Metrics Ventures市场观察：资本市场风险有序释放，但山寨芯片仍需

Metrics Ventures’ September 市场 Observation

1/ Recently, Bitcoin has been fluctuating between 50,000 and 60,000, and market sentiment is low. Trading volume hit a new low in a single day, the fee rate continued to be negative, and the Ethereum exchange rate fell below a new low again. The market has reached a freezing point. Altcoins rebounded after the FOMC broke the emotional freezing point, but it was still driven by a chip vacuum, and market trading volume remained sluggish.

2/ Continuing the analysis from last month, altcoins are generally in a consolidation phase after the pullback from the highs in March and April. However, the accumulation of time is crucial in the chip law, and we have not yet observed signs that altcoins are ready in batches. It is worth noting that many of the chips of the target failed to form an effective distribution and passively pulled back to the low point, which means that market makers still have the motivation to maintain prices or drive a rebound in the short window after the sentiment freezes. This may be a positive signal.

3/ From the current perspective, we believe that the international risk market has released risks for the first time since August. Although some altcoins have made good recovery trends this month, we believe that crypto assets still need time to accumulate strength. At present, the market will continue to be in a state of disorderly fluctuations. Looking ahead, we believe that the adjustment and accumulation this year will be a good foundation for the market next year, and there is no need to worry too much about the volatility of the market.

对整体市场情况和市场趋势的回顾和评论

The market has been flat this month, with hype and duration weaker than in early 2023. The market is once again widely discussing the blockchain-native innovation represented by Ethereum and the problem of its penetration rate being blocked. From a certain perspective, the current sentiment is even more depressed than in 2019. As sentiment has eased after the FOMC, some altcoins have made good recovery trends, but the market is still scattered and trading volume is sluggish.

Looking back at the trend, Bitcoin has continued to fluctuate in a disorderly and wide range since April. This is mainly due to the simultaneous shrinkage of trading volume, market attention and risk appetite. It is worth noting that we are witnessing a disorderly and wide range of fluctuations close to a new high, which confirms our consistent view that we may be experiencing a unique cycle of major asset classes.

From the perspective of altcoins, current market opportunities are mainly concentrated on chip games. This highlights the current lack of narratives and the weak endogenous driving force of the industry. Except for AI and Meme, there is no obvious capital synergy and main narrative trend. As we mentioned before, the markets pricing model and gameplay transformation have gradually been recognized by more practitioners.

However, the characteristics of the reflexive market remain the same. If this trend continues, pure game driven by narrative and chips may reappear in the future, which will once again highlight the casino nature of the market. From the perspective of secondary market operations, the grasp of the escape window and the choice of escape posture become increasingly important.

Overall, our focus will continue to be on waiting. The wide range of fluctuations will eventually end, and the risk-return ratio of profiting through selling high and buying low will drop significantly. It is a wiser choice to stay focused on the market and do a good job of identifying the turning point after the market trough.

Industry Development Trends

1. The primary market VC is undergoing a dramatic reshuffle, with small and medium-sized VCs being cleared out, and the DPI of many projects is even less than 1. In contrast, the top VCs continue to grow and quickly completed a new round of financing in just 5 months. In the future, the primary market will show an extremely polarized development trend. In addition to the top VCs, only incubators that focus on early projects and have unique tastes, or vertical VCs that focus on specific ecosystems can use super high odds and competitive advantages in vertical fields to find a living space in the market.

2. The most discussed application tracks are SocialFi and AI Crypto. There are hard barriers to AI implementation, and we need to wait for the critical moment of technological breakthrough. Pumpfun is the most successful SocialFi case, but the SocialFi that is truly suitable for Web3 is not the Web3 version of Twitter, but a socialized casino.

3. BTC, stablecoins/payments and casinos are the only proven business models in the industry. Stablecoins have become the new volume king track in the primary market, but no one can clearly explain how to break Tethers network effect. The development trend of the industry is becoming clearer and clearer. Except for BTC, the final business model of Web3 is casinos.

4. Quantitative returns continue to be under pressure, and many quantitative teams that have switched from A-shares are flocking to the crypto market. However, considering the overall size of the current quantitative market and the comparison with active trading liquidity, quantitative returns are expected to shrink further. At the same time, we should be wary of highly leveraged quantitative strategies, because in extreme market conditions, the risk of liquidation faced by these strategies is rising.

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Metrics Ventures 是一家数据和研究驱动的加密资产二级市场流动性基金，由经验丰富的加密专业人士团队领导。团队擅长一级市场孵化和二级市场交易，并通过深入的链上/链下数据分析积极推动行业发展。MVC 与加密社区的资深影响者合作，为项目提供长期赋能支持，如媒体和 KOL 资源、生态合作资源、项目策略、经济模型咨询能力等。

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This article is sourced from the internet: Metrics Ventures Market Observation: Capital market risks are released in an orderly manner, but copycat chips still need to settle

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