Weekly Overview

Within this week, the overall market performance of crypto assets has shown a fluctuating trend. Most mainstream cryptocurrencies have experienced significant fluctuations in this week, and the overall market cap has changed slightly. Due to the rapid inflow of BTC spot ETF and the official launch of ETH spot ETF, the market has experienced a clear upward trend. However, due to risk aversion measures taken by Wall Street financial capital and the impact of some unfavorable information, the subsequent market trend has been fluctuating and pulling back. Currently, in the recent period, the overall market of crypto assets is still in a stage of obvious fluctuation, but the amplitude is relatively small. The market needs further favorable information stimulation to drive a pump. The overall market cap of crypto assets has risen compared to the same period last week, reaching around 2.3 trillion USD, with a 3.68% decrease in the past 24 hours. Market sentiment remains around 59, with little change compared to last week. The trend of key mainstream cryptocurrencies this week is mainly characterized by clear fluctuations. It may take some time for a large-scale pump in the crypto asset market to occur.

Compared to last week, the total market value of Cryptocurrency has rebounded this week. Overall, the market itself is greatly influenced by news and external capital inflows. After entering the opening session, there is a rapid pump trend. It reached a weekly high in the middle of the week and then experienced a rapid decline. The ratio of ups and downs of mainstream currencies in the past week is 3:7, and most currencies have fluctuated frequently. The overall trend of BTC price in the past week has been volatile, and there is a slight rebound currently. The closing price near the weekend is above $65,000, with a weekly increase of about 2.69%. ETH has shown a significant decline and is currently hovering around $3,192, with a weekly decline of about 6.64%.

During this week, the market's pump trend is still dominated by the MEME track, and MEW has performed exceptionally, with a 7-day increase of around 90%, and the price is currently maintained at around $0.007267.

There is still a possibility of further fluctuations in the overall market situation of Cryptocurrency this weekend. It is expected that a new round of Fluctuation will occur during the weekend, with a high probability of continuing downward trend.

Encryption Market

🔥ETH founder Vitalik Buterin praised the impressive performance of the prediction market Polymarket in a post on X.

🔥Optimism posted some highlights about Retro Funding 4 on social media: Zora is reallocating 300,000 OP to its creator community; sound.xyz will redistribute all of its Retro Funding grant to artists on the platform; 30% of Retro Funding 4 is awarded to builders on Mode; Layer3 team will redistribute Retro Funding grant to the community.

🔥This week, BTC has seen a short-term pump in the market due to a large influx of funds from ETF, breaking through the high point of $68,000. BlackRock's IBIT has accumulated a net inflow of nearly $19 billion since its inception.

🔥The ETF Store president Nate Geraci said that in the coming months, a certain ETF issuance firm will apply for the issuance of a combination spot ETF of BTC, Ethereum, and SOL, "We are rapidly moving towards the path of index and actively managed crypto ETFs."

🔥 According to on-chain analyst Yu Jin's monitoring, the 4-month selling pressure of MKR has finally come to an end: after 126 days, all 30,971 MKR (92.08 million USD) associated with the MakerDAO team has been transferred out.

🔥On July 23, Tornado Cash developer Roman Storm recently posted on social media that his trial is imminent and time is running out. Storm said that due to the community's ongoing support, he remains confident.

🔥 Grayscale, a digital asset management company, has confirmed that its two Spot ETH ETFs have officially started trading on the New York Stock Exchange.

🔥 Arbitrum announced that the election voting for its Gaming Catalyst Program (GCP) Council has officially begun and will last for two weeks until August 1st. The top three candidates will be selected to join the GCP Council, and the elected candidates will contribute to the development of the Arbitrum gaming ecosystem.

🔥According to Arkham Intelligence, an Address labeled "US Government: Ryan Farace Detained Funds" transferred nearly $4 million worth of BTC to a certain encryptionexchange.

🔥Terra issued an important community notice, stating that the preliminary deadline for submitting Cryptocurrency loss claims in the Chapter 11 bankruptcy cases of Terraform Labs Pte Ltd (TFL) and Terraform Labs Limited (TLL) is 5:00 on August 22, 2024 Beijing time.

