Weekly Web3 Research | The Daily Trading Volume of BTC NFT Reached A New High; SEC Delays BTC Spot ETF Application for Hashdex; MOON Rose 234% in 7 Days

2023-11-17, 01:46

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![](https://gimg2.gateimg.com/image/article/1692587604touyanzhoubao.jpeg)
## Weekly Trend Overview
This week, the crypto market was mainly characterized by small fluctuations, with most mainstream crypto project prices mainly experiencing small fluctuations. Market confidence has begun to turn around and is no longer blindly bullish. It is more evident in the prices of different currencies, with a general correction trend. The total amount of funds in the current market is $1.45 trillion, which is a relatively small increase compared to last week.

The crypto project of Top100 had a rise/fall ratio of 7:3 this week, indicating an overall increase in the market, but with a relatively small magnitude. On the 15th, there was a significant downward trend, which is currently showing a rebound trend. The BTC high once again approached $38,000, and ETH briefly fell below $2,000, but then returned to above $2,000 and showed a volatile trend.

The prices of BTC and ETH have risen and fallen to 0.5% and -0.4% in a week. Among the top 100 crypto projects, TIA gained the most, with a weekly increase of 140%. This is due to the project's launch on the main website on October 31st and the completion of token airdrops. After experiencing airdrop pressure, the application value of the TIA project itself has been recognized by many crypto users.

Overall, the rise of the crypto market has slowed down this week, with the main trend being volatile. Although most currency prices still show an upward trend, the magnitude has slowed down significantly.

The trend of BTC and ETH during this week was mainly volatile, but the magnitude of BTC was larger, and the price trend of ETH was relatively smoother. At present, the price of BTC remains fluctuating around $36,500, while the price of ETH fluctuates around $2,000, with little change compared to the previous week.

As of now, the global crypto market value has risen to $1.45 trillion, with the entire market rising by approximately 0.2% within 24 hours.

## Crypto Market
🔥 ZachXBT claims that 27 million USDTs were stolen from a Binance-related address.

🔥 BitVM developers propose a decentralized file custodial protocol called BitStream, which utilizes BTC payment incentives.

🔥 The daily trading volume of BTC NFT has reached a new high, surpassing that of <a href="/es/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a> NFT.

🔥 Orion releases the repeater Scorpio in the Eth_script_s ecosystem.

🔥 Google search volume related to cryptocurrency peaked in October and gradually decreased in November.

🔥 In 7 days, 130000 active wallets were added to the <a href="/es/price/solana-sol" target="_blank" class="blog_inner_link">Solana</a> chain, and Helius CEO stated that the real user TPS on Solana exceeded 700, compared to 300-400 previously.

🔥 Ethereum account abstraction advocates say that the usage of ERC-4337 smart accounts is very poor, with only 6.89% of accounts staying for more than six months.

🔥 <a href="/es/price/polygon-matic" target="_blank" class="blog_inner_link">Polygon</a> Labs launches Polygon ID version 5, introducing new on chain issuer smart contracts and adding new credential markets.

🔥 Memeland has released five strategic goals, including products, events, and NFTs, which have driven MEME prices to new highs.

🔥 Lens V2 has launched the Smart Posts feature to enable paid reading.

🔥 Card GameFi Parallel will release a public beta version on Epic Games.

🔥 Vitalik stated that Plasma is an undervalued design space, and proving its effectiveness may address the challenges it faces.

🔥 <a href="/es/price/xrp-xrp" target="_blank" class="blog_inner_link">XRP</a> Ledger is about to release Ripped V2.0.0, introducing new API versions and improving TPS performance.

🔥 Disney and Dapper Labs have launched the NFT collectible platform Disney Pinnacle, which will host IPs from Lucas Pictures, Pixar, and others.

🔥 Reddit administrators plan to abandon the MOON contract to completely decentralize tokens, with MOON increasing by 22% 24 hours and 234% 7 days.

🔥 Glassnode data shows that crypto market funds have achieved a net inflow of funds within 90 days through stablecoin or tokens pegged with US dollar, marking the first time since <a href="/es/price/terra-luna" target="_blank" class="blog_inner_link">Terra</a>'s collapse in May last year.

🔥 BTC's open options position exceeded its open futures position, reaching $17.4 billion.

🔥 The ETF application window period will end, and the inflow of BTC ETP funds has reached a new high.

