《Wheatfield with Crows》 ------ Vincent van Gogh

Introduction:

As Powell comments on inflation data, investors bet that there will only be one or two rate cuts this year; although leverage in the market has gradually been cleared, and the fourth Bitcoin halving has been completed, the price of BTC still faces significant pressure.

1. Investment and Financing Observation

Last week, there were a total of 34 investment and financing events in the crypto market, an increase of 25.9% month-on-month, but the total funding amount was $144 million, a decrease of 68.2% month-on-month :
In the DeFi sector, 11 investment and financing events were announced, among which the on-chain financial platform Centrifuge announced the completion of a $15 million Series A financing, led by ParaFi Capital and Greenfield;
In the blockchain gaming sector, 3 investment and financing events were announced, among which the crypto game studio AVALON completed $10 million in financing, led by BITKRAFT Ventures and HASHED;
In the infrastructure and tools sector, 8 investment and financing events were announced, among which the account abstraction application Plena announced the completion of $5 million in financing, with participation from Big Brain Holdings and others;
In the NFT & Metaverse sector, 1 investment and financing event was announced, with the Bitcoin NFT project INK receiving $10 million in financing;
In the DePIN sector, 2 investment and financing events were announced, among which SendingNetwork, focused on Web3 communication, announced the completion of $7.5 million in seed extension financing;
In other Web3/cryptocurrency sectors, 9 financing events were announced, among which the real estate equity mortgage institution and tokenization platform Homium completed $10 million in Series A financing, led by Sorenson Impact Group and Avalanche's Blizzard Fund;

From the month-on-month data, the number of investment and financing events in the crypto market significantly rebounded last week, but the total funding amount saw a large decline, indicating a gradual cooling of market enthusiasm. In segmented fields, the investment and financing amount last week remained concentrated in the infrastructure direction; among VCs, the notably active institution this week was Electric Capital, primarily focusing on infrastructure and DeFi sectors.
About Puffer
A restaking project. Puffer is a native liquidity restaking platform built on Eigenlayer, introducing native liquidity restaking tokens (nLRT) that can accumulate PoS and restaking rewards.
About Centrifuge
RWA protocol. Centrifuge is a decentralized asset financing protocol that unlocks liquidity for real-world assets, allowing borrowers to finance their real-world assets without banks or other intermediaries.
About Thruster
Blast native DEX. Utilizing Blast's native yield, customized liquidity solutions, and a more streamlined user interface, it benefits traders, LPs, and developers.

2. Industry Data

Market Decline Rebounds, BTC Bullish Power Still Present

In the past week, bearish forces dominated market trends, with BTC falling below the $60,000 mark and ETH below the $3,000 mark, causing panic sentiment to spread in the market. From the options indicators, although ETH's bullish power is relatively weak and its ability to lead the market is limited, BTC's bullish power remains, and after the halving, BTC is likely to continue leading the market.

The trend of option prices represents the risk appetite of large holders. Last week, the significant drop in call option prices and the much higher prices of put options compared to call options, along with medium to long-term options dropping close to the zero axis, had the most direct impact on market sentiment, but BTC bulls were not weakened, showing a clear rebound.

Social Indicators Reflect Stage Trend Will Rise

Santiment's social trend indicators show: since late March, mentions of "bull market" or "bull cycle" on cryptocurrency social media have been declining, while mentions of "bear market" or "bear cycle" have been steadily increasing, and mentions of other keywords like "buying the dip" have also started to decline. Combining historical data and market performance, a rebound is likely to become the next stage market trend.

The data from Santiment's social trend indicators mainly comes from the analysis of content information from Telegram, Reddit, X, and 4Chan;
In terms of historical data correlation, the increase in mentions of the keyword "bear market" raises the probability of a market rebound; the decrease in mentions of the keyword "buying the dip" likely weakens BTC selling pressure;

BounceBit TVL Breaks $1 Billion

According to BounceBit's official data: on April 21, its TVL reached $1.042 billion, including $818 million in Bitcoin, $68.85 million in USDT, among other assets, with 77.83% being native assets restaked in Bitcoin.
BounceBit's investors include Blockchain Capital, Binance Labs, OKX Ventures, etc., and Binance's first phase of the Megadrop is BounceBit, suggesting that investors should pay close attention.

