Weekly Web3 Research | Crypto Market Saw a General Rise; Gala Was Attacked; Sui's Daily Activity Reached 1 Million; Exchanges Submitted Amendments to the Spot ETH ETF 19b-4

2024-05-24, 01:33

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![](https://gimg2.gateimg.com/image/article/1716513503zb.jpeg)
## Weekly Trend Overview
This week, the overall trend of the crypto market saw a general upward trend, mainly due to the clear positive progress of ETH spot ETF approval. The top mainstream currencies began to show a more obvious upward trend during the mid-week period due to the influence of news. Although there was a certain degree of fluctuation near the weekend, the overall performance still shows a relatively clear upward cycle. The overall market value growth of the crypto market has increased compared to the same period last week, currently reaching around $2.52 trillion, a decrease of 2.42% within 24 hours. The market sentiment remains at 66, which has declined compared to the mid-week performance of the overall market. We can expect further performance from the market over the weekend. This week, the trend of key mainstream currencies has shown a rapid upward trend after the opening, with a relatively large amplitude. Overall, the crypto market is expected to experience a significant change during the weekend closing period and is likely to continue to rise.

Compared to last week, the total volume of the crypto market has increased significantly this week. Overall, the current volatility cycle of the market is still ongoing, but maintaining within the current new price range is a high-probability event, and we only need to wait for the impact of subsequent news factors. The fluctuation ratio of the top 100 crypto projects within a week is 7:3, and the prices of most currencies have risen due to the impact of overall market changes, but short-term fluctuations are still quite intense. The price of BTC has shown a significant rebound within a week, returning to above $70,000. Currently, it has retreated to the price range of $67,000, with a weekly increase of about 3.39%. There is currently no sign of a downward adjustment in ETH, with a weekly rise of around 26.3%, and it is currently maintaining a continuous fluctuation above $3,700.

The top-performing coin in the market this week is PENDLE, which increased 46.13% in seven days. The coin price is currently around $6.21.

Significant fluctuations in the overall crypto market this week are still possible, and a new upward trend is expected during the weekend.

## Crypto Market
🔥This week, the crypto market saw a general upward trend, driven by positive news from Bloomberg analysts regarding the approval of ETH spot ETFs.

🔥 24-hour BTC on Monday -0.0%, ETH -0.2%； CREAM+32% for the top 500 companies with a market value increase or decrease of ≥ 30%; Short selling of $120 million, with the main selling being long.

🔥Unlocked this week: $810 million PYTH, $340 million AVAX, $14 million ID, $500000 ACA, etc.

🔥The weekly average number of new addresses added to the BTC network has dropped to the lowest level since 2018.

🔥 Founder Casey of Ordinals responded that the podcast will exclude runes with a market value of less than $1 billion; Erin will mediate his mistake.

🔥 Experts: The SEC may approve the 19b-4 documents for ETH spot ETFs this week, but approval for S-1 will be slowed down.

🔥 LayerZero: Due to the large number of reports, witch hunting will be suspended and reopened within the next one or two days. The submission method will be changed, and a deposit system will be introduced.

🔥 Oasys launches the football player chain game Captain Tsubasa-RIVALS-.

Bloomberg analyst: The probability of approval for spot ETH ETFs has increased to 75%; 75% of the approval probability is only for 19b-4, and approval of future S-1 documents is still required.

🔥 Vitalik Buterin: In 10 years, all rollups will be ZK; L2 user experience fragmentation requires open protocols to transfer assets between L2; ENS is the most successful non-financial application in the <a href="/th/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a> ecosystem; The crypto experiment Orb Land, which tokenizes consulting services into NFTs, is remarkable.

🔥Gala was attacked, and hackers profited $21 million.
On Tuesday, 24-hour BTC+6.3%, ETH +17.7%； The top 500 companies with a market value increase or decrease of ≥ 30%: ENS+42%, MOG+42%, LDO+31%, HarryPotterObamaSonic10 | (ERC-20)+31%; The overall market rose, Ethereum surged, and Ethereum Altcoins generally rose; BTC against Japanese/Argentine/Philippine fiat currencies, open positions in Ethereum futures contracts Blast TVL, EigenLayer TVL, Pendle TVL hit new highs.

