Cryptocurrency Market Performance

Currently, the total market value of cryptocurrencies is 13.4 trillion, with BTC accounting for 52.65%.

This week, influenced by the net inflow of Bitcoin spot ETF and the favorable approval of Ethereum spot ETF, the market has shown an upward trend. BTC reached a high of $72,000, and over the weekend, it traded sideways at a high of $67,000-$68,000.

This week, the net inflow of the US Bitcoin spot ETF was $1.057 billion, and the net inflow of the Hong Kong Bitcoin spot ETF was $4.8238 million, with a total net inflow of $1.061 billion for Bitcoin spot ETFs.

This week, both altcoins and MEME projects have seen some gains. Among them, ENS, PEPE, PEOPLE, DOG, etc., have performed well. It is worth mentioning that CEL, which we mentioned in our market insights in the past two weeks, https://www.chaincatcher.com/article/2124562, surged over 150% within 24 hours on May 24th-25th due to the official destruction of 94% of the total supply by Celsius Network.

The "Fear & Greed Index" is at 76, showing greed for the entire week.

Current Insights

Review of Major Events of the Week

1. Grayscale: Chief Financial Officer Edward McGee will temporarily serve as CEO until August 15th.

2. LayerZero Alliance: The witch reporting process will reopen in the next one or two days, with changes to the submission method and the introduction of a "margin" system.

3. Galaxy Research Director: SEC may recognize ETH itself as a non-security, while staked ETH is considered a security.

4. Fidelity submitted an updated version of its Ethereum spot ETF S-1 application.

5. Vitalik: Personally believes that in 10 years, all rollups will be ZK.

6. Bitget appointed Gracy Chen as CEO.

7. Farcaster's total user count has exceeded 380,000, with an average of over 1.24 million casts published per day in the past 30 days.

8. Mocaverse announced the details of the MOCA token airdrop, with Moca NFTs distributing 10% of the total MOCA supply, with the airdrop total capped by the unlocking restrictions of the first two batches of network incentives.

9. The third round of LFG voting for Jupiter has now begun, with three projects including Divvy Bet and deBridge.

10. The second phase of the Binance Megadrop will launch Lista (LISTA).

11. Telegram will introduce the in-app currency Telegram Stars to address payment restrictions on the Apple App Store.

12. Data: The staking rate of Ethereum has reached 27.15%, and Lido's market share is at 28.54%.

13. The prediction of the timeline and market impact of the Ethereum spot ETF by Shenyu: S-1 may be approved in early June, and institutional investors may gradually enter the market after December.

Macroeconomic News

1. On May 22nd, Uniswap Labs responded to the SEC's Wells notice: they are ready to fight and will continue to build.

2. On May 23rd, according to the Federal Reserve's Survey of Household Economics and Decisionmaking (SHED) released on the 21st, 7% of surveyed US adults reported using cryptocurrencies in the 12 months ending in October 2023, down from 10% in 2022 and 12% in 2021. Only 1% of adults reported using cryptocurrencies as a payment method or remittance, halving from 2022, while 7% of adults purchased or held cryptocurrencies as an investment.

3. On May 22nd, according to CME's "FedWatch" data, the probability of the Fed maintaining interest rates in June is 96.3%, and the probability of a 25 basis point rate cut is 3.7%.

4. On May 24th, the US Securities and Exchange Commission approved 19b-4 forms for multiple Ethereum spot ETFs, including those from BlackRock, Fidelity, and Grayscale. Although the forms have been approved, ETF issuers need to have their S-1 registration statements become effective before trading can begin. The SEC has just started discussions with the issuers about the S-1 forms. It is currently unclear how long this process will take, but some analysts speculate it may take several weeks.

ETF

According to statistics, from May 20th to May 25th, the net inflow of the US Bitcoin spot ETF was $1.057 billion. As of May 25th, GBTC had a total outflow of $17.641 billion, and the total holdings of the US Bitcoin spot ETF were $13.687 billion, while the total holdings of the Hong Kong Bitcoin spot ETF were $231 million.

Future Outlook

Upcoming Events

1. The decentralized cloud computing platform Akash Network will hold the "Akash Accelerate '24" summit in Austin, Texas on May 28th, focusing on decentralized artificial intelligence (AI).

2. Blockchain Week Rome will be held from May 28th to 31st, 2024.

3. Consensus 2024 will be held from May 29th to 31st, organized by CoinDesk, aiming to bring together developers, investors, and founders to address industry challenges.

4. Bitcoin Seoul 2024 will be held in Seoul, South Korea from May 29th to 31st, bringing together the smartest minds in policy, finance, human rights, and technology, with a focus on Bitcoin.

5. The US Department of Justice will hold a workshop on competition in the AI industry at Stanford University on May 30th, bringing together industry leaders, researchers, and government officials. The industry leaders scheduled to speak at the workshop include DeepLearning.AI founder Andrew Ng, as well as officials from the US and UK governments.

Project Updates

1. The second Dora Vota incentive testnet of Dora Factory will launch on May 27th, with the deadline for validator applications being May 24th.

2. The Solana mainnet v1.18 is expected to be released on May 27th to address congestion issues. It is recommended that all nodes upgrade to v1.18 at that time.

3. The listing and trading of Bitcoin spot ETF options by the US Securities and Exchange Commission (SEC) has been postponed to May 29th.

4. The reward airdrop for Renzo ezPoints Season 1 in the Ethereum re-staking protocol is open for claiming REZ until May 30th. Any unclaimed tokens will be added to the airdrop for Season 2.

5. The second season reward program "Ignition" of io.net will run from May 1st to May 31st, with a random snapshot on May 31st, distributing 7.5 million IO tokens to Workers. Workers must be active and pass the PoW verification during the snapshot period to be eligible for the distribution.

Important Events

1. The London Stock Exchange will launch the trading of Bitcoin and Ethereum Exchange Traded Notes (ETNs) on May 28th, 2024.

2. Former FTX executive Ryan Salame, who admitted to criminal charges, will stand trial in a New York court on May 28th. Salame's sentencing will begin at 11 a.m. Salame admitted to conspiring to make illegal political contributions and operating an unlicensed money transfer business in September last year.

3. The UK has been consulting on its plans to implement the Organization for Economic Cooperation and Development (OECD) crypto report framework, with the consultation ending on May 29th.

4. The U.S. Securities and Exchange Commission (SEC) will decide on May 30th whether to approve the spot Ethereum ETF application submitted by Hashdex.

5. The bankruptcy court has verbally approved a global settlement agreement between Gemini, Genesis, and other creditors in the Genesis bankruptcy case. Gemini and Genesis are expected to distribute an initial allocation to Earn creditors at the end of May or early June, approximately 97% of the digital assets owed to their users. The remaining allocation will be recovered from Digital Currency Group (DCG).

6. Entities in Hong Kong that have not applied for a virtual asset trading platform license are required to cease operations in Hong Kong by the end of May.

Token Unlocking

1. Acala's token ACA will unlock 4.66 million tokens worth approximately $507,000 at 8:00 on May 25th, accounting for 0.48% of the circulating supply.

Hotcoin is a licensed CEX with 6 million users, aiming to provide decentralized, secure, and reliable digital currency trading and asset management services to global users.

Hotcoin Research is the research department of Hotcoin. The team is committed to providing objective, independent, and comprehensive analysis, aiming to become an authoritative insight platform in the cryptocurrency field. Analysts will regularly publish insightful articles: dissecting industry insights, in-depth analysis of potential projects in popular tracks, tutorial-style research reports on mastering WEB3, striving to show users the most user-friendly and authentic WEB3.

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。