Source: MIIX Capital

Introduction:

The implicit volatility of BTC short-term off-price put options is still higher than that of call options, indicating that the market’s concerns about the recent price correction have not been eliminated, but the implicit volatility of long-term options is still stable, showing the institutions’ optimism about the long-term prospects of BTC..

1. Investment and Financing Observation

Last week, a total of 26 investment and financing events occurred in the crypto market, a month-on-month decrease of 36.58%. The total scale of funds exceeded US$170 million, with no change in month-on-month growth and basically the same scale:

DeFi announced nine investment and financing, among which cryptocurrency trading platform Arbelos Markets completed a $28 million financing led by Dragonfly Capital;

GameFi track announced seven investment and financing, including Web3 game developer Seeds Labs, who completed a seed round of financing of US$12 million, and Blizzard Fund and others participated in the investment;

The AI track announced one investment and financing, and ChainML, an AI platform that supports Web3, completed a seed round expansion financing of US$6.2 million, led by Hack VC;

The Infrastructure and Tools Track announced four investment and financing projects, among which Humanity Protocol announced a new round of financing of US$30 million at a valuation of US$1 billion, led by Kingsway Capital;

A financing was announced in the field of centralized finance. Raven, a crypto trading company founded by former Wintermute employees, completed a seed round of $2.7 million, led by Hack VC;

Other Web3/crypto applications have announced four financings, among which Polymarket, the crypto forecast market, has raised $70 million through two rounds of financing, and the most recent round was led by Founders Fund;

Judging from the month-on-month data, the number of investment and financing transactions in the crypto market last week ended the upward trend for two consecutive weeks and showed a sharp decline, but the total scale of funds remained basically the same, indicating that institutions are cautious in laying out, and increasing bids for the institutesThe market is hot, and the market is betting on the DeFi, infrastructure and GameFi sectors; among VCs, the obvious active institutions are still Animoca Brands, followed by Founders fund, Framework Ventures, Endeavor Ventures and Electric Capital.

About Polymarket

Polymarket is a contract trading platform for decentralized information markets that allows users to trade on the world’s most controversial topics (such as coronavirus, politics, current affairs, etc.), and its bets on the 2024 US presidential election are now the most popular.contract.

About Humanity

Humanity Protocol is a blockchain network that resists witches through DID, which uses palm print recognition technology and zero-knowledge proof to ensure user privacy and security, aiming to provide an easy-to-access and non-proof of human proof in Web3 applications.Invasive method.

About peaq

peaq is a DePIN network powered by the Internet of Things (EoT) on Polkadot. peaq enables entrepreneurs and developers to build decentralized applications for vehicles, robots and devices while authorizing users to provide goods and services when connected machines are provided.Manage and earn income.

2. Industry data

BTC’s new wallet count drops to its lowest level in six years

The block data: Over the past week, the average daily number of new wallets in BTC was 275,000, the lowest since 2018.Other related indicators also declined, among which miner income measured by hash rate fell to its historical low, and transaction fees and on-chain transaction volume indicators on the network are also on a downward trend.

From the trend perspective, the overall data shows a bottoming trend, and the expected data rebound and rebound will begin to change and adjust as the market turns.In addition, despite the decline in on-chain indicators, the new protocols on the BTC network are attracting record-breaking venture capital firms, which lays the foundation for the market recovery.

Six months ago, the average daily number of new wallets in BTC was 625,000, more than twice the current one. At that time, due to the just-listing of BTC spot ETFs, the development of BTC ecosystem and the superposition of halving events, the number of new addresses was close to the highest level in history..

BTC runes fell 99% from peak at the end of April

The number of new runes etched on the BTC chain has dropped below 250 daily, down 99% from the peak data at the end of April, but rune transactions are still the most active part of May, mainly in Magic Eden, OKX, Ordinals Wallet and UniSat in the market.

The decline in the number of rune etching is consistent with the popularity and activity of the entire market. The main reason is that it is affected by the market conditions, but it also indirectly reflects that the rune has not been able to achieve independent market heat like the previous inscriptions, and the subsequent trend.It still depends on the macro market and the activity of the BTC ecosystem.

According to the data board created by RUNES in Dune: From April 26 to 30, an average of 14,700 new runes were etched every day, of which 23,061 runes were etched on April 26, setting a record;

Since Runes launched on April 20, BTC miners have received a total of $4.5 million in transaction fees, about $189 per day.To date, over 91,200 runes have been engraved on the BTC chain;

Solana has become the highest TPS public chain

CoinGecko data: The TPS (transaction count/second) on the Solana chain reaches up to 1,504 times, becoming the fastest large blockchain, more than 5 times faster than Polygon and 46 times faster than ETH.Nevertheless, Solana only hit 1.6% of its claimed theoretical TPS (65,000 times/sec).In addition, the second fastest blockchain is Sui, which reached its highest TPS 854 in July 2023.

Based on data comparison, the average TPS of non-EVM public chains is 284, while the average TPS of EVM and EVM compatible public chains is 74, which means that non-EVM public chains are nearly 4 times faster than EVM public chains.However, in terms of stability and security, ETH-based public chains still dominate, and the TPS of ETH-based public chains has not become an important factor affecting or hindering its rapid development.

