of the total supply.
Understand now
Review of the week's major events
1. Tiger Brokers launches virtual asset trading services;
2. On May 5, the daily destruction of Ethereum hit a new low this year;
3. On May 6, the total transaction volume of 6 Bitcoin and Ethereum spot ETFs in Hong Kong was about HK$60.41 million;
4. Puffer Finance mainnet was launched on May 8;
5. Binance CEO: The executives detained in Nigeria are innocent and must be released;
6. The Ethereum Foundation transferred 1,000 ETH to a multi-signature contract address, possibly for funding purposes;
7. Zeta Markets will airdrop 1% of the total token supply to Jupiter and other Solana ecosystem projects;
8. Binance implements strict market monitoring procedures and does not tolerate any market abuse. In the past three years, it has removed nearly 355,000 users, involving transactions of more than US$2.5 trillion;
9. Bitcoin mining difficulty dropped by 5.6%, the biggest drop since December 2022;
10. The EOS Network Foundation plans to deploy the new EOS token economic model to the mainnet by the end of May and launch EOS staking rewards by the end of June;
11. Ethena released its 2024 roadmap, which will reshape and promote the integration of DeFi, CeFi and TradFi;
12. EIGEN airdrop claims and staking will be open at 1:00 am on May 11th;
13. Greeks.live: The crypto market is relatively weak this week, and trading volume continues to decline;
14. Fed's Bostic: Although the timing is uncertain, it is still believed that the Fed will cut interest rates once this year.
Macroeconomics
1. The U.S. SEC postponed its decision on the Invesco Galaxy Ethereum spot ETF application;
2. Crypto wallet provider Exodus postponed its listing on the New York Stock Exchange (NYSE) American due to SEC review;
3. CME Fed Watch: The probability of the Fed keeping interest rates unchanged in June is 91.1%;
4. The Federal Reserve reduced its balance sheet by $77 billion in April, and the size of its balance sheet has fallen below $7.4 trillion.
ETF
According to statistics, during the period from May 6 to May 10,
Net inflow of US Bitcoin spot ETF: $116.8 million. As of May 6, GBTC had a total outflow of $17.633 billion and a total holding of $11.684 billion.
Hong Kong Bitcoin spot ETF net outflow: US$4.18 million, total holdings: US$262 million.
Predicting the future
Upcoming Events
1. Consensus 2024, held from May 29 to May 31, is a Web3 event hosted by CoinDesk that aims to bring together developers, investors, and founders to solve industry challenges;
2. Bitcoin Seoul 2024 takes place in Seoul, South Korea from May 29 to 31 and will bring together the brightest minds in policy, finance, human rights and technology, with a focus on Bitcoin.
Project Progress
1. BounceBit will launch the mainnet on May 13 and issue BB token airdrops. The airdrops will be issued on the BounceBit Chain and completed before Binance trading begins;
2. A Dutch judge will make a ruling on Tornado Cash developer Alexey Pertsev on May 14. Dutch prosecutors request a 64-month prison sentence for Tornado Cash developer Alexey Pertsev.
3. The snapshot time of the BNB Chain Season 2 Airdrop Alliance Plan is 8:00 am Beijing time on May 15. Users who stake at least 1 BNB token to BNB Smart Chain or use the pledge migration tool to migrate BNB tokens from Beacon Chain to BSC can reach Level 1 qualification; and those who stake at least 5 BNB tokens to BSC can obtain Level 2 qualification;
4. Bitcoin Cash is expected to upgrade its network at 20:00 on May 15. Binance is expected to suspend the token deposit and withdrawal services of the Bitcoin Cash (BCH) network at 19:00 Beijing time on May 15 to support its network upgrade;
5. FTX Digital's email shows that according to Order No. 16 of the Company Liquidation Rules (2012) and the approval order issued by the Supreme Court of the Bahamas on January 22, 2024, the company's customers and non-customer creditors must send their names, contact information, complete details of debts or claims, and the names and addresses of their representatives (if any) to the company's joint official liquidators (JOL) before May 15, 2024, and submit them through the JOL's website, otherwise they will not be able to obtain asset distribution;
6. The Starknet Foundation Propulsion Program will open applications for the first batch of 20 games until May 17 to support mature teams to launch games on the Starknet mainnet or application chain. The program will match the network fees spent by the game and record them in the game developer account. Each game can receive a maximum reward of US$1 million within one year;
7. A Nigerian court has postponed the tax evasion hearing of Binance executives to May 17.
Token Unlock
1. Moonbeam (GLMR) will unlock approximately 3.04 million tokens at 8:00 on May 11, worth approximately US$920,000, accounting for 0.35% of the circulation;
2. Aptos (APT) will unlock approximately 11.31 million tokens at 2:00 on May 13, worth approximately US$103 million, accounting for 2.64% of the circulation.
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Hotcoin Research is the research department of Hotcoin. The team is committed to providing objective, independent and comprehensive analysis, aiming to become an authoritative insight platform in the field of cryptocurrency. Analysts regularly publish articles with insights: industry insights, in-depth analysis of potential projects in popular tracks, tutorials on playing and making money with WEB3, etc., striving to show users the most friendly and authentic WEB3.
