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The Truth About Liquidity: A Study Report on Coin Listing Effects on Exchanges in 2024 1. Research Introduction 1.1 Research Background Since the beginning of this year, the market has sparked extensive discussions about VC tokens with high fully diluted valuation ( FDV ) but low circulating market cap ( MC ). With the new tokens issued in 2024, the MC/FDV ratio has dropped to its lowest level in the past three years, indicating that a large number of tokens will be unlocked and enter the market in the future. Although the initial circulation is low, the market may push prices up in the short term due to increased demand, but this rise lacks sustainability. Once a large number of tokens are unlocked and enter the market, the risk of oversupply intensifies, and investors begin to worry that this market structure may not provide lasting support for price increases. As a result, many investors' interests have begun to shift from these VC coins to Meme coins. The characteristic of Meme coins is that most of the tokens are fully unlocked at TGE, resulting in a higher liquidity.

Ark Fund has announced the withdrawal of its ETH ETF application due to poor profit prospects. Although its BTC ETF holds a place in the market, low fees have limited profitability. Small market capitalization crypto assets like SOL face greater challenges, with limited profit potential and a lack of profit motivation making the project's outlook concerning.

The proposal to recast 70 billion CRO tokens on the Cronos chain has sparked widespread controversy within the community. Despite facing opposition, the management team still pushed the proposal forward, and it was ultimately passed. This incident has triggered discussions about the immutability of the blockchain and the integrity of projects, warning investors to carefully assess project governance mechanisms.

In April, the crypto market saw an influx of funds, with BTC rebounding strongly by 14.11%. The panic caused by the trade dispute gradually eased, and the continuous influx of stablecoins along with increased holdings by long-term holders provided support for the market. However, external uncertainties such as tariff issues still need to be followed to prevent another downward revision of U.S. stock valuations and the risk of economic recession.

Bitcoin has shown a strong rise recently, with its price soaring from over $20,000 to $34,000, and market sentiment is high. Institutional funds continue to flow in, reducing liquidity, leading to tight supply, while favourable information from policies keeps boosting Bitcoin's value. Experts predict that the price may break through $50,000 to $100,000 in the future.