Weekly Web3 Research | Market Experienced Slight Fluctuations and Corrections; The Cumulative Net Inflow of US Bitcoin Spot ETFs Exceeded $21.3 Billion

2024-10-25, 08:00

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## Weekly Trend Overview
The overall volatility of the <a href="/ar/price" target="_blank" class="blog_inner_link">crypto market</a> has been quite evident this week, showing a slight fluctuation and correction, with a mainstream trend of first rising and then falling. Although the prices of most mainstream coins have fallen, they have reached recent high levels this week, showing a continuous peak until the middle of the week before fluctuating downwards. BTC is mainly impacted by the external options market last week, with prices reaching a high level within a week. Currently, it has fallen to around $68,000 but has returned to an upward trend. Overall, the prices of key mainstream coins have fluctuated significantly this week, with little overall fluctuation in the market. The crypto market is expected to experience a crucial market trend before and after the US election. The overall market value of the crypto market has seen a slight increase compared to the same period last week, reaching around $2.33 trillion, with a 2.32% increase within 24 hours. The market sentiment has fallen to 52, with little change compared to last week's period. The prices of key mainstream coins are expected to experience significant fluctuations during the weekend closing period this week.

Compared to last week, the overall performance of the crypto market this week is within the same cycle of change, with continuous fluctuations and ups and downs being the mainstream trend of the week. Currently, there is a high probability that there will be no new key market trends in the short term. The <a href="/ar/price/bitcoin-btc" target="_blank" class="blog_inner_link">BTC price</a> has reached a high point of around $69,400 within a week. As of the statistical time, the coin price has entered a new upward trend after experiencing a short-term rapid decline, with a weekly increase of about 1.62%. Currently, the price remains at $68,126. ETH has experienced a certain decline in the past week, with a drop of around 2.88%, and currently remains around $2,528.

The overall performance of the crypto market this week has been commendable. Most coins continue to be influenced by the previous week's market trend, and there have also been emerging coins that have performed well. This week, GOAT's 7-day increase reached around 102%, with a significant price increase. This coin's market value is rapidly rising and is favored by many industry players. GOAT has the largest increase among mainstream coins this week, and its price is currently maintained at around $0.68.

The probability of a large-scale rise in the overall crypto market this weekend is relatively low, and the market is expected to experience a slight upward trend during the weekend.

## Crypto Market
🔥Vitalik responded to the comment on Twitter by saying: Technically speaking, any currency is licensed, and you need to obtain permission from an existing holder to become a holder.

🔥 According to SoSoValue data, the <a href="/ar/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> spot ETFs had a net inflow of $2.13 billion in the previous week's trading day.

🔥Alex Blania, co-founder of World (formerly Worldcoin), stated in an article on X that Worldcoin has officially evolved into World and launched a series of new features.

🔥 The BitVol (Bitcoin Volatility) index, jointly launched by financial index company T3 Index and options trading platform LedgerX, rose to 58.17 on Monday, with a daily increase of 2.03%.

🔥 Pump.fun announced plans to launch tokens in the future at the same time as launching "Pump Advanced". "Pump Advanced" is a trading terminal providing advanced users advanced features.

🔥Sushi CEO Jared Grey announced in a post that <a href="/ar/price/sushi-sushi" target="_blank" class="blog_inner_link">Sushi</a> is about to announce a strategic acquisition that will enable it to introduce innovative DeFi primitives with built-in stealth capabilities into vertical tracks such as AMM and PERPS.

🔥 According to Cointelegraph, the computing power of the Bitcoin network has reached a historic high of 769.8 EH/s (billions of hash operations per second).

🔥The <a href="/ar/price/avalanche-avax" target="_blank" class="blog_inner_link">Avalanche</a> Foundation launched the Avalanche Card, which can be used to pay with tokens such as WAVAX, USDC, sAVAX in places that accept Visa, and comes with physical and virtual cards.

🔥 Farside Investors' monitoring shows that the cumulative net inflow of US Bitcoin spot ETFs since their launch has reached a record high of $21.303 billion. Among them, BlackRock IBIT has accumulated a net inflow of $23.169 billion; The cumulative net inflow of Fidelity FBTC is $10.31 billion; The cumulative net outflow of grayscale GBTC is $20.055 billion.

🔥RWA Ondo Finance announced on social media that NAVI Protocol, a one-stop liquidity protocol for the Sui ecosystem, has become its official lending partner on the Sui network.

🔥 According to Cointelgraph, Chainlink has launched two new privacy protection features aimed at financial institutions that wish to use blockchain applications while ensuring complete end-to-end privacy.

