6. The casting of runes will not be locked. If the GAS is low, the casting may fail. If it fails, the GAS will not be refunded, especially in the later stage of the casting progress. The competition is GAS. When the total amount of rune casting is fixed, whoever has a higher GAS and confirms the block first can successfully cast the rune.

7. The total amount of some runes may be large, or not many people pay attention to it, so there is no need to rush to cast. You can wait until the GAS on the chain is low to cast it, saving more costs.

8. The casting mechanism is very important, which is divided into [limited time but unlimited quantity] and [limited quantity but unlimited time]. Rune No. 0 is limited time but unlimited quantity, which lasts for 4 years, so there is no need to cast Rune No. 0 when the Rune Protocol is just launched. GAS is very low in 4 years, especially in the bear market, which is a good opportunity to cast Rune No. 0, so the cost of casting Rune No. 0 at different times may differ by 10 times.

9. Rune deployers can pre-mine, just like some rune projects are pre-mining rune coins. For specific projects, you can refer to the two rune ecological project collections released by the official account before. At the same time, pay attention to the project parties with a high proportion of reserved runes (rat warehouse)

10. Casting runes is buying coins. The market value of each rune can be estimated after deployment, so before casting, you must fully evaluate the background and market value to see if it is worth investing heavily. Runes with good background and low market value are more worthy of attention and participation.

Here are some tips for minting runes so you don’t lose money:

1. Bitcoin has slow block times, so a lot can happen between blocks. If a rune is about to be minted, you need to make sure to pay a much higher fee than everyone else to ensure your transaction gets squeezed in, because if not, you don’t get the rune and you still lose the fee. Remember, you are competing with everyone else to do the same thing, so network fees can spike in the last hour of a very popular mint. Think of the mempool as an auction, and the highest bidder’s transaction will be accepted first.

2. If you think something won’t be minted for a while, be smart and try to mint it when fees are low so there’s less rush. For example, in North America, fees tend to drop on weekends and late at night.

3. Before you mint, pay close attention to the minting mechanism. For example, the hard-coded rune Casey is making called UNCOMMON•GOODS is an open mint for four years. You’d have to be really stupid to mint it tomorrow, the day with the highest fees in Bitcoin’s history. Instead, you should wait until a bear market or when fees are very low and people are using Bitcoin very little. Otherwise, you’re just paying 10x the fees that everyone else is paying for the same amount of tokens because they were smart and waited for a bear market four years from now.

4. The person who minted the rune can premine themselves. Think of the premine as the amount that will be dumped on your head once the rune is minted. Anything over 10% premine is greed when all the person is doing is broadcasting a Bitcoin transaction. 5% is more reasonable. Even cooler, when you’re looking for tokens, just filter for “no premine”.

5. Think of minting Runes as buying them because that’s exactly what you’re doing, except you’re paying fees to secure the Bitcoin network for the creator. You should think of the market cap in your mind. If a Rune takes 100,000 mints to mint and the fee for a single mint is $100, ask yourself, would you buy this Rune on a DEX with a market cap of $10 million? Understanding this is very important and can help you make an informed decision.

4.19 Important Industry Dynamics

1. Mainstream Exchange Dynamics:
● Binance Web3 Wallet will airdrop a total of 1 million ZKL (zkLink Nova) to users.
● Binance launches new token issuance platform Megadrop, with BounceBit (BB) as the first project.
● Binance obtains a virtual asset service provider license in Dubai.
● OKX Web3 Wallet Cryptopedia 16th issue launches OverProtocol interactive tasks.

2. Mainstream Project & Hot Event Dynamics:
● Nibiru Chain launches $15 million developer funding program, of which $5 million will be dedicated to projects outside of Asia.
● Aptos Labs establishes a new partnership with Microsoft, Brevan Howard, SK Telecom and Boston Consulting Group to develop Aptos Ascend, a digital asset management platform for financial institutions.
● TON posted on social media that a major announcement is coming soon. The poster includes project logos such as Tether, AMM protocol STON.fi, staking protocol Tonstakers, and Fanzee Labs, a web studio that provides sports and entertainment game experience.
● According to the official page data, the Merlin Chain airdrop page has shown the number of tokens that can be collected, and the preliminary estimate is 68 points for 1 token.

