Weekly Web3 Research | Crypto Market Continues to Fluctuate; Solana Network's Revenue Surpassed Ethereum's for the First Time Last Week; Trump's BTC Sneakers Sold Out within 2H

2024-08-02, 07:31

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![](https://gimg2.gateimg.com/image/article/1692587604touyanzhoubao.jpeg)
## Weekly Trend Overview
This week’s overall <a href="/th/price" target="_blank" class="blog_inner_link">crypto market</a> performance showed a relatively obvious trend of rising and falling. Most mainstream cryptocurrencies reached a certain high point this week and then continued to fluctuate and decline. Currently, the overall market volume has changed relatively little throughout the week. Due to the continuous outflow of spot ETFs, the market has experienced a relatively obvious downward trend, which is also influenced by mainstream financial markets and Federal Reserve policies. The changes brought to the crypto market are that the recovery trend since last weekend cannot be maintained, and the market has shown a sustained downward trend. Under the influence of the recent cycle, the crypto market is still in a fluctuating stage, with the fluctuation range controlled within a relative balance, and the market lacks clear continuous upward momentum. The overall market value growth of the crypto market has slightly declined compared to the same period last week, with the current total market value reaching around $2.26 trillion, a decrease of 5.03% within 24 hours. The market sentiment remained around 57, with little change compared to last week's closing period. The trend of key mainstream coins this week is mainly characterized by a clear pattern of first rising and then falling, and there is a high probability that the crypto market will maintain its current trend in the short term.

Compared to last week, the total volume of the crypto market has declined this week, but overall, it has shown a continuous upward trend and reached a one-week high in the mid-week stage. After the opening, most mainstream coins continued to rise and reached a one-week high in the middle of the week, followed by a rapid decline. The rise/fall ratio of mainstream coins within a week is 15:85, and the market has shown a clear trend of general decline throughout the week. The overall trend of <a href="/th/price/bitcoin-btc" target="_blank" class="blog_inner_link">BTC price</a> has been rising and then falling within a week, and it is still in a downward phase. As the weekend approaches, the closing price has fallen below $63,000, with a weekly decline of around 3.03%. ETH has a relatively low opening price and a small decline, with a weekly drop of around 1.47%, currently maintaining around $3,088.

The overall market has shown a clear downward trend this week, with a few coins experiencing relatively small upward movements. AIOZ has continued its upward cycle from the previous week, with a 7-day increase of around 24.78%, but it is no longer comparable to the closing period of the previous weekend. The coin price is currently maintained at around $0.5797.

The overall crypto market is likely to decline further this weekend but the downward trend is likely to ease.

## Crypto Market
🔥 Nansen posted on X that Jump Trading's affiliated address has started releasing 5,870 ETH (approximately $19.8 million) from Lido's staking, which will be received soon.

🔥 According to DefiLlama data, the <a href="/th/price/solana-sol" target="_blank" class="blog_inner_link">Solana</a> ecosystem liquidity staking protocol Jito surpasses Lido.

🔥 Nate Geraci, President of The ETF Store, stated in an article on X: "This week's highlight: Grayscale's long-term plan is finally coming true, as it will have the lowest cost spot <a href="/th/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> and <a href="/th/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a> ETFs in the market, with codes BTC and ETH. The only thing missing from the plan is option trading, which will help protect GBTC and ETHE to some extent.

🔥 A proposal recently passed by <a href="/th/price/compound-comp" target="_blank" class="blog_inner_link">Compound</a> Finance has sparked allegations of governance attacks in the community, claiming that a small group can forcefully implement the proposal through an approval process after obtaining a large number of tokens on the public market.

🔥 Vitalik replied to a netizen on X, saying, "Simplifying the (Sinsemilla) hash function to a discrete log is not advisable because one of the potential targets for examining hash functions is quantum resistance.

🔥 According to SoSoValue data, the Bitcoin spot ETF had a net inflow of $535 million last week (July 22nd to July 26 Eastern Time), with a net inflow of $51.6572 million on July 26.

🔥 At the Ethereum Developer Community Conference EDCON 2024, Vitalik delivered a keynote speech on "The Next 10 Years of Ethereum". Regarding decentralized Twitter, EtherTweet was released in 2015, and Firefly (Farcaster+Twitter+Lens client) was released in 2024. Firefly is actually a hybrid architecture with greater scalability.

