Web3 Investment Research Weekly Report|The encryption market has entered a small Fluctuation cycle after the general fall, the market share of BTC has hit a new high since April 21, and the BTC and ETH Spot ETF applied by the three institutions have been approved in principle by the Hong Kong Securities and Futures Commission

Quick Facts of the Week

This week, after experiencing a continuous and rapid decline at the end of last week, the encryption market as a whole entered a fluctuation cycle with less volatility. The trend in the week is basically sideways after the falls, and it remains in this state near the weekend closing session, and the overall fluctuation is small, but BTC and ETH are affected by news factors and have a slight upward trend at present. The overall market capitalization rise of the encryption market has fall significantly lower than the same period last week, currently maintaining around $2.32 trillion, an rise of 4.94% in 24 hours. Market sentiment dropped to 55. This week, the key mainstream tokens basically showed a relatively sluggish market trend, and most longing mainstream tokens basically entered a continuous sideways state after falling rapidly last weekend. Overall encryption the market is in front of the market cycle this week, and in view of the upcoming BTC Halving, it is expected that the market will usher in a new round of changes over the weekend, but the probability of a rapid rise in the short term is not large.

Compared with last week, the total volume of the Crypto Assets market this week has fallen significantly, and based on the rapid market trend last weekend, the encryption market as a whole has failed to recover significantly after the opening. The pump fall ratio of the top 100 Crypto Assets projects is 5:95 in a week, which is basically fall across the board, and the non-Mainstream Token species also lack obvious upward pump trend coin species, and on the whole, the market is basically dominated by the fall. BTC price has been moving lower for a week and is currently around $62,741, with a weekly fall fall of about 10.63%. ETH's fall this week was even greater, with a fall of about 13.54%, and it is currently maintained at around $3,039.

The coin best performers in the market this week were ONDO, with a 7-day pump of 4.78%, and the coin price is currently maintained near $0.7936, ranking first in the previous pump of the week.

This week Crypto Assets market as a whole is lower, there is basically no long to achieve rise coin, the market as a whole is likely to be affected by the BTC Halving, and once again ushered in a wave of market changes during the weekend, but the short-term pump fall changes can not be determined for the time being.

Encryption market

🔥 encryption market has entered a small Fluctuation cycle as a whole after a week of general fall, and long Mainstream Token have shown a market state with no obvious pump fall trend. 🔥 Mon 24h BTC +2.7%, ETH +5.2%, market capitalization top 500 pump fall≥30%: MEW +77%, ONG +46%, SLERF +37%, BFIC +34%, NEO +33%; WZRD hit a record high, and the broader market Rebound and alts Rebound. 🔥 Tuesday 24h BTC -4.8%, ETH -5.3%, market capitalization top 500 pump fall≥30%: ZBC +36%, CORE +30%; Solv BTC AUM reached a record high. 🔥 Wednesday 24h BTC -1.1%, ETH -2.0%, market capitalization top 500 pump fall≥30%: None; The volume of TRC20-USDT issuance hit a record high, and the large market fall and alts fall. A16Z's latest fund closed a $7.2 billion fundraise. 🔥 Thursday 24h BTC -1.7%, ETH -1.6%, market capitalization top 500 pump fall≥30%: OMNI -41%; BVM prices hit record highs; the broader market generally falls, and new coins and sub-new coins generally fall. Thursday BTC Spot ETF yesterday's net outflow of $165 million, the fourth consecutive day of net outflows 🔥 On Monday, it Get Liquidated $240 million in 24 hours, long short double explosion. 🔥 Unlocked this week: $109 million ARB, $96 million STRK, $80.11 million AXS, $74.19 million IMX, etc. 🔥BTC's market share this week hit its highest level since April '21. 🔥 In the top 50 tokens by market capitalization this year, only 6 altcoins such as DOGEE outperformed BTC. 🔥The Merlin's Seal staking channel is closed. 🔥In April, the Ethereum lending market cleared the highest volume since June '22. 🔥 Ethena reported negative income for the first time this week, and Ethena said the statistics were incorrect. 🔥SafeDAO has voted to enable the SAFE Token transferability proposal. 🔥Jupiter LFG Launchpad will list NFT lending protocol Sharky. 🔥Arkham created the top 10 coin holders, with Justin Sun topping the list with $1.1 billion. 🔥 Spot BTC ETF had a net outflow of about $24.54 million on April 15. 🔥TaprootChain launches free minting of NFT Lighting Crystal. 🔥Uniswap daily volume climbed and touched $3 billion. 🔥Jupiter launches Metropolis Part 1 and is launching the T0 API for new coins. 🔥Ethena Labs has increased the ENA pool cap to $300 million. 🔥Notcoin: The total supply is about 102.7 billion, of which 78% is distributed to Miners and Voucher holders. 🔥Worldcoin will launch its "people-centric" chain, World Chain, later this year, where verified users will receive priority access to Block short and will also receive a GAS allowance for daily transactions. 🔥A16Z's latest fund closed a $7.2 billion fundraise. 🔥 Spot BTC ETF had a net outflow of about $81.44 million on April 16. 🔥 HODL15 of the week: Mr.100 bought almost all newly mined BTC on the 15th-17th. 🔥Magic Eden BTC NFT supports bidding and is in the process of creating the Runes platform. 🔥B² Network Mainnet is officially launched. 🔥Tether CEO: Keet 3.0, a P2P encryption communication application, has been officially released. 🔥Ronin will introduce the popular Korean MMORPG IP "Ragnarok". 🔥 ByteDance's subsidiary, BytePlus, has partnered with Sui to focus on gaming and social. 🔥Solana on-chain Mining protocol Ore announced a pause in Mining to focus on V2 development. 🔥 The Super Artificial Intelligence Initiative (ASI) is scheduled to launch on May 24. 🔥 Thursday BTC Spot ETF yesterday's net outflow of $165 million, the fourth consecutive day of net outflows. 🔥 Google searches for "BTC Halving" hit a new high. 🔥The Ordinals founder confirms that Runes protocol only hard-coded rune number 0. 🔥Longest projects such as Memeland, CyberKongz, and SafePal will be expanded to the Runes ecosystem. 🔥BounceBit: 35% of the total supply of BB will be distributed to stake rewards. 🔥Merlin: Users can now claim MERL Airdrop Token unlock 50% in the first month. 🔥TON is about to make a major announcement, or involve projects such as Tether. 🔥Gavin Wood publishes the initial Jam specification in the Gray Book. 🔥Worldcoin: More than 5 million Orb-verified World IDs. 🔥Jupiter's second round of LFG Launchpad voting has begun. 🔥Tether unveils a new architecture that spans the data, finance, energy, and education sectors.

