Weekly Web3 Research | Market Showed a Volatile Trend; CEX BTC Saw a Net Outflow of $750 Million; Friend.Tech Platform is in a “Basically Closed” State

2024-09-13, 03:54

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![](https://gimg2.gateimg.com/image/article/1692587604touyanzhoubao.jpeg)
## Weekly Trend Overview
The overall performance of the <a href="/ja/price" target="_blank" class="blog_inner_link">crypto market</a> this week was mainly characterized by small-scale fluctuations, similar to last week's situation, and the market still lacks clear signals of ups and downs. The fluctuation range of most mainstream coins remains within a small range, and the overall market trend has continued recently. The price performance of most key mainstream coins is also relatively weak. Overall, the prices of key mainstream coins have increased this week compared to last week, and the market has also seen some growth. Various news factors in the market tend to be more conventional, lacking recently unlocked tokens. At present, the crypto market has once again returned to above $20,000. Slight price fluctuations mainly characterize the overall market trend within a week, but the rise in the Altcoin market is better. The overall market value growth of the crypto market has slightly increased compared to the same period last week, reaching around $2.02 trillion, with a 1.25% increase within 24 hours. The market sentiment fell to around 37. The trend of key mainstream coins this week is relatively stable, and a new round of trend changes are expected during the weekend closing period.

Compared to last week, the performance of the crypto market this week was mainly a slight increase during the closing period of last weekend, followed by a certain degree of price decline, and a slight rebound due to external news factors. The overall market remains relatively weak. The rise/fall ratio of mainstream coins within a week is 87:13, and most mainstream coins have shown significant declines. The <a href="/ja/price/bitcoin-btc" target="_blank" class="blog_inner_link">BTC price</a> has risen to around $58,000 within a week, with a weekly increase of around 3%. Currently, the price remains at $57,928. ETH has experienced a weekly decline of around 1.4% and is currently hovering around $2,337.

The overall market performance this week is mainly characterized by a slight rebound, but most mainstream coins have maintained a small range of weekly gains. BNX's 7-day increase reached around 46%, and the price curve continues to rise. It has the largest increase among mainstream coins, and the coin price is currently maintained at around $1.62.

The probability of the overall crypto market rebounding this weekend is relatively low, and it is expected that the overall market changes will still be dominated by small and sustained fluctuations during the weekend.

## Crypto Market
🔥 Nick Drakon, CEO of Revelo Intel, a crypto research platform, tweeted that he had recently been involved in a gun robbery. The gang is particularly interested in crypto assets and knows the deposit addresses of their crypto business.

🔥 Some users in the Polymarket community expect the platform to launch tokens next year, and many traders are already trying to secure potential airdrops.

🔥 According to Arkham monitoring data, Franklin Templeton's EZBC <a href="/ja/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> ETF, a Bitcoin exchange-traded fund, transferred 1,189 BTC worth approximately $66.99 million to an unmarked address starting with bc1qzt last week.

🔥 According to Spot On Chain monitoring, a multi-signature wallet that received 3,800 ETH (approximately $9.99 million) from Vitalik Buterin has been continuously sold in recent days.

🔥 According to The Block, the <a href="/ja/web3" target="_blank" class="blog_inner_link">Web3</a> social network Friend Tech developers have given up control over smart contracts, and the platform has been largely shut down.

🔥 A whale that hoarded 30,654 ETH ($88.43 million) at an average price of $2885 through a revolving loan. I have been selling ETH since 9/7 and have completed clearing my position. I incurred a loss of up to $17.51 million from long ETH in this revolving loan.

🔥 Greeks.live researcher Adam posted on social media that last week's macroeconomic data did not have much impact, and next Thursday is the Federal Reserve's interest rate meeting, with a 25 basis point cut once again becoming the main viewpoint.

🔥 According to Ultrasound.money data, the net supply of <a href="/ja/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a> has increased by 15,576 coins in the past 7 days, of which the supply has increased by approximately 18,267 ETH, and 2,691 ETH have been destroyed through the destruction mechanism. The current supply growth rate is 0.675% per year.

🔥 Analyst Yonsei_dent stated that since August 2024, the holdings of USDT stablecoins on the trading platform have rapidly increased. Compared to the relatively stable USDT holdings from March to July this year, this change is worth paying attention to.

🔥 According to IntoTheBlock data, $300 million worth of stablecoins flowed into trading platforms yesterday, indicating that investors may take advantage of market downturns to enter the market.

🔥 SynFutures founder Rachel stated that DeFi is not lacking in large-scale applications, but the digital economy still needs to develop on a large scale, and AI will accelerate this process.

