Crypto Market Weekly Report: Investment Hotspots Rotate, On-chain Indicators Warm Up

Market Overview

This week, the overall performance of the crypto market has been flat, with slight fluctuations. The price of Bitcoin remains in a range-bound movement, while the activity in the altcoin market has increased. In terms of the global macro environment, expectations for interest rate cuts by major central banks have cooled, and U.S. Treasury yields are rising. U.S. stocks have reached new highs driven by technology stocks, but the performance of the crypto market remains relatively weak.

Sector Rotation and Hotspots

1. Meme coins have become the focus of the market, with funds gradually spreading from the Ethereum ecosystem to other public chains' fully circulating Meme tokens.

2. The TON ecosystem game token NOT has not performed outstandingly, and may serve as ecological fuel fees and a payment medium for games in the future.

3. The market value of the BTC ecological rune token DOG is approaching the leading project ORDI.

4. The concept coin MAGA related to the US presidential election has attracted attention, planning to make charitable donations in the name of the presidential candidate.

Bitcoin Market Analysis

1. On-chain data shows that long-term holders have returned to an accumulation mode, and selling pressure has eased. The inflow of funds into the US spot ETF has turned from negative to positive.

2. The market capitalization of stablecoins has slightly decreased, and the trend of capital inflow has slowed down. Institutional funds have net inflows for three consecutive weeks, with a total inflow of 15 billion USD this year.

3. The MVRV indicator is 2.4, which is in the middle stage. Overall, holders are still in a state of loss.

4. In the futures market, the funding rate has slightly decreased, and the open interest remains basically flat. The long-short ratio is 1.6, indicating a slightly optimistic market sentiment.

5. The spot market maintains a wide range of fluctuations, waiting for changes in Federal Reserve policy. Bitcoin's market dominance is declining, and the altcoin season is approaching.

Public Chain Ecosystem Development

1. The total locked amount ( TVL ) rose slightly by 0.5% to 106.8 billion dollars.

2. The TVL of mainstream public chains has generally decreased, with Ethereum, Tron, Arbitrum and other chains experiencing varying degrees of decline.

3. Linea on-chain TVL surged by 29%, approaching 600 million dollars.

4. Over the past month, the TVL of Ethereum, Solana, Blast, Merlin and other chains has grown by more than 30%, indicating that market sentiment remains positive.

NFT Market Dynamics

1. The NFT-500 index continues to decline.

2. The floor prices of blue-chip projects have generally fallen, with BAYC down 6%, Milady down 12%, and individual projects such as Pixelmon and Pandora plummeting over 40%.

3. The market trading volume has doubled, but there has not been a noticeable rebound in the number of new buyers and repeat buyers.

4. Overall market sentiment is sluggish and in a trough state.