🔥 The former CEO of Grayscale has sent a farewell message to former team members and may explore blockchain security.

🔥It is rumored that Grayscale may be acquired by global asset management companies/competitors.

🔥The BTC stock in CEX has dropped to its lowest point since 2024.

🔥Potential US TikTok buyers are planning to decentralize TikTok.

🔥 24-hour BTC on Wednesday -2.2%, ETH +2.0%； The top 500 companies with a market value increase or decrease of ≥ 30%: DRIFT+48%, PEOPLE +33%； Open positions in ETH futures contracts across the entire network PEPE price Scroll TVL, Sui TVL, Eigenpie TVL, and USDe have reached historic highs in supply volume; The zkSync ecosystem MEME coin generally rose.

🔥Fuda, Grayscale, and others have abandoned their staking plans in spot ETH ETF applications.

🔥It is rumored that zkSync will undergo TGE this week and be airdropped in mid-June.

🔥Sui's activity this Sunday has reached 1 million.

🔥 Jupiter launched a massive unified market plan and established the GUM alliance.

🔥Pudgy Penguins has released version 2.0 of plush toys.

🔥 Whales Market launches the token issuance platform Whales.meme.

🔥Farcaster announced the completion of a $150 million financing led by Paradigm.

🔥Early investor Fred Wilson announced that he had left X and turned to Farcaster.

🔥On Thursday, 24-hour BTC+0.2%, ETH +5.6%; Top 500 increase or decrease in market value ≥ 30%: None; ETH futures ETF daily trading volume, grayscale ETH trust daily trading volume Linea TVL and Farcaster users have set a new historical high in daily interaction data; The rune is rising.

🔥The WisdomTree entity BTC and ETH ETP were launched on the London Stock Exchange on the 28th.

🔥 UniSat: The "pizza" in_script_ion will be air dropped on the wallets of eligible users.

🔥 MetaMask is integrating native BTC into its wallet.

🔥Telegram will launch in-app coin Stars to address App Store restrictions.

🔥 <a href="/th/price/stepn-gmt" target="_blank" class="blog_inner_link">STEPN</a> will launch the social fitness app STEPN GO and a new token, GGT.

## Regulatory & Macro Policies
🔥Former CFTC Chairman announced that Trump will be the first crypto president of the United States.

🔥The key vote for the approval of ETH spot ETFs may come from the Chairman of the SEC.

🔥The SEC requires exchanges to accelerate updating the 19B-4 documents for spot ETH ETFs.

🔥The chairman of the FDIC, unfriendly to cryptocurrencies, has resigned.

🔥The US Securities and Exchange Commission has requested the Nasdaq and Chicago Options Exchange to adjust the application documents for listing spot ETH ETFs; SEC staff preferred approving ETH spot ETFs.

🔥The Trump campaign team has started accepting crypto donations, and it is reported that Biden may have significantly changed his attitude towards cryptocurrency to block Trump.

🔥Submit amendments to spot ETH ETF 19b-4 to the New York Stock Exchange and others; BlackRock confirms that its spot ETH ETF application does not involve staking. There may be preliminary news from the SEC tomorrow.

🔥The Hong Kong Securities and Futures Commission is discussing allowing ETH ETF issuers to stake.

🔥The US House of Representatives approved the FIT21 Cryptocurrency Act.

## Crypto Market Highlights  
⭐️Last week, the overall crypto market rose, mainly due to the positive information on the approval progress of ETH spot ETFs. This information has driven the crypto market to experience a general upward trend in the short term, but as the weekend closing period approaches, many currencies are also beginning to show a downward trend in prices. However, the price of ETH continues to rise, and it is not ruled out that positive news in the future will lead to further price increases.

