Weekly Web3 Research | The Crypto Market Experienced Continuous Fluctuations; The US SEC Approved 9 Ethereum ETFs; The Stablecoin Market Continued to Expand

2024-07-26, 02:05

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## Weekly Trend Overview
The overall performance of the <a href="/price" target="_blank" class="blog_inner_link">crypto market</a> this week showed a relatively volatile fluctuation, with most mainstream cryptocurrencies experiencing significant fluctuations in price. The overall market volume remained relatively stable throughout the week. Due to the rapid inflow of BTC spot ETF and the official launch of ETH spot ETF, the market has experienced a relatively obvious upward trend. However, due to the risk avoidance measures of Wall Street financial capital and the influence of some negative news factors, the overall market trend has been fluctuating and rebounding. Under the influence of the recent cycle, the overall market of the crypto market is still in a significant fluctuation stage, but the amplitude is relatively small. The market needs further positive stimulation to drive the rise. The overall market value growth of the crypto market has increased compared to the same period last week, and the current total market value has reached around $2.3 trillion, a decrease of 3.68% within 24 hours. The market sentiment remained around 59, with little change compared to the previous week. The trend of key mainstream coins this week is mainly characterized by clear ups and downs, and it is highly likely that the overall crypto market will need to wait for a certain period of time to experience a large-scale upward trend.

Compared to last week, the total volume of the crypto market has rebounded. The market is greatly affected by factors, such as news and external capital inflows. After entering the opening period, the market began to show a rapid upward trend, reaching a one-week high in the middle of the week, followed by a rapid downward trend. The rise and fall ratio of mainstream coins within a week is 3:7, and most coins have frequent fluctuations within a week. The trend of the <a href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">BTC price</a> has been relatively volatile within a week, with a slight rebound at present. The closing price near the weekend has reached above $65,000, with a weekly increase of about 2.69%. ETH has showed a significant decline, currently maintaining around $3,192, with a weekly drop of around 6.64%.

The coin with a clear upward trend in the market this week is still the first to promote the MEME track. MEW has performed exceptionally well, with a 7-day increase of about 90%, and the coin price is currently maintained around $0.007267.

There is still a possibility of further fluctuations in the crypto market this weekend, and a new round of market volatility is expected during the weekend, with a high probability of sustained downturns.

## Crypto Market
🔥 <a href="/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a> co-founder Vitalik Buterin praised the impressive performance of the prediction market Polymarket in an article on X.

🔥 <a href="/price/optimism-op" target="_blank" class="blog_inner_link">Optimism</a> posted some highlights about Retro Funding 4 on social media: Zora is reallocating 300,000 OPs to its creator community; Sound.xyz will redistribute all Retro Funding grants it receives to artists on the platform; 30% of Retro Funding 4 rewards will be given to builders on Mode; The Layer3 team will redistribute the Retro Funding grant to the community.

🔥 This week, <a href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> experienced a short-term upward trend due to a large influx of funds from ETFs, with a high breaking through $68,000. BlackRock's IBIT has accumulated a net inflow of nearly $19 billion since its establishment.

🔥 Nate Geraci, President of The ETF Store, stated that in the coming months, a certain ETF issuer will apply to issue a combination of Bitcoin, Ethereum, and SOL spot ETFs. “We are rapidly moving towards the path of index based and actively managed crypto ETFs.”

🔥 According to on-chain analyst Yu Jin's monitoring, the 4-month selling pressure on MKR has finally come to an end: after 126 days, all 30971 MKR ($92.08 million) related to the MakerDAO team's address has finally been transferred out.

🔥 On July 23, Tornado Cash developer Roman Storm recently posted on social media that his trial is approaching and time is tight. Storm stated he maintains confidence due to the community's ongoing support.

🔥 Grayscale, a digital asset management company, confirmed that its two spot Ethereum exchange traded funds (ETFs) have officially started trading on the New York Stock Exchange.

🔥 Arbitrum announced that the voting for the board election of its Gaming Catalyst Program has officially begun and will last for two weeks until August 1. The top three candidates will be elected to the GCP board, 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's Withheld Funds" transferred nearly $4 million worth of Bitcoin to a crypto exchange.

🔥 <a href="/price/terra-luna" target="_blank" class="blog_inner_link">Terra</a> has issued an important community notice stating that the preliminary deadline for submitting crypto loss claims in the Chapter 11 bankruptcy cases of Terraform Labs Pte Ltd (TFL) and Terraform Labs Limited (TLL) is 5:00 am Beijing time on August 22, 2024.

🔥 Epic Games CEO Tim Sweeney stated that the battle royale game giant Fortnite may utilize blockchain in the future, but will not use cryptocurrency or NFT transactions.

