Weekly Web3 Research | Market Saw an Upward Trend; HK BTC ETF Showed Net Redemption for 3 Consecutive Days; Circulation of USDT on TON chain reached $200M

2024-05-17, 03:52

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![](https://gimg2.gateimg.com/image/article/1715917650zb.jpeg)
## Weekly Trend Overview
This week, the overall trend of the crypto market saw a round of market rebound, with leading mainstream coins experiencing rapid price increases near the weekend closing period. The basic trend of the week showed a short-term upward trend after fluctuations. Although there was an upward trend in the near weekend, it was more affected by the cyclical fluctuations of the market, resulting in an increase in short-term coin prices and market trading volume. The overall market value growth of the crypto market has increased compared to the same period last week, currently maintaining around $2.35 trillion, a decrease of 1.25% within 24 hours. The market sentiment remains at 61, which can be seen as a signal of a further upward trend in the future. This week, the trend of key mainstream coins has shown a stable fluctuation followed by a rapid increase, but the magnitude is relatively limited. Overall, the crypto market is expected to experience a more significant market change during the weekend closing period, and further ups and downs in the future need to be combined.

Compared to last week, the total crypto market this week has returned to above $2.3 trillion. Overall, the current market volatility cycle is still ongoing, but a new round of market fluctuations should not be far away. The fluctuation ratio of the top 100 crypto projects within a week is 3:7, and most coin prices have fluctuated due to short-term fluctuations. The overall market trend has not yet truly arrived. The price of BTC has shown a significant rebound within a week and is currently maintaining an upward trend, above $65,000, with a weekly increase or decrease of approximately 4.43%. ETH has entered a downward trend after rising, with a decline of around 2.91%, currently maintaining a fluctuation of around $2,932.

The best performing coin series in the market this week is MEME coin, ranked first by PEPE, with a 7-day increase of 18.87%. The coin price is currently maintained around $0.00001012.

The overall crypto market is still in a state of significant volatility this week, and it is expected that there will be key market changes during the weekend period.

## Crypto Market
🔥 The crypto market has experienced an upward trend in a week, and the market has rebounded significantly over the weekend.

🔥 This week's token unlocking: $1 billion AEVO, $96 million APT, $92 million ARB, $77 million STRK, $55 million IMX, $20 million PIXEL, $19 million APE, $14.8 million ROSE, $11 million MANTA, $8.3 million RNDR, $4.3 million DYDX, $470000 NYM, etc., totaling approximately $1.4 billion.

🔥 BounceBit: Users can now view the number of available airdrops, which will be automatically distributed.

🔥 Pudgy Penguin plush toys have sold over 1 million units in less than a year; Pudgy Toys has been listed on Target; Pudgy Penguins will launch Pudgy World alpha on zkSync Era this year.

🔥 The trading platform Rain is suspected to have suffered losses of nearly $15 million from an attack.

🔥 On Tuesday, 24-hour BTC+2.9%, ETH+2.6%; The top 500 companies with a market value increase or decrease of ≥ 30%: GME+230%, BB+45%.

🔥 On Monday, the US BTC spot ETF had a net inflow of $66 million, and analysis suggests that BTC ETF holdings will reach a new high (excluding AP/market makers).

🔥 The Hong Kong BTC ETF has shown net redemption for three consecutive days.

🔥 BounceBit's mainnet has been launched, offering multiple functions such as node staking and delegation.

🔥 The circulating market value of BB is $170 million, with a total market value of $890 million.

🔥 The circulation of USDT on the TON chain reached $200 million.

🔥 GameStop saw a sharp rise in US stocks, with related meme coins pulling up.

🔥 The desktop version of ChatGPT will be launched, and the flagship AI model GPT-4o will be launched. The GPT-4o API speed is twice that of GPT-4 turbo, and the price is half of it.

🔥 Sonne Finance has been hacked and is currently losing over $20 million.

🔥 On Tuesday, the US spot BTC ETF had a net inflow of $100.5 million.

🔥 The Wisconsin Investment Board holds $99 million from BlackRock IBIT and $64 million GBTC.

🔥 Vitalik proposed EIP-7706 to add a new type of gas to trading calldata.

🔥 BlockTower Capital's main hedge fund has been hacked.

🔥 Lens Protocol indicates that the blockchain network Lens Network is being developed.

🔥 Thursday 24-hour BTC+6.4%, ETH+3.7%; The top 500 companies with a market value increase or decrease of ≥ 30%: PUPS+41%, PEOPLE+40%, BRETT+35%; PEPE and GME prices have reached historic highs; Shanzhai coins have generally risen.

🔥 The US BTC spot ETF had a net inflow of approximately $300 million on Wednesday.

🔥 Circle plans to relocate its legal base from Ireland to the United States.

🔥 Blast announced that the airdrop will start on June 26th.

🔥 Scroll launched the loyalty program Session Zero points system.

🔥 The founder of Eclipse resigned due to rumors of sexual harassment.

🔥Founder of MakerDAO: Will provide a second type of pure decentralized stablecoin, PureDai.

🔥 Since April, a total of 1 million new tokens have been launched, nearly half of which are <a href="/id/price/solana-sol" target="_blank" class="blog_inner_link">Solana</a> memes.

🔥 Friend.tech: President rewards and Club Key transaction rebates are online.

## Regulatory & Macro Policies
🔥 Turkey plans to formulate new crypto regulations.
 
🔥 The Philippine Central Bank has approved the stablecoin PHPC linked to the peso.