🔥 Senior analyst Mads Eberhardt from Steno Research stated that the large-scale outflow of funds from the Grayscale Ethereum ETF may subside this week.

🔥 Mansa Finance, the RWA credit protocol, announced launching its first fund pool on the Base mainnet. By utilizing the liquidity provided by Mansa, businesses can facilitate transactions without worrying about high interest rates or other factors that plague traditional credit markets.

🔥 The total outflow of funds from Grayscale Investments' spot Bitcoin and Ethereum ETFs exceeded $20.4 billion. Since its launch on January 11th, the Grayscale spot Bitcoin ETF "GBTC" has experienced an average daily loss of approximately $137.7 million over the past seven months.

🔥 Samara Cohen, Chief Investment Officer of BlackRock ETF and Index Investments, discussed the iShares Ethereum Trust ETF (ETHA) and expects to see crypto ETFs allocated to model portfolios by the end of this year or 2025.

🔥 According to Blockworks Research, Solana's revenue last week was approximately $25 million, surpassing Ethereum for the first time ($21 million). Meanwhile, Solana Network's revenue reached $5.5 million on July 28th, the highest level in three months.

🔥 Grayscale Investments, a crypto asset management company, announced today that Grayscale Bitcoin Mini Trust (stock code: BTC) has started trading as a spot Bitcoin ETP on the New York Stock Exchange's Arca starting at 4:00 AM Eastern Time (6:00 PM Beijing Time) today.

🔥 Polymarket is a new type of predictive market platform where users can place bets on the outcomes of various events. It has attracted over $446 million in betting amounts, most of which are related to the US election.

🔥 Futu Securities International (Hong Kong) announced that it will officially launch its Crypto trading service on August 1, becoming the first brokerage firm in Hong Kong to offer zero-commission crypto trading. On July 8, it was announced that Futu Securities had been granted permission to provide virtual asset trading services to Hong Kong investors.

🔥 Nate Geraci, President of The ETF Store, stated in an article on the X platform that the increase in the number of <a href="/th/price/xrp-xrp" target="_blank" class="blog_inner_link">XRP</a> whales will not change or increase the chances of obtaining approval for SOL spot ETFs. This is correct, as the approval of SOL spot ETFs still requires one of the following conditions: SOL futures traded on CME have a sufficiently long trading record (possibly the longest path); A comprehensive regulatory framework for cryptocurrencies (a long path); Changes in administrative management (fastest path).

🔥 Jake Chervinsky, Chief Legal Officer of Variant Fund, a venture capital firm specializing in cryptocurrencies, posted on social media that there is no reason to believe that the US Securities and Exchange Commission has treated SOL as a nonsecurity.

🔥 <a href="/th/price/dydx-dydx" target="_blank" class="blog_inner_link">DYdX</a> has released the management details of the dYdX DAO treasury, with a total of 80.5 million items belonging to DYDX and 19.4 million items belonging to stDYDX located in the community treasury. In addition, 129.7 million DYDXs will be transferred from the community Vester to the community treasury until August 2026.

🔥 Grayscale has officially updated its Bitcoin and Ethereum fund data as of July 31, as follows: Grayscale spot Bitcoin ETF GBTC holds 241,285.2003 BTC, asset management scale (non GAAP) has decreased to $15,741,057,997.62, and the number of outstanding shares is 302,290,100; The position of Grayscale Bitcoin Mini Trust BTC is 26,935.7271 BTC, the asset management scale (non GAAP) is $1,757,243,472.2, and the number of outstanding shares is 303,690,100; The holdings of the Grayscale Spot Ethereum ETF ETHE have decreased to 2,070,848.9481 ETH, the asset management scale (non GAAP) has dropped to $6,760,824,811.74, and the number of outstanding shares is 244,418,500; Grayscale Ethereum Mini Trust ETH holds 347,896.5019 ETH, with an asset management scale (non GAAP) of $1,135,798,583.67 and 369,198,500 outstanding shares.

🔥 The Tokenization platform OpenEden announced the introduction of token US treasury bond bonds (T-bills) into XRP Ledger (XRPL) for the first time. OpenEden's TBILL token is invested in short-term US treasury bond bonds and reverse repurchase protocols to ensure the highest security and regulatory compliance.

