Weekly Overview

Within this week, the overall market trend of encryption has shown a fluctuation and rise pattern. This is a continuous fluctuation and pump cycle since last week. Most major currencies have maintained a fluctuation and upward trend this week, and the overall market capitalization has experienced some pump. BTC and ETH spot ETFs have performed averagely this week, as the mainstream financial markets in the United States have been relatively weak before the presidential election, and the controversy over the Fed's interest rate hike continues, which has had a certain impact on the encryption market. Currently, the overall market trend of encryption remains above $20,000, with a continuous small pump as the main trend within the week, and the market as a whole is in a fluctuation and upward cycle. The overall market capitalization of the encryption market has experienced a small pump compared to the same period last week, reaching around $2.14 trillion, a 1.21% decrease in the past 24 hours. Market sentiment remains around 50. This week, the trend of key mainstream currencies has shown a fluctuation and upward trend, but the amplitude is relatively small. It is expected that more significant changes will occur during the closing period on the weekend.

Compared to last week, the Cryptocurrency market still maintains a relatively Fluctuation state this week, lacking clear pump signals for two consecutive weeks. Several key Mainstream Tokens have experienced Fluctuation around key price levels within a week. Currently, the ratio of rise and fall of Mainstream Tokens within a week is 9:1, showing obvious signs of market recovery despite the soft performance in the past week. The price of BTC has once again returned to above $60,000 within a week, but the overall Fluctuation frequency remains high, with a rise of about 6.25% over the week and the price near $60,400. The rise of ETH in a week is about 2.76%, currently maintaining around $2,613.

The overall performance of the market this week is impressive, but there has not been a particularly large increase in the mainstream currencies. KLAY has increased by about 36.86% in the past 7 days, and the price curve has been continuously rising, reaching the highest increase this week, with the current price maintained at around $0.1712.

There is a high probability that the overall market situation of the Cryptocurrency will remain slightly volatile and upward this weekend. It is expected that this situation will continue during the weekend, but the overall range will still be controlled within a small range.

encryption market

🔥According to Trader T's statistics, the institutional holder situation of SpotBTCETF in the second quarter is as follows: IBIT has 582 institutional holders, a rise of 34% compared to the first quarter; FBTC has 303 institutional holders, a rise of 25% compared to the previous period; BITB has 139 institutional holders, a rise of 35% compared to the previous period.

🔥Etherscan data shows that on Monday, Gas fees on the Ethereum network dropped below 1gwei.

🔥X platform user arndxt announced that Pump.fun platform trading data showed that only 70 traders (0.0028% of the total) made profits exceeding $1 million; 924 traders (0.037%) made profits exceeding $100,000; 11,936 traders (0.477%) made profits exceeding $10,000; 76,567 traders (3.061%) made profits exceeding $1,000. Only 20% of traders achieved profitability, while the remaining 80% faced losses.

🔥Dune data shows that the total value locked (TVL) of zkSync bridge reaches 3,727,416 ETH, while the Starknet bridge TVL is 923,431 ETH, with a total of 1,226,482 user addresses; Arbitrum bridge TVL is 4,040,425 ETH, Optimism bridge TVL is 791,918 ETH, and Base bridge TVL is 611,609 ETH.

🔥 According to SpotOnChain monitoring, Vitalik Buterin has transferred a total of 662 ETH (US$1.91 million) to Railgun in the past 10 months.

🔥Ethereum Layer 2 network Starknet has announced on X platform that STRK holders will have the first opportunity to vote on introducing STRK staking functionality into the Starknet ecosystem on the Mainnet. STRK holders will have the chance to express their opinions on the proposed minting mechanism and its parameter modification conditions.

🔥Curve founder Michael Egorov has submitted a proposal on the governance platform seeking funding for Curve's development company Swiss Stake AG.

🔥 According to Unchained, based on data from blockchain analysis company CryptoQuant, the price of BTC fell by more than 8.2% after the Halving, falling from $63,825.87 on April 19 to $58,530.13.

