Gate.io Blog Weekly Web3 Research | Market Experienced Significant Fluctuations; Tokenized US Treasury Bond Market Scale Exceeded $2B; Stablecoin Market Cap Continues to Grow for 11 Consecutive Months

Weekly Web3 Research | Market Experienced Significant Fluctuations; Tokenized US Treasury Bond Market Scale Exceeded $2B; Stablecoin Market Cap Continues to Grow for 11 Consecutive Months

01 January 08:00

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![](https://gimg2.gateimg.com/image/article/1692587604touyanzhoubao.jpeg)
## Weekly Trend Overview
The overall <a href="/id/price" target="_blank" class="blog_inner_link">crypto market</a> trend has shown a relatively obvious fluctuation this week, with most mainstream coins showing a trend of first rising and then falling. However, driven by institutions, the prices of several key mainstream coins have reached recent highs, although subsequent declines are more common. This is a regular fluctuation cycle after the market has recently entered the recovery stage. Most of the major coin prices have fallen compared to the opening price, and the overall market value has declined to a certain extent. The information related to the Federal Reserve's interest rate hike this week is clear, and the probability of a rate hike is high, which has a certain positive impact on the expectations of the crypto market. The impact of the arrest of the founder of Telegram on the market is relatively unfavorable. The overall crypto market remains above $20,000, with prices generally falling within a week and the market maintaining a volatile cycle. The overall market value growth of the crypto market has slightly declined compared to the same period last week, reaching around $2.09 trillion, a decrease of 0.25% within 24 hours. The market sentiment remains around 46. The trend of key mainstream coins this week has fallen significantly, and a new round of price recovery is expected to occur during the weekend closing period.

Compared to last week, the performance of the crypto market this week has been mainly characterized by a significant price drop after a significant increase during the closing period previous weekend. The overall market remains relatively volatile, and although several key coins have reached recent price highs, it is difficult to maintain the overall trend. Currently, the rise/fall ratio of mainstream coins within a week is 2:8, and most mainstream coins are showing a slight decline. The <a href="/id/price/bitcoin-btc" target="_blank" class="blog_inner_link">BTC price</a> approached $65,000 within a week, but subsequently experienced a rapid decline due to overall market influence, with a weekly drop of around 1.7%. Currently, the price remains around $59,557. ETH has experienced a weekly decline of around 3.6% and is currently hovering around $2,530.

The market's overall performance this week is mainly characterized by a decline, with most mainstream coins showing relatively small weekly gains. POPCAT's 7-day increase has reached around 16%, and the price curve fluctuates. It has the largest increase among mainstream coins this week, and the coin price is currently maintained at around $0.6728.

The probability of the overall crypto market rebounding this weekend is relatively high, and a clear signal is expected during the weekend, but the overall amplitude will still be controlled within a small range.

## Crypto Market
🔥 DOGS officially stated that users can withdraw funds on the chain by going to the application. CEXs and on-chain transactions started at 8 pm Beijing time on Monday.

🔥 Matrixport released a chart stating that over the past 2-3 weeks, the continuous strong minting of stablecoins has been a key driving force for <a href="/id/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a>'s rebound to 65,000. Although Bitcoin spot ETFs also have capital inflows, stablecoins, as the main fiat currency deposit channel for cryptocurrencies, seem to be the main driving force for stable minting.

🔥 On August 25, Vitalik stated on the X platform that we as a field need to lead the construction of anti-fraud technology in a principled manner.

🔥 This week, Bitcoin's price hit $65,000 for the first time in about three weeks, thanks to the market's recovery in demand for US Bitcoin spot ETFs. There are indications that the Federal Reserve will relax its monetary policy.

🔥 According to the data of RWA monitoring platform RWA.xyz, as of August 25, the market size of token US treasury bond bonds was US $2 billion. BlackRock's BUIDL fund, which has a scale of over $500 million, ranks first; next is Franklin Templeton's FOBXX fund.

🔥 According to DefiLama data, the market cap of stablecoins has grown for 11 consecutive months, reaching a historic high of $168 billion (currently around $168.1 billion), surpassing the previous peak in March 2022 ($167 billion).

