Weekly Web3 Research | Crypto Exchange Trading Volume Shows a Downward Trend for the Third Consecutive Month; 290K ETH Were Added to the Liquidity Staking Protocol

2024-07-19, 02:32

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## Weekly Trend Overview

The overall trend of the crypto market has shown a significant rebound this week, with most mainstream cryptocurrencies showing a clear upward trend. Currently, the overall market recovery trend is quite clear. The total market volume has changed significantly in the past week. Although there have been some short positions and liquidations this week, the overall external capital inflow and market expectations have turned optimistic. Under the influence of recent cycles, the overall crypto market has entered a relatively straightforward upward cycle, and the recovery trend has intensified. The overall market value of the crypto market has increased significantly compared to the same period last week. Currently, the total market value has reached around $2.33 trillion, a decrease of 1.39% within 24 hours. The market sentiment remains around 57, showing a good increase compared to last week's market trend. The trend of key mainstream coins this week is mainly characterized by a relatively clear rebound, which is also influenced by the chain effect of news factors.

Compared to last week, the total volume of the crypto market has further increased. Overall, the most critical factor affecting the market this week is the news aspect. The attempted assassination of Trump has greatly affected the political and business sectors in the United States, and the crypto industry has also shown a relatively positive response. The top 100 crypto projects this week had a 9:1 rise/fall ratio within a week, and the market experienced a general upward trend across the board. The overall upward trend of BTC price within a week is significant, exceeding 10%, but it fell below the key price of $65,000 near the weekend closing. The coin price is currently maintained at around $63,750, with a weekly increase of about 10.8%. The trend of ETH is similar, currently supporting around $3,414, with a weekly rise of around 9.61%.

The news and the cyclical changes in the market significantly influenced the market's upward trend this week. Compared to last week, it is a continuous rise. WIF ranks first in terms of price increase, with a 7-day increase of 57.27%, and the price is currently maintained around $2.4.

There is still a possibility of further fluctuations in the overall crypto market this weekend. A new round of market volatility is expected to occur during the weekend period, with a high probability of a slight decline. However, the probability of a sustained upward trend in the future is relatively high.

## Crypto Market
🔥 According to Coingalss data, based on the mainstream CEX contract holdings this week, <a href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> rebounded and exceeded $65,000, with over $700 million of short positions cleared.

🔥 On July 15, it was reported that two Bitcoin ETFs in the United States have been launched for over six months and have now surpassed MicroStrategy. At the same time, another ETF is closely chasing MicroStrategy, which was once the king of Bitcoin holdings in the corporate world.

🔥 On July 15, bond traders increased their bets that the Federal Reserve will cut interest rates by 50 basis points instead of the standard 25 basis points in September.

🔥 Greeks.live analyst Adam released this week's heavyweight event on X (7/15-7/21): The importance of macro events this week is average. Currently, the German and American governments have stopped selling cryptocurrencies, and cryptocurrencies have rebounded immediately, effectively improving market sentiment. In terms of cryptocurrencies, the SEC should respond to the ETFs this week, but there is currently no compelling news, and the market's enthusiasm for ETFs has significantly decreased.

🔥 According to ChainArgos monitoring, <a href="/price/tether-usdt" target="_blank" class="blog_inner_link">Tether</a> issued a total of $125 million in USDT and redeemed $55 million in USDT on July 14.

🔥 According to data, the liquidity staking protocol has accumulated an additional 290,000 ETH in the past 40 days. This growth has increased the proportion of ETH in liquidity staking protocols by 0.24%, accounting for 11.18% of <a href="/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a>'s 120.2 million circulating supply.

🔥 On July 15, according to HODL15Capital monitoring, 39 global Bitcoin ETFs currently hold a total of 1,051,569 bitcoins worth approximately $64.1 billion.

🔥 Tom Wan, a strategic analyst of 21.co, said in an article on X that by the end of 2024, the scale of token treasury bond bonds is expected to reach $3 billion. There is a trend that the DAOs of DeFi projects spread their funds to RWAs in the industry, including stablecoin and token-based US treasury bond bonds.