Regulatory & Macro Policy

🔥 It is expected that the SFC will approve the first batch of Virtual Money ETF by the end of April, and Hong Kong citizens may be able to purchase Spot BTC and ETH directly with securities account.

Encryption market highlights

⭐️ In the past week, the overall market of the Crypto Assets market has been fall across the board, and the overall outflow of funds caused by the impact of last weekend's news factors has made coin long in the Mainstream Token market show a more obvious fall downward trend. At present, it seems that the market is in a downturn for a month, with the arrival of this week's BTC Halving, there is a high probability that encryption market will react this week, but in the short term, it is more long or mainly based on shock Fluctuation, and the probability of the overall sharp recovery is low.

⭐️ During the week, the market was generally lower, and only a few coin maintained the pump upward momentum, but the magnitude was still small. Among them, ONDO has pumped by 4.78% in the week, and the current price remains around $0.7936. The one-week high was above $1, and the low was around $0.64, which moved rapidly lower during the opening session.

Bitcoin&Ether coin weekly performance

Bitcoin (BTC)

The price trend of BTC during the week was basically based on the rapid decline at the end of last week, and there was a slight recovery at the beginning of the week near the $67,000 level, but then it showed a volatile downward trend. At present, the coin basically remains around $63,000 and continues to fluctuate. Towards the end of the week, there was still no significant pump, with a weekly high of $66,898 and a low of falling below $60,000 to around $59,696.

According to the analysis, the price of BTC this week is still in the Fluctuation cycle after the rapid downward fall, coupled with the large net outflow of ETF funds for long consecutive days, which is more unfavorable to the BTC price impact. Although this week's BTC Halving is approaching, it seems that this event may not be the direct cause of the coin's large pump in the short term. However, the impact of the Halving may push the BTC price to recover to a certain extent, combined with the coin's market share reaching a new high, on the whole, it will usher in a key coin price fluctuation over the weekend.

Ether coin (ETH)

ETH's price changes during the week were larger than BTC's, and the price long fall broken the key level of $3,000 in a week, and even the news of the first ETH Spot ETF to be approved in principle could not have a more clear and direct Favourable Information impact on the coin price. Recently, the price of the coin has mainly remained around $3,000 and continued to Fluctuation, and this week's trend is more long or affected by the market market, showing fluctuations after a rapid decline. During the week, the price reached a high of around $3,280, and the low was near $2,915 at the opening stage.

According to the analysis, the price performance of ETH coin showed a further sluggish trend this week, affected by the relevant review of the SEC, coupled with the decline of the market, the price of ETH has always been difficult to have a clear upward support, and it is long to follow the overall changes of the market, unable to show the recent hot and long market state like BTC. The coin is likely to follow the key changes in the market in the short term, that is, the impact of BTC Halving, and it is expected that there will be a certain Fluctuation market over the weekend.

Web3 Project Trends

This week, the total market capitalization of seven types of projects falls across the board, affected by the overall market sentiment, and the track projects generally showed a downward trend during the week, and the pump of TOP projects was relatively limited. Overall, the current encryption market is in a clear downward cycle, and it is necessary to improve the current state through subsequent news factors and changes in market sentiment.

Author: Charles T. This article represents the views of the author only and does not constitute any trading advice. The content of this article is original, the copyright is owned by Gate.io, if you need to reprint, please indicate the author and source, otherwise you will be held legally responsible.