Orange Evening Interpretation 5.16 The market on the chain is like a jumping machine, making me suddenly take off and land at high speed Most of the ten or so golden dogs that were released yesterday have died, and the high points of bump yapper UBER GLMPS Theranos WONDER have all dropped by 70-80%. The founder of Believe also stated last night that they will not recommend new projects in the near future, which seems to be unable to withstand the pressure of public opinion. As I said yesterday, the rise of Believe has caused even greater damage to the chain than before, such as pumps and bonds, because most of the previous platforms used internal dev coin issuance within the circle. The money earned from leeks will still be bought as sol or big cakes and left in the circle. Even Trump, who has no reason to withdraw the money, and even WLFi, who is still involved, will not hesitate to withdraw the money. I have been increasing my holdings within the cryptocurrency market, and this wave of believe has created a model that allows project developers or internet celebrities who were previously struggling in web2 to harvest in the cryptocurrency market. Most of these people will cash out after making money, and even believe in the app The main currency for transactions on the blockchain is the US dollar, which saves money on selling and cashing out. As a result, the funds in the cryptocurrency industry are constantly being drained by outsiders. This is also why it is so difficult to invest on the blockchain now. If every golden dog cuts a wave and leaves, the appreciation spiral of meme will disappear, and the on chain environment will become worse. Therefore, there is no need for more platform or financing model innovations in the cryptocurrency industry now. Without innovation or a true long-term narrative, the funds in the cryptocurrency industry will eventually be drained. Before new innovations emerge, I do not recommend everyone to participate in any form of PVP, And there is also a financing model that can be disguised by donating to create new projects. Nowadays, slightly better projects first seek funding from Binance, and Binance will only go to other platforms to raise funds if they don't like it. Big trucks that directly make money, such as San Shang You Ya and Watchcoin Mirai last night, have all failed. The ultimate goal of the project is to end the fundraising process, and the market value is also the highest. After going public, those who run faster will lose less, and those who run slower will be grateful. In short, the project team has received the money. Speaking of the overall market, the trend of the big pie is actually quite healthy. Although there was a slight correction during the day yesterday, it did not fall below 100000 yuan, indicating that the price is still very stable. Moreover, after the opening of the US stock market last night, it rose back and is still above 104000 yuan. If we say that this wave of market started in April, from the bottom of 70000 yuan to 100000 yuan, there is basically no major correction in the middle. In theory, the market needs to be adjusted now. After all, even the youngest young man cannot remain firm all the time, which is also unhealthy. In addition, yesterday's user data of Coinbase was stolen and investigated by the SEC, which can be considered bearish. So, the slight decline is really good. Last night's ETF still needs to be adjusted. Maintain a net inflow of 115 million, Strategy and BlackRock are currently competing to determine who holds the top position. Micro Strategy even directly predicts that the Big Dipper will exceed 100000 within 10 years, making the company one of the top global market capitalization. It is said that Micro Strategy will raise an additional $42 billion to buy the Big Dipper by 2027. In terms of state level government reserves, New Hampshire allows 5% of state assets to be allocated to the Big Dipper. Although Arizona has not passed a bill to use new funds to purchase Bitcoin, it has also passed a bill to confiscate or enforce Bitcoin reserves, and reserves in other states are also on the way. Therefore, in the long run, the Big Dipper still has a lot of room for growth. JPMorgan believes that the potential of the Big Dipper will surpass that of gold in the second half of the year, while Arthur believes that it is a superior tool for global financial mobile capital. Only able to move digitally in paper form, big cakes are much better assets. Ethereum's ETF experienced another outflow of funds last night, but this data does not represent anything until the staking function is launched. After all, ETFs are not the main battlefield of Ethereum, and BlackRock has already joined the application queue for staking function. There should be a lot of good news in the second half of the year. In fact, although ETH has followed the market correction, the ETH/BTC exchange rate is constantly rising, and now it has reached above 0.025. This is definitely a good thing. The previous knockoff bull market was driven by Ethereum. Although ETH is no longer the main currency for knockoff trading, Ethereum is still the market leader in staking, farm, rwa, NFT, stablecoin and other tracks. Therefore, I am still optimistic about ETH's future. In terms of performance, if Da Bing can take another wave of ath, then eth may lead the knockoff out of the berserker; The trend of other counterfeit currencies is also quite differentiated. Mainstream currencies are basically following the market, and popular projects such as meme, AI, fan coins, and inscriptions are in a state of being drained. Mainstream parties focus on ETF related projects, and now SEC is in a pro crypto state, with a high probability of passing. In addition, BNB's recent performance in new releases has been good, which makes BNB more practical and valuable compared to other mainstream assets, so it is also important to pay close attention to them; The peak of the new cryptocurrency NXPC was its listing, with FDV skyrocketing to 3.8 billion yuan. This market value is definitely overestimated, but it has now fallen to around 2.6 billion yuan. Considering that the current circulation is still relatively small and there is still water, it is not recommended to chase after it. Since the opening of Adventure Island was so hot, it did not drive the rise of the GameFi sector. It can be seen that it was caused by market making. It is said that many studios have entered the market now, and the profit rate of playing games and making gold is relatively low. It is said that the new account can only make one NXPC a day. I think it is reasonable to benchmark the market value of Adventure Island against AXS. Of course, due to the current peak popularity, the market value may be overvalued for a period of time.