🔥 <a href="/price/cosmos-hub-atom" target="_blank" class="blog_inner_link">Cosmos Hub</a> announced in a post on X that the community had previously voted to introduce the fee-based market module (Proposal No. 842) into Cosmos Hub. The team has now completed integration as part of Gaia v18, which will provide an adaptive fee marketplace and also support ATOM destruction.

🔥 Citigroup (C) stated in a research report last week that the net inflow of US spot ETH ETFs may only be 30% -35% of that of spot Bitcoin, and the distribution tends to be downward.

🔥 StarkWare stated in an article on X that Starknet's upcoming plans include: - optimizing the Starknet stack to improve throughput and cost-effectiveness- Launching Stwo, its next-generation prover, to reduce costs and latency while increasing throughput for all Starknet drive chains (expected to be launched in the first quarter of 2025)- Continue to work towards achieving Starknet decentralization through staking and governance- Becoming the first L2 on the Bitcoin and Ethereum chains.

🔥 On July 16, according to Cointelegraph, the top 100 so-called "dirtiest Bitcoin addresses" currently hold BTC worth over $88 million. These addresses are classified as addresses containing "very little" BTC, also known as dust addresses.

🔥 The open positions of <a href="/price/xrp-xrp" target="_blank" class="blog_inner_link">XRP</a> futures contracts have more than doubled in the past 7 days, indicating an increase in investors' expectations for future price fluctuations. According to CoinGlass data, the open position of XRP contracts reached $811 million, reaching the level since mid-April, with a 24-hour growth rate of 21.83%.

🔥 On July 17, Sui Foundation announced the first batch of grant recipients for the RFP (Project Funding Application for Promoting Sui Ecosystem Creativity) program, including Byzantion Inc. (developing a comprehensive coin infrastructure compatible with Sui's Kiosk standard), HashCase (allowing the creation, launch, and management of NFT series with a custodial wallet solution), Arden Labs Inc. (building a consumer engagement platform), and Mojito Inc. (developing a white label website for loyalty programs).

🔥 According to tracking data from Farside Investors and Coinglass, on Tuesday, 11 US spot Bitcoin funds had a cumulative net inflow of $422.5 million, the highest daily net inflow since June 5. This continued the upward trend for seven consecutive days.

🔥 On July 17, MakerDAO founder Rune Christensen announced on social media that MakerDAO has launched the NewGovToken activation feature. When the Spark sub DAO is launched, NewGovToken holders will be able to activate their NewGovToken to receive SPK rewards.

🔥 On July 17, according to an interview with Bloomberg Businessweek, Donald Trump revealed that cryptocurrency will not disappear, which is remarkable. The crypto industry in the United States has a solid foundation. It is still a baby now. But I don't want other countries to take over this field.

🔥 On July 17, Google Trends data showed a significant increase in user interest in the term "Ethereum," climbing from 57 out of 100 on July 14th to 82 on Monday.

🔥 The DeFi derivative protocol Polynomial Protocol has launched a new Layer 2 network called Polynomial Chain with a native liquidity layer. This chain enables new applications to leverage shared liquidity, thereby solving the challenge of guiding liquidity.

🔥 AlienXChain has officially announced the economics of its mainnet native token AIX, with a total supply of 1 billion tokens, of which 67% will be allocated to the community.

🔥 SolanaFloor shared data with X showing that the cost of <a href="/price/solana-sol" target="_blank" class="blog_inner_link">Solana</a> ecosystem DEX Raydium has exceeded <a href="/price/uniswap-uni" target="_blank" class="blog_inner_link">Uniswap</a> on the Ethereum chain in the past 7 and 30 days. Note: Uniswap revenue includes all revenue from L2 and the Ethereum mainnet.

🔥 On July 18, CCData reported that the trading volume of centralized crypto exchanges decreased by 21.8% in June, marking the third consecutive month of declining spot and derivative trading volume since March.