3. Financing information dynamics:
● Blast ecosystem DEX project Thruster completed a $7.5 million seed round of financing with a valuation of $70 million. This round of financing was led by Pantera Capital, and OKX Ventures, Mirana Ventures, ParaFi Capital, Manifold Ventures and Arche Fund (formerly Coin98 Ventures) participated in the investment.
● Web3 game platform Circle of Games completed $1 million in equity financing, and this round of financing was participated by Nazara Technologies FZ LLC and The Hashgraph Association.
● Runes DEX completed a $2 million seed round of financing.
● MerlinStarter, the launchpad platform of Merlin Chain ecosystem, completed its seed round of financing. This round of financing was participated by Amber Group, Arkstream Capital, MoonHill Capital, Cogitent Ventures, Mapleblock, CGV and Sidedoor Ventures. The specific amount has not been disclosed.

4. Regulatory information dynamics:
● The Arkansas State Legislature passed two bills that may restrict cryptocurrency mining in the state. Although these bills have not yet become complete laws, they have laid the foundation for further discussion and formulation of potential legislation.

GM20240419

1) Market trend:
The market rebounded weakly, and ETFs had a net outflow for 4 consecutive days. BN converted 1 billion emergency funds into stablecoins.
The US stock market fluctuated. Fed officials made hawkish remarks again, and more and more people mentioned interest rate hikes.

2) Market hot spots:
1. BN is listed on Bouncebit, and BB is a BTC re-pledged public chain. In the future, it may be similar to ENA's futures arbitrage mining. BN will introduce a new way to megadrop in the future, deposit regular BNB, and complete various points tasks. BB is the first project.
2. Domestic coins ONT, ONG, NEO, GAS, and QTUM rose sharply. They are all old coins from 2 cycles ago. ONT set up a fund to develop DID.
3. The meme coins Brett and Degen of the base chain rose sharply. Funds continue to flow into the base chain.
4. Modular public chain Avail airdrop, focusing on data availability, competing products are TIA, Eigenlayer, etc. Avail airdrops to test network users, MAT pledgers, and other L2 active users.

4.18 Important Industry Dynamics

- Mainstream Exchange Dynamics:
- Crypto trading platform Kraken launches self-hosted wallet "Kraken Wallet".

- Mainstream Project & Hot Event Dynamics:
- Worldcoin will launch a new blockchain network World Chain later this year.
- ByteDance subsidiary BytePlus will work with Mysten Labs to apply its services such as recommendation solutions and augmented reality products to Sui.
- Animoca Brands said in its latest unaudited financial disclosure that it holds $558 million in digital assets on its balance sheet, including $291 million in cash and stablecoins.
- Bitcoin Layer 2 network BSquared Network said on social platforms that the mainnet has been launched.
- Bernstein analysts expect Bitcoin to resume its bullish trajectory after halving, reiterating the goal of reaching $150,000 by the end of 2025.
- Multi-chain liquidity staking platform Kelp DAO announced a special promotion for all deposit users, covering ETH, stETH and ETHx.
- BounceBit will take a snapshot of all early access to BounceBit Points Paradise at 00:00 UTC on April 20 (8:00 Beijing time).

- Financing information updates:
- Zeko Labs, the parent company of cross-chain zero-knowledge scaling protocol Zeko Protocol, completed a $3 million pre-seed round of financing, led by YBB Capital, UOB Venture Management and Signum Capital.
- Social investment platform Zignaly announced on Token2049 the launch of Layer1 blockchain ZIGChain based on Cosmos and the establishment of a $100 million ecosystem development fund.
- Ordinals manager Ord.io completed a $2 million pre-seed round of financing, led by Bitcoin Frontier Fund and Sora Ventures.
- Stablecoin startup Usual Labs completed a $7 million financing, led by IOSG and Kraken Ventures.

