Weekly Web3 Research | Market Continues its Upward Trend; Direct Investment in US Bitcoin ETFs with Total Assets Exceeding $100 Billion

2024-11-22, 07:34

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## Weekly Trend Overview
This week's overall trend of the <a  rel="nofollow noopener noreferrer"  href="/price" target="_blank" class="blog_inner_link">crypto market</a> continues to be positive, showing a clear upward trend. Most mainstream cryptocurrencies have experienced varying degrees of price increases in the past week. Currently, due to a large number of retail crypto users returning to the market and various corporate investments, the overall market value of the crypto market has further increased, and the mainstream sentiment in the market remains relatively optimistic. BTC prices continued to hit a historic high, breaking above $98,000 and approaching the $100,000 mark. The BTC market share remains at around 59%, with a weekly high of around $98,805, setting a new historical high. Overall, the price fluctuations of key mainstream coins are within a volatile upward cycle, and there will be further increases in the future. However, there is still a possibility of a pullback in the overall market. The market sentiment is around 88, and new market changes will occur during the weekend closing period. The overall market value of the crypto market has grown significantly, reaching around $3.26 trillion, with a 6.09% increase within 24 hours.

Compared to last week, the overall performance of the crypto market continued to rise this week, with various positive news, such as ETFs, corporate investments, and bill promotions emerging one after another. BTC continued to drive the overall market to see continuous gains, with a weekly increase of over 10%. The weekly price increase of ETH is relatively small, around 6.7%, and currently remains around $3,351.

The overall performance of the crypto market this week is relatively clear, with most mainstream coins still showing a continuous rebound affected by the overall market rise, but currently still within a certain oscillation cycle. OM's 7-day increase reached around 108%, with the largest price increase, currently maintaining a stable trend of around $3.63.

The overall crypto market will likely continue to rise this weekend, but a slight correction is still possible.

## Crypto Market
🔥CryptoQuant Analyst MAC.D posted that the <a  rel="nofollow noopener noreferrer"  href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> spot ETFs accumulated 5.3% of the existing Bitcoin total, and its holdings have increased from 629,900 BTC at the beginning of the year to 1.05 million BTC, an increase of 425,000 BTC.

🔥 10x Research has released a report stating that the Google search trend for "Meme Coins" has reached a historic high, surpassing the previous peak in March 2024.

🔥Microstrategy Executive Chairman Michael Saylor expressed support for Senator Cynthia Lummis' proposal for a strategic Bitcoin reserve in the United States, which is crucial for strengthening the country's economic leadership.

🔥 According to Cointelegraph, with the return of the memecoin craze, <a  rel="nofollow noopener noreferrer"  href="/price/solana-sol" target="_blank" class="blog_inner_link">Solana</a> Ecosystem DApp set a new high in transaction fee revenue within 24 hours on November 18th. According to DefiLlama data, five of the top ten agreements in terms of transaction fee revenue come from Solana.

🔥StarkWare Eli Ben Sasson, CEO of Starknet, told Cointelegraph during DevCon 2024 that the trading speed of Starknet is expected to increase fourfold in the next three months, while trading fees will decrease fivefold.

🔥 Japanese listed company Metaplanet issues 1.75 billion yen 1-year 0.36% bonds, and the funds raised will be used to increase holdings of more BTC.

🔥 Cryptocurrencies have become the focus of attention this week, performing better than traditional assets. The Bitwise Europe report attributes this increase to growing <a  rel="nofollow noopener noreferrer"  href="/price/optimism-op" target="_blank" class="blog_inner_link">optimism</a> about US policy measures and the ongoing Bitcoin supply tightening.

🔥 On November 19, the supply of Bitcoin on crypto trading platforms significantly decreased, reaching its lowest level since November 2018. This trend indicates that investors are increasingly inclined to hold Bitcoin for the long term rather than actively trading.

🔥 According to Forbes, securities filing documents show that hedge funds such as Millennium Management, Capula Management, and Tudor Investment significantly increased their holdings of US spot Bitcoin ETFs in the third quarter.

🔥 On November 19, according to relevant page information, the background of McDonald's official homepage was updated to Doodles theme.

🔥 10x Research pointed out in its market analysis that the key obstacles to listing options on Bitcoin spot ETFs have now been cleared, and IBIT options trading is expected to begin on Tuesday, November 19, 2024.

