1. Mainstream asset dynamics
Bitcoin (BTC) is experiencing a technical rebound, with a daily increase exceeding 5%, currently priced at $28,500. This rebound is mainly attributed to two catalysts:
Tether increased its BTC holdings by $700 million in the first quarter, with total holdings reaching $8 billion, accounting for 12.3% of its total reserves. The continuous accumulation of USDT is interpreted as a strategic optimism towards the long-term value of crypto assets, forming market confidence support.
The recovery of the US tech sector (Nasdaq up 1.8%) has boosted risk appetite, and the linkage effect between traditional finance and the crypto market has re-emerged.
2. On-chain hotspot tracking
BN ecosystem dual stars shine
The Kenel protocol is about to launch on the BN Chain. As a competitor in the re-staking space of Eignelayer, its innovative liquidity mining mechanism allows users to stake ETH derivative assets (like stETH) for dual rewards, potentially causing a rebalancing of liquidity across L2 solutions.
The sudden IDO of PumpBTC protocol on BN wallet is noteworthy. Through BTC liquidity staking schemes, users can retain ownership of BTC while participating in DeFi mining, with annual yields reaching 8-12%, effectively solving the capital efficiency issue for BTC holders.
Revaluation of Sui ecosystem value
Layer 1 public chain SUI saw a weekly increase of over 40%, with its Move language-developed Walrus permanent storage protocol (WAL) token soaring 150%, revealing the market's high sensitivity to new narratives:
Technical perspective: WAL employs decentralized sharding storage, complementing SUI's EVM-compatible architecture, allowing developers to build low-cost data storage solutions
Economic model: The storage node staking mechanism will accelerate SUI token destruction, with an expected annual deflation rate increase of 2-3 percentage points
3. Recovery of traditional sectors
DeFi veterans collectively showing unusual activity
COMP: With the Compound protocol adding cross-chain lending functionality, its total locked value (TVL) increased by 27% month-over-month, driving up token prices due to institutional fund inflows.
EOS: Transformation of Web3 payment infrastructure endorsed by Korea's Upbit listing, with EOS Pay integrating with over 300 offline merchants
CRV: Benefiting from a surge in USDC demand (circulation surpassing $60 billion), Curve liquidity mining rewards have increased, highlighting the premium effect of CRV as a governance token
4. Risk warning area
Low market cap coins are facing a liquidity crisis
Meme coins like ACT and MASK experienced a single-day decline of over 35%, leading BN Chain to temporarily adjust margin requirements for trading pairs, resulting in several market makers' positions being liquidated, highlighting the impact of centralized exchange rule changes on the market.
PumpFun launched 'Meme Coin Installment Payment' service, essentially a leveraged trading tool, reflecting insufficient retail fund entry and indicating the market is entering a speculative phase.
5. Cross-market linkage signals
Stablecoin market dynamics: USDT premium rate narrowed to 0.2%, reflecting a cooling off in risk aversion; DAI demand surge indicates an increased preference for compliant stablecoins among institutions.
Derivatives data: BTC options skew indicator turned positive, indicating intensified hedging activity around the $30,000 key resistance level.
Miner behavior: After the network-wide hash rate difficulty was adjusted downwards, BTC mining difficulty decreased by 7.3%, providing a revival window for older mining machines.
[Risk Warning] Current market sentiment is still in a recovery phase. Investors are advised to pay attention to the ecological expansion progress of L1 public chains and regulatory trends for stablecoins, remain cautious with low market cap tokens, and be aware of liquidity risks from contract changes.