🔥 Market maker Wintermute predicts spot Ethereum ETFs can receive up to $4 billion in capital inflows from investors in the next year. This is lower than most analysts' expectations of $4.5 billion to $6.5 billion, which is already about 62% less than the $17 billion raised by the Bitcoin ETF since it began trading in the United States six months ago.

🔥 Bloomberg ETF analyst Eric Balchunas responded on social media to The ETF Store President Nate Geraci's view that "issuers are expected to apply for a combination of BTC, ETH, and SOL spot ETFs in the coming months," stating that this situation does happen, but the potential is unknown. The size of the precious metal basket ETF GLTR is $1 billion, which is already good, but still less than 1% of the asset size of the gold ETF.

🔥 Franklin Templeton is one of the first companies in the United States to issue spot Bitcoin ETFs, and the company is optimistic that <a href="/price/view/new-cryptocurrencies" target="_blank" class="blog_inner_link">new crypto</a> ETFs, including <a href="/price/solana-sol" target="_blank" class="blog_inner_link">Solana</a>, will bring more assets.

🔥 In 2024, the inflow of the BlackRock Bitcoin ETF IBIT exceeded that of the "seven sisters in the US" (Microsoft, Apple, Tesla, Amazon, Meta, Alphabet and Nvidia), or pushed the price of Bitcoin to $88,000 by September.

🔥 Cosmos Ecosystem Crypto Trading Platform Elys Network has announced the launch of its second phase of incentive testnet, which will be the final stage before going live on the mainnet. The specific standards for the second stage will not be announced immediately, and users only need to complete daily tasks to qualify.

🔥 According to HODL15 Capital monitoring, Grayscale is also replicating the large-scale outflow of ETH funds. On the first day, Grayscale Ethereum Trust had an outflow of $484 million (nearly 5% of AUM), with a small amount ($15 million) flowing back to the low management fee Grayscale Ethereum Mini Trust.

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

🔥 The first batch of Ethereum ETFs in the United States performed strongly on the first day of trading, with trading volume exceeding $500 million in just a few hours until noon in New York. Although this is far from the $4.6 billion trading volume when the spot Bitcoin ETF was launched in January, it is still a strong start for the ETF's first day of trading.

🔥 Jupiter Business Expansion Manager Slorg posted on X platform that last month Solana Network launched 30 MEME tokens launched by celebrities, covering well-known figures from Andrew Tate to Soulja Boy, which were once very popular. However, currently each type of celebrity coin has fallen from its historical peak, with an average drop of 94%.

🔥 The expansion of the stablecoin market is beneficial for the entire crypto ecosystem. Against the backdrop of widespread risk aversion on Wall Street, Bitcoin and Ethereum have declined. Stablecoins, as the funding source for many crypto trading strategies, are experiencing growth, which is a sign of capital re-entering the crypto market.

🔥 Ethereum co-founder Vitalik recently stated in the podcast "Bell Curve" that the ultimate determinant of the success of cryptocurrency is the practical application of the technology. If cryptocurrency can become mainstream, or at least become a trusted alternative to mainstream like Linux, then it is considered successful.

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

🔥 On July 25, <a href="/price/dydx-dydx" target="_blank" class="blog_inner_link">dYdX</a> Ops subDAO tweeted that dYdX Chain will undergo a v5.1.0 upgrade, which will include performance optimization, Slinky updates, and Vault UX improvements. Officially, there may be delays and shutdowns from 6:00 (UTC) to 8:00 (UTC) today (specific times vary depending on the height of the block).

🔥 a16z founders Ben Horowitz and Marc Andreessen recently discussed the various challenges facing the crypto industry under this administration, during which they also endorsed former President Trump. The two founders publicly criticized the Biden Harris administration's handling of the crypto industry, emphasizing a series of regulatory challenges that they believe are stifling innovation and growth in the industry.

🔥 According to data from DefiLlama and Wintermute, the total market value of stablecoins has risen above $164 billion for the first time since the Terra crash in May 2022. This indicator has been hovering around the $160 billion mark.

##Regulatory & Macro Policies
🔥Ripple CEO Brad Garlinghouse has hinted that the lawsuit between Ripple and the SEC may be resolved, and plans to hold an important meeting on February 25.

🔥The seven state alliance, led by Iowa Attorney General Brenna Bird, submitted an amicus curiae brief on July 10, opposing the U.S. Securities and Exchange Commission's (SEC) attempt to regulate cryptocurrencies. 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 holdings of its Ethereum Trust ETFE are 2,629,468.6756 ETH, and all related assets are held on relevant crypto exchanges. The asset management scale (non GAAP) has reached $9,199,064,688.04.