🔥 On November 19, according to official sources, healthcare group Cosmos Health (NASDAQ: COSM) announced the inclusion of Bitcoin and <a  rel="nofollow noopener noreferrer"  href="/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a> as part of its treasury reserve assets. The company recently acquired Cloudscreen, an AI-driven drug reuse platform.

🔥 The Nasdaq exchange-listed options on BlackRock's iShares Bitcoin Trust ETF on Tuesday. The data shows that over 350,000 contracts have changed hands, of which about 80% are bullish bets.

🔥 According to official sources, Canadian investment fund SOL Global Investments announced that it has reached a protocol with Canaccord Genuity Corp. and Clarus Securities Inc. as joint lead underwriters and joint bookkeepers, representing a group of underwriters. According to the protocol, the underwriters will issue up to 18 million shares to the company at a price of $0.20 per share through a "best effort" proxy issuance method.

🔥MicroStrategy（MSTR） Just entered the top 100 listed companies in the United States, currently ranked 97th. On Tuesday, the company's stock price surged 12%, breaking through the $400 mark and closing at $430, jumping 29 places based on this performance.

🔥 According to Whale Alert monitoring, around 3:36 am Beijing time on Wednesday, <a  rel="nofollow noopener noreferrer"  href="/price/tether-usdt" target="_blank" class="blog_inner_link">Tether</a> Treasury minted 1 billion USDT on Ethereum. Tether CEO Paolo Ardoino commented that this is an authorized but unissued transaction, which will be used as inventory for the next issuance request and on-chain exchange.

🔥 According to data from DefiLlama, the stablecoin USDe issued by Ethena Labs has attracted approximately $1 billion in new funding in the past month, with a market cap of $3.46 billion, only 5% lower than the historical high of $3.6 billion set in July, according to Coindesk.

🔥 According to Edaily, the two major gaming companies in South Korea, Nexon and Wemade, have confirmed that they currently have no plans to profit from their holdings of Bitcoin.

🔥 On November 21, according to market news, as Bitcoin continues its record-breaking rise, the total assets of US exchange traded funds that directly invest in Bitcoin have exceeded $100 billion.

🔥The ETF Store President Nate Geraci posted on X, stating that in addition to the crypto index funds of Grayscale and Bitwise being listed, there are currently the following spot ETF applications: - SOL-<a  rel="nofollow noopener noreferrer"  href="/price/xrp-xrp" target="_blank" class="blog_inner_link">XRP</a> - HBAR. It is speculated that at least one issuer has also attempted ADA or AVAX ETFs.

🔥The official account of Sonic Labs (formerly known as <a  rel="nofollow noopener noreferrer"  href="/price/fantom-ftm" target="_blank" class="blog_inner_link">Fantom</a>) announced on X that Sonic will be launched on a certain day in December. Sonic Labs CEO Michael Kong added that it is not on the 27 or 31, or implies that it will be launched earlier this month.

🔥MicroStrategy Currently holding 331,200 BTC, with an average purchase price of $49,874 and a total cost of $16.51 billion. Based on the current <a  rel="nofollow noopener noreferrer"  href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin price</a>, MicroStrategy's Bitcoin holdings have a floating profit of over $15.5 billion.

🔥 On November 21, according to browser data, Sui network experienced a crash.

## Regulatory & Macro Policies
🔥 According to CNA, Taiwanese "legislators" expressed concerns about the taxation of cryptocurrencies in Taiwan on November 18. Minister Zhuang Cuiyun of the Ministry of Finance stated that profits from related transactions will be subject to income tax, and further research will be conducted on the audit aspect; The Director of Taxation, Song Xiuling, said that the tax department currently has audit tools available to examine the trading of digital goods, and promised to discuss taxation related to crypto trading income within three months.

🔥 On November 18, asset management company and spot Bitcoin ETF issuer BlackRock obtained a commercial license to operate in Abu Dhabi, the capital of the United Arab Emirates.

🔥 Last week, institutional investment managers managing at least $100 million in stock assets submitted a 13F report to the US SEC. These reports must be submitted within 45 days after the end of each quarter to understand the manager's stock holdings.

🔥Ledn Co-founder Mauricio di Bartolomeo stated that the possibility of establishing a strategic Bitcoin reserve in the United States has increased after a state proposed the Strategic Bitcoin Reserve Act. Last week, shortly after the introduction of the Pennsylvania Bitcoin Strategic Reserve Act, the price of Bitcoin increased. The bill aims to allow the state to invest 10% of certain funds, including general funds, rainy day funds, and national investment funds, in Bitcoin.