🔥 According to DeFiLlama data, DEX's trading volume on the <a href="/id/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a> chain on August 25 was $838.22 million, ranking first.

🔥 Telegram stated on its official X platform account in response to the CEO's arrest that: 1. Telegram complies with EU laws, including the Digital Services Act - its audits comply with industry standards and are constantly improving. 2. Telegram's CEO Pavel Durov is not hiding and often travels in Europe. 3. The statement that 'a platform or platform owner should be held responsible for abuse on the platform' is absurd. 4. Nearly one billion users worldwide use Telegram as a means of communication and an important source of information. 5. The team is waiting for a quick resolution to this situation.

🔥 On August 27, according to the official blog, <a href="/id/price/lido-dao-ldo" target="_blank" class="blog_inner_link">Lido DAO</a> introduced the "On Chain Commission and Representative Incentive Program" through Vote178 and Snapshot voting. The plan aims to establish a public representative platform, simplify governance processes, and improve participation and decision-making transparency. The 6-month pilot representative incentive program will provide a total of $150,000 in LDO tokens to incentivize active representatives who meet the criteria.

🔥 On August 27, according to Cointelegraph, the EigenLayer data availability solution, EigenDA, now supports native token re-staking for Layer 2 extension networks in addition to Ethereum. The announcement states that the team can now re-stake their ERC-20 tokens to ensure a custom quorum for their rollup, unlocking stronger security for rollup users and providing token returns to token holders.

🔥 According to BitcoinMagazine, BlackRock has added 4,000 spot Bitcoin ETFs to its strategic global bond fund.

🔥 Bitcoin mining company Rhodium Enterprises has filed for voluntary bankruptcy under Chapter 11 of the United States Bankruptcy Court for the Southern District of Texas, with up to $100 million in debt.

🔥 <a href="/id/price/optimism-op" target="_blank" class="blog_inner_link">Optimism</a> disclosed in X that the revenue contributed by OP Chain in Superchain has exceeded 14,000 ETH. It is reported that each OP chain in Superchain operates using a standardized revenue-sharing model, and each chain will return a portion of its revenue to Optimismo Collective through a fee-sharing system followed by the network.

🔥 On August 27, according to CNBC, according to reports from New World Wealth and Henley&Partners, the number of global crypto millionaires has skyrocketed by 95% in the past year, as Bitcoin exchange-traded funds and other crypto assets continue to rise.

🔥 Semler Scientific, a medical device manufacturer listed on NASDAQ in the United States, announced that it has purchased an additional 83 BTC for $5.2 million (approximately 760 million yen). Currently, the company holds a total of 1012 BTC for a purchase price of $68 million (approximately 9.2 billion yen).

🔥 Bitcoin mining company Marathon Digital recently sold $300 million of convertible notes to purchase 4144 bitcoins, following MicroStrategy's strategy. This move reflects the challenges the mining industry faces as mining profits have significantly declined, and mining companies have had to resort to other means to maintain operations.

🔥 South Korean video game developer Nexon's blockchain company NEXPAC has launched a cryptocurrency to enhance user engagement and drive the development of its <a href="/id/web3" target="_blank" class="blog_inner_link">Web3</a> gaming ecosystem called MapleStory Universe.

🔥 On August 28, Sony Blockchain Solutions Laboratory (Sony BSL) launched the Soneium Minato Public Testnet and Soneium Spark Incubator. Soneium Spark will provide developers with various benefits, including up to $100,000 in investment and other financing opportunities offered through the program's partners.

🔥 The EIGEN staking withdrawal delay of the re-staking protocol EigenLayer has been shortened from 24 days to 7 days. EigenLayer stated that the reason for making this adjustment is that once the intersubjective confiscation takes effect on the mainnet, it will effectively control the liquidity risk of EIGEN staking and prepare for potential variables in the future.

🔥 MakerDAO founder Rune Christensen responded to the discussion about "DAI is adding a freeze function," stating that, in fact, the new protocol will not have a freeze function at startup but only upgrade capability.