- Regulatory News:
- US Senators Kirsten Gillibrand and Cynthia Lummis have proposed a stablecoin bill. The bill would require stablecoin issuers to hold a one-to-one cash or cash equivalent reserve to back their tokens, prohibiting unbacked algorithmic stablecoins.

GM20240418

1) Market trend:
BTC plummeted, and spot ETFs had net outflows for three consecutive days. The exchange rate of cottage industry does not follow BTC.
US stocks plummeted, and technology stocks led the decline.

2) Market hot spots:
1. BN listed on Omni, and Omni plummeted by half. Omni is a chain abstraction that integrates the liquidity of L2. Zeta, which is on the same track, has a market value of US$2.5 billion.
2. OK listed on Merlin. Merlin is BTC's EVM L2, and 20% of the airdrop will be unlocked in the next six months. Longyi STX, which is on the same track, is US$4 billion, and CKB is US$1 billion.
3. NFT game GHST rose sharply, launched the base chain, and plans to do L3.
4. The public chain Sui rose, and cooperated with ByteDance.

4.17 Important Industry Dynamics

1. Dynamics of mainstream exchanges:
● Crypto card issuer Bit.Store cooperates with Binance Pay to launch a top-up promotion on Binance Square;
● Binance.US appoints former New York Fed compliance director Martin Grant to the board of directors;
● OKX Ethereum L2 network X Layer has launched the public mainnet;
● Bitget COO Vugar: Bitget plans to invest more resources in cultivating emerging talents in the next two years;
● HashKey Global announced that it has opened spot trading for multiple tokens and officially opened the coin listing application channel;

2. Dynamics of mainstream projects & hot events:
● Investment bank Canaccord: More companies may follow MicroStrategy's example and start buying Bitcoin;
● TON Foundation launches Meme coin and community token center Memelandia;
● SingularityNET: The proposal of the Artificial Super Intelligence Alliance has been voted through by AGIX token holders;
● BounceBit launches liquidity custody solution, supporting BTC, USDT, FDUSD, ETH;
● Safe Disclosure of token economic model: SAFE maximum supply is 1 billion, 5% allocated to users;
● io.net discloses token economic model: total supply is 800 million, 500 million are distributed for the first time and 50% are allocated to the community;
● Drift plans to airdrop 100 million DRIFT tokens, and 10% of the total tokens are allocated to users;

3. Financing information dynamics:
● Microsoft invests $1.5 billion in Abu Dhabi AI company G42;
● a16z raises $7.2 billion in new funds and will focus on areas such as cryptocurrency;
● LSD protocol Puffer completes $18 million Series A financing, led by Brevan Howard Digital and others;
● DePIN project Sending Network completes $7.5 million in financing and will launch the mainnet in the first quarter of next year;
● Arbitrum ecosystem DEX CVEX completes $7 million in financing, led by Fabric and Kyber;
● Avalanche real estate tokenization platform Homium completes $10 million Series A financing, led by Blizzard and others;

4. Regulatory information dynamics:
● The Reserve Bank of Fiji warns the public not to use cryptocurrencies for payment or investment;
● U.S. senators ask the chairman of the U.S. CFTC to explain his meeting and chat records with SBF;
● The Governor of the Central Bank of Russia: will speed up the formulation of a cryptocurrency payment bill to support international settlements;

GM20240417
1) Market trend:
The market is weak and volatile, and spot ETFs have net outflows for two consecutive days.
The US stock market is volatile, and the US dollar index hit a six-month high. Powell's hawkish speech further dampened expectations of interest rate cuts.
2) Market hot spots:
1. Modular TIA and Saga rose. The pledge rate of TIA reached 67%, and the next big unlocking will be in October, which may be hyped up half a year in advance.
2. Fan coins Santos, PSG, OG, etc. rose. The European Cup football match will be held, and Fan coins like to pull the market when the market falls.
3. Strong coins ENA, Pendle, and CKB make up for the decline. ENA project party shipped. Strong coins make up for the decline, indicating that the decline has entered the second half.
4. The BTC rune protocol will be launched on the halving block on the 19th. It is recommended to prepare your wallet in advance to play runes. Infrastructure such as bridge and dex appear on runes. The biggest difference between runes and inscriptions is that they attract more American funds.

