Hotcoin Academy Market Insights - April 15-21, 2024

Cryptocurrency Market Performance

BTC ETF experienced net outflows this week, with significant declines in the market. BTC briefly fell below $60,000, and ETH dipped below $2,800, primarily moving sideways, with a slight recovery trend over the weekend. BTC's market share reached a new high since April 2021, currently valued at $1.28 trillion, accounting for 53.62%. BTC has completed its fourth block reward halving this week, with optimistic expectations for future market developments, although the market will not recover overnight.

Weekly Major Events Review:

1. The Hong Kong Securities and Futures Commission has approved the joint management of Bitcoin and Ethereum spot ETF products by Huaxia Fund, HashKey Capital, and Bosera Fund, as well as by Harvest Investment;

2. Vitalik personally holds over $750 million in ETH stored in Safe;

3. Data shows that among the top 50 tokens by market capitalization this year, only 6, including DOGE, SHIB, and STX, have outperformed BTC;

4. Analysis: The approval of spot Bitcoin and Ethereum ETFs in Hong Kong will release institutional demand during Asian trading hours;

5. Puffer completed a $18 million Series A financing round, co-led by Brevan Howard Digital and Electric Capital;

6. UniSat: has supported the testnet for Runes and launched the UniSat OpenAPI for Runes;

7. Goldman Sachs: Historical Bitcoin halving cycles should not be over-interpreted; Bitcoin's continued rise may depend on the inflow amounts of spot ETFs;

8. Binance launched a new token issuance platform, Megadrop, with its first project being BounceBit (BB);

9. JPMorgan: Bitcoin may decline after the "halving" as the market remains overbought;

10. Merlin airdrop tokens will be unlocked in batches, with 50% unlocked in the first month;

Macroeconomics

1. On April 17, Federal Reserve Chairman Powell stated, "The strong inflation in the first quarter has introduced new uncertainties regarding whether and when the Fed can cut rates later this year. If high inflation persists, the Fed can maintain current rates as long as necessary."

2. The futures market indicates that expectations for Fed rate cuts have further declined following Powell's comments on inflation, with investors now betting on only one or two rate cuts this year, expected to be around 40 basis points.

ETF

Total outflows: $16.731 billion, net inflows: $12.328 billion.

Event Preview

Southeast Asia Blockchain Week will be held in Bangkok, Thailand, from April 22 to 28.

Project Progress

1. The multi-chain yield protocol Magpie's SubDAO organization Eigenpie LST, which provides liquidity re-staking services, will launch withdrawals on April 22, allowing LST deposit users on the platform to cancel their asset staking while retaining their accumulated points.

2. The NFT marketplace Magic Eden will launch the Runes trading platform on April 23.

3. The digital asset management platform Safe's token SAFE will be transferable starting April 23.

4. Binance will conduct a scheduled system upgrade from April 23, 14:30 to April 23, 17:30 (UTC+8) to enhance overall system performance and stability. During the upgrade, users may encounter system errors while using the Binance website or app.

5. The AI Crypto Hackathon, hosted by BeWater and co-initiated by ABCDE, OKX Ventures, SevenX Ventures, and BNB Chain, will officially launch on April 24, with registration open on the BeWater platform.

6. The Filecoin network upgrade coordinator has decided to postpone the nv22 network upgrade to April 24, due to the need to track and assess the status of the STFIL Protocol.

Token Unlocking

1. SPACE ID token ID will unlock 18.49 million tokens on April 22 at 8:00, valued at approximately $15.29 million, accounting for 4.29% of the circulating supply.

2. Cartesi token CTSI will unlock 21.43 million tokens on April 23 at 12:00, valued at approximately $4.66 million, accounting for 2.73% of the circulating supply.

3. Yield Guild Games token YGG will unlock 16.69 million tokens on April 27 at 22:00, valued at approximately $15.71 million, accounting for 5.33% of the circulating supply.

4. SingularityNET token AGIX will unlock 8.84 million tokens on April 28 at 8:00, valued at approximately $8.78 million, accounting for 0.69% of the circulating supply.

Important Events

The U.S. Securities and Exchange Commission (SEC) document states that Ripple must submit a response to the SEC ruling by April 22, 2024, and the SEC has requested a $1.95 billion fine against Ripple Labs from a New York judge.