🔥 On November 21, according to The Block, the US SEC postponed its decision on the Franklin Crypto Index ETF EZPZ based on a document released on Wednesday. Franklin Templeton submitted a registration statement to the institution in August for the Franklin Crypto Index ETF, which will hold Ethereum and Bitcoin.

## Crypto Market Highlights
⭐️ Last week, the crypto market continued its recent upward trend, mainly influenced by the rapid inflow of external funds and overall bullish expectations. The volatile upward trend has been very obvious in the past week. Currently, as the weekend closing period approaches, the market still has no signs of fatigue, but there is a possibility of a slight correction.

⭐️ Many mainstream coins have seen significant price increases in the market this week, and with the overall rise of the market, the top growth coins have seen a significant price increase. However, as a newly launched coin, OM has experienced a continuous large-scale price increase, with a seven-day increase of around 113%. There has been a short-term downward trend, but overall it is relatively stable. The coin price currently remains around $3.7 and is expected to experience further price changes later, but there is a high probability of a slight price correction during the closing period.
![](https://gimg2.gateimg.com/image/article/17322605371.jpeg)
(Data Courtesy Of Coinmarketcap)

## BTC & ETH Weekly Performance
### Bitcoin (BTC)
![](https://gimg2.gateimg.com/image/article/17322605702.jpeg)
(Data Courtesy Of TradingView)

This week, BTC's price has again shown a continuous upward trend, fluctuating from around the $90,000 level and breaking through multiple high points in a row. BTC has once again set multiple historically high prices, with a high probability of breaking through $100,000 in the future. The high point of BTC's weekly price is around $99,000, while the low point is around $88,700 during the week's opening session.

Analysis suggests that BTC's price changes are still mainly due to the recent large net inflow of external funds in the market. This, coupled with the crypto market's overall bullish outlook and the promotion of relevant laws in various regions, has led to a clear, continuous rise in BTC prices.

### Ethereum (ETH)
![](https://gimg2.gateimg.com/image/article/17322605993.jpeg)
(Data Courtesy Of TradingView)

The price trend of ETH is relatively small compared to that of BTC, but it has shown a more direct and rapid upward trend in a short period. Currently, ETH has entered a relatively stable oscillation channel. ETH has basically followed the trend of BTC, and the current price remains around $3,350. ETH's weekly increase is around 8%. The coin is in a sustained period of volatility, and there will be more significant price changes over the weekend.

## Web3 Project Trend
This week, the total market cap of most of the seven project categories showed a continuous upward trend, and the overall market performance was mainly characterized by fluctuations. The market is likely to rebound near the weekend closing period and enter a clear price trend range during that period.

| Project Category  | 7d Change  | Top 3 Gainers  | Comment  |
| ------------ | ------------ | ------------ | ------------ |
| Layer 1 | 8.3% | DEC,SHA,BIT | The Layer 1 sector showed a significant increase, with the top-rising coins concentrated in the top coins, mainly consisting of coins with relatively small market capitalization.|
| Layer 2  | 13.7%  |OP,CYBA,NWC|The Layer 2 track performed relatively well, but the gains of the top-growing coins are relatively limited, and the overall distribution is relatively even.|
| DeFi  | 5.8% | SNOB,FYDE,TERMINAL | The DeFi track experienced a certain increase, and overall liquidity also showed a significant growth.|
| NFT  | 5.2% | SOCKS,AIMX,CAT |The NFT market saw a slight increase in total value, with the top-rising coins maintaining a growth rate of around 50%.|
| MEME  |-0.7%  | ROPIRITO,SPERG,FLOOF| The MEME coin market experienced a significant pullback, with top coins showing significant gains, but mainly emerging coins.|
| Liquid Staking  | 5.6% | STMANTA,UNIBTC,SETH2 | This sector mainly follows the trend of top mainstream coins, and due to the continuous rise of the market, the actual increase remained within a relatively moderate range.|
| AI  | 8.4%  | BULLY,AIMX,SHR00M | The AI track showed a significant increase, mainly due to the overall market rise. Recently, the track has shown a continuous upward trend.|

<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. All investments carry inherent risks; prudent decision-making is essential.
<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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