Crypto Market Weekly Report: The Rise of Attention Economy, BTC Faces Volatile Market

Market Overview

This week, the cryptocurrency market has shown signs of a volatile rebound. The U.S. CPI growth rate for April has slowed, with the core CPI year-on-year increase reaching a three-year low, rekindling market expectations for interest rate cuts. U.S. stocks surged to historic highs, and the dollar index fell, driving overall strength in the crypto market.

BTC fluctuates and rebounds, the ETH/BTC exchange rate has dropped to a three-year low. The market focus is mainly on the Meme and AI sectors. It is worth noting that the popular retail stock GME in the U.S. stock market has skyrocketed several times, further boosting the speculation sentiment around Meme coins.

Hot Sectors

1. Meme coins related to the U.S. elections: PEOPLE, MAGA, etc. have seen significant increases, and this hype may continue until the November elections.

2. BTC Re-staking Protocol: The Bouncebit(BB) launched by a certain exchange is performing mediocrely. As a BTC ecosystem project, it has recently underperformed compared to the overall market.

3. Attention Economy: The TON ecosystem game Meme coin Notcoin has attracted attention, with 30 million users and 5 million daily active users.

BTC Market Analysis

On-chain data shows that investor sentiment has cooled down after the halving. The market cap of stablecoins remains stable, and the long-term funding outlook is positive. The MVRV-ZScore indicator is at 2.4, which is at a moderate level. Institutional funds have returned to net inflow, but the inflow of ETH funds is insufficient.

In the futures market, the funding rate is close to 0, and BTC open interest has surged significantly. The long-short ratio is 0.8, indicating a bearish market sentiment.

In the spot market, BTC has rebounded slightly. It is expected that the market will show a wide range of fluctuations before the Federal Reserve's potential interest rate cut in September. It is noteworthy that BTC mining power has decreased for two consecutive months, with the current shutdown price around 55,000 USD.

![Crypto market weekly overview: Notcoin gives rise to attention economy track, Pump.fun suffers an attack](https://img-cdn.gateio.im/webp-social/moments-efeb7218918b207eff141e3897588956.webp01

Public Chain and DeFi

This week, the total locked value in DeFi reached 9.32 billion USD, with a week-on-week increase of 3%. Among mainstream public chains, Solana performed the best, with a TVL increase of 11%. The emerging public chain Mode has surged, with a TVL skyrocketing by 175% to 500 million USD, of which the iZiSwap protocol saw significant growth.

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NFT market

The NFT market is overall sluggish, with blue-chip projects performing unevenly. BAYC fell by 6%, while CryptoPunks rose by 3%. Trading volume continues to decline, with both new and returning users decreasing.

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Financing and Project Progress

1. EthStorage has received the third grant from Optimism for the EIP-4844 Blob expansion.

2. Accseal has made breakthroughs in the ZKP hardware acceleration field and plans to collaborate with Ingonyama to expand ZK cloud computing business.

3. The BTC native stablecoin project bitSmiley is launched on the Merlin mainnet, introducing a dual reward program.

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