This weekend, Grayscale began pushing the SEC, stating that due to the lack of a staking ETF, Grayscale has already lost 61 million dollars in revenue. Various institutions should be quite anxious, many altcoins that have applied for ETFs need to be a focus this year.
Most altcoins looking for a positive signal can reference Bitcoin's market capitalization ratio. Simply put, if Bitcoin's share begins to decline, it indicates that money is starting to flow from Bitcoin to other mainstream coins and altcoins.
Currently, Bitcoin's market capitalization ratio is 64%, not far from the previous bull market peak of 71%, but I think it shouldn't rise that high this time. Previously, in November-December 2023, and also expected in the same period of 2024, Bitcoin's ratio had a slight decline, at which point altcoins would start to rise. So whenever Bitcoin's ratio starts to turn downward, it is an important signal for the launch of altcoins.
Now, the focus should be on the exchange rate of Ethereum and Bitcoin, because Ethereum is the largest public chain in blockchain, and their strength can indicate whether market funds are starting to flow out of Bitcoin. In the last three months, the exchange rates of mainstream coins against Bitcoin have been declining, which is why altcoins have not moved; this is also the reason why altcoins have not performed and participated much in the past period.
However, there has been a turning point recently as some mainstream exchange rates have already stood above the 20-day moving average. If it can stabilize, it can confirm that funds are beginning to flow towards mainstream coins, but it still needs to be observed, after all, the exchange rate of Ethereum to Bitcoin has not been able to stand back up since it broke below the 20-day moving average on January 8 of this year.
ENA
Since its launch in early 2024, Ethena (ENA) has attracted much attention. This protocol has been rated as one of the fastest-growing DeFi platforms in 2024, known for its flagship token USDe. USDe is a synthetic dollar, supported by other cryptocurrencies such as Ethereum (ETH) and Bitcoin (BTC). Last December, this DeFi project released some exciting updates, such as launching its stablecoin USDtb. This stablecoin is supported by BlackRock and World Liberty Financial, designed to help stabilize its yield-bearing token USDe. Ethena Labs also earned 200 million dollars in fee revenue this year, sharing part of it with token holders.
ENA is the native token of Ethena, having risen 83% since September 2024. It is a popular choice for stakers and users seeking stable on-chain cryptocurrency native solutions. Notably, the total locked value (TVL) of the network is 3.6 billion dollars, with over 228,000 active users. In addition, we are continuously expanding strategic partnerships in the Web3 field.
SOL
Solana is known for its high speed, low transaction fees, and scalability, attracting more and more developers and projects. Recent news indicates that RockawayX Fund has injected 125 million dollars into the Solana ecosystem, which will help further develop the ecosystem. MagicBlock has also raised 7.5 million dollars to build faster applications on the Solana blockchain.
Solana's applications in DeFi and NFT continue to grow, attracting a lot of attention. Asset management companies like Franklin Templeton have applied to track the spot price of Solana through an ETF, indicating increased institutional interest in Solana. The CME Group has also launched Solana futures products, which is seen as an important step towards the approval of a Solana spot ETF by the SEC. Bull market SOL target is 1000 USD, which is six times the current price; to earn steadily, just buy SOL!
APT
APT's historical highest position was around 18, now it's 5.5, there is still at least several times of space to ATH, while SUI has indeed risen quite well this year, chasing the rise is unrealistic.
APT and SUI are currently the only two leaders in the MOVE public chain, who becomes the leader is not a big issue, SUI's market value is now 10.8 billion US dollars, while APT is only 3.4 billion, from this perspective.
Looking at it, APT doubling its market performance is only close to SUI's current market value, not to mention the space after the overall market value rises following an altcoin season explosion.
The largest stablecoin issuer Tether has now issued USDT on Aptos, while SUI has not yet. When stablecoin issuers choose chains, they must consider various aspects such as user base, ecosystem integrity, and the actual usage of these protocols, which actually validates APT's strength. Currently, APT offers better value for money.
