Original: Crypto undercurrent
📍 Crypto undercurrent | 3 minutes a day to grasp on-chain pulses and macro undercurrents 📮 Follow me to receive news alerts immediately.
🧭 Macroeconomic trends & regulatory dynamics
🌏 Stablecoin market capitalization hits a new high, reaching $228 billion
— CryptoQuant data shows that the total market capitalization of stablecoins exceeds $228 billion, having increased by $33 billion (+17%) this year. The driving forces include increased trading activity, expanded payment use, and a clearer policy environment in the U.S., leading to a rising demand for 'compliant stablecoins'.
❌ X platform continues to ban multiple crypto KOLs and official accounts
— Including GMGN's official account and founders @haze0x, @Wolfy_XBT, @brc20niubi, etc. being banned, specific reasons unknown, raising concerns about centralized review on social platforms in the industry.
🛡️ Hong Kong plans to tighten regulations on virtual asset names
– The SEC recommends revising (Securities and Futures Ordinance) and (Anti-Money Laundering Ordinance) to prohibit the use of misleading terms such as 'virtual assets' and 'trading platforms', consultation period until August 11.
🏦 ETF capital flows
Daily net inflow of $165 million, with a continuous net inflow for 3 days.
IBIT daily net inflow of $131 million, followed by HODL.
Total net asset value of BTC ETF reaches $13.18 billion, accounting for 6.09% of Bitcoin's total market capitalization.
ETH Spot ETF
Daily net inflow of $240 million, achieving a continuous net inflow for 18 days.
ETHA daily net inflow of $164 million, cumulative net inflow of $5.134 billion.
Total net asset value of ETH ETF reaches $11.047 billion, accounting for 3.25% of Ethereum's total market capitalization.
📊 On-chain capital dynamics & sector performance
🔄 ETH NFT active users rebound to June 2022 levels
The number of active traders has risen to 40,000, driven mainly by the OpenSea OS2 upgrade and Voyages incentive program, enhancing the trend of the NFT market shifting towards practical scenarios.
Moonbirds and FIFA Rivals introduce brand NFTs, reflecting the evolution of the NFT market ecosystem from speculation to 'functionality + brand assets'.
📉 The crypto market generally retraces
BTC falls below $109K (–0.83%); ETH remains relatively strong, with a 24h drop of only –0.11%, maintaining around $2800.
DeFi sector down 2.70%, RWA sector down 3.17%, PENDLE and PLUME down over 11%.
Layer1, Layer2, and Meme sectors all experienced varying degrees of correction, while the CeFi sector remained relatively resilient.
📊 Trading and derivatives trends
🔄 Daily trading volume of ETH derivatives exceeds $110 billion
– Coinglass data shows Ethereum's daily derivatives trading volume surged by 38%, surpassing Bitcoin derivatives (approximately $84.7 billion), reflecting continuous ETF fund inflows and vibrant DeFi activity.
🏗️ DeFi TVL hits a new high in 42 days
– Total locked value of DeFi protocols reaches approximately $92.5 billion, growing by 15% in the last 30 days, with Aave, Uniswap, Curve leading the charge, indicating that a 'DeFi summer' market is forming.
🧠 Crypto undercurrent · Three-point strategy commentary
1️⃣ The overall funding situation remains unchanged, with local structures under pressure
— BTC and ETH ETFs continue to see inflows, stablecoin market capitalization hits a new high, and the medium to long-term funding trend remains solid; however, the rotation of high-level sectors is intensifying, and attention is needed for short-term technical corrections.
2️⃣ NFT and DeFi show significant differentiation
— NFT activity is warming up, market trends shifting from pure speculation to brand + gamified scenarios, future focus on high-value IP integration; short-term corrections in DeFi are part of the normal rhythm, long-term logic remains intact.
3️⃣ Platform compliance issues heat up
— Crypto accounts on X platform frequently banned, potentially affecting the information distribution efficiency of some KOLs, and enhancing the need for decentralized community platforms and self-built communities.
📌 Strategy tips
• High-level positions should be reduced, focus on low-buy opportunities in the DeFi sector;
• ETH ETF + NFT dual drivers, ETH may have short-term opportunities