Frontier Lab Crypto Market Weekly Report
Market Data
The trading interest in Bitcoin among market investors has declined, becoming the main reason for the drop in both its price and the total volume of open contracts. Bitcoin investors have adopted a wait-and-see approach, and all Bitcoin spot ETFs have shown net outflows this week, further dampening buyer enthusiasm.
Ethereum, influenced by the anticipation of ETF approval, has demonstrated stable price performance. Market investors maintain an optimistic outlook on Ethereum’s trend following the approval of its ETF!
Market Trading and Key Highlights
Top 5 Tokens by Price Increase in the Past Week (excluding tokens with low trading volume and meme coins):
From the price increase statistics, it is evident that there is no consensus trading hotspot in the current market. The top 5 tokens by price increase are spread across various sectors. Both CRV and CVX were influenced by the liquidation event of the staked tokens by the CRV founder, which became the primary focus of concentrated speculation over the past week!
Top 5 Meme Tokens by Price Increase in the Past Week
The price increase statistics for meme tokens show that investor enthusiasm for speculating on these tokens is waning. The lack of significant price increases and wealth creation effects is causing investors to shy away from meme tokens!
Social Media Hot Topics (excluding tokens with low trading volume and meme coins):
According to data from LunarCrush’s top five daily gainers and Scopechat’s top five AI scores, the most frequently appearing theme this week (June 15 — June 21) is L1s. The tokens that made the list are as follows:
The correlation between social media discussion data and prices remains to be seen!
Next Week’s Highlights
June 25 (Monday)
- 2024 Web3 Connect Summit (Hong Kong)
- Canada will begin imposing capital gains tax on stocks and cryptocurrencies starting June 25
June 26 (Tuesday)
- Seoul Meta Week
- 2024 Mining Disrupt Conference and Expo
June 28 (Friday)
- US May Core PCE Price Index YoY
- US June University of Michigan Consumer Sentiment Index Final
Theme Tracking
This week, the market experienced a volatile trend. On June 18, South Korea’s financial regulatory authorities announced that they would conduct quarterly reviews of 600 domestic virtual assets, delisting those that do not meet the standards. This news triggered a sustained and significant decline in Altcoins across the market.
The BTC-L2 sector was not spared either, with weekly declines exceeding 10%. In addition to the negative impact of the news, insufficient market buying liquidity was another primary reason for the significant drop.
Although ETH maintained a relatively strong position compared to the broader market this week, the Restaking sector did not follow ETH’s upward movement. Instead, it mirrored the downward trend of other Altcoins. However, the decline in the Restaking sector was relatively smaller compared to other Altcoins. Pendle even bucked the trend and rose, mainly because its principal and interest separation feature can effectively hedge market risks. Additionally, BitMEX founder Arthur Hayes tweeted that he is continuously purchasing PENDLE, sparking some buying enthusiasm.
Despite the overall weakness in the Crypto market, investors should not overlook the significant oversold signals in Altcoins!