🔥 Friend.tech posted on social media that it has no plans to shut down or stop the friend.tech web application, and has ensured through code parameter settings that no changes will be made to the smart contracts deployed on Base in the future, thereby increasing or generating new fees.

🔥 Crypto research firm 10x Research has released its latest market analysis report, stating that the price of Bitcoin has rebounded after a sharp decline last week, as expected by its market update on Monday.

🔥 Franz Bergm ü ller, CEO of Swiss-based crypto bank Amina, stated that the company is applying for a Virtual Asset Service Provider (VASP) license from the Austrian Financial Market Authority.

🔥 TON Foundation Chairman Steve Yun tweeted in support of the Telegram cat-themed gaming platform Catizen. As mentioned in the article, Catizen has reached 36 million registered users, over 860,000 paying users, and over $300,000 per day on the first day. Within six months, it has achieved over $26 million in self-operated income, making it Steve's top project team in Asia.

🔥 Marco Monaco, co-founder and head of growth at Linea, announced that he has resigned and will no longer work at Linea in any capacity. He announced his resignation from Consensys in mid-June and officially withdrew from the project in mid-July.

🔥 Huma Finance, a company focused on RWA tokenization, recently raised $38 million, including $10 million in equity investment and $28 million in revenue RWA. This round of financing is led by venture capital firm Distributed Global.

🔥 According to IntoTheBlock data, Bitcoin had a net outflow of $750 million from CEX, the largest net outflow since May. Analysis indicates that Bitcoin holders are significantly increasing their holdings.

🔥 BSCN Headlines announced on the X platform that Sony Layer2 network Soneium will collaborate with Sony Bank to launch a Japanese yen stablecoin.

🔥 K33 Research stated in a market report released on Tuesday that a reliable indicator suggests a significant rebound in the coming weeks and months.

🔥 Velo Labs, a blockchain-based global settlement network, has incorporated BlackRock's tokenized short-term treasury fund BUIDL into USDV, providing seamless trading and revenue opportunities for over one million Southeast Asian users.

🔥 On September 11, according to data from mempool.space, transaction fees on the mainnet of Fractal Bitcoin skyrocketed, with high priority reaching 101 Sat/byte. The CAT protocol may be the main reason for the surge in transaction fees on the Fractal mainnet. This new token protocol based on UTXO has multiple characteristics such as no need for indexes, modularity, programmable casting, and cross-chain interoperability. CAT Protocol can run on any Bitcoin-compatible blockchain that activates OP_CAT.

🔥 Rushi Manche, co-founder of Movement Labs, stated that they plan to launch a new mechanism by the end of 2024 that can quickly settle transactions on the L2 network, potentially reducing the confirmation time for Ethereum L2 transactions to less than 1 second.

🔥 Pendle officially stated that vePENDLE holders have begun voting for Corn LBTC. The LP incentive measures have been effective since 8:00 a.m. Beijing time on September 12.

🔥 According to official sources, <a href="/ja/price/stacks-stx" target="_blank" class="blog_inner_link">Stacks</a> has established the Asia Foundation, which will initially receive a grant of $15 million. The Stacks Asia Foundation is committed to establishing mutually beneficial relationships in major markets such as South Korea, Hong Kong, Singapore, Japan, Southeast Asia, and the United Arab Emirates.

🔥 Vitalik Buterin posted on social media that he takes this very seriously. Starting next year, I plan to mention only L2 projects that have reached Phase 1 or above in public settings such as blogs, speeches, etc., perhaps giving a brief grace period to newly emerging truly interesting projects.

🔥 According to the latest data from Mempool, the difficulty of mining Bitcoin has increased by 3.6%, reaching 92.7 trillion, surpassing the previous record of 90.67 trillion set at the end of July.

🔥 According to lookonchain monitoring, the Pump.fun expense account sold 9,940 SOLs (approximately $1.33 million) 19 hours ago. Pump.fun has sold a total of 274,313 SOLs (approximately $42.93 million), with an average selling price of $156.5. The total revenue of Pump.fun is 712,797 SOLs (approximately $95.87 million).

## Regulatory & Macro Policies
🔥 The US Congress held its first hearing on DeFi, with clear differences between Republican and Democratic lawmakers. The two-and-a-half-hour hearing highlighted the serious divisions among US lawmakers on DeFi technology issues and reflected the challenges faced by regulatory agencies.