🔥Epic Games CEO Tim Sweeney said that the battle royale game giant 'Fortnite' may use blockchain in the future, but will not adopt Cryptocurrency or Non-fungible Token transactions.

🔥Market maker Wintermute expects that in the coming year, the SpotETH ETF could attract a maximum of $4 billion in inflows from investors. This is lower than the $4.5 billion to $6.5 billion most analysts had anticipated, and is already about 62% less than the $17 billion raised by the Bitcoin ETF in the United States since it began trading six months ago.

🔥Bloomberg ETF analyst Eric Balchunas responded on social media to Nate Geraci, president of The ETF Store, stating that "there is indeed the potential for issuance of a combination Spot ETF for BTC, ETH, and SOL in the next few months," but the potential for long is still unknown. The scale of the precious metal basket ETF GLTR is 1 billion USD, which is already good, but still less than 1% of the gold ETF asset size.

🔥Franklin Templeton is one of the first companies in the United States to issue Spot BTC ETF, and the company is more optimistic about holding new Crypto ETF assets, including Solana.

🔥In 2024, the inflow of funds into the Belide BTC ETF IBIT has surpassed the inflow of funds into the 'Seven Sisters of the US stock market' (Microsoft, Apple, TSL, Amazon, Meta, Alphabet, and Nvidia) stocks, or it may push the BTC price to reach $88,000 in September.

🔥Cosmos ecosystem encryption trading platform Elys Network announced the launch of its incentive Testnet phase two, which will be the final phase before Mainnet goes live. The specific criteria for phase two will not be immediately disclosed, and users will only need to complete daily tasks to qualify.

🔥According to HODL15 Capital's monitoring, Grayscale is also replicating the large-scale capital outflow of ETH. On the first day, Grayscale Ethereum Trust saw a outflow of 484 million US dollars (close to 5% of AUM), of which a small amount (15 million US dollars) flowed back to Grayscale Ethereum Trust-Mini, which has lower management fees.

🔥On July 24th, Ethereum Stories released a trailer for the documentary "Vitalik: An Ethereum Story". The documentary will premiere globally on September 18th.

🔥The first batch of ETHETF trading in the United States performed strongly on the first day, with a trading volume of over $500 million from the opening of the US stock market to midday in New York within a few hours. Although this is far from the $4.6 billion volume when SpotBTCETF was launched in January, it is still a strong start for the first day of ETF trading.

🔥 Jupiter Business Expansion Manager Slorg posted on X platform last month that the Solana network launched 30 MEME tokens introduced by celebrities, ranging from Andrew Tate to Soulja Boy and other well-known figures, which were once very popular. However, currently, each celebrity token has fallen from its All-time high, with an average decline of 94%.

The expansion of the Stable Coin market is Favourable Information for the entire Cryptocurrency ecosystem. Against the backdrop of widespread risk aversion on Wall Street, BTC and Ethereum are falling. As a source of funding for many Cryptocurrency trading strategies, Stable Coin is experiencing a rise, which is a sign of capital reflowing into the Cryptocurrency market.

🔥ETH co-founder Vitalik recently stated on the podcast "Bell Curve" that the actual application of technology ultimately determines the success of Cryptocurrency. If Cryptocurrency can become mainstream, or at least a trusted alternative like Linux, then it is considered successful.

🔥According to Trader T data, Grayscale ETHE currently holds about 2.4 million ETH, and the outflow has been 9% in the past two days. If the final outflow ratio of ETHE is assumed to be 50%, it will still take 9 trading days based on the current outflow rate.

🔥On July 25th, dYdX Ops subDAO tweeted that dYdX Chain will be upgraded to v5.1.0, which will include performance optimization, Slinky updates, and Vault UX improvements. The official said that there may be latency and downtime from 14:00 to 16:00 today (specific time varies depending on the Block height).

🔥a16z founder Ben Horowitz and Marc Andreessen recently discussed the various challenges facing the Cryptocurrency industry under the current government, during which they also endorsed former President Trump. The two founders openly criticized the Biden-Harris administration's approach to the Cryptocurrency industry, emphasizing a series of regulatory challenges that they believe are stifling innovation and rise in the industry.