🔥 Galaxy has released its mid-year report on Bitcoin mining for 2024, with the following key points: 1. As hash prices hit a historic low, mining difficulty decreased by 10% from its peak of 88.1 T (630 EH/s), reaching a post hash low of 79.5 T (569 EH/s) in early July; In Q1 2024, listed mining companies raised a total of $1.8 billion, the highest quarterly financing amount in the past three years; 3. With the soaring value of available electricity capacity, the debt capital market is expected to reappear in the second half of 2024 and 2025; 4. Miners who are authorized to possess large-scale electricity production capacity, purchase long-term infrastructure, and have access to water and fiber optic are in the most advantageous position in utilizing artificial intelligence. In the annual report, the hash rate target range by the end of 2024 is expected to be between 675 EH and 725 EH. Based on publicly available miner information, seasonal trends, and profitability analysis, the growth rate will be raised to between 725 EH and 775 EH. From January 1 to July 23, Bitcoin miners generated transaction fees of 129,700 BTC ($863 million as of July 23). The fees earned by miners account for approximately 55% of the total accumulated fees in 2023 (23,400 BTC). 7. The total amount of various transactions exceeds $460 million, mainly divided into venue sales, reverse mergers, and company acquisitions. Industry mergers and acquisitions are expected to continue.

🔥 Crypto research firm Ecoinometrics reported on X platform that since January, the holdings of spot Bitcoin ETFs have increased by nearly 300,000 Bitcoins.

🔥 Jupiter Innovation Meow announced on X platform that: 1 JUP conducts regular community audits and publicly reviews the distribution status of JUP so far every 6 months. 2. 100% disclosure of token sales (if any tokens are used for issuance). 3. Notify the release of tokens in advance. If any tokens are released from reserves for strategic reasons, the release will be carefully managed to be proportional to market liquidity. We will ensure that these releases are notified at least 3 months in advance. 4. Fiscal transparency. All wallets will be clearly labeled for easy tracking of JUP usage. 5. All community distributed tokens will be distributed through DAO voting to achieve full visibility.

🔥 According to Coinpost, Trump has released a limited edition sports shoe themed around the crypto Bitcoin, with a limited edition of 1,000 pairs of high top shoes printed with the Bitcoin logo, priced at $499 per pair. It was sold out just two hours after the news was released.

🔥 Bitwise Chief Information Officer Matt Hougan believes the market is not optimistic enough about Bitcoin, and investors need to rethink the potential upside of this mainstream cryptocurrency after the Bitcoin 2024 conference.

## Regulatory & Macro Policies
🔥 In the documents submitted to the court, the US SEC stated that it requests to modify the motion regarding "third-party crypto asset securities" in the lawsuit against Binance. The court currently does not need to make a ruling on whether the allegations against these tokens are sufficient.

🔥 The liquidator of FTX Digital Markets Ltd. has initiated the next stage of the liquidation process. FTX.com's clients need to choose whether to participate in the official liquidation process in the Bahamas ("Bahamas Process") or the Chapter 11 case in the United States ("US Process"), and must make the choice before 4:00 am (Beijing time) on August 17.

🔥 According to The Block, the US SEC released an information page specifically targeting investors affected by Terraform Labs. The SEC stated that since the settlement protocol was reached between the two parties last month, investors have been inquiring about how to proceed with compensation. The SEC claims on its website that it will not receive any compensation until investors and creditors receive full compensation for the corresponding bankruptcy case. The confirmation hearing and start date for Chapter 11 are expected to be held in the autumn.

## Crypto Market Highlights
⭐️ Last week, the crypto market maintained a fluctuating trend of first rising and then falling, similar to last week's overall trend. However, it has now entered a rapid downward phase, with a more pronounced general decline across the board. Under the influence of external mainstream financial markets and environmental changes, the market's rebound trend cannot continue in the short term, which has led to a sustained oscillation and decline in the overall market. The current market cycle is expected to  continue for a certain period of time.

⭐ ️ The number of mainstream coins that experienced significant increases in the market this week is relatively scarce. Even though there are more coins in the top of the rise list, they still continue the inertia trend shown by last week's upward trend in coin prices, with limited actual gains. This week, AIOZ has increased by about 25%, and the current price is around $0.58. The high point of the coin's price for the week was $0.674, but it has actually fallen and is currently in a relatively obvious downward trend. It is expected to experience a larger downward trend in the future of this week.
![](https://gimg2.gateimg.com/image/article/17225830641.jpg)
(Data Courtesy Of Coinmarketcap)

## BTC & ETH Weekly Performance
### Bitcoin (BTC)
![](https://gimg2.gateimg.com/image/article/17225830902.jpg)
(Data Courtesy Of TradingView)

The overall price of BTC this week has been characterized by continuous fluctuations, with a clear first up and then down trend. The coin showed a relatively obvious upward trend after opening at the beginning of the week, and the price briefly broke through the key price of $70,000. However, due to the overall market changes, BTC prices began to rapidly fluctuate and fall along with the market itself, continuously falling below $62,000. The coin is likely to maintain a volatile trend in the future of this week, and the probability of a significant increase is low. The high point of BTC's weekly price is around $70,000, and the low point is around $62,600.

