《The Harvest》 — — Camille Pissarro

Preface:

Federal Reserve Chairman Powell hinted that it is unlikely to raise interest rates in the short term, leading to a general rise in global risk asset markets. In addition, with the US non-farm data lower than expected, the path of the Fed's interest rate cut may change from a leisurely walk to a sprint, prompting a surge in stocks, cryptocurrencies, and bonds, while the US dollar, gold, and oil weaken.

1. Investment and Financing Observations

Last week, there were a total of 32 investment and financing events in the cryptocurrency market, a 10.34% increase from the previous week, with a total funding of $150 million, a 27.18% decrease from the previous week:

In the DeFi sector, 9 investment and financing events were announced, with RWA company Securitize announcing the successful completion of a $47 million strategic financing, led by BlackRock; Ironlight completed a $12 million financing, with the majority of the investment coming from individual investors with a Wall Street background;

In the CeFi field, 1 financing event was announced, with the retail contract trading platform LazyBear announcing the completion of a $4 million USDT strategic financing, with participating investors and strategic partners including Gogeko Labs, DWF Labs, etc.;

In the GameFi sector, 6 investment and financing events were announced, including Swedish game studio Patriots Division raising $5 million for the Web3 game Shadow War;

In the infrastructure and tools sector, 5 investment and financing events were announced, with modular liquidity protocol Mitosis announcing the completion of a $7 million financing, led by Amber Group and Foresight Ventures;

1 investment and financing event was announced in the AI-related field, with Web3 developer platform Airstack completing a $4 million seed round financing, led by Red Beard Ventures;

7 other Web3/cryptocurrency application investment and financing events were announced, including Web3 content publishing platform Paragraph completing a $5 million financing, with participation from USV and Coinbase Ventures;

From a week-on-week perspective, the number of cryptocurrency market investment and financing transactions increased, but the total funding significantly decreased, with market enthusiasm focused on the RWA, GameFi, and Web3 fields. In terms of VCs, the active institutions this week were notably BlackRock and Electric Capital, mainly focusing on asset management and SocialFi fields.

According to Rootdata, the total financing amount in the cryptocurrency market in April was $1.025 billion, a 6.3% decrease from March's $1.094 billion, with a 10.5% decrease in the number of financings. In terms of financing totals by sector, the top three sectors were CeFi, DeFi, and tools & information services.

About Securitize

Securitize is a digital asset securities company whose mission is to provide shareholders with opportunities to invest and trade in alternative investments, raise funds for companies, manage shareholders, and provide potential liquidity for shareholders. Securitize has pioneered a fully digital integrated RWA platform for issuing, managing, and trading digital asset securities, compliant with the existing US regulatory framework, with a community of over 1.2 million investors and 3,000 companies.

About Ironlight

Ironlight, founded by Rob McGrath and Matt Celebuski, aims to tokenize private securities such as real estate, natural resources, fine art, public infrastructure, and private equity, which typically lack liquidity. Its goal is to become a regulated tokenized RWA market under the supervision of the US SEC.

About Kiosk

SocialFi project Kiosk is a Farcaster client that helps creators establish a community from 0 to 1 within the app. Creators can share media-rich ideas with their social graph, which can be minted as NFTs, gather like-minded collectors and collaborators in the channel, establish custom channel economies such as tips and distribution, and chat with their community — all within the Kiosk application.

2. Industry Data

After 7 consecutive days of net outflows, the US BTC Spot ETF saw its first net inflow

SoSoValue data: On May 3, Eastern Time, the total net inflow of the BTC Spot ETF in the US was $378 million, marking the first net inflow after 7 consecutive days of net outflows. Among them, Fidelity's FBTC had the highest single-day net inflow of $103 million, bringing FBTC's total historical net inflow to $8.03 billion.

