The minutes of the FOMC meeting that's release...Should I catch a jump…
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Bitcoin has been steadily rising upward as it has repeated a temporary surge over the past two months. In particular, last week, Dogecoin and Shiba Inu, the representatives of Meme Coin, showed a super strong performance. Dogecoin surpassed Polka Dot's market capitalization in 10th place, while Shiba Inu beat Avalanche and Polygon in 12th place. Ethereum is continuing its upward rally by successfully converting its PoS on Goerli, the last test net before the merge upgrade.
This week's noteworthy event is the minutes of the Federal Open Market Committee (FOMC), which is scheduled to be released on the 18th. The Crypto Fear Index, which represents investment sentiment in cryptocurrency, is 44 points, an improvement of 2 points compared to last week, but it is still in the fear stage. Bitcoin Dominance recorded 40.1%, down 0.4 percentage points from last week due to Altcoin's rise.
A total of $20 million has been withdrawn from cryptocurrency funds (bitcoin ETF, bitcoin trust, etc.) over the past week. Bitcoin funds have been on the decline for two consecutive weeks as $21 million has been leaked. On the contrary, $3 million was flowed into short fund products that bet on the fall of Bitcoin. By country, a total of $20 million flowed in from Europe, while $36 million flowed out from the United States. In particular, Uniswap, the representative of Deepi, spent $100,000, or 6.6% of the total Altcoin-related fund management assets (AUM). The AUM of cryptocurrency-related investment products totaled $33.8 billion. Grayscale accounts for the largest portion at 66%, and Bitcoin accounts for an overwhelming 61%, among cryptocurrencies that make up investment products.
Total Value Locked (TVL) increased slightly by 2.9% with the recovery of the cryptocurrency market. In particular, TVL of Ethereum and polygon chains increased as expectations for an Ethereum merge upgrade were reflected. On the other hand, Optimism and Avitrum TVL, which reflected expectations first, fell slightly. Akala TVL increased 17 times from $100 million to $1.7 billion, but it is believed that about 1.3 billion aUSDs were incorrectly mined on the 15th. To remedy this, a governance vote is under way in the Akala community to propose the incineration of mis-minned aUSD.
The market capitalization of the NFT market was $23.7 billion, down 2.5% from last week. This is about 2% of the total market capitalization of virtual assets of $1.14 trillion. On the other hand, trading volume increased by 18% compared to last week. Recently, the recovery of the NFT market has been slow compared to the overall recovery of the cryptocurrency market. Most blue chip NFT collections, including BAYC and CryptoFunk, also showed a decline. In particular, MAYC fell 18.8% (based on Ethereum), the largest drop among blue chip NFTs. The NFT Market Sentiment (1p-100p), which NFT Go, an NFT data site, aggregates and releases trading volume, price volatility, Google search volume, and social media activity, was 20p, 6p worse than last week's 26p.
A total of 22 new investments in venture capital (VC) were confirmed this week. By sector, 9 cases were counted for Web3 startups, 8 cases for blockchain infrastructure, 3 cases for NFT, and 1 case for Defi. Analysts say that the growth potential of the Web3 sector is highly evaluated, and institutional investors' interest and investment continue.
Among the blockchain infrastructure-affiliated startups, Lee Sun-Jito Labs is drawing attention. This is due to increased demand for various problems (network speed, fees, etc.) and various engines (game, metaverse, web3 development, etc.) that arise as blockchain services are advanced. Led by blockchain VCs Multicoin Capital and Framework Ventures, it has attracted a total of $10 million from Alameda Research, Solana Ventures, and Delphi Digital. Zito Labs is a company that has created a tool to solve the problem of certain companies monopolizing the value (MEV) that can be earned above gas fees by capturing opportunities such as arbitrage between decentralized exchanges in the Solana chain or liquidation on the landing platform. In the Ethereum chain, $770 million of MEV has been extracted from 2020, drawing criticism from the Bank for International Settlements (BIS) that a small number of miners are exploiting information asymmetry to make more profits. In order to solve this centralization problem of MEV, research on PBS (Proposer-Builder Separation) is being actively studied.