🔥 Ghana plans to build Africa's first blockchain-driven government to combat corruption.

🔥 Tornado Cash was convicted of money laundering by a Dutch court and sentenced to 64 months in prison.

🔥 The annual PPI rate for April in the United States recorded 2.2%, which is in line with expectations; Powell expressed lower confidence in the fall in inflation than before; Interest rates are more likely to remain the same rather than being raised.

🔥 The comprehensive BTC Bill of Rights has become law in Oklahoma.

🔥 The US CPI fell as scheduled in April.

🔥 European Central Bank Regulatory Commission: It is likely that interest rate cuts will begin in June.

## Crypto Market Highlights  
⭐️Last week, the overall crypto market saw an increase, but the downward trend is still evident. Except for a small number of coins, the prices of most mainstream coins have generally risen, but the overall trend is still mainly downward. Short-term volatility is the main trend in most coin prices for a week. In the near future, it can be observed that the trading volume of the crypto market is continuously increasing, and the overall growth momentum of the market is also becoming stronger. If there is significant positive news in the near future, a rebound will be a high-probability event.

⭐️The overall market situation has risen this week, and although many coins have experienced significant ups and downs, the MEME sector still shows a leading trend. Multiple MEME coins have seen significant weekly growth, and although there have been some market fluctuations, they have maintained a relatively high growth rate. The weekly increase in PEPE reached 19.26%, and the current price remains around $0.00001015. The high point of the weekly price once broke through to above $0.000012, while the low point appeared around $0.000008248 during the opening period, ranking among the top 1 in the weekly increase.
![](https://gimg2.gateimg.com/image/article/17159177111.jpeg)
(Data Courtesy Of Coinmarketcap)

## BTC & ETH Weekly Performance

### Bitcoin (BTC)
![](https://gimg2.gateimg.com/image/article/17159177312.jpeg)
(Data Courtesy Of TradingView)

The price of BTC has increased this week, and the overall price has fluctuated more frequently during the day. Although the coin had previously fallen below a lower key price level and the market's fluctuations were very obvious, there was finally a clear price rebound trend this week. At present, the coin is basically maintaining a continuous fluctuation above $65,000, with a certain trend of replenishment. The high point of BTC's weekly price is around $66,700, and the low point is within the range of $60,500 during the opening period.

Analysis suggests that the price of BTC this week has begun to show a significant rebound in coin prices due to the inflow of spot ETFs and the dynamics of the crypto market. Considering the current large market cycle, if there is a general upward trend across the board, the current coin price trend of BTC will be relatively critical, but further observation is needed.

### Ether (ETH)
![](https://gimg2.gateimg.com/image/article/17159177513.jpeg)
(Data Courtesy Of TradingView)

The price trend of ETH this week is similar to that of BTC, except that the actual price change of the coin has remained within a relatively small range. And in the rising market near the weekend, the upward trend of ETH has not been maintained for too long, and it has now shown a continuous downward trend. The high point of the coin's price within a week is around $3,040, while the low point appears around $2,870 at the beginning of the week.

Analysis suggests that the performance of ETH this week is still influenced by hot trends related to the coin. In the absence of clear coin price support, the performance within the ecosystem is relatively flat. The subsequent major market changes of the coin may come more from external news and regulatory changes.

##Web3 Project Trend
The Layer 1 track has seen some recovery this week, but the overall increase in top growth coins is limited, which can be seen as market fluctuations brought about by the overall market fluctuation cycle. The total market value of the seven categories of projects has fluctuated this week. Due to changes in market cycles and external news, each track has also shown different performances. There have been no particularly significant actual changes in the market cycle, but the trend is gradually becoming clear. The following week, various sectors may receive clear rise and fall signals.

| Project category  | 7d Change  | Top 3 Gainers  | Comment  |
| ------------ | ------------ | ------------ | ------------ |
| Layer 1 | 4.7% | THT,CORE,WIT | The Layer 1 track has seen some recovery this week, but the overall increase in top growth coins is limited, which can be seen as market fluctuations brought about by the overall market fluctuation cycle.|
| Layer 2  | -0.6%  |ML,TOR, ERN |The overall performance of the Layer 2 sector has slightly declined this week, and the top growth projects are also relatively limited, which is closely related to the poor performance of various L2 projects in recent times.|
| DeFi  | 0.9%  | DRIFT,NOIR, BTC（BlackrockTradingCurrency） | The DeFi track has seen a slight increase, with a significant increase in top growth projects. However, in reality, the overall TVL and other directional data have not changed much within a week.。|
| NFT  | 3.3% | NYXC,MIIDAS,2DAI | The NFT market has seen a certain increase this week, but more of it is still following the overall market changes and there is not much key information available.|
| MEME  | 10.3%  | OMIKAMI,BOSHI,BTC（BlackrockTradingCurrency） |The overall recovery of the MEME coin market this week is quite significant, which is also a signal of the overall changes in the market. It is expected that there will be a significant upward performance in the future. |
| BRC-20  | -6.1% | EFIL,OMBI,CORE | The BRC-20 sector has seen a significant decline, and it is not likely to have a significant growth leadership role at the moment.|
| AI  | 28.1%  | ETHT,IAI,2DAI | The AI track continued to rise significantly this week, supported by external hot information. The performance of internal projects on the track was good, with overall significant growth and continuity. |

<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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