🔥According to the data from DefiLlama and Wintermute, the total Market Cap of Stable Coin has risen to over 164 billion US dollars for the first time since the collapse of Terra in May 2022. This indicator has been hovering around 160 billion US dollars.

Regulation & Macroeconomic Policy

🔥Ripple CEO Brad Garlinghouse hinted that the Ripple-SEC lawsuit may be resolved and plans to hold an important meeting on May 25th.

🔥The seven-state alliance led by Iowa Attorney General Brenna Bird submitted a friend-of-the-court brief on July 10, opposing the US Securities and Exchange Commission (SEC)'s attempt to regulate Cryptocurrency. The alliance includes Arkansas, Indiana, Kansas, Montana, Nebraska, and Oklahoma.

🔥The US Spot Ethereum ETF has been officially approved. According to official data from Grayscale, the total ETHE Holdings quantity is 2,629,468.6756 ETH, and the related assets are all held in the related exchange, with Assets Under Management (non-GAAP) reaching $9,199,064,688.04.

🔥The U.S. Securities and Exchange Commission (SEC) has approved 9 ETH exchange-traded funds (ETFs) that will track the spot price of Ethereum cryptocurrency. However, these new products have experienced significant losses in the first two days of trading, and the market is not optimistic about these tokens or ETFs.

encryption Market Highlights

⭐️In the past week, the Cryptocurrency market has maintained a Fluctuation trend of rising and falling, with repeated overall market conditions. Although most mainstream currencies have experienced a moderate rebound this week, they have once again declined in the short term due to the impact of news, resulting in a small overall increase in the market. However, a large amount of external funds have continued to flow in, and with the official launch of ETH Spot ETF, it is expected that the market will usher in a larger pump in the short term.

⭐️This week, there are relatively few mainstream currencies that have experienced significant pumps in the market, especially in the MEME track, where the decline of long coins is relatively large. However, there are still popular projects with rapid gains. MEW has risen by about 93% in a week, and the current price is around $0.0074. The highest price of the currency in a week was $0.0088. The currency is currently in a continuous small fluctuation range, and it is expected to have a small pump after the official release of relevant news in the future.

Weekly Performance of BTC & ETH

BTC (BTC)

(Data Source: TradingView)

Within this week, the price of BTC has been mainly fluctuating. Due to the rapid inflow of spot ETFs, the BTC price had a small pump after opening, rising from the price of 67,000 US dollars to above 68,000 US dollars. However, due to the mainstream financial market's risk-averse strategy, the lack of continuous pump support has led to a mainly downward trend in the price. The highest price of BTC this week was around 68,500 US dollars, while the lowest was around 63,400 US dollars.

Analysis believes that the price fluctuation of BTC this week is actually affected by the net inflow of funds from Spot ETF, resulting in a short-term pump market. However, the overall market is still in a continuous fluctuation cycle, lacking clear signals and support for overall pump. It is expected that after entering the weekend, the currency will experience further pump trends with a certain probability of returning to above $68,000, and there is a high possibility of continuous fluctuation in the future.

Ethereum (ETH)

(Data Source: TradingView)

The highest price of ETH this week was at the $3562 level, with relatively stable PA compared to the obvious Fluctuation of BTC. There is currently no clear sign of recovery for this currency after a rapid decline near the end of the weekend closing period. However, ETH as a whole still maintains a small Fluctuation above $3100 and the current price is around $3162.

Analysts believe that the performance of ETH's price this week has been influenced by the launch of Spot ETF, leading to a certain pump in the short term. However, due to the relatively small scale of inflows, it is unable to form a significant Favourable Information factor for the currency and the overall market, making it difficult for ETH price to generate strong upward momentum. Currently, whether the subsequent major market changes of this currency are long still depends on the overall upward trend of the market. The probability of a significant warming trend during the weekend closing period is small.

Web3 Project Trends

This week, the total market capitalization of seven types of projects has changed unevenly. Due to changes in the market cycle and the impact of external news, each track has different performances. At present, there is still a high probability of significant changes in the overall market trend, and each sector may encounter more clear signals of rise and fall during the weekend.

Author: Charles T. This article represents only the author's point of view and does not constitute any trading advice. This content is original, and the copyright belongs to Gate.io. If you need to reprint, please indicate the author and source, otherwise legal responsibility will be pursued.