On-chain data for the 18th week: May entered a recovery period, and the second half of the year may usher in another rise

1. The price fluctuation of sugar orange this week reached 15%. The chip distribution map shows that there are a large number of chips traded near 63,000, which may form support or pressure.
2. The unemployment rate and non-farm payrolls data in the United States in April were both lower than expected, and interest rate futures predict that the Federal Reserve will cut interest rates twice in 2024.
3. In terms of encryption ecology, many traditional companies and institutions have begun to participate in Bitcoin business, including Coinbase policy advisors, Uniswap new features, and Fidelity digital asset cooperation.
4. Long-term insights show that the net positions of BlackRock and Grayscale ETFs have changed, and high-quality selling pressure has returned to the low selling pressure area. The market has set the tone that the selling pressure is gradually decreasing.
5. In the short term, market sentiment is neutral, the risk factor is in a dangerous area, and global purchasing power has recovered slightly. Off-chain transaction data shows that there is a willingness to buy at 60,000 and a willingness to sell at 65,000.