Since the listing of the US BTC Spot ETF, its trend has been positively correlated with market dynamics. With the positive net inflow of the ETF, the recent market trend has also shown a slight rebound. In addition, the net inflow trend of the ETF is likely to strengthen in the following week, but the net inflow scale of GBTC is still not high, and the continued inflow may not be significant.

Currently, the total net asset value of the BTC Spot ETF is $51.021 billion, with an ETF net asset ratio (market value as a percentage of total Bitcoin market value) of 4.12%, and a total historical net inflow of $11.561 billion.

The ETF asset management scale in Hong Kong exceeds HK$2 billion, but falls short of expectations

Official data from the Hong Kong Stock Exchange: As of the close of May 3, the asset management scale of the three Hong Kong spot virtual asset ETFs listed by Huaxia, Jiashi, and Bosh HashKey reached 2.13069 billion Hong Kong dollars (approximately $255 million) in the first week of listing, nearly twice the asset management scale of virtual asset futures ETFs, which was approximately 1.192 billion Hong Kong dollars. Among them:

• The total trading volume of the BTC Spot ETF was $27.51 million, with a total holding of 4,220 BTC and a total net asset of $250 million;
• The total trading volume of the ETH Spot ETF was $4.92 million, with a total holding of 16,280 ETFs and a total net asset of $48.52 million;

This data shows a significant deviation from market expectations after the approval of ETFs in Hong Kong, but compared to data from Canadian ETFs and British ETNs, it appears relatively reasonable. We need to take a more rational view and evaluation of the market size and influence of Hong Kong, and continue to pay attention to its policy dynamics.

Hong Kong Spot ETF Data:

The asset management scale of the Boshi HashKey Bitcoin ETF is 447.22 million Hong Kong dollars, and the Ethereum ETF asset management scale is 90.82 million Hong Kong dollars;

The asset management scale of the Jiashi Bitcoin ETF is 449.39 million Hong Kong dollars, and the Ethereum ETF asset management scale is 89.87 million Hong Kong dollars;

The asset management scale of the Huaxia Bitcoin ETF is 904.49 million Hong Kong dollars, and the Ethereum ETF asset management scale is 148.9 million Hong Kong dollars, totaling over 1 billion Hong Kong dollars;

Hong Kong Futures ETF Data:

The Samsung BTC Futures ETF has an asset management scale of approximately 135.12 million Hong Kong dollars;

The Southern Dongying Bitcoin ETF is approximately 848.9 million Hong Kong dollars;

The Southern Dongying Ethereum ETF is approximately 208.06 million Hong Kong dollars;

ETH Stablecoin Trading Volume Breaks Monthly Record

According to The Block, over the past 3 months, the monthly trading volume of stablecoins on ETH has continued to grow, reaching a new monthly trading volume high in April. FDUSD in particular set a new monthly record.

In fact, much of this data contribution comes from the use of DAI in MEV transactions, where a large amount of DAI is minted and returned in a single transaction, significantly boosting the trading volume data for DAI. Even excluding flash loans, the stablecoin trading volume still performs well, indirectly indicating the steady rise in activity in the ETH ecosystem.

About DAI Trading Data:

According to The Block's data, the trading volume of DAI in April reached a high of $636 billion, accounting for a major portion of the total on-chain trading volume of Ethereum stablecoins, with a total trading volume of nearly $1.2 trillion that month. Compared to March, the trading volume of DAI in April more than tripled.

At the same time, the supply of DAI has increased by approximately $1 billion since March 7, bringing the current total supply to $5.44 billion. Although the trading volume of other stablecoins has also increased, the share of DAI in the total stablecoin supply has slightly increased during this period.

Tesla Adds DOGE Payment, DOGE Surges Over 20%

Information from the Tesla website: Some of its products support payment with Dogecoin, and these products will display the Dogecoin symbol next to the order button. Buyers only need to transfer Dogecoin to Tesla's Dogecoin wallet and make the payment. Following this news, according to CoinGecko data, DOGE surged over 20%, breaking the $0.168 level and currently trading at $0.162.