4.16 Important Industry Dynamics

1. Dynamics of mainstream exchanges:
● German LBBW Bank plans to cooperate with Bitpanda to provide cryptocurrency custody services.
● OKX will launch MEW and WIF perpetual contracts.

2. Dynamics of mainstream projects & hot events:
● Parcl announced the detailed distribution plan of community PRCL tokens and opened airdrop application inquiries.
● Hyperliquid announced that it has distributed points to 11,500 closed alpha test users.
● Illuvium launched an ILV token airdrop totaling US$25 million.
● Bloomberg ETF analyst: The inflow scale of Hong Kong Bitcoin and Ethereum spot ETFs may be US$500 million.
● The largest ENA pledger withdrew 18.12 million ENA from Binance in the past 4 days and pledged all of them.
● LayerZero: weETH has adopted the OFT standard and will launch weETH on networks such as Blast, Optimism and Base.
● OKX Web3 has reached a cooperation with Slerf to send out Slerf NFT whitelist in a limited time and quantity.

3. Financing information dynamics:
● AI metaverse game AVALON completed $10 million in financing, led by BITKRAFT Ventures and HASHED.
● Solana on-chain AI model training platform NavyAI completed seed round financing, with X Ventures and others participating.
● AI platform Inference Labs completed $2.3 million in Pre-Seed round financing, led by Delphi Ventures and others.
● Aligned Layer completed $2.6 million in seed round financing, led by Lemniscap.

4. Regulatory information dynamics:
● Two US senators asked the CFTC chairman to submit records of transactions with SBF and intensify the investigation of FTX's bankruptcy.
● Crypto asset trading platform VALR obtained a South African regulatory license.
● The Hong Kong Securities and Futures Commission conditionally approved the Bitcoin and Ethereum spot ETFs jointly issued and managed by HashKey Capital and Bosera Fund.

GM20240416

1) Market trend:
The market continues to fall, less than 5 days away from halving.
The US stock market plummeted. March retail data exceeded expectations, and the market expected that the Fed would not rush to cut interest rates.

2) Market hot spots:
1. Fan coins JUV, CITY, BAR, PSG, etc. rose. The European Cup football match will be held.
2. Hong Kong concept ACH and PHB rose. Hong Kong passed BTC and ETH spot ETFs, but Bloomberg expects only $500 million to flow in.
3. The privacy protocol Railgun rose by 150%, and V God used Railgun and tweeted optimistically.
4. Among the altcoins, ton, ondo, and pendle performed relatively well. Ton and ondo were not listed on BN. Pendle added an ena pool.
5. OK will be listed on parcl. Parcl is the real estate index RWA on the sol chain, and there are airdrops for users.
6. Merlin of the BTC ecosystem stopped calculating points and plans to airdrop in the near future. CKB continued to launch new products, but the first RGB++ inscription seal plummeted. The previously strong rune ecological pups plummeted and were cut in half.

GM20240415

1) Market trend:
The market rebounded after the plunge, and the BTC dominance rate rose to a 4-year high. The leading sectors are still AI, MEME, and RWA, which were strong in the early stage.
The US stock market fell sharply, and the US dollar index reached a six-month high. The risk of war in the Middle East eased.