🔥 Ondo Finance, the RWA protocol, announced that its stablecoin USDY has been launched on Arbitrarum. In addition, the Arbitrarum STEP Committee has decided to allocate 6 million ARBs (approximately $3.16 million) from the Arbitrarum DAO treasury to Ondo's USDY to support the development of Arbitrarum's RWA.

🔥 <a href="/id/price/aave-aave" target="_blank" class="blog_inner_link">Aave</a> contributor bgdlabs stated that a series of transactions across different networks have been detected, indicating attacks on certain Aave peripheral contracts (which are not part of the Aave protocol and are only used on the app.aave.com user interface). The Aave core smart contracts involving all pool dynamics have not been affected and are not related to these transactions. The affected smart contracts only interact with the users who use them and the contract itself.

🔥 A research report by Canaccord points out that the crypto industry has recovered from the consolidation phase after the collapse of FTX exchanges and returned to a growth model in the past year. The report mentions that the Bitcoin and Ethereum spot ETFs launched by the United States this year have become a positive driving force for the crypto market, promoting wider adoption of digital assets by institutions.

🔥 QCP Capital released a report stating, "In the period leading up to next week's non-farm payroll report, we expect market volatility to continue to decline as the market prepares for a possible rate cut by the Federal Reserve. Without a catalyst in the short term, we expect prices to continue oscillating within the range in September.

🔥 According to Arkham data, BlackRock BUIDL has cumulatively transferred 6.714 million USDC to Ondo Finance addresses in the past 4 days.

🔥 According to official sources, the Japanese blockchain game development company double jump. toyo Inc. announced the completion of over $10 million in Series D funding, led by SBI Investment, with participation from Sony Corporation, Taisu Ventures, Gate Ventures, TM Capital, Inc., Bing Ventures Ltd., and an unnamed entity. The new funds will be used to further develop and support blockchain games, blockchain infrastructure, and related services, as well as strengthen the company's organizational structure and talent base while promoting cooperation with game companies to develop blockchain games, establish blockchain infrastructure, and cultivate IP based NFT projects.

🔥 According to official sources, <a href="/id/price/solana-sol" target="_blank" class="blog_inner_link">Solana</a> Labs announced that the second phase of the Solana Incubator application is now open, with a deadline of October 4th. Four to six high-quality teams will be selected to directly collaborate with Solana Labs in New York City from January to April 2025 to meet their specific needs, including participation in blockchain development, design and product launch planning, fundraising support, and venture capital introductions.

🔥 According to The Block, Renzo Protocol, a liquidity re-staking protocol, announced the launch of its governance token REZ on Solana to enhance its influence in the blockchain ecosystem and leverage Wormhole's native token transfer framework.

🔥 Former US President Trump's son and Executive Vice President of the Trump Organization, Eric Trump, announced on X the official launch of the crypto project WLFI (@WorldLibertyFi), stating that "a new era of finance has arrived."

🔥 According to The Block, based on data from blockchain data websites DEX Screener and Etherscan, a wallet connected to the Ethereum network's genesis block appears to have launched a Meme coin called "PHIL."

## Regulatory & Macro Policies
🔥 Matrixport released a chart stating that Federal Reserve Chairman Powell hinted at a possible interest rate cut, coupled with the positive momentum of the US presidential election, which could create a favorable environment for Bitcoin. Surprisingly, traders appear cautious and hesitant about increasing their risk exposure before the release of US employment data next week.

## Crypto Market Highlights
⭐️In the past week, the crypto market has experienced two consecutive weeks of recovery. After rising continuously last week, it began to show a significant decline and fall this week due to external news and market volatility factors. Currently, the overall performance of the crypto market is mainly characterized by slight fluctuations. Although the market has shown a relatively clear recovery state, it is highly likely to fluctuate in the short term. The current market situation is expected to undergo significant changes during the weekend closing period.