🔥 According to DefiLlama data, <a href="/ar/price/solana-sol" target="_blank" class="blog_inner_link">Solana</a> TVL has risen to $6.468 billion, the highest level in two years (January 2022 to present).

🔥 The Grass Foundation announced an airdrop plan in X, distributing 100 million GRASS to eligible users, accounting for 10% of the total supply.

🔥According to QCP’s market analysis, ETH rose 2% during the low liquidity period last Sunday. Although ETH performed better than BTC last week (up 11% against 9.6%), its performance in October this year still lagged behind BTC (up 4% against 8%).

🔥 According to Bloomberg, two crypto hedge fund management companies, JellyC and Trovio Asset Management, announced a merger aimed at attracting funds from institutional investors, including pension funds. JellyC, headquartered in Australia, will become the major shareholder of the merged entity.

🔥 <a href="/ar/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a> co-founder Vitalik Buterin joked about the marketing copy of software company Splunk calling the XSIAM project, which uses zero-knowledge proof technology, an "unverified solution," saying, "This is what ZK project ads look like to ordinary people."

🔥 According to deFiLlama data, daily transaction fees on the Solana blockchain have risen to their highest level since early May 2024.

🔥Arkham It is believed that Tesla's BTC transfer last week was an internal wallet transfer. At that time, Tesla transferred 11,509 BTC ($776.9 million) to seven new wallets, each holding 1,100 to 2,109.3 BTC.

🔥a16z Founder Marc Andreessen talked about the origin of Truth Terminal and the creation process of the Meme coin GOAT in a podcast. He described how the artificial intelligence robot started promoting the GOAT meme and then created a meme token, which quickly grew in valuation to $500 million.

🔥 Ethereum co-founder Vitalik Buterin posted on social media that he believes the ideal solution is to deeply but selectively reduce gas costs: reduce the gas cost of all EVM opcodes currently in the 2-5 range to 1, and reduce the gas cost in the 6-10 range to 2. Reduce the gas cost of log operations by four times. Reduce the gas cost of precompiled contracts (except for those we plan to abandon). Through this approach, it is possible to increase TPS by 1.5 times without compromising any 'critical worst-case' metrics such as calldata size and IO.

🔥 According to Lookonchain monitoring, Moonshot has generated $498,000 in revenue in the past 30 days, a month-on-month increase of 1657%. The daily number of independent users is around 4,000.

🔥 According to The Block, Variational, a crypto derivatives trading protocol based on Arbitrarum, has completed a seed round financing of $10.3 million, led by Bain Capital Crypto and Peak XV Partners (formerly Sequoia India and Southeast Asia).

🔥 The lending protocol “Radiant Capital” hacker has transferred all stolen funds to Ethereum, totaling approximately 20,500 ETH worth approximately $52 million.

🔥Solana Mobile announced that Solana Seeker will be shipped in mid-2025 and has currently received 145,000 bookings. Solana DeFi giant Jupiter has launched a mobile exchange platform, while DRiP, Birdeye, and Cube Exchange are also developing mobile versions.

🔥 According to Tesla's third-quarter earnings report, the company did not sell any Bitcoin during that quarter. （Watcher.Guru）

🔥 According to Fortune, the large bets on several mysterious accounts on the prediction market Polymarket have significantly increased Donald Trump's chances of winning on the platform.

🔥 An institution conducted a $25 million hedge transaction on Derive's on-chain Bitcoin options market, betting that Bitcoin will continue to rise after the November 5 US election. This transaction involves a long option strategy, to raise the <a href="/ar/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin price</a> to $80,000 by November 29, making it the largest on-chain option transaction related to the US election to date.

## Regulatory & Macro Policies
🔥 The US SEC approved option trading for multiple Bitcoin spot ETFs, and analysts expect this to increase market volatility for Bitcoin.

🔥 Gary Gensler, Chairman of the US Securities and Exchange Commission, congratulated the 16th anniversary of the release of the Bitcoin white paper (BTC white paper was released on October 31, 2008) with the phrase "sweet six" in an interview. However, Gensler also stated that the SEC will continue its approach of considering the risks of digital assets to investors and "enforcement supervision".

## Crypto Market Highlights  
⭐ In the past week, the crypto market continued to fluctuate, still influenced by the approaching US election and stock market trends and the rapid inflow of spot ETF funds. Although there has not been a particularly significant upward trend in the market, the overall situation has improved significantly compared to previous periods. Most mainstream coins have shown a clear bullish cycle, although most coins have shown a small range of continuous ups and downs this week. The crypto market is in a state before the arrival of key market trends, and it is highly unlikely to see a large-scale upward trend in the short term. It is expected to reach a further turning point after the external key information becomes clear.

