How to study the encryption market?Binance Research disclosed the CPT research framework

Author: Stacy Muur, encrypted researcher; Translation: Bit Chain Vision Xiaozou

Researchers of Binance recently launched their CPT (capital, people, technology) framework.According to the report “What’s Driving The Crypto Market?”

The framework proposed by Binance Research reviews the market from three key angles:

· Capital: Flows from retail, venture capital and traditional finance.

· People: Provide individuals with opportunities to actively participate and make money.

· Technology: Innovation and development activities.

PART 1: Capital

New capital is essential for the extensive sustainable growth of the encryption market.If there is no new fund inflow, investors must compete in zero and games. As a result, some people benefit and others lose.

Index worthy of attention:

· Stable currency market value: almost the same as April.(Data source: DEFILLAMA)

· Funding: In the past few months, the amount of funds raised by the project has been declining.(Data source: rootdata)

· The net inflow of spot ETF has slowed slightly: Although ETH ETF transactions are expected to begin next week, this has led to a slowdown in the increase in new capital.(Data source: sosovalue)

PART 2: People

Sustainable returns and profits are the primary motivation for many market participants.This part of the content mainly focuses on users’ actively participating in the behavior and motivation of Web3.

Index worthy of attention:

· Transaction volume: After the peak price in March, the transaction volume decreased.(Data source: intoTheblock)

Personal suggestion:

· BTC & amp; ETH: Number of new addresses.

For BTC, the number of new addresses has been declining since February 2024.For ETH, the number of new addresses reached its peak in April/ May 2024.(Data source: intoTheblock)

The reduction of trading activities is closely related to the fact that the limited specification opportunities are closely related. This is the result of the general prevalence of tokens with low circulation supply and high valuation.This market structure has almost no meaningful sustainable upward space for a wider range of market after TGE.

PART 3: Technology

From a high -level perspective, the latest development of Web3 aims to attract the next batch of billion users.This includes the improvement of capacity expansion, chain abstraction, and social social and game applications.

However, most of the funds continue to flow to infrastructure to provide underlying support for more extensive technology.

Index worthy of attention:

Personal suggestion:

Defillama allows people to view the number of active developers in each project.In addition, Cryptometheus also ranked top -level cryptocurrencies based on Github developer activities.