2) Market hot spots:
1. AI's Tao, AGIX, RNDR, WLD, etc. rose sharply. The AI ​​sector was the first to adjust.
2. Meme's Slerf, MEW, WIF, Degen, etc. rose sharply. Slerf interacted frequently with OK Exchange. The circulating chips ratio of the meme sector is the highest at 90%, which is much higher than the market average of 35%, and the chip structure is better.
3. RWA's TRU, ONDO, and PENDLE rose. The RWA sector performed relatively well in this round.
4. BN newly launched OMNI, which focuses on cross-chain information transmission between ETH L2 and uses modularization to solve the L2 split problem.
5. The multi-signature wallet Safe will be airdropped, and V God has deposited 700 million US dollars in the Safe wallet.

4.13-4.15 Important Industry Dynamics

1. Mainstream Exchange Dynamics:
● On April 14, KuCoin Turkey's official Twitter account was stolen, and the official said that user funds were not affected.
● TokenInsight Q1 report: Bitget's market share increased the most, with spot trading volume increasing by 173% in March.
● On April 12, Bitget launched a new trading product, pre-market trading, which will allow users to trade new coins before they are available for spot trading. The first supported token Merlin Chain (MERL) has been launched.

2. Mainstream Project & Hot Event Dynamics:
● On April 15, Bitcoin's share of the cryptocurrency market rose to nearly 53%, the highest level since April 2021.
● UniSat: Mainnet support for Runes is scheduled to be launched on April 19.
● Uniswap Labs raised transaction fees from 0.15% to 0.25%.
● Stablecoin protocol Ethena had negative revenue of $1.05 million last week, the first time it had negative revenue.
● Jupiter Lianchuang: Starting next week, relevant upgrades will be gradually carried out to solve the pain points of the oracle of perpetual contract products.
● EigenLayer: The deposit limit of all LST tokens will be lifted and deposits will be opened on April 17.
● Parcl, the decentralized real estate market of Solana Ecosystem, said that the first distribution of PRCL will be carried out this week, and the second community distribution of permanent points is planned in the second quarter.
● On April 13, due to US regulatory pressure, ZigZag, the decentralized exchange of zkSync Lite, announced the closure of its business.
● TON Foundation reached a cooperation with HashKey to increase the in and out channels of legal currency for Telegram wallet users.

3. Financing information dynamics:
● Berachain completed a $100 million Series B financing, led by Brevan Howard Digital's Abu Dhabi branch and Framework Ventures, and participated by Polychain, Hack VC and others.

4. Regulatory information dynamics:
● A representative of the Vietnamese Ministry of Justice said that cryptocurrencies are not banned in Vietnam, but it is necessary to formulate a legal framework to ensure their normal development and prevent risks.

Why Bitcoin Price Plunged to $60,000 Before Halving, How Low Can Bitcoin Go?

Cryptocurrency Market Loses Over $430 Billion in Market Cap as Tensions Rise. Global Cryptocurrency Market Cap Dropped from $2.64 Trillion to a Low of $2.21 Trillion Due to Panic Selling. How the Market Reaction Will Be Important on Monday as the Sudden Crash Undermines Confidence.

Cryptocurrency Markets Have Performed Poorly This Week, Inciting Negative Sentiments, But Some Remain Calm as the Expected Correction Before Bitcoin Halving Resembles Past Halving Events. BTC Price Further Dropped Below $60,000 But Rebounded to $64,300 Resistance within a Few Hours. BTC Price Currently Trading at $64,000.

The Current Bitcoin Cycle Has Accelerated Compared to Previous Cycles. The Record High Before Halving Is a Clear Sign of That. But the Current Retracement and Sideways Movement Within the Reaccumulation Range Is What Is Needed to Decelerate and Slow Down the Cycle. These Retracements and Consolidation Periods Bring the Current Cycle Closer to Resynchronizing with the Historical Cycles.

ETH Price Further Dropped 9% Below $3,000. This caused the decline of altcoins SOL, XRP, ADA, DOGE, SHIB and other currencies to expand to 20-50%.