🔥 On July 18, in response to Ethereum co-founder Vitalik Buterin's latest statement opposing political voting based on whether or not he supports cryptocurrency, <a href="/price/cardano-ada" target="_blank" class="blog_inner_link">Cardano</a> founder Charles Hoskinson refuted it, saying: “My primary goal has always been to distance the government from cryptocurrency as much as possible completely, but when this goal is impossible to achieve, the remaining options are very clear. If they continue to over regulate, then we should not vote for them... Voting for Biden is a vote for the demise of the US crypto industry, and for this reason, we should vote for candidates who support cryptocurrency.”

🔥 On July 18, the LayerZero Foundation announced on the X platform that the temporary list of bounty hunters and other detailed information had been uploaded to the Commonwealth platform. Bounty hunters can review this temporary list before 00:00 UTC on July 21. The final distribution will take place before the end of July 23 (Tuesday). The LayerZero Foundation determines the allocation and may change.

🔥 On July 18, according to Bloomberg, CCData analysis shows that the number of new tokens listed on major crypto exchanges in the first half of 2024 has exceeded the total for the entire year of 2023. The number of tokens listed on exchanges with high trading volume, including Binance and Bybit, increased by 11.6% to 2,066, while the number of tokens listed on exchanges with lower trading volume, including CoinJar and BTC Markets, increased by nearly 32% to 488.

🔥 Goldman Sachs announced in a report on Wednesday that global hedge funds have reduced their exposure to US stocks for five consecutive days, as technology stocks across the board have generally fallen. Goldman Sachs stated that the value of stocks sold by hedge funds in the past five trading days is the highest since November 2022, approaching a five-year record high.

🔥 Bloomberg analyst James Seyfart stated that out of the 10 upcoming ETFs, 7 have introduced fee waivers, and some have even completely waived fees within 6 to 10 months.

## Regulatory & Macro Policies
🔥Gurbir S. Grewal, Director of the Enforcement Division of the US SEC, discussed crypto regulation issues at a seminar of the William and Mary School of Business Law Review earlier this month. He emphasized the necessity of enforcing federal securities laws in the constantly evolving crypto market.

🔥Former US President Donald Trump announced he will choose J.D. Vance, who is technically proficient and supports cryptocurrency, as the Republican Party's vice presidential candidate for the upcoming election. Trump has consistently staked support for the crypto community during his presidential campaign and has introduced friendly cryptocurrency policies upon Becoming the next President of the United States. After Becoming a member of the Senate, J.D. Vance has consistently supported cryptocurrency legislation and made investments in Bitcoin worth over $100,000.

🔥<a href="/price/terra-luna" target="_blank" class="blog_inner_link">Terra</a> announced in an article on X that the general deadline for filing claims in the Chapter 11 bankruptcy cases of Terraform Labs Pte Ltd (TFL) and Terraform Labs Limited (TLL) has been set at 5:00 PM Eastern Time on August 9, 2024.

🔥The Hong Kong Treasury and the Hong Kong Monetary Authority recently released a consultation summary on the regulatory system for stablecoin issuers. KPMG believes that stablecoin users' main concern is the lack of trust in reserve assets that support stablecoins, which also limits their widespread application.

## Crypto Market Highlights
⭐️Last week, the crypto market as a whole showed a general upward trend, with most mainstream coins experiencing further gains this week. The overall increase in the market is also considerable. Due to the positive expectations brought by news factors and the continuous large net inflow of funds into ETFs, the market as a whole presents a relatively optimistic outlook and is expected to see further clear upward trends in the future.

⭐️The mainstream coins that have experienced significant increases in the market this week have shown a large magnitude. Currently, the cryptocurrency with the highest weekly price increase in the crypto market is WIF, mainly due to the rapid heating of the MEME track caused by market conditions. The coin has a weekly increase of about 58.21% and is currently priced at around $2.4. The highest price of the coin in a week was $2.4743, and currently, it is still in a slight upward or downward trend. The subsequent market situation needs to be judged based on multiple factors.

