Daily News | BTC Continues to Fluctuate,; Runes Trading Activity Significantly Decreased; Layer 3 Will Release Token Airdrops; Wall Street Closed Higher

Crpto Dail Digest: Analsts believe that BTC will continue to perform negativel until June; The trading activit of Runes protocol has significantl decreased; Laer 3 will release token airdrops

First, let's take a look at the trading activit of Bitcoin ETFs. According to Farside Investor data, on Ma 10 (last Frida), Grascale's Bitcoin spot ETF (GBTC) funds continued to Flow out of $103 million; Meanwhile, Fidelit Bitcoin spot ETF (FBTC) inflow was $5.3 million, iShares Trust Bitcoin spot ETF (BITB) inflow was $12.4 million, and WisdomTree Bitcoin spot ETF (BTCW) net inflow was $600,000.

In recent weeks, the crpto market has entered a state of digital asset integration, which is a test of investor confidence. Charles Edwards, founder of crpto hedge fund Capriole Investment, released on Thursda that Bitcoin is currentl in a "Bore ou to Death" phase and expects this state to last for 1 to 6 months.

Previousl, due to pessimistic expectations of inflation data and hawkish comments from Federal Reserve policmakers, the price of Bitcoin plummeted nearl 5% from $63,000 to slightl above $60,000. Blockchain activit data also shows low participation, a sharp decline in transaction volume on the Bitcoin network, and inflation in Ethereum.

The current market performance is similar to the situation from April to September 2023, when the price of Bitcoin hovered in the range of $25,000 to $30,000 for an extended period of six months, and the market performance was worring. However, in the end, the crpto market experienced several months of growth, and Bitcoin finall reached a historic high in March of this ear.

Edwards explained that in this market stage, the price of Bitcoin will fluctuate within a low volatilit range until market participants lose patience. He added that market sentiment ma remain low until the consolidation is over. The lack of confidence in the market ma be a strong signal approaching the bottom.

The ecosstem of the Runes protocol does not look optimistic either. The Runes protocol is a solution that can implement different token standards on the Bitcoin blockchain. It utilies Bitcoin's UTXO model and OP_RETURN opcode to provide a more efficient Bitcoin tokeniation solution than the BRC20 standard, making it the preferred choice for man memecoin trading activities on Bitcoin. Recentl, it processed its billionth transaction.

However, the decline of the Runes protocol in the past two weeks was evident; Since the launch of the Runes protocol on April 19th, it has been active on the blockchain for three weeks, coinciding with Bitcoin's latest halving event. At that time, Runes attracted man excited investors to use it, and Bitcoin miners created extremel high transaction costs. In the first week, the Runes protocol generated over $135 million in Bitcoin transaction costs.

According to the Dune analsis dashboard compiled b Runes Is, trading activit has generall slowed since reaching its peak. On Ma 10, the activit level of the Runes protocol reached its lowest point, with the minimum number of new coins and wallets interacting with the protocol since its launch.

Based on The Block's data, it was also found that the fees generated b the Runes protocol steadil decreased, with total fees exceeding $1 million onl twice in the past two weeks, indicating a decrease in trading and etching activit.

The Laer3 Foundation announced on the X platform that it will launch the token L3 in earl summer this ear, with 300 million pieces, of which communit distribution accounts for 51% of the total suppl. The detailed token economics will be released in June. Token holders can participate in governance and obtain product benefits constructed on the protocol through staking.

According to Laer3, "the initial airdrop will distribute 5% of the total L3 suppl to earl adopters and CUBE minters. The compan also stated in the post that "there will be multiple airdrops, and more details are coming soon."

The protocol aims to decentralie the $1 trillion "attention market" of Laer3. According to Laer3, it facilitated 96 million interactions in over 500 ecosstems.

Laer3 stated that "the opportunities for implementing crpto attention and identit infrastructure are enormous." The compan aims to "provide identit and profit infrastructure for human and artificial intelligence agents as millions of ecosstems adopt token-based allocation models."

Market Trends: The overall market is volatile, with 4 consecutive positive das on the PEPE weekl chart

BTC is still volatile, with continuous outflows of BTC spot ETFs and a lack of sustained hot spots. Currentl, nearl 80% of mainstream computing mining machines in the market are around the shutdown price. On the macroeconomic front, US stocks rose, and the market is waiting for the CPI data on Ma 15.

