glassnode：山寨季快来了 资金在轮动

Since October last year, our kinetic energy index of counterfeit currency shows that investors' willingness to further transfer capital to the risk curve is increasing. Although the dominant position of Bitcoin is still remarkable, we have seen early signs that more capital has begun to transfer to Ethereum and ecosystem. By investigating the liquidity pool, we can see that most of the capital is still in the most mature assets, although the total locked value is moving outside the risk curve, but the following of trading volume is slow, which is expected. Counterfeit currency season: With the increasing momentum of the new spot bitcoin exchange trading fund, the bull market in the field of digital assets may have begun. Under this background, we will continue to discuss whether the capital covered in the weekly chain report will flow into counterfeit currency. In this issue, we will focus on the further performance of assets on the risk curve and evaluate how the capital rotates and flows in the counterfeit currency market. We will once again use our counterfeit currency indicator as a macro indicator, and see the evaluation of this indicator in the weekly report of 2008. Estimate whether positive kinetic energy is forming in the market value of the total exchange currency, and with the continuous inflow of funds into Bitcoin Ethereum and stable currency, our counterfeit currency index has been showing positive kinetic energy since October last year, although it was temporarily suspended in the news event of selling bitcoin after it was approved, and it was re-triggered on March. In terms of market value ratio, Bitcoin continues to lead the total market value of the entire digital asset market. In contrast, Ethereum accounts for stable currency and the rest of counterfeit currency accounts for asset performance. The year-to-date growth rate is and we noticed that it began to surpass Bitcoin after it was approved, which is a change of relatively poor performance since. However, overall, the market value of Shanzhai coins has not performed well, and the growth rate since the year-to-date is less than half of that of the two major currencies. Another way to track the performance is to use the realized market value of each industry, which summarizes the cost basic value of all currencies transferred on the chain. From this list, we can better evaluate the mobile bitcoin of capital in the digital asset market. Once again, it is obviously ahead. At present, almost $100 million of capital flows into Ethereum every month, and the capital inflow often lags behind Bitcoin. This shows that investors are seeking confidence and confirming that the digital asset market is growing. In the annual cycle, the peak of new capital inflow appears the day before the peak of inflow. Shanzhai coins tend to show a similar lag after showing a strong trend. Obviously, the speed of capital flow to Shanzhai coins is slower than the rotation between the two major cryptocurrencies. The next problem is to observe how it flows further on the risk curve over time. In the last cycle, several new first-tier ecosystems appeared, many of which not only competed with Ethereum in innovation and attracting users, but also in investment capital. Therefore, we examined the top five token Ethereum in some selected ecosystems and evaluated which ones attracted the most investors. Interest here, we compare the weekly change of the total market value of the first five tokens in each ecosystem, which has shown a relatively high volatility in the past months. The upward performance is particularly prominent and the volatility is similar, but the ecosystem performance is better than the latter. In the Ethereum ecosystem, we can specify three main areas and pledge. Since the beginning of this year, all three industries have seen capital inflows, but there has been a relatively large capital outflow from the industry in and this year, and the fields have reversed since the beginning of this year. The initial significant inflow is consistent with the time point triggered by our counterfeit currency index. In contrast, pledged tokens have been experiencing positive capital inflows, although the absolute amount is relatively small. To determine whether and to what extent investors' interest has turned outside the risk curve, we can refer to the data from the liquidity pool. Because counterfeit currency is usually traded by more encrypted primary traders through decentralized exchanges, the earliest established activities can be used as a substitute for the trading trend of counterfeit currency. It should be noted that this data reflects that the trading interest in counterfeit currency on the main network of Ethereum is very low during the bear market in the year, but it began to increase in the middle of the year, mainly driven by the crazy trend of meme currency. At present, the trading volume of counterfeit currency is close to that at the peak of the last bull market, and the trading volume of sum currency is stable. Liquidity providers tend to closely monitor the distribution and changes of market liquidity in each pool, which can provide an indication of market trends by checking the composition of the total locked value. We observed that the liquidity allocation of the tokens that were not ranked before increased during the cottage season, which indicated that investors' interest in the long tail tokens increased. During the bear market, liquidity was mainly provided for the previous token, because this is where most of the trading volume occurred. The previous token was mainly composed of stable and stable coins. By looking at the percentage change of each token category, we can detect that the liquidity provided for the previous and previous tokens increased, while the ranked tokens were removed, which indicated that the market was interested in long-term development. The demand for tail assets has not increased significantly. We will now check the liquidity pool of top tokens in various fields of Ethereum, including evaluating the distribution of liquidity in various price ranges and observing the evolution of market depth, which is similar to the assumption that the distribution between counterfeit coins and reserves is relatively balanced in the first week of the weekly chain report. It shows that liquidity providers generally hold a bullish view on these tokens, and tokens are an exception. It is not surprising that the increase in market depth of the scope indicates that liquidity providers are preparing for a period of large price fluctuation, which is an exception. Market makers are increasingly concentrating liquidity near the current price range, which indicates that the price fluctuation of expected tokens is relatively small. Given that it is one of the most mature and stable tokens, it is not surprising that now we are compared with traders. We can observe that the transaction volume has increased since January, including tokens outside the top ranking, and the opposite is trading. We can observe that the trading volume has increased since June, including the trading activities of the token pairs before and after other tokens, but the trading activities of the token pairs before and after the ranking remain unchanged, which once again verifies our previous hypothesis that although liquidity provides a higher risk curve, the trading volume has not kept up with the four summaries and conclusions. The market momentum of new bitcoin and the expectation of the bull market of digital assets have begun to cause the capital to flow to the counterfeit currency. Our counterfeit currency indicators show that the substitute currency market may be more mature and may continue to rise, but it is still relatively concentrated at present. 比特币今日价格行情网_okx交易所app_永续合约_比特币怎么买卖交易_虚拟币交易所平台

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