Bitcoin Rebound XCN big pump 110% crypto market Fluctuation severe

Market Dynamics and Trend Analysis

Macroeconomic Environment

The global economic outlook is impacted by policy uncertainty. In particular, the chaotic implementation of tariff policies has shaken market confidence in economic growth. This uncertainty may continue to influence market trends in the coming months. The bond and currency markets have also experienced significant fluctuations, while the stock market shows typical characteristics of a mid-bear market rebound. The cryptocurrency market closely follows traditional financial markets, exhibiting high volatility.

Cryptocurrency Market Overview

This week, Bitcoin has rebounded from a sharp decline, but small cryptocurrencies are generally facing downward pressure. The market overall lacks a clear investment theme.

Among the top 300 cryptocurrencies by market capitalization:

The five projects with the largest increase:

1. XCN: Up 110%
2. FARTCOIN: Up 100%
3. GAS: Up 60%
4. LAYER: Up 40%
5. UXLINK: Up 30%

The five projects with the largest decline:

1. BERA: down 40%
2. EOS: down 20%
3. MEW: Down 20%
4. W: Down 20%
5. NEAR: Down 20%

Project updates worth noting:

• BERA: The public chain project has fallen below its long-term support level, with the total amount of stablecoins in its ecosystem decreasing by 300 million dollars over the past week.
• FARTCOIN: As an emerging meme coin project, it has risen against the trend despite the overall market downturn.
• BABY: This staking project in the Bitcoin ecosystem has seen its market cap rebound to $800 million after launching for trading, maintaining parity with the valuation from the last round of institutional investment.

On-chain Data Analysis

The inflow of funds into the Bitcoin market tends to stagnate. Market liquidity is rapidly contracting, causing the total market value of altcoins to drop from 1 trillion dollars at the beginning of the year to around 600 billion dollars. This decline is widespread and has affected nearly all sub-sectors.

Institutional funds have seen a slight net outflow, and global market sentiment is becoming cautious. The market capitalization of stablecoins has slightly decreased, reflecting investors' risk-averse tendencies.

The long-term trend indicator MVRV-Z score is currently at 1.6, close to the market bottom range. This indicates that overall holders are in a state of loss, and the market may be approaching the bottom.

Futures Market Analysis

The futures funding rate remains at a low level of around 0.00% this week, indicating a relatively neutral market sentiment.

The open interest in Bitcoin futures continues to decline, indicating that major funds are withdrawing from the market.

The futures long-short ratio is 1.9, which is slightly high, reflecting that market sentiment is still leaning towards optimism.

Spot Market Trends

Bitcoin has experienced significant volatility this week, while other cryptocurrencies lack new investment narratives to support them. The global financial markets remain under pressure, and this pressure has spread to almost all asset classes, with the cryptocurrency market also not immune to this downward trend.