⭐️The number of mainstream coins that have experienced significant increases in the market this week is relatively small, and most of them have maintained a certain range of gains. However, the coins that are among the top in terms of gains have shown limited actual gains. POPCAT has seen the largest increase this week, with a seven-day increase of around 16%, and the current price is around $0.67. The high point of the coin's weekly price is around $0.7915, and it is currently in a relatively obvious downward trend. It is expected to maintain a slight fluctuation trend in the future of this week.
![](https://gimg2.gateimg.com/image/article/17249941861.jpg)
(Data Courtesy Of Coinmarketcap)

## BTC & ETH Weekly Performance
### Bitcoin (BTC)
![](https://gimg2.gateimg.com/image/article/17249942182.jpg)
(Data Courtesy Of TradingView)
The overall price of BTC has rebounded from above $64,000 to around $60,000 this week. The price fluctuates around the key level of $60,000, mainly within the range of $59,000-61,000. The price of BTC has returned to the same period last week, showing a sustained fluctuation trend. BTC is likely to show a fluctuating rebound trend in the future this week, with a low probability of a significant increase, but a high probability of returning to above the $60,000 price range. The high point of BTC's weekly price is around $65,000, while the low point is around $57,800, similar to last week's period.

Analysis suggests that various factors have influenced BTC's price fluctuations this week and are largely in line with the mainstream market trend. After the BTC price reached its recent high this week, the overall market was greatly affected by news factors, resulting in a large-scale decline in the BTC price in a short period of time. This has a significant impact on the BTC price. Although the actual price performance of BTC is still relatively volatile at present, the scale of funds in spot ETFs continues to expand, and the probability of a significant upward trend in the future is relatively high.

###Ethereum (ETH)
![](https://gimg2.gateimg.com/image/article/17249942363.jpg)
(Data Courtesy Of TradingView)
ETH's price peak this week is close to $2,800, and its overall performance has maintained a strong correlation with BTC, following the overall trend of the market. The price of ETH has risen in the past week and has remained near the $2,760 level since the weekend. It has experienced a significant decline this week, but the overall magnitude remains within a small range. ETH's weekly decline is around 3.8%. ETH is in a relatively obvious fluctuation stage, but the price remains around the $25,500 level and continues to rise and fall.

Analysis suggests that the performance of the ETH coin price this week is influenced by a combination of news factors and market volatility, as well as the poor performance of spot ETFs. The overall crypto market is showing a downward trend, and ETH follows the market's trend. In the short term, the coin price is likely to continue fluctuating between $2,500 and $2,600.

## Web3 Project Trend
This week, the total market value of seven types of projects showed mixed performances, and the market recovery trend is obvious. Although the rise and fall of each track are different, the current market situation is still fluctuating. Various sectors are expected to usher in a new round of rebound market during the weekend period.

| Project Category  | 7d Change  | Top 3 Gainers  | Comment  |
| ------------ | ------------ | ------------ | ------------ |
| Layer 1 | -3.5% | HOOT,OAS,KCN | The Layer 1 track has experienced a slight decline, with the actual magnitude remaining within a reasonable range, similar to the market's overall trend. The top growth coins have still seen decent gains.|
| Layer 2  | -5.7%  |ORDER,MERL,ZKB|The overall decline of the Layer 2 sector is quite significant, and the range of top-growing coins is relatively limited. In the short term, there is a high probability that the track will maintain small fluctuations.|
| DeFi  | -4.4%  | BOR,ANY,UTYAB | The DeFi track has also experienced a certain degree of decline, with overall liquidity decreasing, and the gains of top growth coins being relatively limited.|
| NFT  | 2.8% | ATR,HIP,DEXIO |The NFT market has risen, mainly due to non-top projects, and has been more affected by recent market capital flows.|
| MEME  | 0.5% | BULL,PEDRO,MINKY | The MEME coin track has remained largely unchanged, with a slight increase. The top-growing coins have seen significant gains, mainly in newly launched coins.|
| Liquid Staking  | -4.2% | SFLR,STLOS,LISTA | The overall trend of this sector has shown a significant decline, and the overall market is not good due to the weak performance of top mainstream coins.|
| AI  | 3.2%  | GSWIFT,DCD,PAI | The AI track has shown some signs of recovery, but the growth rate of top coins is relatively limited, mainly driven by the rise of individual coins as a whole.|

<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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Weekly Trend Overview

Crypto Market

Regulatory & Macro Policies

Crypto Market Highlights

BTC & ETH Weekly Performance

Web3 Project Trend

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