Cryptocurrency Market Performance

The overall cryptocurrency market has shown signs of recovery this week, entering a period of oscillating upward movement after the halving of BTC. BTC has been hovering around $62000-66000, while ETH has been hovering around $3100-3300. With the Hong Kong Stock Exchange set to begin trading the Grayscale Bitcoin and Ethereum spot ETFs on April 30, there was a small rally in the weekend market. In terms of altcoins, most of them experienced a 10-20% decline. The trending new projects include SAFE and MANEKI, while popular projects in the Rune track are Satoshi, DOG, and LOBO.

Review of Major Events of the Week

1. Analysis: Justin Sun's address may have increased holdings by nearly 300,000 ETH in the past two months.
2. Galxe initiated a vote to change the token name from "GAL" to "G" and proposed a 1:60 split.
3. CoinShares: Some Bitcoin mining companies may shift their focus to the AI field after the halving.
4. The SHIB team completed a $12 million financing round with participation from Polygon Ventures.
5. Data: EigenLayer TVL surpassed $15 billion.
6. Asset management giant Bitwise: Expects Bitcoin to continue testing new highs in the next 12 months.
7. Possibly incentivized by related activities, Linea Network's TVL exceeded $700 million, reaching a historical high with a weekly growth rate of 19.88%.
8. The US Department of Justice lawyer seeks to sentence CZ to 36 months in prison and a $50 million fine.
9. FDUSD issued approximately 500 million tokens within 24 hours, with 80% of the total participating in Binance's current new coin mining.
10. Since its launch, Rune trading has accounted for 68% of all Bitcoin trading.
11. Sui's semi-annual report: Daily DEX trading volume increased by 3689%, and TVL increased by 1459%.
12. Arthur Hayes: US Treasury Secretary Yellen may introduce a massive liquidity injection plan to accelerate the return of the crypto bull market.
13. Vitalik: PoW is also quite centralized, and PoW is just a temporary stage before transitioning to PoS.
14. ConsenSys founder: Any received DEGEN tips will be used to defend the Ethereum ecosystem.

Macroeconomics

1. On April 24, Huaxia Fund (Hong Kong), CSOP International, and Bosera International announced that the first batch of Hong Kong Bitcoin spot ETF and Ethereum spot ETF products applied for by the three fund subsidiaries have been approved by the Hong Kong Securities and Futures Commission. They are scheduled to be issued on April 29 and listed on the Hong Kong Stock Exchange on April 30. This marks the first launch of such products in the Asian market, aiming to provide investment returns anchored to Bitcoin and Ethereum spot prices (net of fees and expenses).

2. On April 26, CICC's research report stated that the actual GDP for the first quarter of 2024 in the United States was 1.6% on a quarter-on-quarter annualized basis, lower than the market's expectation of 2.4% and lower than the 3.4% in the fourth quarter of last year. If inflation remains elastic, it will raise the threshold for the Fed to cut interest rates, allowing the dollar interest rate to stay at a high level for a longer period. The institution reaffirmed its previous judgment that the Fed may only cut interest rates once this year, likely in the fourth quarter.

3. On April 26, asset management company Vanguard stated in a report that it expects the European Central Bank to start cutting interest rates in June.

4. On April 27, according to DTCC data, the Franklin Templeton asset management company's spot Ethereum ETF "FRANKLIN ETHEREUM TR ETHEREUM ETF" (code EZET) has been listed on the DTCC (Depository Trust & Clearing Corporation) website, with the "Create/Redeem" column showing "Y".

ETF

According to statistics, from April 22 to 26, the total outflow of Bitcoin ETFs was $17.185 billion, with a net inflow of $12 billion. (The net inflow total has decreased compared to the previous week.)

Upcoming Events

The Bitcoin Asia 2024 conference will be held in Hong Kong from May 9 to 10, with the participation of Bitcoin ecosystem projects, investment institutions, and the issuer of the Hong Kong Bitcoin spot ETF.

Project Progress

1. The Bitlayer Bitcoin L2 project's incentive program "Ready Player" for the first phase had a registration deadline of April 29, with total rewards exceeding $50 million. The program is mainly aimed at projects deployed on the Bitlayer mainnet.

2. Coinbase Institutional will launch DOGE futures trading on April 29.

3. NFT lending protocol NFTfi plans to open token applications at the end of April. NFTFI is a native ERC-20 token with a total supply of 2 billion, with an initial circulation of 220 million. Token distribution details are as follows: 25% of tokens will be allocated to the community and rewards; 23.3% will be used for the foundation and ecosystem; 35.6% will be allocated to early strategic supporters; and 16.1% will be allocated to core contributors.

4. OKX has closed its services in India and requested Indian users to close their accounts and redeem funds by April 30.

5. Social platform UXLINK announced the upcoming first season airdrop, expected to cover 10% of active users. The airdrop will be distributed through NFT certificates, with casting expected to begin on May 3 through inviting friends, on-chain interactions, and connecting wallet assets.

6. The Avail token airdrop verification date continues until May 5, with the Avail token airdrop plan distributing a total of 600 million AVAIL tokens to 354,605 wallet addresses.

7. Unclaimed approximately 1.39 million DMAIL tokens from the first season of the Dmail Network airdrop will be used for the next round of airdrops, scheduled for May or July 2024.

Important Events

1. The deadline for submitting withdrawal requests for BlockFi's initial bankruptcy assets is 7:59 on April 29, and user identity verification information requests must be submitted by 7:59 on May 4.

2. The Hong Kong Stock Exchange will begin trading the Grayscale Bitcoin and Ethereum spot ETFs on April 30.

3. The sentencing hearing for Binance founder and former CEO Zhao Changpeng has been postponed to April 30. It was originally scheduled to take place on February 23, 2024, at 9:00 Pacific Time (February 24, 2024, at 1:00 Beijing Time).

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