BSC and Polygon are the fastest EVM blockchains, BNB Smart Chain (BSC) has a maximum of 378 TPS, and Polygon has a maximum of 190 TPS, making it the fastest Ethereum expansion solution at present.

3. VC position

Note: The above data sourcehttps://platform.arkhamintelligence.com/, Statistics time: 19:00 on May 20, 2024 (UTC+8).

4. Follow this week

May 20

FOMC voter and Atlanta Fed Chairman Bostic was interviewed by Bloomberg TV;
Fed governor Barr speaks on bank regulation;
Fed Vice Chairman Jefferson made a speech on the economic outlook and the real estate market;
PayPal’s new policy effective on May 20 will remove protections for NFTs’ buyers and sellers;
BounceBit announced the asset withdrawal schedule, and BTCB, WBTC, FDUSD, and USDT that have not been pledged by Premium are open to be collected;
PYTH tokens will be unlocked at 22:00 on May 20, worth approximately US$812 million, accounting for 141.67% of the circulation;
Crypto Expo Dubai 2024;

May 21

FOMC voter and Cleveland Fed Chairman Mester was interviewed by Bloomberg TV;
US Treasury Secretary Yellen, European Central Bank President Lagarde and German Treasury Secretary Lindner delivered speeches;
Fed Director Waller delivered a speech on the US economy, and Fed Director Barr attended the fireside conversation;
Chiliz Chain plans to perform Dragon8 hard fork and introduce Token Economics 2.0;
IoTeX and DMC jointly held an online event on the theme “DePIN’s development direction and trends in China and the West under the expectation of interest rate cuts?”

May 22

FOMC vote committees Bostic and Mester attended the panel discussion meeting of “Central Bank in the Post-epidemic Financial System” with Collins;
Jupiter’s LFG voting third round will begin on May 22;
The SEC and lawyers Terraform Labs and Do Kwon will hold a court debate on the fraud compensation package on May 22;
Bitcoin Pizza Day;
AVAX tokens will be unlocked at 8:00 on May 22, worth about US$340 million, accounting for 2.49% of the circulation;
ID tokens will be unlocked at 8:00 on May 22, worth about US$14.26 million, accounting for 4.29% of the circulation;
Microsoft Build Developer Conference;

May 23

The number of people requesting unemployment benefits in the United States that week;
The Federal Reserve releases minutes of the monetary policy meeting;
The SEC will decide on May 23 whether to approve the spot Ethereum ETF application submitted by VanEck;
Aethir Edge, the decentralized GPU cloud infrastructure, will officially launch the edge computing device Aethir Edge on May 23;
Crypto V Summit;

May 24

US Consumer Confidence Index for May;
FOMC voter and Atlanta Fed Chairman Bostic participated in a student Q&A;
Fed Director Waller delivered a speech;
The proposal vote on “Lido Alliance: Ethereum Alliance Ecosystem” will end at 12:00 on May 24;
The SEC will decide on May 24 whether to approve the spot Ethereum ETF application submitted by ArkInvest/21 Shares;
The Alliance for Super Artificial Intelligence (ASI) is scheduled to launch on May 24, and the merger of the three has been voted on by various communities to pass proposals;
Euler (EUL) will unlock approximately 4.66 million tokens at 00:17, worth approximately US$370,000, accounting for 0.34% of the current circulation;
ETH Berlin will be held from 24-26 May 2024 at the CIC Innovation Park, Berlin, Germany;

May 25

Animoca Brands Japan launches the “Fairy Tail” digital collection card to be launched on Quidd on May 25 at 05:00;
Notcoin’s 5% token distribution to community members and exchange users will end on May 25;
Acala (ACA) unlocked 4.66 million tokens at 08:00 a.m., worth about $500,000, accounting for 0.48% of the current circulation;
Bitcoin 2024;

5. Conclusion

Last week, the US CPI inflation data was slightly lower than expected to restore market confidence in BTC’s long-term bullishness, but the volatility in the short term is still high, and the macro side is still a key driver of the performance of the crypto market; in addition, investment and financing of the crypto marketThe number has ended the upward trend for two consecutive weeks, but the total scale of funds has remained basically the same, indicating that institutions are cautious in laying out their plans, while increasing their bets on bids, and the market is hot betting on the DeFi, infrastructure and GameFi fields.

This week, there are many important events and conferences, such as Crypto Expo Dubai 2024, Microsoft Build Developer Conference, and ETH Berlin, which will bring new technological innovation and cooperation opportunities to the industry.In addition, tokens worth about $1.3 billion will be unlocked one after another, including $340 million AVAX and $812 million PYTH, which will inevitably bring great selling pressure to the market. After two months ofThe price of AVAX and PYTH will most likely not fluctuate significantly after the token is unlocked.If the macro performance is good, market confidence will be further strengthened and the long-term trend will be more optimistic.

In addition, the voting for the US FIT21 bill is underway, which may become a key event in the history of US crypto-regulation and have a huge impact on the entire industry, providing strong positive trends at the macro level, and becoming an impact on subsequent industry trends andInvestors are advised to pay attention to the key factors in market changes.