🔥The US Securities and Exchange Commission (SEC) has approved nine Ethereum Exchange Traded Funds (ETFs) that will track the spot price of the Ethereum cryptocurrency. However, these new products experienced significant losses in the first two days of trading, and the market is not optimistic about this token or ETF.

## Crypto Market Highlights  
⭐️Last week, the crypto market maintained a fluctuating trend of first rising and then falling, with market fluctuations. Although most mainstream coins have experienced a moderate rebound this week, most of them have fallen again in the short term due to the impact of news. This has resulted in a relatively small overall increase in the market, but a large amount of external funds have continued to <a href="/price/flow-flow" target="_blank" class="blog_inner_link">flow</a> in. In addition, the ETH spot ETF has been officially launched, and the market is expected to usher in a major market rally in the short term.

⭐️The number of mainstream coins that have experienced significant increases in the market this week is relatively small, especially in the MEME track where multiple coins have experienced significant declines. However, there are still popular projects with rapid gains. MEW's weekly increase has reached around 93%, and the current price is around $0.0074. The weekly high point of the coin is $0.0088. The coin is currently in a sustained range of small fluctuations, and it is expected that there will be a slight increase after the official release of relevant updates.

## BTC & ETH Weekly Performance

### Bitcoin (BTC)
![](https://gimg2.gateimg.com/image/article/17219602752.jpeg)
(Data Courtesy Of TradingView)

This week, the overall price of BTC was dominated by sustained volatility, driven by the rapid inflow of spot ETFs, resulting in a slight increase in BTC prices after opening, rising from $67,000 to above $68,000. However, due to the risk avoidance and contraction strategy adopted by the external mainstream financial market, the coin lacks continuous upward price support, and subsequently mainly oscillates downwards. The high point of BTC's weekly price is around $68,500, while the low point is around $63,400.

Analysis suggests that the price change of BTC this week is actually influenced by the net inflow of spot ETF funds, resulting in a short-term upward trend. However, the overall market is still in a continuous fluctuation cycle, lacking clear signals and support for an overall rise. After entering the weekend period, the coin is expected to experience further upward trend, with a certain probability of returning to above $68,000, and there is a high possibility of continued volatility in the future.

### Ethereum (ETH)
![](https://gimg2.gateimg.com/image/article/17219602963.jpeg)
(Data Courtesy Of TradingView)

The high point of the <a href="/price/ethereum-eth" target="_blank" class="blog_inner_link">ETH price</a> this week is at $3,562, and the price trend has been relatively stable. Unlike BTC's obvious fluctuations, there is currently no clear sign of recovery for the coin after a rapid decline near the weekend closing period. But ETH as a whole still maintains a slight fluctuation above $3,100, and the current price remains around $3,162.

Analysis suggests that the performance of ETH coin price this week was affected by the launch of spot ETFs, resulting in a certain degree of increase in coin price in a short period of time. However, due to the small inflow of funds, it cannot form a significant positive factor for the coin and the overall market, which makes it difficult for ETH price to generate significant upward momentum. The subsequent major market changes of this coin still rely more on the overall upward trend of the market, and the probability of a significant rebound in the market during the weekend closing period is relatively small.

## Web3 Project Trend
This week, the total market value of seven types of projects 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 | 0.5% | PKT,CCD,OAS |The Layer 1 sector has maintained a stable upward trend this week, with the overall increase in top-growth coins remaining below 20%, indicating relatively low growth.|
| Layer 2  | -2.5%  |STX,ERN,TOPIA|The overall decline of Layer 2 track this week is relatively small, and the top coins also maintain a weak percentage increase, overall in a sideways state.|
| DeFi  | -6.0%  | CVP,DEPAY,LNR | The DeFi market is experiencing a significant decline, with increased liquidity for top-growth projects, but the overall performance of the market is poor.|
| NFT  | -7.2% | DNXC,TUNE,BETARDIO |The NFT market experienced a significant decline this week due to the long-term lack of popular trends in the entire NFT track. The top-growth projects are mostly NFT asset categories belonging to other projects.|
| MEME  | -1.2%  | USPEPE,SHIBAKEN,PEPES| The MEME coin market experienced a relatively small decline this week, due to the recent significant rise in popular coins and the considerable increase in top-growth coins. However, the overall market still shows a slight decline.|
| BRC-20  | -2.3% | ROUP,LIGO,EFIL | The BRC-20 sector has shown a relatively small downward trend this week, with the top-growth coins still showing good gains. It is significantly affected by changes in market conditions and is in a relatively clear sideways trend.|
| AI  | -8.0%   | ROKO,NFAI,LKI | The AI track experienced a significant decline this week, and the growth rate of top coins is also relatively limited. Overall, it is still following the overall market volatility.|

<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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