The first line of the market|The encryption market is down, and the number of new Bitcoin wallets has dropped sharply; TON Foundation supports users to send USDT through Telegram; Kroma announces the launch of Spectrum and expansion plans; the global market tends to be optimistic and continues to rise.

Crypto Daily Digest: Bitcoin New Wallets Drops Sharply; Oobit Partners with TON to Enable Users to Send USDT via Telegram; Kroma Announces Launch of Spectrum and Expansion Plan

First, let's look at the trading activities of Bitcoin ETFs. According to Farside Investor data, on May 20th, Grayscale Bitcoin Spot ETF (GBTC) saw a continuous outflow of $276.2 million. At the same time, Fidelity Bitcoin Spot ETF (FBTC) saw an inflow of $99.4 million, Bitwise Bitcoin Spot ETF (BITB) saw an inflow of $20.8 million, ARK 21Shares Bitcoin Spot ETF (ARKB) saw an inflow of $10 million, and iShares Trust Bitcoin Spot ETF (IBIT) saw a net inflow of $38.1 million.

The block reported that, with the development of spot Bitcoin ETF, Ordinals and other Bitcoin ecosystems, as well as the upcoming halving, the average number of new Bitcoin addresses per week has reached the highest level since December 2017, when it set a historical record.

Now, as these news and projects gradually lose their timeliness, just like in early 2018, the enthusiasm for new Bitcoin projects has waned, and the number of new addresses joining the network has plummeted. In addition to the decrease in the number of new Bitcoin addresses, other related indicators are also showing a downward trend, with the most important one being miner income measured by computing power, which has fallen to a historic low. Furthermore, transaction fees on the network and on-chain transaction volume indicators have also declined.

However, despite the current decline in on-chain metrics, novel protocols on the Bitcoin network are attracting record interest from venture capital firms. These signs may lay the foundation for a comeback in the future.

Oobit, a mobile payment application, has partnered with the TON Foundation to integrate its native cryptocurrency TON (Toncoin) into its platform, promoting the use of cryptocurrency as a means of payment. The team stated that Toncoin holders will be able to Tap & Pay at over 100 million retailers worldwide. This integration will further strengthen the collaboration between Tether, the largest company in the digital asset industry, and the TON Foundation, as recently announced.

According to another press release on the Tether website, users will be able to send USDT via direct messages on Telegram and make instant encrypted Tap payments using the same USDT on Oobit.

Kroma will launch Spectrum on May 14, 2024, which is an advanced native staking service aimed at completely changing the Ethereum Layer 2 landscape. Users can earn high rewards by restaking, while also utilizing staked tokens in various games and DeFi ecosystems on Kroma. Spectrum provides users with the opportunity to leverage the potential of ETH, stETH, and eETH, allowing them to earn more income in the DeFi field.

The difference between Spectrum and traditional staking platforms is that Spectrum innovatively introduces "Six Rewards," including Ethereum annual interest rate, heavy staking reward, EigenLayer points for staking Ethereum assets, Etherfi loyalty points, KSP (Kroma Spectrum Point), and wemix.e airdrop. Kroma will airdrop 40,000 wemix.e to users based on accumulated KSP, providing a new type of re-staking reward.

The platform introduces spETH, a proprietary risk token used for synthetic assets. Users who use spETH can maximize the liquidity of their staked Ethereum assets and gain access to a wide range of trading opportunities, as well as additional profit opportunities within the platform's extensive DeFi protocols and applications.

Spectrum has successfully integrated well-known dApps such as Standard Protocol, Light Bank, Layer Bank, Shoebil, Zapanki Swap, Wellxy, PrixmSwap, and iZUMi Finance, and has gained wide acclaim. This integration lays the foundation for further expansion as Spectrum aims to continue its innovative efforts by integrating more dApps.

Market Analysis: Lack of hotspots in the market, overall market is in a state of oscillating decline.

⭐️ Market trend:

BTC briefly broke through $67,500 over the weekend, but then fell, currently falling to around $66,500. This fall has led to a general decline in altcoins, and meme coins, which had previously performed strongly, have also started to fall. The market lacks stimulating hotspots, and investor sentiment is relatively subdued.

