1.Market Focus Interpretation

Last week, the central driver of the market was the dramatic escalation of the conflict between the United States and the Islamic Republic of Iran, as the Strait of Hormuz was under substantial threatWTICrude oil prices surged within weeks17%Again100Above the dollar. This, at the same time, triggered strong inflation expectations, led to high rates of return on United States debt and severely hit high-valued technology units. United States dollar index breakthrough100Big Bang, stop the gold boom. Encrypted currency was significantly sold as a high-risk asset, with a single-week drop exceeding6%I don't know. As the American-Iranian conflict enters its fifth week and shows no sign of resolution, the tide continues. The volatility and uncertainty indicators of last week reflect the current macroeconomic tone。VIXIndex received from31.05, at the highest level since the outbreak of war; andCNNThe fear and greed index fell“..Extreme fearIt's not the sameLevel. Last yearElevenThe lowest level ever since. The bond market has further adjusted its pricing10The annual rate of return on United States debt rose to4.44%I don't know30There was a break in annual United States debt5%, then returned slightly below that level. This trend reflects deep-rooted markets“..High interest rates will last longerIt's not the sameAs expected, there is a general perception in the market that the Fed has little chance of falling interest rates by the fall, and this year's increase25The possibility of a base point is about25%I don't know。

2.Liquidity analysis

2.1EncryptionETFNet financial flows

Synchronising folderETFMoney flows are clear“..Escape, repairIt's not the sameStructure: Mid-week period, rapid weakening of financial mood, spotETFTotal net outflow5.0United States dollars, of whichBTCEscape2.96US$ billionETHEscape2.07It's a billion dollars and a lot of pressureThreeMonth26-27Two trading days on which the risks of institutional phase removal are apparent. There is a marginal return on the weekend, ending the trend of multiple consecutive days. Overall, institutional funding remains focused on prudent allocation in the context of macro-uncertainty。

2.2TradFiLiquidity

In recent weeks, the core of chain transactions has continued to revolve around macro-asset volatility。Perp DEX TradFiTrade volume raised to170With a billion dollars, the crude oil trade remains the highest but declining ring ratio, with the share of gold rising again。CEXLet's goTradFiThere's a huge increase in the number of long-term transactionsThreeMonth23The number of daily transactions has reached an all-time high. There has been a significant increase in the various sub-groups, with the highest increase in the ring-to-metal ratio。

Almost a weekPAXGThe market depth changes“..Weak, strong, tail-countingIt's not the same. Early SundayDeltaMostly negative, and the fall in super-prices from high, indicating that the market is dominated by net sales and that liquidity is being withdrawn; and thenThreeMonth23There will be a round of concentrated voltage around the day, which will rapidly push back against prices and create a staged liquidity vacuum. The depth of the weekend has improved significantlyDeltaThe shift to a sustained positive and significantly scaled-up scale suggests that funds are beginning to take over and drive up prices。

Almost a weekTradFiFurther expansion of asset classes, three mainstreamCEXYesTradFiCategory of assets (statistics only)TradFiandCFCDTotal, without dilatory contracts)598Increase to619Ring growth3.5%I don't know. The most significant increase in metals is due to:22Increase in expenditure to31Round-up growth40%; overall, last week onlyKateYesTradFiThere was an increase in the number of asset classes。

3.Data Insight on Chain

3.1DEXThe deal cooled downMeteoraMaintain height

The trade heat returned from last week ' s rush to cooling and the head agreement generally fell。PancakeSwapandUniswapThe volume of weekly transactions is lower than last week, and the demand for spot transactions in the mainstream chain has generally receded。SolanaAnd the side is dividedMeteoraStill slightly above200(b) The high volume of US$ billion, but marginal increases have slowedRaydiumThe trade volume is falling50%Head downDEXMax drop。AerodromeI don't knowHumidifiI don't knowBisonfiAnd there is a different level of regression. In the context of the agreementPancakeSwapYesInformationStructure andMeteoraYesDLMMIt remains the strongest efficiency label, but this week the market is more focused on definitive liquidity。

3.2It's a good ideaDAIShows resilience

This week, there was no new external increment to the stabilization plate, and the entire high-platform。USDTAlmost the same as the previous week。USDCWe're going back14US$ billionPYUSDIt's coming downTwoThis payment and settlement-oriented demand for stable currency has fallen slightly this week. It's more stable than thatDAISmall growthUSDSStay high。USD1I don't knowUSDeI don't knowGHOThere are small fluctuations and structural reconfigurations。CircleIt's still moving forwardUSDC + CCTPThe multi-chain extension, but this week's data reflects the stabilization of the currency from within to the payment settlementDeFiThe scenes are tendentious。

3.3LSTThe agreement goes back togetherETHandSOLAll set to slow down

Flowing BoardETHandSOLThe two main lines are simultaneously slowing down. YesETHIt's not goodETH LSTThe money started to be phased downLidoandRocket Pool TVLAll down。LidoYesV3andEarnETH / EarnUDTreasury expansion has widened product boundaries, but in the short termTVLMore affected by market risk preferences and price volatility of pledged assets。SOLIt's the same directionJitoandSanctum Validator LSTsWe'll meet again. Overall, the week was a downward trend in the overall risk profile of the plate。

3.4AaveThe number of loans retreatedMantleA few markets absorbing incremental amounts

This weekAaveThe total loan balance has fallen slightly from the previous week。EtheleumMain market andPlasmaIt's about timeOneThe US$ billion fell and there were signs of deleveraging in the mainstream market. Multi-chain expansion also slowed down this weekBaseandArbitrumSynchronize retreat。MantleIt's a few counter-growth markets5.55$1 billion to5.74A billion dollars, a structural highlight for this week。InkFrom2.89Billion dollars, small increase to2.92US$ billion, but only a limited increase。AaveRecent AroundV4 Hub-and-SpokeMoving forward, the market is pricing future cross-market liquidity efficiency, but the current funding has prioritized the total leverage for contraction, with a small incremental allocation to new sub-markets。

