1. Summary of Industry Dynamics
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1. Summary of Industry Dynamics
Last week, the encryption market showed strong resilience and resilience. From Monday to Wednesday, Bitcoin rose 12% during the rising stage of U.S. stocks. On Friday, it began to follow the U.S. stock market correction, but on Saturday domestic time withstood the pressure of U.S. stocks to continue to pull back and completed the rebound , and continued to rise slightly over the weekend, and the weekly line also completed a strong breakthrough. The trading volume of the exchange continued to rise to 33 Billion USD. As of writing, Bitcoin closed at 24901.2, up 13.47% during the week, with an amplitude of 17.83%; Ethereum closed At 1696.07, it rose 12.08% within a week and the amplitude was 18.55%.
The news this week is actually not very positive, but quite negative. First, the SEC sued Paxos for issuing BUSD as an unregistered security. Then Paxos announced the end of its partnership with Binance on BUSD and gave BUSD a one-year It can be fully supported and redeemed until 2024. In addition, there are rumors that Binance will delist Altcoins in the United States, but this rumor has been refuted by CZ. Coinbase said in its official tweet that stablecoins are not securities , but a fairer and more efficient financial tool. Perhaps the current functions and popularity of stablecoins have affected the legal currency itself to a certain extent, and a greater degree of supervision will follow. Coinbase also welcomes regulatory agencies and policies. Formulators have a dialogue about this.
On the other hand, the U.S. stock market has a feeling of continuous rise in the first three days of this week. It was not until Thursday afternoon that the market began to dive. On Friday, it opened lower and moved lower. Focusing on the issue of raising interest rates, short sellers can seize the opportunity to raise interest rates and make fuss over and over again. The main argument is the three major data released in February: employment data, retail sales data and CPI all point to the overheating of the economy.
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industry data
1) Stablecoins
industry data
1) Stablecoins
As of February 19, 2023, the total supply of the top four stablecoins (USDT, USDC, BUSD, DAI) was about 130.79 billion, little changed from last week, with a slight decrease of about 230 million (-0.18%). Slight outflow.
Among the three major legal currency stablecoins, the supply of USDT has risen sharply, with an increase of about 1.977 billion (2.89%) this week. The upward trend continues. After 8 months, the supply has returned to more than 70 billion. The supply of USDC ended its consecutive decline and increased by about 509 million (1.23%) this week.
2) BTC miner balance
The BTC miner address balance indicates the total BTC holding balance marked as the miner address on the chain, including Foundry USA, F 2 Pool, AntPool, Poolin, Binance and other addresses.
This data is usually used to judge miners' interest in the current BTC price. When the miner's balance increases, it usually indicates that the chips are in a state of accumulation; when the miner's balance decreases, it indicates that the miners are selling or mortgage their BTC.
The BTC miner address balance indicates the total BTC holding balance marked as the miner address on the chain, including Foundry USA, F 2 Pool, AntPool, Poolin, Binance and other addresses.
This data is usually used to judge miners' interest in the current BTC price. When the miner's balance increases, it usually indicates that the chips are in a state of accumulation; when the miner's balance decreases, it indicates that the miners are selling or mortgage their BTC.
According to OKLink data, the balance of miners has been in a slow downward trend in the past 6 months, but the overall change has not been significant. Miners are still accumulating chips. As of February 18, the balance of miners hit a new high this year.
Compared with ETH under the POW mechanism, the supply under the POS mechanism has decreased by about 1.81 million, and the annualized inflation rate has dropped from 3.5% to -0.52%.
2. Macro and technical analysis
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2. Macro and technical analysis
The market has basically returned to the previous platform. Since the overall macro is still bearish, there are still downward expectations. It is recommended to increase positions on dips and not to chase higher
Arh 999 ： 0.66
MVRV: 1.24
The two-year U.S. bond ushered in a wave of gains, and the market began to move in line with the Fed's expectations
3. Summary of investment and financing
3. Summary of investment and financing
Investment and financing review
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Investment and financing review
From February 13th to February 19th, 2023, there were 27 investment and financing events disclosed in the encrypted VC market, with a cumulative financing amount of more than 216 million US dollars; (https://www.rootdata.com/Fundraising)
During the reporting period, there were six incidents in which the amount of financing exceeded US$1,000w:
Swiss digital asset company Taurus SA raised US$65 million through equity financing. Credit Suisse Group led the investment, and Deutsche Bank and Pictet Group participated in the investment. Its products allow financial companies to store and issue digital assets, and operate a regulated communication platform. Securities trading market.
Monad Labs, an EVM-compatible Layer 1 blockchain project founded by Keone Hon, the former head of research at Jump Trading, has completed a $19 million seed round of financing, led by Dragonfly Capital.