🔥 According to HODL15Capital's monitoring, on August 19th, "Mr.100" increased his holdings by about 507 BTC, and a total of 450 BTC was produced that day.

🔥The so-called options that expire after four days of the election on November 4th, Settlement, started trading on Deribit a month ago. As of now, according to data from Amberdata, the nominal value of unclosed position contracts or the USD value of active options contracts is 345.83 million dollars.

🔥QCP Capital's latest report points out that momentum traders are re-leveraging and the expansion of corporate buybacks is driving the stock market pump. This risk preference trend may extend to the cryptocurrency market, potentially driving BTC price pump.

🔥According to Whale Alert, Tether Treasury has minted 1 billion USDT on-chain on Tron.

🔥This Monday, Vitalik once again transferred over 1 million US dollars to Railgun. The project is an Ethereum Virtual Machine (EVM) privacy protocol, using zero-knowledge (ZK) encryption technology, allowing private use of Decentralized Finance and Smart Contracts.

🔥Encryption analysis company CryptoQuant's latest report shows that the BTC demand index has slowed significantly since early April, and even fell to negative values this month, causing concerns about the short-term outlook for BTC in the market. Despite the launch of several BTC Spot ETFs in January this year, their popularity is cooling down.

🔥According to Defillama data, the borrowing amount of Aave protocol has reached 7.324 billion US dollars, which has exceeded the level in March 2022 (6.3 billion US dollars). In addition, the annualized fee of Aave protocol has reached 302 million US dollars, and the annualized income has reached 54.5 million US dollars.

🔥According to Lookonchain monitoring, Tether has issued an additional 3 billion USDT in the past week. On-chain data shows that since August 5th, 3.22 billion USDT have flowed from Tether Treasury to exchange.

🔥According to the CryptoQuant Hash Ribbons indicator, the Hash Ribbons indicator has just issued a signal that Miner Capitulation has ended, while Hash Rate has reached a new peak of 638 exahashes (EH/s) per second. This is the first Rebound since the Bitcoin Halving.

🔥 According to the SonicLabs (formerly Fantom) team blog, Sonic Labs has launched a new Bounty Program called 'Sonic Boom', aimed at promoting the development of key applications in areas such as exchange, lending, tools, payments, stablecoins, yield, gaming, and Non-fungible Tokens, and driving the development of the Sonic network.

🔥Starknet announced on X platform that Starknet v0.13.2 has been launched on the testnet and will go live on the Mainnet in one week.

🔥Stable Coin issuer Tether revealed plans to develop a new Stable Coin pegged to the United Arab Emirates dirham (AED).

🔥Vitalik's post on X states: "I don't think an 'anonymous society,' or even a 'financialized pseudonymous society,' is really effective. A more multi-dimensional concept of identity (with features of 'soul binding') seems necessary; without it, the most stable governance structures will just be de facto centralized, and others will be vulnerable to financialized governance attacks. It can be said that even today, we can see these issues at play in DAOs. Anonymity is a balance, its existence is to run the 'dark side of the cycle,' it cannot run the whole cycle itself. Just like you can't run a society on permanent rebellious energy. On the x risk, I think diverse thinking can actually help us more effectively identify x risk mitigation measures that people can support."

🔥According to Yu Jin's monitoring, Ethereum has shown inflationary trend recently. The data shows that in the past 4 and a half months, the total amount of ETH has increased by 228,000, worth about 602 million US dollars, with a daily increase of 1,652 coins.

🔥 According to official news, Worldcoin stated in a post that a new investigation targeting Korean World ID holders showed that the majority of people support the Worldcoin project and Proof of Humanity.

🔥 Balanced has launched on the Injective mainnet, introducing the over-collateralization bnUSD Stable Coin to the Injective ecosystem. Balanced allows users to borrow its native Stable Coin (bnUSD), exchange Cross-Chain Interaction, and transfer assets from any network integrated with Balanced to Injective, enabling near-instantaneous transactions with fees as low as a few cents.