3.5AaveInterest rates for the three core asset loans continue to divide

USDCAverage floating borrowingAPRFrom3.10 per centRaise to3.23 per centThis week, the demand for dollar stability did not go down in tandem with the fall in total loan balances. It's not thatUSDTFrom3.10 per centBack to3.02%I don't knowWETHFrom2.25 per centSmall drop to2.23 per centI don't know. The current week's finance is being kept more centrally while reducing the broad risk exposureUSDCGo on. If you look at it strategically, it's usually better for the counterpartUSDCLiquid movement, collateral management and neutral strategy rotation. CombinedAaveThe latest developments in governanceV4The risk segregation and liquidity route framework is becoming clearer, and interest rate differentiation between different assets will be more frequent in the future and more reflective of real financial preferences。

3.6Agreement revenue from transaction-driven regression stock

Revenues from trade-type agreements have generally cooled, and stable currency issuers remain the most stable profit centres。TetherandCircleRevenues remained high and stable during the week. This is not the caseHyperliquidFrom1,430.25A million dollars back1,262.77US$ millionPumpFrom714.52$ million down to669.05US$ millionEdgeXFrom455.34Ten million dollars back379.69The cooling of trading activity has been channelled to the revenue end in millions of dollars. Overall, the main line of revenue for this week ' s agreement is less dependent on short-term fluctuations。

I'm sorry.Derivative tracking

4.1The funding rate is shifting to a short-term overload, and the mood is changing to a test

BTCThe financial rate as a whole reflects a shift from rehabilitation to a short-term positive and once again volatile structure. There was a marked reduction in the pattern of empty dominance, which had previously been at a chronic negative depth, with funding rates being revised and maintained for several days at a mid-week rate (up to a peak of closeness)+0.005The market has turned to active multi-prospect, short-term risk preferences have been repaired and resonated with a phase-by-stage price rebound. However, this positive rate phase is short-lived and limited in intensity and does not have a trend positive premium structure。

 

4.2We'll have to wait and see

The last weekBTCThe holdout spreads to the top with the price, but then falls quickly with the price drops to around$21BIn the vicinity, there was a clear deleveraging in the market; since then, the holding stock had not returned to its pre-high, but rather$21B– $22.5BInter-temporal shock recovery, overall down-centre migration, insufficient entry momentum for additional funding and a shift in leverage from expansion to contraction. Overall, the current hold-up structure is dominated by stock games, with a lack of sustained release cooperation, and markets are still in the post-leveraging shock reconstruction phase。

4.3Long-term and high implementation prices, with multiple structures prevailing

BTCThe options are focused on..FourMonth andSixMid-month and long-term contracts, with the market dominated by medium-term layout; structurallyCallObviously abovePutThe overall picture is still mixed. In terms of execution pricesCallMostly$80,000 – $120,000between, andPutdistributed in$60,000-$80,000The zone forms a typical structure that looks up and up against the bottom. What needs to be noted is that$60K-$70KA little bitPutThe high level of holding points to the growing short-term defensive mood of the market as it sustains expectations of medium-term increases。

4.4SkewIn the negative zone, short-term defensive sentiment still dominates

The last weekBTC 25D SkewThe whole remains in the negative rangeSixtoTenThis post is part of our special coverage Syria Protests 2011PutRelativeCallPrices remain high, and market pricing for downside risks remains high. Short cycle7DI don't know30DMore pronounced fluctuations, once rapidly low and briefly repaired, reflect the repeated rotation of short-term emotions; and medium- and long-term (a)60D) Relatively stable, overall maintainedFiveto- SevenIntersections, showing little change in medium-term risk expectations. In generalSkewThe absence of a sustained recovery to near-neutral or positive values means that the market is still dominated by defensive configurations despite attempts at repair。

4.5Implied volatility stabilized and the market expected limited short-term volatility

The last weekBTC DVolThe overall index is maintained52% - 55%Inter-temporal shocks, with a small backsliding up again, did not result in an upward trend and the market as a whole remained more restrained in its pricing of future fluctuations. While there was a marked fall in price during the period, the implied volatility went up only mildly, with no panic magnification, and the market did not regard the current adjustment as a high-risk event. In generalIVThere is a certain degree of desensitivity to prices, reflecting a trader ' s preference for inter-temporal fluctuations over unilateral trends。

5.This week ahead

6.KateInstitutional dynamics update

Fine operation

1.Advance data drive and precision management, precision targeting of client needs and enrichment of customized solutions

2.Sleeping users awaken a lot

Financial operations

1.Mortgage lending continues to grow, nearing cattle market levels

2.BTCLower interest rates, driving new demand growth

Products and technologies

1.WebsocketContractBBOReal time deliveryFourFull monthly opening

2.AIGradual landing, institutional service entryAIAuxiliary operational phase

Activities and markets

1.CrossExIncentives to progress trade have been launchedFourMonth9Maximum reimbursable contract return bill rate as at- 0.01%

2.FourMonthHong Kong Web3 Federal Side EventIt's about to open

Data source:

•Investing, https://investing.com/currences/xau-usd-history-data

•Gate, https://www.gate.com/trade/BTC USDT

•CMC, https://coinmarkcap.com/real-world-assets/? type=all-tokens

•Coinglass, https://www.coinglass.com/pro/depth-delta

•Dune, https://dune.com/gateresearch/gate-interactive-weekly-report

•CriptoQuant, https://cryptoquant.com/asset/btc/chart/derivatives

•Amberdata, https://pro.amberdata.io/options/deribit/btc/current/

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