There was a slight correction in the crypto market today, with Bitcoin falling back to $63,000 and Ethereum falling back to $2,680.
The overall decline of Altcoin was around 5%, among which HNT and AKT performed the strongest, rising against the trend by more than 10%.
Binance officially launched the DOGS project yesterday. It was similar to what we expected. After DOSG was launched, the selling pressure was relatively large. It is currently fluctuating at 0.0012 US dollars, with a 24-hour drop of more than 30%.
The transaction volume of the BNB chain has been very large recently, even surpassing the Solana chain at one point. Although there are no particularly outstanding projects on the BNB chain yet, the market heat is shifting to the BNB chain, so you can pay attention to it.
The news worth noting is:
1. French President Macron said: The founder of Telegram was arrested due to judicial investigation and there was no political motive involved.
Telegram founder Durov was arrested in France, and since the founder is Russian, this seems to have become politically correct.
Russian official Mizulina believes that the United States is behind the arrest. The arrest of Durov is to crack down on Toncoin, which is circulated on Telegram. She said that in this way, the United States will continue its sanctions policy.
After Durov was arrested, TON fell by more than 20% and also fell out of the top ten in the market capitalization rankings. The total locked volume on the TON chain also fell by more than 50%, indicating that institutions were in a serious risk aversion mood.
So is there still hope for the TON ecosystem?
I think TON has relatively high short-term risks. If you have a low risk tolerance, I suggest you exit and observe first.
But its mid- to long-term fundamentals are still there, and the traffic entrance of the Telegram platform will not disappear for the time being. We will have to observe how the founder of Telegram resolves its legal issues in the future.
The sharp drop in the prices of TON and NOT this time was mainly due to market manipulation and panic. Some people used the negative news of the arrest of the founder of TG to manipulate the market.
In addition, this decline occurred on the weekend when market liquidity was very poor, which amplified panic sentiment and further affected the price of the currency.
There are very complicated political factors behind the arrest of Telegram's founder, Durov. Although Durov is the spokesperson for Telegram, his current management authority is relatively limited. TON was originally developed by the Telegram team, but due to charges by the US SEC, the TON chain was temporarily suspended. Later, the TON Foundation took over and continued to operate the TON chain, continuing the philosophy of the founder of Telegram.
Currently, TON and Telegram are two independent projects, but they cooperate very closely, and TON is basically Telegram's own child. The TON chain can rely on Telegram to obtain a large amount of user traffic.
Therefore, as long as Telegram does not collapse, TON's fundamentals will still exist.
But it should be noted that Binance has launched several TON ecosystem projects in succession. Under this special circumstance, Binance may temporarily stop launching new projects.
Therefore, the short-term market fluctuations of the TON ecosystem will be relatively large, and those who want to buy the dips TON at the bottom should be mentally prepared.
2. Data shows: Yesterday, 10 Bitcoin ETFs had a net inflow of 3,622 BTC, and 9 Ethereum ETFs had a net outflow of 4,926 ETH.
BRN analyst Valentin Fournier said that the Bitcoin ETF has risen for seven consecutive days, while the Ethereum ETF has lagged behind.
He explained: This means that institutional investors are not interested in Ethereum ETFs, partly due to the lack of opportunity cost of re-hypothecation. He suggested that more funds should be shifted to Bitcoin and expected Ethereum to continue to underperform.
3. The Ethereum Foundation address deposited 35,000 ETH to Kraken
In response, Aya Miyaguchi, executive director of the Ethereum Foundation, said on the X platform: This is part of our fund management activities.
Aya Miyaguchi explained that the Ethereum Foundation has an annual budget of about $100 million, which is mainly used for grants and salaries. Some grant recipients can only accept fiat currency.
This year, due to regulatory complexities, we were advised not to conduct any funding activities and therefore were unable to share plans in advance.
In addition, this transaction does not equate to a sale. From now on, we will proceed with the sale step by step in a planned manner.
The Ethereum Foundation's annual spending of $100 million has caused great controversy in the community. Some people think that the spending is too much, while others think that the spending is necessary.
At this rate, the Ethereum Foundation’s ETH may be sold out within 8 years, and who will maintain Ethereum will become a big problem at that time.
4. Ethereum founder Vitalik said: I support RWA and hope to see them more diversified on the chain
This, he argues, would allow applications to use these assets without being subject to the systemic risks of a single issuer or asset class.
According to data, the tokenized U.S. Treasury market has exceeded $2 billion.
Among them, BlackRock's BUIDL fund has a scale of US$502 million, ranking first, followed by Franklin Templeton's FOBXX fund, which has a scale of US$425 million.
It is worth mentioning that Ondo Finance’s total locked value (TVL) exceeds US$540 million (including OUSG and USDY), ranking first among all protocols.
In addition, the market value of U.S. Treasury tokens on the Ethereum chain is approximately US$1.45 billion, ranking first among all networks, followed by Stellar with approximately US$430 million.
It can be seen that although the popularity of the RWA track has declined recently, the data on the entire chain still performs very well, indicating that institutions are optimistic about the RWA track in the long term, which is worthy of our focus.
Overall, although the market has corrected, the upward trend remains unchanged.
At present, the market's attention and funds have shifted to the BNB chain. This week, we can observe whether there will be new projects on the BNB chain. For more information, please join the QQ group: 580869654