## BTC & ETH Weekly Performance
### Bitcoin (BTC)
![](https://gimg2.gateimg.com/image/article/17213561072.jpeg)
(Data Courtesy Of TradingView)

The overall trend of BTC price this week is characterized by a rapid increase after the opening, and a slight fluctuation starting from the mid-week period. Due to the overall market cycle warming up last week, the opening price of BTC remained at around $60,000. After being influenced by news factors, it experienced a rapid upward trend. This week, BTC's price performance has been controlled within a relatively clear price cycle, and it has entered a new price range with continuous slight fluctuations. The coin is currently fluctuating around $63,800 and has shown a clear increase compared to the opening price. The high point of BTC's weekly price is around $66,100, while the low point is around $59,300.

Analysis suggests that the price fluctuations of BTC this week are influenced by the market recovery cycle, coupled with the explosive news of Trump's attempted assassination, which has had a significant impact on the crypto market. This has made the overall market positive, and BTC price performance has been affected by multiple factors, resulting in a clear upward trend. It is expected that the coin will experience a further upward trend during the weekend, with a certain chance of returning to above $65,000, but slight fluctuations will still be the norm.

### Ethereum (ETH)
![](https://gimg2.gateimg.com/image/article/17213561303.jpeg)
(Data Courtesy Of TradingView)

The high point of ETH price this week is at $3,520, and the price trend for the week is similar to BTC. The two have maintained a strong correlation trend, both of which are greatly influenced by market cycle changes and news factors, thus achieving a rapid rise in coin price for the week. The price of the coin remains relatively stable within a small range near the weekend closing period, with the current price hovering around $3,400.

Analysis suggests that the performance of the ETH coin price this week has basically followed the overall market trend and has been influenced by news factors. Although the progress of spot ETF applications is still slow and the market attention is low, the impact of the overall market recovery is still relatively clear. The coin's price fluctuation is similar to BTC's, maintaining a continuous rise and fall within a new price range.

## Web3 Project Trend
This week, the total market value of seven types of projects has fluctuated, and due to changes in market cycles and external news, each track has different performances. Currently, there is still a probability of significant changes in the market trend, and various sectors may receive clear signals of rise and fall during the weekend.

| Project category  | 7d Change  | Top 3 Gainers  | Comment  |
| ------------ | ------------ | ------------ | ------------ |
| Layer 1 | 10.3% | KOIN,IXI,FUSE | The Layer 1 track has significantly increased this week, with the top-growing coins generally matching the average increase. KOIN, on the other hand, has experienced some FOMO sentiment due to the official completion of updates in the development field and the release of external cooperation information.|
| Layer 2  | 10.3%  |MNT,WALV,TOR|The overall increase of the Layer 2 sector this week is the same as that of L1, but the increase in top growth coins is relatively limited, and overall, it is still mainly following market fluctuations.|
| DeFi  | 6.2%  | WEX,ICE,LMDA | The overall rise of the DeFi track is limited, with top growth projects continuing to dominate last week. However, the overall price fluctuation frequency of WEX is very high, and this week, there has been a super high increase due to the impact of news.|
| NFT  | 14.2% | GAL,RETARDIO,HIFLUF |The NFT market has rebounded significantly this week, driven by the return of market heat and frequent updates on various projects, resulting in a rapid increase in GAL prices.|
| MEME  | 13.2%  | LOVELY,PRESS,KAMA| The MEME coin market has rebounded significantly this week, with the top-growing coins continuing the trend from last week, mainly consisting of non-mainstream projects.|
| BRC-20  | 17.7% | DEPD,PIZA,ZBIT | The BRC-20 sector has shown a significant upward trend this week, with top growth coins experiencing high gains. However, the overall market cap is still limited and is significantly affected by changes in market conditions.|
| AI  | 19.1%  | AVTM,OBI,SPECTRE| Among several mainstream tracks, the AI track has rebounded the most this week among several mainstream tracks, with significant growth in top coins.|

<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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