BounceBit is a native BTC collateral chain that uses a PoS mechanism, introducing a dual-token collateral system that leverages the security of native BTC and has full EVM compatibility. Through the CeFi + DeFi framework, BounceBit enables BTC holders to earn yields from multiple sources.

Base Chain Contract Deployers Set New Historical High

Token Terminal data: Recently, the number of daily contract deployers on Base Chain surpassed Arbitrum and BSC, reaching 21,700, setting a new historical high, becoming the second-largest public chain after Ethereum (Base protocol head Jesse Pollak's goal is to reach 1 million developers). According to Coin98 Analytics, Base Chain not only shows significant TVL growth but also far exceeds Ethereum's many L2 ecosystems in daily trading growth.
The impressive data performance of Base Chain reflects Coinbase's strong market position in competition with Binance and other platforms, as a compliant platform, it allows developers to access over 110 million verified users and $80 billion in assets within the Coinbase ecosystem, which is its greatest attraction to developers.

3. VC Holdings

Note: The above data is sourced from https://platform.arkhamintelligence.com/, statistical time: April 22, 2024, 17:00 (UTC+8).

4. This Week's Focus

April 22

• The SubDAO organization Eigenpie LST under Magpie providing liquidity restaking services will go live on April 22;
• Southeast Asia Blockchain Week will be held in Bangkok, Thailand from April 22 to 28, 2024;
• SEC documents state that Ripple should respond to the $1.95 billion fine ruling by April 22, 2024;
• The SPACE ID token ID will unlock 18.49 million tokens on April 22 at 8:00, worth about $15.29 million, accounting for 4.29% of the circulating supply;
• The Merlin ecosystem DEX MerlinSwap will start the esMP staking party at 14:00 Beijing time on April 22;

April 23

• The NFT market Magic Eden will launch the Runes trading platform on April 23;
• StarkWare's collaboration with decentralized AI project Giza will announce an AI project at the Starknet event in Berlin on April 23;
• Cartesi token CTSI will unlock 21.43 million tokens on April 23 at 12:00, worth about $4.66 million, accounting for 2.73% of the circulating supply;

April 24

• U.S. EIA crude oil inventory for the week;
• The AI Crypto Hackathon by BeWater will officially launch on April 24, with registration open on the BeWater platform;
• QnA3.AI's second airdrop claim will be open until April 24 at 20:00, with 5 million tokens available for 200,000 BNB and Solana chain users;

April 25

• U.S. initial jobless claims for the week;
• Registration for the BNB Chain second quarter online hackathon will close on April 25, with a prize pool of $470,000;
• The NFT market Magic Eden will launch on the Base network on April 25;

April 26

• U.S. March core PCE price index year-on-year;
• U.S. April University of Michigan consumer sentiment index final value;
• YGG will unlock 16.69 million tokens on April 27 at 22:00, worth about $15.71 million, accounting for 5.33% of the circulating supply.

April 27

• io.net launched its first phase of the points reward program on March 1, continuing until April 28;
• SingularityNET token AGIX will unlock 8.84 million tokens on April 28 at 8:00, worth about $8.78 million, accounting for 0.69% of the circulating supply;

5. Conclusion

Last week, the number of investment and financing events in the crypto market significantly rebounded, but the total funding amount saw a large decline, indicating that institutional investors are becoming more cautious; additionally, the drop in call option prices, the much higher prices of put options compared to call options, and the social indicators showing a low market sentiment also reflect a gloomy state.
This week, the market is showing a rebound trend, especially after BTC's fourth halving, accompanied by the breakthrough growth of BounceBit's TVL and the launch of Runes, with BTC on-chain data showing extremely active performance. Strong ecosystems like Base and TON have been almost unaffected by market changes, and a rebound is likely to be the next stage trend, but the battle between bulls and bears remains intense.
Moreover, during the Token2049 conference, projects in sectors such as AI, Restaking, RWA, and the BTC ecosystem are active and hot, which could become important factors driving the market further warming. Investors are advised to remain vigilant, pay attention to risk management, and keep an eye on innovations and developments in related sectors.
Note: All views above are for reference only and do not constitute investment advice. If there are any objections, please feel free to contact us for corrections.

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