As ETHBTC plummeted to the 0.46 level in 2021, in the last cycle, ETHBTC bottomed out after the first rate cut after breaking support, "falling for two consecutive months and then bottoming out".

As whales consider buying opportunities on dips, major risks appear in the DeFi market. As CRV fell to $0.42, the loan position of the founder of Curve faced liquidation. Michael pledged to borrow $92.54 million in stablecoins through 5 addresses of 6 lending platforms with a total of 371 million CRV (about $156 million). The current health rate has dropped to around 1.1, facing the risk of liquidation.

Coinglass data shows that in this intense panic sell-off, more than $2 billion has been liquidated in the entire crypto market. Among them, long positions have been liquidated for nearly $1.5 billion and short positions have been liquidated for nearly $500 million since Friday. The cryptocurrency market witnessed another $950 billion in liquidations on Saturday.

Over 252,000 traders were liquidated in the past 24 hours, with the largest single liquidation order occurring on cryptocurrency exchange Binance, which sold $8.46 million worth of BTC.

Today's operation suggestions
1. Shanghai Tower (632 meters)
2. Guangzhou Xiaoman Yao Tower (600 meters)
3. Shenzhen Ping An International Financial Center (599 meters)
4. Tianjin Goldin Financial 117 Tower (597 meters)
5. Guangzhou Chow Tai Fook Center (530 meters)
6. Beijing China Zun (528 meters)
7. Taipei 101 Tower (508 meters)
8. Shanghai World Financial Center (492 meters)
9. China Hong Kong International Commerce Center (484 meters)
10. Changsha International Financial Center (452 ​​meters)

Math problems for self-help when stuck:
Loss of 10% and increase of 11% to recover
Loss of 20% and increase of 25% to recover
Loss of 30% and increase of 42.86% to recover
Loss of 40% and increase of 66.67% to recover
Loss of 50% and increase of 100% to recover
Loss of 60% and increase of 150% to recover
Loss of 70% and increase of 233.33% to recover
Loss of 80% and increase of 400% to recover

4.12 Important Industry Dynamics

1. Mainstream Exchange Dynamics:
● Binance will launch TAO 1-50x U-standard contracts at 22:30 (ET8) on April 11, 2024.
● Binance will launch Bittensor (TAO) at 20:00 (ET8) on April 11, 2024, and open the following spot trading pairs: TAO/BTC, TAO/USDT, TAO/FDUSD, TAO/TRY.
● OKX Web3 wallet is now online on the Runes market page and will support the protocol change as soon as possible, thereby supporting users to mint and trade Runes protocol assets.

2. Mainstream Project & Hot Event Dynamics:
● Oyster Labs posted on social media that the first round of pre-sales for its Web3 native smartphone Universal Phone designed for the Telegram ecosystem has ended.
● Omni Network announced the details of the Genesis airdrop and has supported eligibility checks.
● JPMorgan Chase reiterated that the probability of Ethereum spot ETF being approved in May is still no more than 50%.
● SDC issuer Circle announced the launch of a new smart contract function that allows holders of the BlackRock US Institutional Digital Liquidity Fund (BUIDL) to transfer funds.
● Binance Labs announced its investment in Bitcoin re-staking and CeDeFi protocol BounceBit, aiming to expand Bitcoin's capabilities beyond traditional value storage.
● Marginfi TVL fell by 17.59% in 24 hours, temporarily reported at US$662 million. Marginfi founder Edgar Pavlovsky posted on social media that he has resigned from the Marginfi team and hopes to devote his energy to work that he believes is important to society.

3. Financing information dynamics:
● Cross-chain auction protocol Mayan completed a $3 million seed round of financing, which was jointly led by 6th Man Ventures (6MV) and Borderless Capital.
● Blockchain prediction layer Azuro completed a $3.5 million financing, with Fenbushi Capital and others participating.
● Blockchain recruitment and background check service company Veremark completed a $3 million financing, led by Samaipata and Stage 2 Capital, with participation from ACF Investors and Vulpes Investment.
● Decentralized GPU infrastructure company GPU.net announced the completion of a $5.25 million Series A financing round, with participation from Momentum 6, Spicy Capital, Exnetwork Capital, BlackDragon, Crypto Banter, etc.