While Tesla's support for Dogecoin payments has been in preparation for a long time, its implementation still represents further integration between the cryptocurrency industry and traditional markets. Through Tesla's global influence, more people are beginning to perceive and engage with cryptocurrency assets.

According to Wayback Machine, the "Payment, Checkout, and Pricing" page of the Tesla official website was last snapshot on February 28 of this year, while the Dogecoin FAQ page has been in existence since January 2022.

In addition, the products currently supported for purchase with Dogecoin on the Tesla official website do not include Tesla cars, but mainly include small peripheral products such as clothing, toys, children's electric four-wheelers, hats, stainless steel whistles, and commemorative belt buckles, and these products are not sold through official channels in China.

3. VC Holdings

Note: The above data is from https://platform.arkhamintelligence.com/, as of May 6, 2024, 18:00 (UTC+8).

4. Focus This Week

May 7th

• FOMC voting member and Richmond Fed President Barkin speaks on economic outlook;
• FOMC permanent voting member and New York Fed President Williams speaks;
• L2 network Mode, based on OP Stack, launches governance token MODE with a total supply of 10 billion;
• Hackathon submission phase hosted by TRON in collaboration with HTX DAO, BitTorrent Chain, and JustLend DAO continues until May 7th;
• Bitcoin Devcon hosted by UTXO Management takes place in Hong Kong on May 7th and 8th;

May 8th

• US weekly EIA crude oil inventory data;
• Federal Reserve Vice Chair Jefferson speaks on the economy;
• FT Crypto & Digital Assets Summit;

May 9th

• US weekly initial jobless claims;
• Bank of England interest rate decision announcement;
• Bitcoin Summit (Bitcoin Asia) takes place in Hong Kong from May 9th to 10th;

May 10th

• US one-year inflation rate expectations;
• University of Michigan Consumer Sentiment Index;
• Fed Governor Bauman speaks on financial stability risks;
• EigenLayer plans to start token distribution on May 10th, issuing 5% of the token supply based on the snapshot from March 15, 2024;
• Biconomy airdrops ARB to BICO stakers, with the deadline for claiming ending on this day;
• Kraken will delist privacy coin Monero (XMR) from the Ireland and Belgium markets and stop accepting deposits from May 10th;

May 11th

• Fed Governor Barkin speaks;
• China's April CPI year-on-year rate announcement;
• Moonbeam (GLMR) will unlock approximately 3.04 million tokens, worth about $920,000, accounting for 0.35% of the circulating supply;

May 12th

• Decentralized GPU cloud infrastructure Aethir's airdrop event Aethir Cloud Drop continues until May 12th;
• Jupiter LFG Launchpad's second phase project UpRock is set to launch reputation proof and TGE events on May 12th;

5. Conclusion

Although the cryptocurrency market experienced some localized fluctuations last week, the increase in investment and financing activities demonstrates the vitality and long-term growth potential within the industry. In particular, the increased investor focus on the RWA, GameFi, and Web3 sectors suggests that these areas may become new market growth points. Additionally, the performance of BTC and ETH ETFs, as well as Tesla's support for DOGE payments, indicate that cryptocurrency assets are increasingly being perceived and accepted in broader financial and consumer markets.

This week, the release of US EIA crude oil inventory data and one-year inflation rate expectations, the Bank of England's interest rate decision, and China's CPI year-on-year data are likely to have a significant impact on the subsequent market trends. With the Fed slowing the pace of balance sheet reduction, although lingering concerns about inflation persist, the improvement in market liquidity is gradually becoming apparent. Unless extreme bearish news emerges, the entire market is expected to enter a phase of valuation recovery.

The current market still faces many uncertainties, but in the long run, with the improvement in macroeconomic conditions and positive trends, as well as the increasing mainstream market acceptance, the potential of the cryptocurrency market will be further unleashed, ushering in a new round of market trends.

免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。