Crypto Market Weekly Roundup (12.16-12.22): Christmas Carnival, Solana Native Dog Inscription DePIN Blossoms

A. Market View

I. Macro Liquidity

Currency Liquidity Improves. The Fed has signaled that its tightening cycle is over and has opened the door to a 24-year rate cut. Considering that '24 is also an election year, the market is likely to see a more accommodative and dovish monetary policy environment. The market expects a more than 70% chance that the Fed will start cutting interest rates for the first time in March next year, with three overall rate cuts of about 75 basis points. The U.S. dollar index was lower, and the 10-year Treasury yield hit a new half-year low, creating a positive environment for risk assets. U.S. stocks continued to rise near all-time highs, and the crypto market was in a sideways move.

Second, the whole market

Top 100 gainers by Market Cap:

This week, BTC fluctuated upward, and excessive leverage was removed from the pullback. Investors profit from BTC and move to riskier assets. The market hotspots revolve around the inscription of the BTC ecology and the Depin of the Solana ecosystem, which is similar to the hype ICO and Player Cloud in 2017.

1. COQ: It is the meme leader on the Avax chain. This round of Sol chain attracted a large number of user funds through meme coins and Airdrops, and Avax and other chains began to imitate the gourd.

2. MOBILE: It is the leader of this round of Depin track, and the vast majority of Depin projects are currently concentrated on the Sol chain, mainly due to its high efficiency and cheapness. Mobile is a sub-coin of Helium, and the economic model of the mobile phone card business is similar to Filcoin, and the current Mining payback cycle is only 2 days, attracting a large number of hype users and studios.

3. MUBI: is the inscription of the Brc20 ecosystem, the main function is to provide cross-chain interaction bridge services for BTC and ETH, which has risen 10 times in the past two weeks.

Third, the BTC market

1. On-chain data

Due to the rise of the inscription Token standard, the BTC hash, an indicator of Miner profitability, has risen again. The Market Cap of the BRC20 Token is more than $3 billion, accounting for only 0.3% of the BTCMarket Cap.

Stable CoinMarket Cap up 1%. October was a pivotal month, as the total Stable Coin supply bottomed out at $120 billion and then grew at a monthly rate of 3%. This is the first expansion in the Stable Coin supply since March '22 and could also be a sign of a return of investor interest. USDT became the largest Stable Coin, accounting for 73% of the market share.

The long-term trend indicator MVRV-ZScore is based on the total cost of the market and reflects the overall profitability of the market. When the indicator is greater than 6, it is the top range, and when the indicator is less than 2, it is the bottom range. MVRV fell below key level 1 and holders were in the red overall. The current indicator is at 1.58 and is entering the recovery phase.

Institutional crypto investment products have recently started net outflows for the first time, ending an 11-week streak of net inflows. In the later stage of the market, the risk gradually increases.

2. Futures market

Futures Funding Rate: The rate has risen sharply to 0.015% this week, and the market sentiment is on the high side. The market began to adjust after the BTC rate hit its highest rate of the year on November 12. The rate is 0.05-0.1%, which is the short-term top of the market with more long leverage, and the rate is -0.1-0%, which is the short-term bottom of the market.

Futures Holdings: The total BTC Holdings rose slightly this week, basically synchronized with price Fluctuation.

Futures long/short ratio: 1.0. Retail investors are in a normal mood. Retail sentiment is mostly a reverse indicator, with panic below 0.7 and greed above 2.0. Fluctuation of long-short ratio data is large, and the reference significance is weakened.

3. Spot market

BTC continues to rise after consolidation and is expected to rise to the 48000 pressure level. Institutional funds began to be withdrawn at the same time, and the market structure deteriorated. The old currency is rising, the earth dog is flying, or the last round of retail FOMO market. After this round of rise, the overall market in January is not optimistic, and it is recommended to prepare in advance.

B. Market data

First, the total lock-up position of the public chain

Second, the proportion of TVL of each public chain

This week, TVL as a whole fell by $170 million, or about 0.3%. Bitcoin is once again poised to break through the 45,000 mark after a healthy pullback. TVL rose and fell this week, ETH chain fell 3%, BSC chain rose 3%, ARB chain and OP chain fell slightly, Base chain rose 14%, the number of protocols reached 200, Solana chain rose nearly 50% this week, and the cumulative increase in the past month was 126%. The top 10 mainstream public chains TVL have all risen in the past month, and the market hotspots have continued, and the market has a good future.

Third, the amount of Lock-up Position of each chain protocol

1. ETHLock-up Position volume

2. BSCLock-up Position volume

3. Polygon Lock-up Position

4. Arbitrum Lock-up Position

5. Lock-up Position of Optimism

6. Base Lock-up Position

7. Solana Lock-up Position

Fourth, Non-fungible Token market data changes

1. Non-fungible Token-500 Index

2. Non-fungible Token market situation

3. Non-fungible Token trading market share

4. Non-fungible Token Buyer Analysis

This week, the floor price of the top blue-chip projects continued to pull back slightly, but it did not erase the sharp increase in the Floor Price of blue-chip projects in the past month. MAYC was up less than 1%, BAYC was down around 4%, Pudgy Peguin was down 3%, DeGods was down 9% and Azuki was down 7%. Although the floor price of blue-chip projects has fallen in the past week, the trading volume of the Non-fungible Token market has continued to rise in the past week, and the usecase of Non-fungible Token in the two tracks of GameFi and SocialFi will gradually increase in the future Bull Market. Whether the Non-fungible Token track will further increase the weight of the web3 industry is worth looking forward to.

Fifth, the latest financing of the project

Sixth, post-investment dynamics

1. The Beacon - The Trilight Festival hosted by GameFiThe Beacon officially starts on December 18th!

The specific activities are as follows:

• Time: 19:00 on December 18 to 19:00 on December 25

• Unlock new dungeons every day for the first four days

• Earn event raffle tickets by completing dungeons

• Win Moonlight Pets, Founding Characters, and Golden Tickets!

For more details, you can follow The Beacon Discord community:

2）Decent Land- Infra

• MEM has been integrated with Akash, HackerNoon, Akord, ShardDog

• MEM’s licenseless testnet and command line interface went live, attracting more than 100 developers to deploy on MEM

• Released a new architectural model that replaces zk and optimistic rollups, using Arweave technology

3）Puffverse - Social

Puffverse launches a special Christmas event, #Christmas Parade, to unlock more content and NPCs by lighting up the Christmas tree. Details:

4. Phaver & Mocaverse - Social & Non-fungible Token

Phaver and Mocaverse have jointly launched a Christmas event where L2-L4 users can mocalize MocaverseNFTs in Phaver

Steps:

1: Claim/connect your Moca ID in the Cred Dashboard

2: Link it to your profile

Rewards: 70 Field Points + 200 Extra Phaver Points, plus daily Cred and Points!