Analysis suggests that the price fluctuations of BTC this week are actually a microcosm of the overall changes in the market. After a short-term bullish trend in the market, BTC prices returned to the key level of $70,000 and did not experience further rebound. Instead, they entered a rapid downward trend, which is closely related to the external market environment and various news factors. The market lacks clear signals and support for an overall upward trend. The coin is expected to experience a certain rebound after entering the weekend period, but further declines cannot be ruled out. If it continues to decline, there is a certain chance that it will fall below the $62,000 price level, but it is highly likely that it will increase on the basis of the current price level.

### Ethereum (ETH)
![](https://gimg2.gateimg.com/image/article/17225831303.jpg)
(Data Courtesy Of TradingView)

The high point of <a href="/th/price/ethereum-eth" target="_blank" class="blog_inner_link">ETH price</a> this week is $3,397, close to the key price of $3,400. The weekly price trend is more volatile compared to BTC. Unlike BTC's slight rise in the mid week period, ETH, due to its lower opening price and the fact that its spot ETF did not meet market expectations last week, has started to rebound this week, bringing many positive factors to the price increase of ETH. However, as the overall market continued to decline, the price drop of ETH showed a significant rebound. Currently, the price of the coin is basically within the same range as the opening price, maintaining a continuous fluctuation around $3,115.

Analysis suggests the performance of ETH coin price this week has been influenced by various factors. In addition to changes in the size of spot ETF funds, the recent decrease in activity of Ethereum has also had a certain impact. Of course, the biggest impact is still the overall rapid decline brought about by the cyclical changes in the market. Currently, ETH's short-term performance in all aspects is unlikely to reach an optimistic state. The major market changes of this coin in the short term will mostly follow the overall trend of the market, and it lacks sufficient support and upward momentum.

## Web3 Project Trend
This week, the total market value of all seven categories of projects fell across the board. Due to changes in market cycles and external news, although the decline in each track is different, the current market trend is still similar to that of several consecutive weeks, within the same cycle range. Various sectors are expected to experience a certain rebound during the weekend period.

| Project category  | 7d Change  | Top 3 Gainers  | Comment  |
| ------------ | ------------ | ------------ | ------------ |
| Layer 1 | -4.5% | L1X,QUBIC,AZERO | The Layer 1 track has experienced a certain degree of decline this week, and the top growth coins have also maintained a small increase in gains.|
| Layer 2  | -10.4%  |AZERO,ZKB,DG|The Layer 2 sector has experienced a significant overall decline this week, although the top coins have seen a slight increase, the overall market is showing a general downward trend.|
| DeFi  | -5.8%  | NOIR,DOP,SPEX | The DeFi track has experienced a certain decline, although the overall performance of the track is poor, the top-growth projects have strong gains, and the overall activity remains relatively high.|
| NFT  | -11.3% | MTRM,LORDZ,HIMOONBIRDS |The NFT market experienced a significant decline this week, and market users' negative sentiment towards the NFT track has further intensified. This is due to the lack of breakthroughs in previous forms of projects in the current track.|
| MEME  |-12.0%  | PEOPLE,NEIRO,NEIRO| The MEME coin sector has experienced a significant decline this week, but the top-growing coins still have a large increase, which is determined by the characteristics of the project in this track. However, the top coins have experienced serious declines.|
| Liquid Staking  | -6.9% | WSTUSDT,STONE,STERN | The overall decline of the track this week is relatively small, and the top growth coins have also maintained a low level of increase, showing a relatively stable overall state.|
| AI  | -11.3%   | PAI,QUBIC,TAI| The AI sector has also experienced a significant decline this week, with relatively limited growth in top coins. This is related to the overall decline in the market and the lack of hot spots in the track recently, as well as the sharp decline in AI industry stocks related to the US stock market.|

<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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