BTC's broad fluctuation zone could be in the $60,000 - $66,000 range

April 26, 2024

Hot projects + Market overview

I. Mainstream exchange news

• OKX to list Meson Network (MSN) spot trading.
• Coinbase to list Aevo, Ethena, and Etherfi perpetual futures contracts on May 2nd.
• Binance to support the Horizen (ZEN) network upgrade.

II. Mainstream projects and trending events

• Users who pre-ordered the second generation of Solana Mobile phones have received approximately $400 worth of airdrops, a value closely matching the pre-order price of the phone.
• Pantera Capital buys part of 2,000 SOL from the FTX auction.
• Franklin Templeton tokenizes $380 million US Treasury fund on Polygon and Stellar.
• Magic Eden expands to the Base network.
• Consensys receives a Wells Notice from the US SEC and sues the SEC over Ethereum regulatory issues.
• The US SEC postpones its decision on spot Bitcoin ETF options listing to May 29th.
• Aethir announces the launch of the Aethir Cloud Drop event, which will last until May 12th.
• Modular blockchain Sophon announces SOPH tokenomics with 20% allocated to node operators.
• Merlin Chain opens up the unstaking of BTC, unstaking of BRC-20 and NFT will follow.

III. Funding news

• DePIN project Natix completes a $4.6 million funding round led by Borderless Capital.
• Decentralized map network Natix raises $4.6 million in funding led by Borderless and Tioga Capital.
• Immutable launches a $50 million crypto gaming incentive program, The Main Quest.
• Ethereum L2 Movement Labs, based on Move language, completes a $38 million Series A funding round led by Polychain Capital.
• Modular data layer CARV raises a $10 million Series A funding round led by Tribe Capital and IOSG Ventures.
• Web3 gaming project Anichess completes a $1.8 million funding round led by Sfermion and Amber Group.
• One-stop Web3 search engine Adot completes a $6 million funding round.
• Decentralized ZK Proof Verification Layer Aligned Layer completes a $20 million Series A funding led by Hack VC.

IV. Regulatory news

• UK law enforcement agencies can seize crime-related crypto assets without a conviction requirement starting April 26th.

V. Popular projects

Market Overview

BTC dropped to a low of $62,794 on April 25th and then rebounded. If it cannot stand above $66,000, the chance of a strong reversal forming an ascending flag will decrease. Given these conditions, Bitcoin might continue to explore possible lower support levels from the point of its $72,797 pullback. At present, the most optimal pick-up point stands at $62,000. If Bitcoin doesn't significantly breach below this mark, the possibility of it entering a sideways consolidation phase increases. As such, should it fissure below $62,000, the short-term risks would elevate and it might further probe short-term support levels roughly around the $60,000 mark. In this light, we view the $60,000 - $66,000 range as a broad fluctuation zone, anticipating the advent of Bitcoin's main ascending wave post-pullback.

BTC Spot ETF

Data as of April 25 shows a total net inflow of $12.12 billion into the BTC spot ETF, with a single-day net outflow of $174 million and a daily turnover of $1.92 billion. The net assets of the ETF currently represent 4.25% of the BTC market value. Main observations include:

GBTC: The single-day net outflow was $139 million, with a cumulative net outflow of $17.1 billion. The single-day turnover was $476 million, and the current net asset value is $19.3 billion.

IBIT: The single-day turnover was $913 million, other data yet to be updated.

FBTC: The single-day turnover was $309 million, with a single-day net outflow of $23 million, other data yet to be updated.

ARKB: The single-day net outflow was $31million, with a single-day turnover of $78.9 million, other data yet to be updated.

Lumiterra attracts market interests

Lumiterra, an open-world multiplayer survival and crafting game, offers players the opportunity to engage in battles, farming, and adventures in its vast realm either with friends or various mystical creatures collected. Having already undergone two series of beta testing (Beta1 and Beta2), Lumiterra is planning to further fine-tune the gameplay with a third round of tests in the upcoming future. The game, accessible for download at any given time, boasts considerable playability. Future enhancements, expected in the upcoming third iteration of beta testing, plan to extend the game across multiple blockchains, including TON, setting up expectations for its evolution.

Projects with High Recent Capital Activity

(1) PEPE: There have been continuous large-scale purchases on-chain. Amber just withdrew 110B PEPE from Binance, currently holding PEPE worth $5.26 million.

(2) WIF & POPCAT: WIF and POPCAT are two top memecoins on Solana have a high level of capital activity and are expected to grow into top-tier memecoins. The overall trend exhibits resilience against downward pressures and deserves further attention.

(3)MANEKI: MANEKI is a recently explosive memecoin on Solana. Early big buyers purchased $500,000, which is currently speculated to value around $80 million, with no signs of liquidation yet. MMANEKI has managed to draw considerable user engagement and market attention. Upcoming focus will be directed towards their potential listing on major exchanges and monitoring the cash-out patterns of early purchasers.

On-chain Daily

1. TRUMP: TRUMP is a memecoin sharing the name of former US president Donald Trump, with the slogan MAKE CRYPTO GREAT AGAIN. A 1% transaction tax is imposed for purchases/sales, used for donations to American veterans and child rescue organizations, with more than 400 ETH donated thus far.

Current Price: 5.27 USDT, All-Time High: 11.6 USDT. 24-Hour Change: -13%, Current Market Value: $245M.

2. Furie: Furie is a memecoin named after Pepe creator Matt Furie. Its token address begins with Furie's birthdate - August 14, 1979 (0x081479). 

Current Price: 0.0(9)767 USDT, All-Time High: 0.0(8)5USDT, 6-Hour Increase: +65% (Token launched on April 25th) Current Market Value: $320 thousand

3. BOOE: BOOE is short for Book of Ethereum, and it pays tribute to the formerly popular BOME (Book of Meme). 

Current Price: 0.0051 USDT, All-Time High: 0.04 USDT, 6-Hour Change: -3.52% (Token launched on April 25th), Current Market Value: $518 thousand

4. CatGPT: CatGPT is an AI-themed memecoin about cats on Solana.

Current Price: 0.0639 USDT, All-Time High: 0.094 USDT, 24-Hour Change: +350% 

Current Market Value: $30 million 

5. Higher: Originating from SocialFi Farcaster's Higher channel on the Base chain, this memecoin rallies a group of optimists who believe in the coin's potential for growth.

Current Price: 0.038 USDT, All-Time High: 0.11 USDT, 24-Hour Change: +16%, Current Market Value: $38 million 

6. MemeVerse: MemeVerse is a memecoin on the Base chain. It gathers characters from Boys Club and recreates them in the style of Marvel heroes, hence called meme heroes.

Current Price: 0.00065 USDT, All-Time High: 0.00091 USDT, 6-Hour Change: +372% (Token launched on April 25th), Current Market Value: $650 thousand 
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