⭐ Many mainstream coins have seen significant price increases in the market this week, with the proportion of top growth maintaining above 50%. As an emerging coin, GOAT has been rising in price since its launch, with a seven-day increase of around 101.8%. Currently, the price is around $0.6821. The high point of the coin's price for the week was around $0.8722. Currently, the price rebounded and is expected to experience further price changes in the future of this week, with short-term fluctuations being the main trend.

## BTC & ETH Weekly Performance
### Bitcoin (BTC)
![](https://gimg2.gateimg.com/image/article/17298428211.jpeg)
(Data Courtesy Of TradingView)

The overall price of BTC fluctuated downwards since the opening session at $69,400, reaching a one-week low before rebounding above $65,000 and entering a volatile upward trend again this week. Due to the recent impact of external news and the rapid rise of the US stock market, as well as the rapid inflow of spot ETFs, the price of BTC performed relatively strongly, with a weekly rise and fall of over $65,000. The price of the coin is in a relatively clear rebound phase, with a high point of around $69,500 and a low point of around $65,156 per week.

Analysis suggests that the BTC price changes this week follow the market trend. As the US presidential election approaches, various markets are experiencing frequent fluctuations. The crypto market is still dominated by bullish expectations, and a new round of significant price changes is expected to occur near the end of the weekend.

### Ethereum (ETH)
![](https://gimg2.gateimg.com/image/article/17298428432.jpeg)
(Data Courtesy Of TradingView)

The high point of <a href="/ar/price/ethereum-eth" target="_blank" class="blog_inner_link">ETH price</a> this week was around $2,760 during the opening session. Although there was a certain increase during the week, the subsequent trend was mainly characterized by continuous oscillation and decline, which is consistent with the overall market trend. Currently, the coin price is fluctuating around $2,550. ETH's weekly decline is around 2%. The coin is experiencing minor price fluctuations and is expected to slightly rebound over the weekend.

Analysis suggests that the price of ETH experienced a certain decline this week compared to the same period last week, mainly due to the lack of upward support for the coin. The performance of hot spot and spot ETFs is relatively average, and most of the upward trend also follows the overall performance of the crypto market. Although ETH experienced some decline in price changes, it remains within the 10% price range and may experience a more significant rebound in the later period. The fluctuation range of ETH coin price this weekend is likely to rebound, and the probability of breaking through the $2700 price level again is low.

## Web3 Project Trend
This week, the total market value of seven types of projects rose across the board, but there was a significant increase compared to the same period last week. The overall market performance remained mainly volatile this week, with a downward trend towards the weekend closing period, but there is a high probability of further upward movement during the weekend.

| Project Category  | 7d Change  | Top 3 Gainers  | Comment  |
| ------------ | ------------ | ------------ | ------------ |
| Layer 1 | 1.2% | EQPAY,NOIA,LILA | The Layer 1 track saw a slight increase this week, with the top-rising coins having smaller gains, and the overall growth distribution is relatively even.|
| Layer 2  | 0.8%  |MODE,GEL,MERL|The performance of Layer 2 track this week is similar to that of Layer 1, with a relatively small overall increase. The top-rising coins have maintained a basic increase of less than 20%.|
| DeFi  | 2.0%  | DGX,BOR,COREDAO | The DeFi market increased this week, with overall performance relatively stable. The liquidity of top-rising coins is still acceptable, but there is a lack of large-scale market changes overall.|
| NFT  | 0.4% | STARS,B20,INCEPT |The NFT market also saw a slight increase this week, but the overall change is insignificant. The top-rising coins have relatively concentrated gains, with most projects showing a more downward trend.|
| MEME  | 26.9%  | TSLA,TRUMP,DOGAI| The MEME coin market saw significant gains this week, but most are due to riding on hot topics. Due to external news factors, several coins have experienced significant gains within a week.|
| Liquid Staking  | -1.3% | ANKRMATIC,STKATOM,UNIBTC| This sector follows the trend of top mainstream coins, with a slight decline this week. In fact, most coins have limited actual gains.|
| AI  | -0.2%  | OCADA,AGENT,WAI|The AI track experienced a slight decline this week, mainly due to the overall market volatility correction and the lack of news factors in the AI field. Most coins have maintained their performance this week.|

<div class="blog-details-info">
<div>Author:**Charles T.**, Gate.io Researcher
<div>Translator:Joy Z.
<div class="info-tips">\*This article represents only the views of the researcher and does not constitute any investment suggestions.
<div>\*Gate.io reserves all rights to this article. Reposting of the article will be permitted provided Gate.io is referenced. In all cases, legal action will be taken due to copyright infringement.
</div>

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