Macro-economically, the US stock market has been volatile. This week, NVIDIA will release its performance, which may have some impact on the market. Investors will closely monitor its performance to evaluate the trend of technology stocks and the overall market.

⭐️ Market Highlights:

1. Public chain FTM rises: FTM announced that it will undergo the Sonic upgrade in the third quarter, and after the upgrade, it will be replaced with the new token S at a ratio of 1:1. This news may bring some buying momentum for FTM tokens, and investors will pay attention to the effect and market reaction after the upgrade.
2. PYTH, the oracle machine protocol in the Solana ecosystem, experienced a big dump: Nearly $800 million worth of PYTH tokens will be unlocked this week. There may be significant market fluctuations before and after the massive token unlock, so investors need to carefully assess the risks. Recently, new coins such as NOT, BB, REZ, etc. have fallen below their initial coin offering price. The VC tokens that had high market capitalization upon listing are no longer favored by the market. In the past six months, around 80% of similar new tokens have experienced a decline, with an average drop of over 20%. This indicates that investors are becoming more cautious towards new coins and need to carefully select investment targets.
3. Zksync on Layer2 is expected to conduct a Token Airdrop: This news may attract investors' attention, and investors will closely follow the details and schedule of the Airdrop.

BTC has experienced a brief decline in the current market, leading to a general decline in altcoins and meme coins. The market as a whole lacks obvious stimulating factors, and investor sentiment is relatively subdued. Investors need to carefully evaluate market risks, pay attention to macroeconomic and industry trends, and select targets that are suitable for their investment strategies.

Macro: U.S. stock market may continue to reach new highs, Asian stock markets open higher

On May 17th, last Friday, the US stock market reached a historic high, indicating the market's optimistic outlook on the economic prospects. At the same time, Asian stock markets were also positively influenced when they opened on Monday.

The new signs of economic cooling have calmed inflation concerns in May, helping the three major US stock indices reach new highs this week. The S&P 500 index has risen 11% year-to-date. According to historical trends, market strategists say that stocks often gain momentum when recovering from similar-sized pullbacks, and tend to continue rising even after reclaiming lost ground.

Investors believe that people's optimism about the so-called soft landing of the economy is resurfacing, and strong profit forecasts are driving the stock market further upward. Investors will also focus on next week's durable goods and consumer confidence data to look for further signs of whether economic growth is cooling enough to support a rate cut this year.

Technology stocks, on the other hand, semiconductor giant Nvidia's stock price soared due to its enthusiasm for artificial intelligence, and it will report quarterly results on Wednesday.

Asian stock markets also showed positive signs at the opening on Monday. China announced "historic" measures to stabilize the real estate industry last Friday. The Central Bank provided an additional 1 trillion yuan (approximately 138 billion US dollars) of funds and relaxed mortgage loan regulations. Local governments are also prepared to purchase "part" of the apartments. This has pushed the Hang Seng Index to a 9-month high.

The Nikkei 225 Index rose 0.9% in early trading, and the MSCI Asia Pacific Stock Index rose 0.25% to its highest level in two years, influenced by the early gains in the Australian and South Korean stock markets.

In the currency market, the US dollar posted its largest weekly decline in two and a half months against the euro last week, but remained stable in early Asian trading on Monday. The euro was basically stable at $1.0873 on Monday. The yen weakened slightly against the US dollar, with the exchange rate at 155.82 yen to the dollar.

In terms of commodities, a helicopter carrying the President of Iran crashed in heavy fog, attracting traders' attention to the Middle East. Brent crude oil futures touched a one-week high in early trading, with prices reaching $84.14 per barrel.

The price of gold hovers around a historical high of $2,423 per ounce.

Author: Sherry S. & Icing. This article only represents the author's opinions and does not constitute any trading advice. This article is original and the copyright belongs to Gate.io. If you need to reprint, please indicate the author and source, otherwise legal responsibility will be pursued.