Chainfeeds Briefing:
Currently, mainstream cryptocurrencies show significant divergence. BTC maintains strong independence, ETH closely follows US stocks but appears weak, SOL lacks momentum, and BNB remains relatively stable. The new coin market has entered a high-frequency game stage. Old projects remain the primary battlefield for institutions, with DeFi and some public chain tracks still offering gaming opportunities. Overall, spot markets lack a clear direction, and futures markets heavily depend on capital strength and sentiment momentum. If the market can slow down its pace, more structural opportunities may emerge.
Source:
https://x.com/YeruiZhang/status/1906193955328581671
Author:
Rui
Perspective:
Rui: Under the current market landscape, large-cap mainstream cryptocurrencies show clear divergence. BTC maintains a relatively independent trend, ETH closely follows NASDAQ but performs weaker; SOL has essentially stagnated after unlocking and MEME sector recession; BNB performs most steadily, leveraging BSC and Wallet narratives, capable of driving market trends with any hot topic. Overall, major coins lack a clear direction, and new trend markets may still require macroeconomic recovery, US stock stabilization, and financing drive from institutions like MicroStrategy. New coin markets are shifting to high-frequency gaming with front-loaded rhythm and reduced premiums. Binance-related project spot listings essentially have no premium space, with IDOs more like speed-testing games: the first wave is listing buying, the second is futures stage, and the third often "closes shop" immediately after opening. BR is a typical project with excellent rhythm, completing its main trend on-chain before spot listing; KiloEX basically has no takers. Nil and Parti actually have decent communities but are pricing-suppressed by overall market sentiment, worth revisiting in a month. GPS is a typical big-swing spectacular project, while OIK, despite generating full topics, lacks substantial buying pressure and internal fragmentation further undermines community confidence. Old projects remain the institutional main battlefield with some gaming value. In the DeFi sector, Pendle, UNI, AAVE continue to attract long-term capital, while Cake experienced a tragic trend despite resonating with retail and institutional investors under BSC hot spots. On the public chain front, Sonic is gradually building its ecosystem, ZKJ is pushing AI public chain concepts with high holdings, and APT, despite a generally average ecosystem, still offers gaming space due to abundant capital and low price positioning. The overall market style is driven by sentiment and narrative, with spot markets difficult to rely on fundamentals and futures markets dependent on on-chain data and capital flow strength. Hope the market slows down its pace, leaving more structural opportunities for spot markets similar to Pendle, STX, and RNDR at the end of 2023.
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