## Regulatory Policies
🔥 Hong Kong has resumed its investment immigration policy after 8 years and is prohibited from investing in real estate; The Hong Kong government is considering listing virtual assets such as BTC as investment immigration assets.

🔥 The US SEC began 784 enforcement actions in fiscal year 2023, with fines of nearly $5 billion, with a focus on cryptocurrencies.

🔥 Kazakhstan has officially launched the central bank's digital currency "Digital Tenge".

🔥 The US SEC has postponed a decision on Hashdex's BTC spot ETF application and the 19b-4 file for grayscale Ethereum futures ETF.

## Macro Economy
🔥 After the quarterly adjustment in October, the monthly CPI rate in the United States recorded 0%, while the core CPI rate was 0.2%, both of which were new lows since July.

## Crypto Market Highlights
⭐️In the past week, the crypto market seems to have started to show signs of a pullback, and market sentiment has not remained as optimistic as before. The short-term trend is mainly characterized by volatility, and the overall amplitude is also tending to be flat. This week, the hot topic is still the Altcoin market that attracts the most attention.

⭐️ Under the relatively flat market performance this week, the trend of TIA is very exaggerated, quickly breaking through the $5 price range from the $2 price range, and even breaking through the $6 price range within a week, with an increase of over 140%. Currently, it is still in a volatile cycle.
![](https://gimg2.gateimg.com/image/article/170018552711.png)
(Data Courtesy Of CoinGecko)

## BTC & ETH Weekly Performance
### Bitcoin (BTC)
<a href="/es/price/hedera-hbar" target="_blank" class="blog_inner_link">Hedera crypto</a>
(Data Courtesy Of TradingView)

The high point of BTC's price this week has once again approached $38,000, but it has not yet achieved a price breakthrough. This resistance level has a significant impact on the upward trend of the currency. Currently, it seems that BTC has a high probability of maintaining a volatile trend in the current price range in the future.

Overall, the performance of BTC within a week is a normal market trend. In the absence of factors such as earlier news, the price trend of BTC still follows the overall market performance. Currently, the currency will continue to maintain a slight fluctuation in the $36500 price range for a period of time.

### Ether (ETH)
![](https://gimg2.gateimg.com/image/article/170018555433.png)
(Data Courtesy Of TradingView)

The trend of ETH this week was mainly characterized by slight fluctuations, with the exception of a short-term rapid decline below $2,000 on the 15th, it remained fluctuating around $2,050 for most of the time.

The price of ETH has not changed much this week, and the crypto market has also remained stable throughout the week. Additionally, NFT trading in Ethereum has been greatly affected by the BTC network this week and has not had a significant driving effect on the currency price. In the short term, the price trend of ETH is similar to that of BTC, and as a mainstream currency, it remains within a relatively stable range for cyclical fluctuations.

## Web3 Project Trend
This week, the total market value of the seven categories of projects continued the upward trend of last week, with a slightly weaker magnitude compared to the previous week. However, the overall trend classification remains concentrated, and the BRC-20 remains hot.

| Project category  | 7d Change  | Top 3 Gainers  | Comment  |
| ------------ | ------------ | ------------ | ------------ |
| Layer 1 |  4.8% | ZANO,KAS, UNQ | Layer 1's performance this week was mainly characterized by a slight increase, while the performance of secondary currencies followed the overall market trend. |
| Layer 2  | 13.9%  | ZKS, SKL, MNT | The rise of Layer 2 this week is similar to that of the previous week, but the TOP projects are still dominated by earlier mainstream projects. |
| DeFi  | 6.4%  | CTX, INDEX, TRDC | The DeFi sector still shows a strong liquidity trend, with some changes in the TOP projects. |
| NFT  | 12.4% | CRA, TUS, FITFI | The NFT market has experienced significant growth this week, which is essentially still influenced by the recent market recovery cycle. |
| MEME  | 6.3%  | CROP，HUSKY，X0 | This week, MEME coins were mainly in the Altcoin market, with the old mainstream project X0 performing well. |
| LSD  | 7.8% | SAVAX,STSTARS, STATOM | The overall change in the LSD track is not significant, and the rise in the TOP project is relatively small. |
| BRC-20  | 85.1% | DRAC,WHEE, PEPE |  The BRC-20 sector's rise this week is slightly weaker than last week, but the increase is still significant. Currently, there is still a lot of room for further growth. |

<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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