FOUR MAIN LINES FROM HYPE TO ZEC TO BREAK DOWN LOCAL FOOTHOLDS IN THE MOUNTAINS

Original by David, Deepwater TechFlow

The encryption market this week is clearly localized。

ALTHOUGH THE BTC'S DOMINANCE IS STILL 60% AROUND, IT'S ONLY 35, FAR FROM THE 75 THRESHOLD FOR THE CONFIRMING SEASON; BUT IF YOU'RE PAINTING ENGLISH CT, YOU'LL FIND THAT MONEY DOESN'T REACH MACRO SIGNALS。

Over the past week, at least four separate narratives have run simultaneously:

1. It’s not the same thing that happens when you go to the center of the permanent contract trading platform

2. & nbsp;AI PUBLIC WHEEL

3. & nbsp;The price of private currency is re-pricing

4. meme started to rekindle。

HYPE, LIT, NEAR, GRASS, WLD, ZEC, USELESS, WHICH HAVE BEEN FREQUENTLY MENTIONED RECENTLY, ARE TYPICAL OF THE SEVEN CURRENCIES, WHICH CORRESPOND TO FOUR DIRECTIONS OF MARKET ATTENTION。

Take a look at their trends:

A few messages can be seen from the table。

FIRST, THE 30-DAY INCREASE AND TRADE BETWEEN ZEC AND HYPE WERE THE STRONGEST, AND THE BEST FUNDING CONFIRMED ON THE RESPECTIVE NARRATIVE LINES; THE LIT 7-DAY INCREASE LEAD, BUT THE MARKET VALUE WAS ONLY 1/40 FOR HYPE, AND THE ELASTICITY WAS HIGH

THE USELESS 30 SILENTLY ROSE BY NEARLY 70 PER CENT ON 30 DAYS, BUT THE MARKET VALUE WAS ONLY $75 MILLION, AND ZEC ' S 10 BILLION RATING WAS NOT A QUANTUM SCALE AT ALL; WLD WAS BARELY RAISED, THE LOWEST PRICE RECOGNIZED IN THIS GROUP, BUT THERE WAS MUCH DISCUSSION IN ENGLISH CT。

Here, we break down the logic of narrative by narrative。

1. Perp DEX line: HYPE going up, LIT going up

Perp DEX is the most complete line in the financial chain of the wheel. Of which HypeAGREEMENT REVENUE, INSTITUTIONAL HOLDING, ETF PACKAGINGThe three dimensions were realized simultaneously within the same month。

HYPE's chassis is income. Hyperliquid accounts for about 70 per cent of the unsettled contract share of the perp DEX, earned $14 million per week and over $600 million per year. 97% of the protocol fee is automatically repurchased for Hype。

This ship has been on the line since the end of 2024, and by May this year it had destroyed millions of traffic. The Maelstrom Foundation of Arthur Hayes publicly stated that it was selling the ENA, PENDERE and so on to raise the warehouse. HYPE called for a target price of $150 for the reason that the income-repurchase model was in place。

The corporate side is also following up。

The chain analyst, @ai 9684xtpa, traced suspected a16z associated wallets to buy an aggregate of about 9.18 million HYPEs from mid-April, or $356 million (a16z not confirmed). On 12 and 15 May, two HYPE cash ETFs from 21 Shares and Bitwise were listed in NASDAQ and NYSE, respectively, with a combined net inflow of over $5.6 million in the first week。

The first day of the BHYP deal was made to update the 2026 Castle ETF listing. Bitwise also spends 10% of the management fee on repurchases. May 21st HYPE touched a record high of US$ 62.14 with a market value of top 10。

INCOME = CHASSIS, INSTITUTION = AMPLIFIER, ETF = ENTRANCE. THE THIRD FLOOR IS IN PLACE AT THE SAME TIME, AND IT'S NOT VERY RARE IN THE BANKNOTES。

The logic of heat spills to the same track is also direct. Lighter is the fourth player in the perp DEX track with about 10% market share, but the market value is only 1/40 for HYPE. When the HYPE rushes into the top 10 of history and market values, it is natural for traders to find more flexible targets along the same narrative。

On May 18th, Vitalik mentioned in an open conversation that Lighter was a "new and more successful project" in the Taifung ecology, amounting to endorsing this compensatory logic by a celebrity. It went up 30 percent in the next three days. Lighter has its own moves: the SpaceX pre-IPO contract is online, and the Telestreet trading terminal is integrated, with annualized revenues of approximately $26.3 million and automatic buy-back mechanisms。