Alongside, an encryption index platform, completed a financing of US$11 million, led by a16z, and participated by Coinbase Ventures and others. Its first product, the Alongside Crypto Market Index (AMKT), provides broad access to the entire cryptoasset market through a single token.
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Institutional dynamics
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4. Encrypted ecological tracking & the latest developments in digital non-performing assets
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1. The latest developments in digital non-performing assets
BlockFi: Bankruptcy Progress Tracker
BlockFi Inc, a cryptocurrency lending company with close financial ties to FTX, filed for U.S. chapter 11 bankruptcy protection on November 28, 2022, becoming the first major digital asset company to file for bankruptcy since FTX. The company's top 10 creditors alone have nearly $1.2 billion in claims, according to the company's filing with the U.S. Bankruptcy Court in New Jersey, and the total debt could be much larger.
Latest developments: On February 14th, BlockFi issued an official tweet and made a statement that BlockFi customers will be able to declare important information about the proof of claim process (Proof of Claim , Account History, Account Statement, etc.). The deadline to submit proof of claim is March 31, 2023 at 17:00 ET.
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( 1) NFTs
NFT Market of the Week
2. NFTs & Metaverse
NFT Market of the Week
Market overview: The performance of the NFT blue chip index this week is very optimistic. After showing a two-week downward trend, there has been a small and steady rise since the beginning of last week, and it has also risen to a certain extent compared with last week. The blue-chip index has also returned to the position it was 30 days ago. As of February 17, the NFT blue-chip market has a trend of recovery, and the market heat is approaching a neutral position for the first time in the past six months.
Market activity: The holders of the NFT market rose slightly this week (+0.31%), the activity of traders decreased compared to last week, -1.65%, buyers increased by +4.15% year-on-year, and sellers decreased by -2.69 year-on-year %, the overall change is not significant.
This week's Metaverse project overview:
This week's Metaverse project overview:
The overall performance of the 10 top blue-chip projects in the Metaverse sector this week was relatively stable, and the total transaction volume still showed an upward trend, with an increase of 8.21% within 7 days. It is worth mentioning that the three leading projects in the Metaverse Floor prices have risen slightly, and land prices remain in the range of 0.9-2.02 ETH. In terms of total market capitalization, the top three metaverse projects are still Otherside, Decentraland and the Sandbox. This week's metaverse temperature index also reached a relatively active range for the first time after several weeks.
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3. GameFi blockchain games
(1) Overall review
Generally speaking, the Gamefi industry has experienced a general rise, but the actual number of players and the amount of interaction on the chain continue to decline, which is the "superficial prosperity" brought about by the market. From the perspective of Token price, all of the top 10 chain games by market value have risen, and WEMIX PLAY led the rise this week, with a rise of 69.23% in the past week (WEMIX PLAY tokens are listed on the new exchange coinone, and release tokens for destruction, quarterly financial reports, etc. The series is positive. WEMIX PLAY is a blockchain game ecosystem including game platforms, data, defi, communities, media, etc.).
Judging by the amount of on-chain contract interactions, 80% of the top ten active chain games have experienced a decline in interaction activity in the past week. The chain games that entered the top ten in the past were short-lived, and it is still the old games that occupy the top ten list. It can be seen that although the price of tokens has risen in the past week, actual players have been lost, and the performance of new products has not been impressive.
Data source: https://dappradar.com/rankings/category/games
Recommended reasons for attention: Arbitrum’s second most popular chain game project after Treasure Dao; Risk to Earn’s narrative
product:product:
Economic Model:Trident is a 2D MMO (Massively Multiplayer Online) game. The main gameplay of Trident MMO is exploring the world, harvesting resources, territorial wars, bounty missions, poaching alien creatures, etc. It is still in the closed beta stage. Among them, Sprite Duels is an instant pet battle game with a relatively simple gameplay. There is also a Trident practice mode, Legacy Trident, by moving up, down, left, and right to jump and space to shoot bullets.
Economic Model:
Trident adopts the R 2 E (Risk to earn) model, hoping to break the downward spiral of P2E. R 2 E is Risk to Earn. Players and token holders can bet to earn income, and the income from the agreement will be fed back to tokens.
Example: When one person loses a game and another person wins a game, the winner gets a bounty of "Risk" from the loser. The wagered tokens are either exchanged between players, and a small portion goes to the treasury, where it can be traded on the open market. Players do not increase the supply of tokens by playing the game.On February 5th, Trident announced that it had completed a financing of US$3 million at a price of each PSI ($1.4305) through Token public offering. The market cap of PSI FDV reached 1650 w USDC.
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