🔥Galaxy Digital released a research report analyzing the impact of the Kankan upgrade on Layer2 and Ethereum in 150 days. The main points include: · Ethereum's revenue and ETH supply burn have decreased significantly, with total revenue 69% lower than the average of the 150 days before the upgrade, and ETH burn 84% lower than the average of the 150 days before the upgrade. The profitability of Layer2 has improved, with the profitability of Optimism increasing from 22.65% to 92.3%, and the profitability of ZK increasing from 27.27% to 66.7%. The operating costs of Layer2 have dropped significantly, from a daily average of $1.07 million to $0.5564 million. Transaction activity and failure rate have significantly risen, possibly due to increased robot activity.

🔥LSDprotocolPuffer Finance has released its latest roadmap, which shows that PufferUniFi testnet and validators rewards will be launched in September, Puffer V2 and TGE will be launched in early Q4, and AVS and UniFi mainnet will be launched later in Q4.

🔥Bitcoin stakeprotocolBabylon announced on X platform that the Mainnet Phase 1 is about to be launched. In order to promote a fair launch, Babylon discourages selective transaction reviews or prioritization of transactions with rates exceeding the standard, and will closely monitor such behaviors.

🔥According to official news, Decentralization financial protocol Aave announced the launch of Aave V3 version on Era Mainnet supported by ZKsync.

encryption Market Highlights

⭐️In the past week, the Cryptocurrency market has shown a more clear pump trend at the beginning of this week after experiencing a warming trend for the past two weeks. Although the encryption market still shows some weakness overall, the market has basically shown a more clear recovery state, and it is highly likely to continue to Fluctuation upward in the short term. It is expected that the current market trend will continue at the weekend closing period.

⭐️This week, there have been relatively few mainstream currencies with a significant pump in the market. Most of them have remained within a certain range, but the currencies at the top of the increase have actually shown limited real price gains. KLAY had the largest increase this week, with a seven-day increase of about 37.46%, and the current price is around $0.1716. The highest price of this currency in the week was near $0.1731, and it is currently in a more obvious upward trend, with further price pump expected in the following weeks.

(Data Source: Coinmarketcap)

BTC& Ethereum Weekly Performance

BTC (BTC)

(Data Source: TradingView)

Within this week, the overall price of BTC has been fluctuating within the range of thousands of dollars, with the price fluctuating around the key level of $60,000, mainly fluctuating between $58,000 and $62,000, maintaining a continuous fluctuation. Currently, the currency has returned above $60,000, showing a short-term downward trend. It is highly likely that the currency will continue to fluctuate and rise in the following week, although the probability of a significant pump is low, the probability of returning above $61,000 is relatively high. The highest price of BTC this week is around $61,800, and the lowest point is around $57,835, similar to last week.

Analysts believe that the price changes of BTC this week have been influenced by multiple factors. After the market showed signs of recovery this week, the mainstream financial markets are also in a weak state, and the subsequent impact of the U.S. election on the encryption market is increasingly significant. Currently, the actual price performance of BTC is still mainly characterized by oscillations. However, this round of performance is currently the worst after all previous Halvings, and the current state is expected to persist for a while.

Ethereum (ETH)

(Data Source: TradingView)

ETH reached a high point of $2696 this week, close to $2700, showing a strong correlation with BTC. Although there was some pump in the coin price this week, the overall amplitude remained within a small range. ETH rose by about 3% this week. Currently, the currency is in a relatively obvious intraday oscillation stage, but the price is still maintained above $2600, with no significant currency price fluctuation.

Analysis believes that the performance of ETH price this week is influenced by the poor performance of Spot ETF, combined with the overall sluggishness of the encryption market. ETH basically follows the trend of the overall market, and the fluctuation range of the price in the short term will mostly be maintained between $2500 and $2700.

Web3 Project Trends

This week, the total market capitalization of the seven types of projects has mostly shown a rebound trend, and the market's recovery trend is obvious. Although the growth rates of various tracks are different, the current overall market situation is still within a relatively small range of changes. It is expected that various sectors may usher in further rebound and rise during the weekend.

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