BUT THE LIT RISKS ARE CLEARER THAN THE HYPE。

Lighter ' s previous high trade volume was partly derived from incentive schemes and zero-fee design, with market analysis indicating a high turnover/unbalanced contract ratio, with brush composition to be observed. LIT has only 25% of total traffic, and team and investor token started releasing at the end of the year, about 13.5 million units per month。

THE OTHER SIDE OF THE RESONANCE ELASTICITY IS THAT, ONCE THE HYPE MAIN LINE COOLS, THE LIT RETREATS FASTER AND DEEPER。

In the view of the author, this main line will continue to attract attention and funding in the short and medium term, requiring attention:

1. WHETHER THE EYPE ' S ETF INFLOW CAN BE AT THE TOP LEVEL

2. Could Hyperliquid ' s agreed revenues open new volumes on traditional asset synthesis transactions (oil, stocks perps) (e.g., SAPX)

If both materialize, there is room for perp DEX narratives; if ETF inflows are stagnant and income growth slows, the multiple hand-over pressure from HYPE near ATH will be quickly transmitted to LIT。

2.AI LINE: NEAR RUNS AHEAD, GASS AND WLD EACH WITH THEIR OWN CARD POINTS

AI NARRATIVES ARE NOT NEW IN THE ENCRYPTED MARKET, BUT THE ATTITUDE OF THIS ROUND OF FUNDS HAS CHANGED。

NEAR 30 ROSE BY 50%, GRASS BY 8%, WLD BY 5%, ALL THREE WITH AI'S HAT AND TEN TIMES WORSE. THE MARKET IS NO LONGER ONE-SIZE-FITS-ALL AND BEGINS TO DISTINGUISH BETWEEN THE DIFFERENT EMOTIONAL VALUES OF NEW THINGS AND CATALYSTS。

$NEAR: PRIVACY +AI NARRATIVE

THE NEAR RISE IS DIRECTLY RELATED TO ITS INTENSIVE PRODUCT MOVEMENTS OVER THE LAST TWO MONTHS。

ON MAY 19, NEAR AI WENT ONLINE WITH A FRAMEWORK LEVEL PRIVACY FUNCTION:

While users are sending hints to external models like ChatGPT, Claude, and others, they are not allowed to use themTHE SYSTEM AUTOMATICALLY STRIPS OUT PASSWORDS, API KEYS, PERSONAL INFORMATION, ETCthe developers add a line to the header to enable it。

THIS BECOMES AN AI PRIVATE IDENTITY NARRATIVE AND IS RELATIVELY PRACTICAL. FOREIGN TECHNOLOGY NARRATIVES HAVE ALWAYS FOCUSED ON PRIVACY AND RIGHTS, A WAVE THAT HAS ONCE AGAIN SERVED THE EMOTIONAL VALUE OF PRIVACY。

At the same time, the time window for this feature is superimposed on the AI circle heat, OpenAI has just released its own Privacy Filter at the end of the month, and Microsoft pushed PII Shield during the same period。

NEAR DOES THE SAME THING IN ESSENCE, BUT RUNS ON THE CHAIN, GIVING THE MONEY A REASON TO FIRE。

On the way forward, the Near.com super-application, which went online in February this year, brought together wallets, cross-chain converters, confidential transactions, and in March it launched the Secret Intens Enforcement Level. These products are coming closer to the same narrative:

ALLOWING AI AGENTS TO PROTECT PRIVACY WHILE TRADING AND COORDINATING ON THE CHAIN。

$GRASS: APPLIANCE, BUT UNLOCKED

BUT THE POSITION OF GRASS IS DIFFERENT。

The end of the product is a small number of projects on the DePIN track with real-paying clients, including the "seven-digit" AI Laboratory, reported by Blockworks, with a portion of the revenue being used for the GRASS buyback。

ON APRIL 24, OKX WENT ONLINE AND THE LIQUIDITY ENTRANCE IMPROVED TO A CERTAIN EXTENT, WITH A 28 PER CENT INCREASE IN 7 DAYS。

The price performance has been slowed down, and the pen feels the problem of unlocking the supply side. Season 2 airdrops are releasing approximately 170 million GRASS, superseding unlocks of teams and investors, and short-term supplies have been pressing prices. Community discussions have also focused on this point. Grass business is running, but token is more of a supply-and-demand game than a trend。

$WLD: IDENTITY +AI NARRATIVE

BESIDES, WLD IS THE MOST EASILY MISREADABLE GROUP IN THIS GROUP。

Many people classified WLD simply as "Sam Altman Shadow Trading" and then jumpedBut in recent months, its narrative has actually changed:

THE MORE THE AI SPREAD, THE MORE VALUABLE YOU ARE. NEW VARIABLES SURROUNDING THIS LOGIC HAVE EMERGED INTENSIVELY IN RECENT MONTHS。

1. The Eastco Holdings (code ORBS), a company listed in NASDAQ, holds 280 million WLDs, representing 8.3 per cent of the circulation, and is the largest public disclosure agency in the world。

2. Eightco also indirectly holds $9.0 million of OpenAI shares, with total assets of approximately $337 million, and has positioned itself as a "AI + identity + creator economy"。

3. On 1 May, World officially entered the United States market and planned to lay 7,500 Orb scanners over a 12-month period, several times the current global deployment。

The problem is also at the supply end. A total of 10 billion WLDs are currently in circulation of about 3.4 billion, and teams often deposit large amounts token into Coinbase, Bybit. After July 24, the rate of unlocking will drop by 43%, which may be a potential turning point, but until then the supply pressure has been high。

3. PRIVACY LINE: RE-FOMO PRIVATE CURRENCY, ZEC 30 TIMES

ZEC ACTUALLY DOESN'T HAVE TO GO OVER IT, READ OUR PREVIOUS ARTICLE: 30 DAYS DOUBLE, 15 TIMES MORE IN THE YEAR: WHY IS THE ENGLISH QUARTER AGAIN STARTING FOMO $ZEC

EXCEPT HYPE, ENGLISH CT FULL SCREEN ZEC。

Before, Navar Ravikant said that ZEC was "insurance against bitcoin", Arthur Hayes called the long-term target on Consensus "10% of the BTC price" and Multicoin Capital publicly disclosed and overturned its own judgment in 2019 that privacy was not worth paying for alone... several hard-crackings on the back of the page were simultaneously implemented:

• The SEC confirmed the conclusion of the three-year investigation into Zcash Foundation and did not recommend any enforcement action。

• Robinwood, 23 April, online ZEC, United States-wide trading, retail entrance opening. The Grayscale ZEC Trust is applying for conversion to a spot ETF (code ZCSH), which, if approved, will be the first United States private currency ETF。

AI AND PRIVACY ARE NARRATIVES THAT RUN ALMOST THROUGH THE ENGLISH CT, AND THE ZEC ' S LEAD EFFECT IS CLEAR。

4. Meme Line: USELESS does not require fundamentals, but mobility

THE USELESS 30 ROSE BY ALMOST 70% ON THE DAY AFTER ZEC。

Last summer at Solana’s lanchpad (pump.fun, letsBONK, BeliveApp) when one of the few survivors killed from the letsBONK, the name itself was the point of transmission: “I am completely useless, and I do not pretend to be useful.”。

The logic of this round of blood has nothing to do with the fundamentals, and the meme coin would not have said fundamentals. The key variable is the CEX portal: Coinbase, Bybit, Cripto.com, which has been traded online for about $25 million for 24 hours, with sufficient liquidity for short-term transactions. When meme funds rotate around Solana, an old meme with CEX portals, community memory, and a name with its own ability to communicate can be easily pulled back to focus。

however, it goes without saying that the risk of meme currency changes faster than any other type of heat, which is a market mood amplifier。

The high point of the past, 0.43, is far from the current level, and both the leverage structure and the previous massive retreat require attention. Also reminds us that this meme name is prone to currency mapping problems on different polymers, and that the contract addresses must be checked before the transaction。

In summary, the seven currencies correspond to four narratives, with significant variations in the sources and recognition of heat。

• HYPE, NEAR, ZEC ARE THE MOST RECOGNIZED ASSETS ON THEIR NARRATIVE LINES, CATALYSTS CAN BE VALIDATED AND FUNDS CAN BE TRACED。

• LIT AND GRASS RELY MORE ON THE MAIN LINE CONTINUITY AND THE ABSORPTION OF SUPPLY PRESSURES, WITH A HIGH DEGREE OF ELASTICITY BUT A LOW DEGREE OF CERTAINTY。

• WLD demand narratives are being upgraded, but the supply pressure at the token end was on hold until July and further direction was needed. USELESS is a purely attention-and-emotional transaction, not a basic framework。

For spot investors, it is necessary to grasp the general context of these narrative lines. The current encryption market hotspots will reverse the price, but several main-line trends will not change in the short to medium term

FOR CONTRACT PLAYERS, CHOICE IS MORE IMPORTANT AND CHANGES IN THE TIME FRAME (E.G. 1-2 DAYS) OI, FUNDING RATES NEED TO BE FURTHER EXAMINED。

Finally, there are still structural opportunities in the market, and research remains a good way to find benefits when there is no one to look for。

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