⭐️The overall market situation has risen quickly this week. Although many currencies have experienced significant increases, PENDLE has seen the largest increase, driven by the rise in ETH. The coin has seen a weekly increase of nearly 50% and is currently maintained at around 49%, with prices around $6.3. The high point of the coin's weekly price once reached $6.5, while the low point appeared around $4.2 during the opening period, ranking among the top 1 in weekly gains.
![](https://gimg2.gateimg.com/image/article/17165135641.jpeg)
(Data Courtesy Of Coinmarketcap)

## BTC & ETH Weekly Performance
### Bitcoin (BTC)
![](https://gimg2.gateimg.com/image/article/17165141542.jpeg)
(Data Courtesy Of TradingView)

The price of BTC has been driven up by news this week, and since the middle of the week, the overall price has fluctuated more frequently, mainly due to a rapid upward trend. According to earlier predictions, the coin's price remained within the range of $65,000, but there was significant positive news this week, leading to an upward trend in BTC prices. But as we enter the close of the weekend, the downward trend of the coin's volatility becomes increasingly evident. Currently, BTC is maintaining a sustained fluctuation above $67,000, with a certain trend of making up for losses. The high point of BTC's weekly price is close to $72,000, while the low end is within the range of $66,400.

Analysis suggests that the price of BTC this week was affected by positive news on the approval progress of the ETH spot ETF. As a leading mainstream coin, BTC has shown significant upward fluctuations, but it lacks strong upward support in recent times. Therefore, the coin shows a volatile downward trend as the weekend approaches. Based on the positive news during the weekend, there is expected to be another significant upward trend.

### Ether (ETH)
![](https://gimg2.gateimg.com/image/article/17165141773.jpeg)
(Data Courtesy Of TradingView)

The price trend of ETH this week has shown a slight fluctuation after a rapid increase. After being affected by the joyous news of spot ETF approval, ETH has finally experienced its largest recent increase, and it seems that the probability of final approval is high; the likelihood of ETH continuing to maintain an upward trend in the future is relatively high. The high point of the coin within a week is around $3,950, while the low end is around $3,050.

Analysis suggests that the performance of the ETH coin price this week is influenced by its own hot trends, and the coin price has relatively clear upward support. Currently, it seems that more major market changes in the future of the coin may come from external news and regulatory changes, and the probability of being positive is relatively high.

## Web3 Project Trend
The total market value of the seven project categories has fluctuated this week. Due to changes in market cycles and external news, different tracks have also shown different performances. There is still a probability of significant changes in the overall market trend, and various sectors may receive clear signals of ups and downs during the weekend.

| Project category  | 7d Change  | Top 3 Gainers  | Comment  |
| ------------ | ------------ | ------------ | ------------ |
| Layer 1 | 6.0% | BLD,CPH,NAI | The Layer 1 track has seen some recovery this week, but the upward trend of the top growth currencies is also basically controlled within a certain range, mainly driven by the overall volatility of the market.|
| Layer 2  | 6.3%  |TOR,MANTA,LL |The overall increase in the Layer 2 sector this week is similar to that of the L1 track, with the top growth projects maintaining a certain range of gains and a relatively small overall fluctuation. |
| DeFi  | 13.6%  | NSBT,COW, GUAC | The DeFi track has seen significant growth, with significant gains in top growth projects, and a significant increase in liquidity over the week compared to earlier periods.|
| NFT  | 2.9% | SILK,VIBE,AUDIO | The NFT market has seen a certain increase this week, but the magnitude is relatively small and has not been significantly affected by the overall changes in the market.|
| MEME  | 9.1%  | WGC,ROOST,ZAZU | The overall market recovery of the MEME coin track this week is also quite significant, with exaggerated gains in top growth currencies, but overall fluctuations are still quite intense.|
| BRC-20  | -6.0% | EFIL,PKEY,ROUP | The BRC-20 sector continues its downward trend, and there is currently little possibility of a significant short-term upward trend in this race.|
| AI  | 2.1%  | ROKO,PAINT,NEURA | This week, the AI track suspended two consecutive weeks of significant upward movement and has basically entered a stable fluctuation cycle. In the absence of clear news, the track's subsequent trend will show a slowing 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.
<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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