Crypto Market Weekly: Notcoin Leads the Trend, L2 Track Competition Intensifies

Market Overview

This week, the overall performance of the crypto market has been weak, failing to follow the rise in US stocks. US Treasury yields are rising, and market interest rate cut expectations are cooling down. Bitcoin is experiencing fluctuations downward, while the altcoin market is gaining some momentum. Meme coins have become the main theme of the market, with funds gradually spreading from Ethereum to other public chains.

Hot Sectors

1. Notcoin (NOT): A TON ecosystem game token, its full circulation characteristics attract funds. It may serve as fuel fees for the Telegram wallet and as a medium of payment in the ecosystem in the future.

2. Dogecoin (DOG): The leading token in the Bitcoin rune ecosystem, fully circulating token, with a market value close to ORDI.

3. MAGA: Concept token for the US elections, expanding influence through charitable donations and other means.

Bitcoin Market

On-chain data shows that long-term investors are starting to accumulate BTC again, and selling pressure has eased. The inflow of funds into the US spot ETF has turned from negative to positive. The MVRV indicator is at 2.4, indicating a mid-stage.

In the futures market, the funding rate has slightly decreased, and the open interest remains basically stable. The long-short ratio is 1.6, indicating a generally optimistic market sentiment.

In the spot market, BTC is experiencing wide fluctuations with a declining dominance. The market is focused on the potential liquidity release from the Federal Reserve's possible interest rate cuts after September.

Public Chain TVL Analysis

This week's total TVL is $106.8 billion, a slight increase of 0.5%. Most mainstream public chains saw a decline in TVL, but over the past month, chains like ETH, Solana, and BLAST have grown by over 30%. Notably, Linea chain's TVL surged by 29%, approaching $600 million.

NFT market

The NFT market continues to be sluggish, with blue-chip projects generally experiencing a decline in floor prices. BAYC is down 6%, MAYC is down 5%, and Milady is down 12%. Only Azuki and CryptoPunks have seen slight increases. Although trading volume has risen, the number of new buyers has not shown a significant recovery, and market sentiment remains low.

Summary

The crypto market is currently in a correction phase, with Meme coins and the L2 track becoming hotspots. Bitcoin remains volatile, waiting for macro conditions to improve. The NFT market is still searching for a bottom, and it is difficult to see any improvement in the short term. Investors need to remain cautious and pay attention to potential structural opportunities.