Upbit's Ebb Tide, Theme Rotation in Full Swing… What's the Real Trend This Week?

▲ [Photo Material] Upbit Logo ©

The transaction volume in the virtual asset market, which had surged explosively, has now subsided, entering a period of consolidation. While the leading assets falter, a fierce "wait-and-see" market is unfolding, with demand and supply extremely concentrated on specific altcoins and themes.

According to Dunamu's Upbit Datalab Weekly Report (April 27th - May 3rd), the Upbit Composite Index recorded 11,762.41 points, a 0.46% decrease from the previous week. The transaction volume, which had shown a steep recovery until last week, plummeted by 23.6% from the previous week to 11.27 trillion won, indicating a clear slowdown in liquidity expansion. Investor sentiment also solidified into a wait-and-see attitude. The Fear & Greed Index dropped by 3 points from the previous week to 53, remaining in the neutral zone within a narrow trading range.

Amid a general contraction in liquidity, the focus of supply and demand shifted entirely to individual altcoins. Orca (ORCA) astonishingly claimed the top spot in weekly transaction volume, attracting 1.11 trillion won and pushing the leading asset Bitcoin (BTC) to second place (0.92 trillion won). Bioprotocol (BIO) took third place with 0.74 trillion won.

Their dominance also shone in weekly growth rates. Bioprotocol surged by a remarkable 101.57%, absorbing market supply and demand like a black hole, while Orca also soared by 49.65%, showcasing its status as the top transaction volume asset. Akash Network (AKT) also showed strength, rising by 27.94%. In contrast, large-cap assets failed to escape weakness. Bitcoin remained flat at -0.06%, and major coins like Ethereum (ETH) at -2.02% and XRP (Ripple) at -3.01% all recorded negative returns. Stablecoin movements were also quiet, with Tether (USDT) at -0.13% and USD Coin (USDC) at 0.13%.

Fund rotation by sector showed a stark contrast. The AI sector emerged as the hottest theme, rising by 8.02%, followed by Meme at 7.51%, and Liquid Staking & Restaking at 6.65%. Conversely, Fan Tokens, which had led the rally in the previous period, plummeted by -18.11%, recording the poorest performance. Profit-taking in existing leading themes such as Lending (-10.44%) and Metaverse (-9.28%) led to a rapid theme rotation.

Ultimately, this week's Upbit market can be summarized as a period of extreme differentiation occurring amidst shrinking liquidity. While overall market strength weakened due to index declines and a sharp drop in transaction volume, individual assets with clear momentum, such as Orca and Bioprotocol, and the AI theme are monopolizing market funds. A challenging exploratory phase continues, where selection and concentration are more crucial than ever, rather than a broad bull market.

▲ [Dunamu] Upbit Datalab Weekly Report

Meanwhile, Upbit Datalab is a specialized data service provided by Dunamu, which operates the digital asset exchange Upbit. It offers standard indicators for fundamental analysis of the virtual asset market, including the Upbit Composite Index (UBCI), market trends, and sector classifications. The composite index is calculated with October 1, 2017, as its base point (1000), and the Fear & Greed Index is derived by synthesizing 24-hour execution price and transaction volume data within Upbit every 5 minutes.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*