Hotcoin Research Market Insights: April 22-28, 2024

2 months ago
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A weekly overview of market dynamics.

Cryptocurrency Market Performance

The overall crypto market showed a recovery this week, and entered a volatile upward cycle after the BTC halving. BTC hovered between $62,000 and $66,000, and ETH hovered between $3,100 and $3,300. As the Hong Kong Stock Exchange will start trading Harvest Funds Bitcoin and Ethereum spot ETFs on April 30, there was a small rally over the weekend. Altcoin direction: Most altcoins have fallen by 10-20%. New popular projects: SAFE, MANEKI, and rune track popular projects: Satoshi, DOG, LOBO.

Hotcoin Research Market Insights: April 22-28, 2024

Review of the weeks major events

1. Analysis: Justin Sun’s address may have increased holdings by nearly 300,000 ETH in the past two months;

2. Galxe initiated a vote to change the token name GAL to G, and proposed a split at a ratio of 1:60;

3.CoinShares: Some Bitcoin mining companies may turn to the AI field after the halving;

4. SHIB team completed a financing of US$12 million, with participation from Polygon Ventures and others;

5. Data: EigenLayer TVL exceeds 15 billion US dollars;

6. Asset management giant Bitwise: Bitcoin is expected to continue to test new highs in the next 12 months;

7. Perhaps motivated by related activities, Linea network TVL exceeded US$700 million, a record high, with a weekly increase of 19.88%;

8. U.S. Department of Justice lawyers seek 36 months in prison and a $50 million fine for CZ;

9. FDUSD issued about 500 million coins in 24 hours, and 80% of the total is participating in Binances new coin mining;

10. Since its launch, Rune transactions account for 68% of all Bitcoin transactions;

11. Sui semi-annual report: daily average DEX trading volume increased by 3689%, TVL increased by 1459%;

12. Arthur Hayes: US Treasury Secretary Yellen may launch a massive liquidity injection plan to accelerate the return of the crypto bull market;

13. Vitalik: PoW is also quite centralized. PoW is just a temporary stage before the transition to PoS.

14. ConsenSys founder: Any DEGEN tips received will be used to defend the Ethereum ecosystem.


1. On April 24, China Asset Management (Hong Kong), Harvest Global, and Bosera International announced today that the first batch of Hong Kong Bitcoin Spot ETF and Ethereum Spot ETF products applied by the three fund subsidiaries have been approved by the Hong Kong Securities Regulatory Commission and are scheduled to be issued on April 29 and listed on the Hong Kong Stock Exchange on April 30. This is the first time such products have been launched in the Asian market. These two types of products are designed to provide investment returns anchored to the spot prices of Bitcoin and Ethereum (before deducting fees and expenses).

2. On April 26, CICCs research report stated that the U.S. real GDP in the first quarter of 2024 will be 1.6% year-on-year, lower than the market expectation of 2.4% and lower than the 3.4% in the fourth quarter of last year. The elasticity of inflation will raise the threshold for the Fed to cut interest rates and keep the U.S. dollar interest rate at a high level for a longer period of time. The agency reiterated its previous judgment that the Fed may only cut interest rates once this year, in the fourth quarter.

3. On April 26, asset management company Vanguard said in a report that it expects the European Central Bank to start cutting interest rates in June.

4. On April 27, according to DTCC data, the spot Ethereum ETF FRANKLIN ETHEREUM TR ETHEREUM ETF (code EZET) launched by asset management company Franklin Templeton has been listed on the DTCC (U.S. Securities Depository and Clearing Corporation) website, and the Create/Redeem column shows Y.


According to statistics: From April 22 to 26, the total outflow of Bitcoin ETF was US$17.185 billion, and the net inflow was US$12 billion. (This is a decrease from the total net inflow last week)

Upcoming Events

Bitcoin Asia 2024 will be held in Hong Kong from May 9th to 10th. Bitcoin ecosystem projects, investment institutions, and Hong Kong Bitcoin spot ETF issuers will attend the summit.

Project Progress

1. The registration deadline for the first phase of the Bitcoin L2 project Bitlayer ecological incentive plan Ready Player is April 29. The total value of the first phase of the event rewards exceeds 50 million US dollars. The plan is mainly aimed at ecological projects deployed on the Bitlayer mainnet.

2.Coinbase Institutional will launch DOGE futures trading on April 29.

3. NFT lending protocol NFTfi plans to open token applications at the end of April. NFTFI is a native ERC-20 token with a total supply of 2 billion and an estimated initial circulation of 220 million. The token distribution details are as follows: 25% of the tokens will be allocated to the community and rewards; 23.3% of the tokens will be used for the foundation and ecosystem; 35.6% of the tokens will be allocated to early strategic supporters and strategic supporters; 16.1% of the tokens will be allocated to core contributors.

4. OKX shut down its services in India and required Indian users to close their accounts and redeem their funds before April 30.

5. The social platform UXLINK announced that it will launch the first season of airdrop activities, and it is expected that the airdrop will cover 10% of active users. The airdrop will be issued through NFT certificates, and it is expected to start minting on May 3. Users can obtain NFTs by inviting friends, interacting on the chain, and connecting wallet assets.

6. The Avail token airdrop verification date lasts until May 5th. The Avail token airdrop plan will distribute a total of 600 million AVAIL tokens to 354,605 wallet addresses.

7. Approximately 1.39 million DMAIL tokens that were unclaimed in the Dmail Networks first season airdrop will be used for the next round of airdrops. The second season of DMAIL airdrops will be distributed in May or July 2024.

important events

1. The deadline for submitting withdrawal requests for BlockFi’s initial bankruptcy assets is 7:59 on April 29. In addition, user identity verification information requests must be submitted before 7:59 on May 4.

2. The Hong Kong Stock Exchange will start trading Harvest Fund’s Bitcoin and Ethereum spot ETFs on April 30.

3. The sentencing hearing of Binance founder and former CEO Zhao Changpeng has been postponed to April 30. It was originally scheduled for 9:00 a.m. Pacific Time on February 23, 2024 (1:00 a.m. Beijing Time on February 24).

Hotcoin is a 6-year-old licensed CEX with 6 million users, aiming to provide decentralized, secure and reliable digital currency trading and asset management services to users around the world.

Hotcoin Research is the research department of Hotcoin. The team is committed to providing objective, independent and comprehensive analysis, aiming to become an authoritative insight platform in the field of cryptocurrency. Analysts regularly publish articles with insights: industry insights, in-depth analysis of potential projects in popular tracks, tutorials on playing and making money with WEB3, etc., striving to show users the most friendly and authentic WEB3.

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ODAILY reminds readers to establish correct monetary and investment concepts, rationally view blockchain, and effectively improve risk awareness; We can actively report and report any illegal or criminal clues discovered to relevant departments.

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