Written by Mike
A. Market View
1. Macro liquidity
Monetary liquidity improved. The Federal Reserve released a signal that it may cut interest rates in September. In this round of tightening cycle that began in early 2022, the Federal Reserve has not raised interest rates for 8 consecutive meetings and has kept interest rates at a 20-year high. The market expects the Federal Reserve to cut interest rates 2-3 times before the end of the year. Driven by this positive news, the US stock market rebounded after a sharp drop, and the crypto market maintained a wide range of fluctuations.
2. Market conditions
Top 100 market capitalization gainers:
This week, BTC fluctuated at a high level, and the US government moved $2 billion of Silk Road BTC. The main line of the market revolves around the SOL ecosystem, and recently, hundreds of times the large MC memecoin on the chain have appeared frequently.
1. BOME: The transaction fee income and DEX transaction volume of the SOL chain exceed those of the ETH chain. DEX and MEME on the public chain usually outperform the public chain. As one of the few SOL memes listed on Binance, BOME has a small market value and a new concept. It has a long sideways turnover period and is likely to become the leader of the SOL concept.
2. NEIRO: It is a meme that DOGE replaces DOGE, and it has increased hundreds of times in a week. From FIGHT and NEIRO, it is easier to get large MC memecoin on the ETH chain, and the SOL chain is mostly PVP.
3. KAS: It is a POW public chain, which has recently hit a record high. There are market rumors that it will be listed on Binance Exchange, but it has only listed contracts before.
3. BTC Market
1) On-chain data
The compensation from the Mt. Gox exchange has begun to work. After more than 10 years of legal proceedings, 60,000 of the 140,000 BTC recovered have been distributed to creditors through the Kraken and Bitstamp exchanges; another 80,000 BTC will also be redistributed to creditors soon.
The market value of stablecoins remained flat month-on-month, and the inflow of OTC funds slowed down. The supply of stable USDE quickly exceeded $1 billion, mainly because the staking yield was as high as 60%.
The market value of stablecoins remains stable.
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 2.0, entering the middle stage.
Institutional funds have seen net inflows for four consecutive weeks, but the ETH ETF was sold off by existing investors after its launch.
2) Futures market
Futures funding rate: The rate increased 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.
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Futures open interest: BTC open interest fell slightly this week as major funds withdrew.
Futures long-short ratio: 2.2, market sentiment is greedy. Retail investor sentiment is mostly a reverse indicator, below 0.7 is more panic, above 2.0 is more greedy. The long-short ratio data fluctuates greatly, and its reference value is weakened.
3) Spot market
BTC fluctuated at a high level this week, and the market was relatively sluggish this summer. Republican Trump's speech at the BTC conference partially overdrew the market's positive expectations. If the Democrats win, it will be more bearish for cryptocurrencies in the short term, but in the long run, the general trend of blockchain adoption is unstoppable.
B. Market Data
1. Total locked-up amount of public chains
2. TVL Proportion of Each Public Chain
This week, the total TVL was 88 billion US dollars, down 8.4 billion, or 8.2%. BTC’s correction this week was close to 20%, successfully holding at 60,000, and the upward momentum was also relatively strong. This week, the TVL of mainstream public chains, except for the SOLANA chain, all fell sharply. The hottest public chain recently must be the SOLANA chain, which rose 6% in the past week and soared 85% in the past month. In addition, the ETH chain has performed relatively poorly recently. This week, the ETH chain fell 14%, the POLYGON chain fell 15%, and the OP chain, BLAST chain, and ARB chain all fell by about 9%. The BSC chain fell 7%, and the TRON chain fell 8%.
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 lock-up amount
6) Base lock-up 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 prices of blue-chip projects in the NFT market have risen and fallen, but the fluctuations are not large. .BAYC fell 4%, MAYC rose 2%, CryptoPunks rose 7%, Azuki rose nearly 3%, Pandora fell 2%, and Milady rose 6%. The NF market continued to fall this week and has fallen to the lowest point in the past year. The total transaction volume of the NFT market has rebounded slightly this week. The transaction of the old project Crypto Punks shows signs of recovery.