4. Regulatory information dynamics:
● Dubai’s virtual assets regulator is seeking to reduce compliance costs for small crypto entities.

GM20240412

1) Market trend:
BTC is weak and consolidated, and altcoins are generally falling. There are too many new coins listed, and funds cannot take over.
US stocks rebounded, and PPI industrial inflation was in line with expectations.

2) Market hot spots:
1. AI's Tao is listed on BN. Tao is a machine learning training of POW, with an architecture similar to Polkadot and an economic model similar to BTC.

2. The public chain TON continues to rise, and TON airdrops to eco-coin users. Many TON eco-coins have risen dozens of times recently.

3. BTC inscription puppet system and other soared, with overseas community background, and the combination of picture coins (NFT+BRC20) performed better, and the BTC chain gas was as high as 150 sats.

4. BN announced its investment in Bouncebit. Bouncebit will also launch a stablecoin business based on BTC pledge similar to ENA in the future, and it is expected to be airdropped to a large exchange in the future.

Why didn't the Hong Kong sector rise? What other hot spots will be hyped in the future?

The Hong Kong Web3 Blockchain Week was held at the Hong Kong Convention and Exhibition Center from April 6 to 9. It has ended, but the coins in the Hong Kong sector are like a pool of stagnant water, especially CFX, which not only did not rise, but also fell badly. So reflect on it, are the expectations all hyped in advance? How should we deal with future hot spots including sectors?

Bitcoin Ecosystem

Although the inscription has been extinguished, the Bitcoin ecosystem is still mentioned by many people. There is still too much noise in the Bitcoin ecosystem. There are countless L2s, and the life cycle of many so-called infrastructure projects is comparable to that of ordinary applications. The current competition of L2 is also mainly focused on applications and TVL. It is not certain when Bitvm can be made.

At present, the upcoming runes may be worth looking forward to, and the L2 infrastructure will gradually run out of some legit projects, and there are also some old trees that are worth paying attention to.

The application side is still very early

I saw more than one person miss the year when Stepn went out of the circle, and I really haven't seen any application that reproduces this glory. One problem on the application side is that it is difficult for institutions to establish clear value judgments on the vast number of applications. Institutions only want to invest in "top-tier" projects, and application projects without institutional endorsement will find it difficult to gain early traffic and trust in the market.

This also shows that the application side is still in its early stages and there are huge opportunities. For retail investors, early application products should be paid special attention to, which is a good opportunity for high odds returns.

Market hot spots are scattered and rotated

At this time last year, the Ordinals conference was still very niche, but six months later it has become the most dazzling wealth-making myth in the field. And when we look back at some of the previous investment/project rising stars, they have now disappeared in the long river of "one day in the world, one year in the currency circle". Another feature is that the current hot spots and narratives are still relatively scattered, and there has not yet appeared a grand narrative like Defi/NFT in the past. (AI may be an opportunity)

There are thousands of ways to make money, seize the opportunity of institutional bull market

Finally, let’s talk about something practical. There are too many ways to make money in this industry, such as investing, doing projects, and meme. But no matter which method you use, you must do a good job of research and be in-depth enough. In addition to the new high of Bitcoin, there will definitely be more surprises in this round of institutional bull market.

4.11 Important Industry Dynamics

- Mainstream Exchange Dynamics:
- Binance will launch CKB/USDC, ENA/USDC, ETHFI/USDC, YGG/USDC spot trading pairs at 16:00 (ET on April 11, 2024).
- OKX has launched ZEUS 1-50x U-standard perpetual contract trading.