## Crypto Market Highlights 
⭐️Last week, the overall performance of the crypto market continued the recent market trend, lacking clear stimulus signals. Most mainstream coins have experienced a certain degree of upward trend due to market fluctuations and external factors, but not a large-scale general rise. The overall performance of the crypto market is mainly characterized by sustained small fluctuations, and market sentiment remains low. The overall trend is weak, and it is highly likely to remain dominated by small fluctuations in the short term. The current market situation is expected to continue until a significant change occurs at some point next week.

⭐️Although many mainstream coins have experienced price increases in the market, most of them have remained below 20%, and the coins that are among the top in price increases have shown good growth. BNX saw the largest increase, with a seven-day increase of around 45%, and the current price is around $1.62. The high point of the coin's price for the week is around $1.65, and it is currently in a relatively stable fluctuation trend. It is expected to maintain a small price change.
![](https://gimg2.gateimg.com/image/article/17261991591.jpg)
(Data Courtesy Of Coinmarketcap)

## BTC & ETH Weekly Performance
### Bitcoin (BTC)
![](https://gimg2.gateimg.com/image/article/17261992042.jpg)
(Data Courtesy Of TradingView)

The overall price of BTC started to fluctuate upwards from below $55,000 last weekend, mainly influenced by news factors from the US government, which is also one of the important reasons for the overall rebound of the market. However, the overall increase of this coin is relatively limited, mainly maintaining a continuous fluctuation above $56,000 for most of the week. This coin's price trend is relatively stable, showing a continuous small fluctuation market. The coin is likely to maintain this trend, with a low probability of a significant increase but a high probability of a rebound. $58,000 may become a key price level in the short term. The high point of BTC's weekly price is around $58,550, while the low point is around $53,600.

Analysis suggests that the price change of BTC is mainly influenced by external news factors. With the difficulty of BTC mining increasing again, and mainstream market observers being optimistic about the coin's future rebound, although BTC has rebounded to some extent, there has not been a particularly large-scale continuous upward trend, and it is still mainly characterized by small fluctuations in price. Although BTC's actual price performance shows relatively stable small fluctuations, there is a high probability of another upward trend in the short term, with a high chance of returning to above $60,000.

### Ethereum (ETH)
![](https://gimg2.gateimg.com/image/article/17261993283.jpg)
(Data Courtesy Of TradingView)

The high point of ETH's price is around $2,400, and its overall performance is poor, mainly characterized by continuous fluctuations. The coin's price has remained fluctuating within the range of $2,250-$2,400 for a week. ETH's weekly decline is around 1.8%. The coin is in a relatively obvious fluctuation stage, with prices similar to last week's period, maintaining a continuous rise and fall around the $2,350 price range.

Analysis suggests that the performance of the ETH coin price was poor. This was influenced by the outflow of funds from ETFs and the general bearish sentiment in the market, resulting in a lack of upward momentum for the coin price, which has basically remained volatile. In the short term, the fluctuation range of the coin price is likely to continue to fluctuate below $2,500, and the upward performance is weak.

## Web3 Project Trend
The total market value of seven types of projects showed mixed performances, and the overall market trend was obvious. Although the rise and fall of each track were different, the current market situation is still in a continuous oscillation cycle. Various sectors are expected to usher in a new round of market changes during the weekend period.

| Project Category  | 7d Change  | Top 3 Gainers  | Comment |
| ------------ | ------------ | ------------ | ------------ |
| Layer 1 | 0.5% | TET,XEL,PICA | The Layer 1 track has seen a slight increase, with the top-growing coins maintaining an actual range of around 20%, and the overall trend is relatively even.|
| Layer 2  | 17.3%  |MERL,CYBA,HACD| The overall increase in the Layer 2 sector is quite significant, but it is concentrated in a few top-growing coins and is greatly affected by some ecosystem actions.|
| DeFi  | -0.4%  | ACRE,DSWAP,JET | The DeFi track experienced a slight decline, with overall poor performance and concentrated gains in top-growing coins.|
| NFT  | 7.8% | $RAINI,MBS,STARS |The NFT market rose, but the increase distribution is relatively even, and the actual amount of funds is relatively small.|
| MEME  | 3.5%  | MEOW,TRUMP,XP | The MEME coin market saw a slight increase, with top-growing coins being heavily influenced by new listings and foreign coin news.|
| Liquid Staking  | -3.9% | SCANTO,VSUI,HASUI | The track continued its downward trend, with a slight decrease, greatly affected by the weak performance of top mainstream coins.|
| AI  | 10.2% | CAI,SNS,SPECTRE | The AI market showed a significant rebound, influenced by external mainstream AI industry and product-related news. The market's overall trend rose, but the distribution is relatively even, and the growth rate of top coins is relatively limited.|

<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>