Market Hotspots:

The Meme concept leader PEPE continues to rise, achieving four consecutive positive das on the weekl chart. On-chain whales continue to bu PEPE.

GMX surged after announcing the migration to the Solana public chain. This week, the overall trading volume of Solana chain DEX exceeded the sum of five chains, including Ethereum, BSC, Arbitrum, Optimism, and Base.

The re-staking track leader Eigenlaer token is now available for collection, and the estimated market cap of over-the-counter futures is $12 billion, with the possibilit of starting trading at the end of September. In addition, Puffer Finance announced that staking EIGEN to its platform can earn Puffer points.

Bouncebit token BB will be launched at Gate.io at 18:00 toda. BB is a BTC re-staking protocol, and the plan to launch a stablecoin similar to Ethna. Bouncebit's current TVL is $1 billion, and BB issued a total of 2.1 billion. The market predicts its valuation to be around $2 billion. Three months ago, Bouncebit's VC round financing was valued at $60 million.

The crpto market is undergoing volatile adjustment, and investors should remain cautious, especiall when dealing with highl volatile assets. Investors are advised to closel monitor market trends, especiall the performance of Meme coins. At the same time, users should strengthen risk management, adjust investment strategies promptl, and make corresponding decisions based on market changes.

Macro: Wall Street closed higher before the release of inflation data; Asian stock markets climb to a 15-month high

Last Frida, Wall Street closed higher, and the market was optimistic about profit expectations. On Ma 10, the US stock market saw a slight increase as investors analed comments from Federal Reserve officials and looked forward to essential inflation data next week. All three major stock indices showed a weekl upward trend. The S&P 500 index and Dow Jones index slightl rose, while the Nasdaq index remained essentiall unchanged. The blue-chip stock index hit its most significant weekl increase since mid-December.

Regarding the three major indexes, the Dow Jones index rose 0.32%, the S&P index rose 0.16%, and the NASDAQ index fell 0.03%. Regarding the upcoming end of the first quarter financial reporting season, according to data from LSEG, out of the 459 companies in the S&P 500 index that have alread announced performance, 77% of the companies have performed better than market expectations.

Analsts predict the ke CPI report ma show a ear-on-ear increase in core prices to 3.6%. In addition, a preliminar assessment of consumer confidence b the Universit of Michigan in Ma showed that US consumer confidence experienced its largest monthl decline since August 2021, reaching a six-month low, while recent and long-term inflation expectations have risen.

On Monda, Asian stock markets climbed to a 15-month high. As before, the market is closel monitoring this week's inflation data, which ma determine the hope that the United States will cut interest rates earl. At the same time, China's economic activit data will also test the optimistic sentiment of the global econom's sustained recover.

Beijing stated that the inflation rate rebounded to an annual rate of 0.3% in April, which helps alleviate concerns about being trapped in long-term deflation. It is expected that the April retail sales and industrial output data released on Frida will further increase.

In addition, the Chinese authorities plan to sell 1 trillion uan (approximatel $138.24 billion) of long-term bonds to support domestic stimulus spending. Although sentiment improvement helped push Chinese blue chip stocks to a seven-month high, the fell 0.1% on Monda due to reports that the White House is about to announce new tariffs on Chinese goods, putting pressure on some sectors.

The MSCI Asia Pacific Stock Index is currentl slightl up 0.2%, rising for three consecutive weeks. The Nikkei index in Japan remained unchanged, still facing the possibilit of further interest rate hikes due to the decline in the en. Meanwhile, on Monda, the Bank of Japan reduced the amount of Japanese government bonds purchased through routine operations, sending a hawkish signal to the market and pushing up ields.

According to a Reuters surve, the Bank of India expects inflation to return to its target of 4% in the next quarter and will also cut interest rates then. However, due to good economic growth, the Bank of India ma hope to wait for the Federal Reserve to cut interest rates before taking action to prevent the rupee/dollar exchange rate from falling to historic lows.

Regarding commodities, oil prices fell last week due to increased US gasoline and distillate inventories. Brent crude oil prices fell another 22 cents to $82.57 per barrel, while US crude oil prices fell 17 cents to $78.09 per barrel.

The price of gold rose b 2.5% and then slightl fell to $2,358 per ounce due to demand from momentum funds and rumors of sustained buing from China.