- Mainstream Project & Hot Event Dynamics:
- Ethena Labs announced the integration of CEX Web3 wallets such as Binance, Bybit, OKX and Bitget.
- According to HODL15Capital statistics, US ETF investors currently hold 838,730 bitcoins, accounting for 4.3% of the circulation of bitcoins.
- Mysten Labs announced that it is working with open operating system company Playtron to launch an open game handheld. It is reported that the handheld has multiple game stores built in, including Sui Web3 Game and Epic Games Store.
- On April 10, after the release of the US CPI data, Treasury yields soared, with the 10-year US Treasury yield breaking 4.5%.
- On April 10, the US core CPI in March was 3.8% year-on-year, higher than the expected 3.7%.
- EigenLayer officials posted on social media that Coinbase Cloud has become one of the first operators of the protocol.
- Solana on-chain real estate market Parcl posted that the final ranking of the Points Trilogy is now online.

- Financing information dynamics:
- Decentralized derivative trading platform Stream Trading completed a $1.5 million seed round of financing with a valuation of $20 million, and Polychain participated in the investment.
- Bitcoin Layer2 developer Alpen Labs completed a $10.6 million financing round, led by Ribbit Capital, with Castle Island Ventures, Robot Ventures and Axiom Capital also participating in the investment.
- Bitcoin mining machine manufacturer Auradine completed $80 million in Series B financing, with Maverick Capital and others participating in this round of financing.
- Web3 AI startup Sapien completed $5 million in seed round financing, with Primitive Ventures, Animoca, Ravikant Capital and Yield Guild Games participating.

- Regulatory information dynamics:
- According to Cointelegraph, Taiwan prosecutors are prosecuting David Pan, the founder of local cryptocurrency trading platform Ace Exchange.
- The U.S. Securities and Exchange Commission (SEC) issued a warning to Uniswap Labs and plans to take enforcement action against the company.

GM20240411
1) Market trend:
BTC fluctuates at a high level. The US SEC plans to sue Uniswap, and the DeFi sector is suppressed.
US stocks fell sharply, and the US dollar index rose sharply. The US CPI in March continued to rise higher than expected, and the expectation of interest rate cuts was postponed.
2) Market hot spots:
1. ENA, which is considered stable, rose sharply, and TVL grew rapidly. At present, the fastest growing projects of TVL are Renzo, Pendle, ENA, and Zircult. Renzo and Zircult have not yet issued coins.
2. Fan coins such as ASR and JUV rose sharply. The European Cup football match will be held.
3. Runestone and PUPS of BTC rune ecology rose sharply, and the exchange rate of Runestone was close to breaking 1. OK expressed support for the rune protocol.
4. The ton chain ecological coin notcoin will issue coins in the near future. Notcoin is a free mining on mobile phones, with 30 million users and 5 million daily active users. The market value of the ton public chain is in the top 10.

Contract Market Dynamics
While the long/short ratios of Bitcoin (BTC) and Ethereum (ETH) contracts move very differently, they are similar in other ways. Notably, long positions tend to increase in BTC contracts, while short positions tend to increase in ETH futures. However, both BTC and ETH contracts show similar patterns in funding rates and open interest changes. In addition, ETH long liquidations are nearly nine times higher than ETH short liquidations.
Bitcoin contract update
BTC total open interest: $36.31B (-3.47%)
BTC volume (24h): $88.28B (+12.38%)
BTC liquidations (24h): $46.21M (long)/$24.00M (short)
Long/short ratio: 51.09%/48.91%
Funding rate: 0.0134%

Ethereum contract update
ETH total open interest: $13.56B (-7.91%)
ETH volume (24H): $41.21B (+10.49%)
ETH liquidations (24h): $62.68M (long)/$7.09M (short)
Long/short ratio: 49.33%/50.67%
Funding rate: 0.0183%

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Top 3 OI surges
SAGA: $34.35M (+862615.35%)
TON: $2.53M (+160.69%)
ZEUS: $10.28M (+121.68%)