Weekly Web3 Research | Non-zero BTC Addresses Exceeded 48.5M; DYP Rose 40.9%, Attracting A Large Amount of Funds to Participate; Visa Payments May involve Multi-chains and Stablecoins

Weekly Trend Overview

In the past week, the crypto market has shown significant volatility, with the total market funds showing little change at $1.09 trillion. Most events this week have focused on the market itself, with limited impact from news factors. However, overall, market liquidity is poor, and most users are in a wait-and-see stage.

The cryptocurrency project of Top100 showed nearly half of the rise and fall comparison this week, with 51% of the currencies showing an increase. However, due to the small changes in the overall market situation this week, most currencies experienced small fluctuations. The fluctuations of BTC and ETH can also reflect this well, with obvious signs of fluctuations within a week, but currently, they are -0.1% and -0.5% respectively. Among the top 100 cryptocurrency projects, SNX saw the largest increase due to its recent actions. Although the project has shown a downward trend in the past two days, the weekly increase reached 19.8%.

In last week’s judgment on market trends, the crypto market experienced a positive impact on the news side. It achieved a short-term general rise but immediately fell into a rebound and volatile state. The price trends of mainstream tokens ranked high this week also confirm this point.

Overall, the recent movements of various mainstream tokens have maintained a highly consistent correlation with the overall trend of the crypto market. The rapid rise and fall in the short term still occurs in Altcoins. If we pursue stable investment in mainstream coins, it may be difficult to achieve significant gains in the short term. The obvious recovery of the market itself is currently expected to be at least until the last quarter of this year.

The prices of BTC and ETH this week have also returned to the previous range, with BTC around $26,200 and ETH at $1,650 without a range. If there is no significant positive news next week, the two mainstream tokens will likely fluctuate within the current price range.

Currently, the global cryptocurrency market value has returned to $1.09 trillion, and the entire market has risen by about 0.9% in a week. Liquidity is still insufficient, and the monthly spot trading volume of each DEX and CEX has reached new lows since Q4 2020.

Crypto Market

🔥ZkSync has proposed a new governance solution, using L1 Fork as the final court and establishing a hierarchical system of on-chain courts.

🔥The number of non-zero BTC addresses has exceeded 48.5 million, reaching the population of a middle-income country.

🔥The monthly spot trading volume of DEX and CEX reached new lows since Q4 2020.

🔥Recently, the market value of major mainstream stablecoins has increased by $660 million, marking the first increase since the FTX crash.

🔥Vitalik stated that the rise of stablecoin RAI can solve the problem of Lido leading LSD, which led to a 70% increase in the price of FLX 24h.

🔥Stack.com may have been stolen for $41 million. Stack.com stated that unauthorized transactions occurred in ETH/BSC hot wallets, which will not affect the security of users’ funds. The platform services have been restored.

🔥Casio will launch the virtual G-SHOCK watch NFT on Polygon.

🔥The “New Posts list” function has been added to the friend.tech Explore page.

🔥The L2 interoperability protocol Connext conducted token airdrops, which were temporarily suspended due to witch theft. Later, the official investigation results were released, and 5.93 million tokens will be recovered.

🔥It is suspected that Nima Capital sold approximately $3.69 million in SYN at its address; based on selling apartments for $80 million, Nima Capital seems to sell assets.

🔥Coinbase has had a net outflow of over $1.05 billion in the past 7 days, with a large scale of fund departures.

🔥Google will allow NFT game advertising, which will have a good impact on the coverage of Gamefi in the Web2 field.

🔥 Visa executives stated that Visa payments will involve multi-chain, stablecoin, CBDC, and tokenized deposits.

Regulatory Policies

🔥Two major banks in El Salvador have started accepting BTC payment loans.

🔥JPMorgan Chase stated that the SEC will likely be forced to approve the application for BTC spot ETFs.

🔥South Korea strengthens the monitoring of registration information for virtual asset service providers.

🔥The Financial Stability Board and the International Monetary Fund will launch a joint global cryptocurrency policy document at the G20 summit.

🔥The US accounting regulatory authorities allow reporting of cryptocurrency holdings at fair value.

Macro Economy

There will be no new macroeconomic information related to the crypto market this week.

Crypto Market Highlights

⭐️In the past week, the crypto market has shown significant volatility. Despite the lack of market liquidity and positive news, the overall market has slightly rebounded, but the relative changes are insignificant.

⭐️At a time when most mainstream tokens have shown a volatile trend this week, SNX has achieved good results, but is currently in a downward trend, with a weekly increase of nearly 20%. Buying now may not be a good time, but there is still a certain profit and return range for short-term bearishness.

(Data Courtesy Of CoinGecko)

BTC & ETH Weekly Performance

Bitcoin (BTC)

(Data Courtesy Of TradingView)

Since the entire crypto market was in the process of a recovery movement this week, although the price of BTC did not change significantly, it was generally slowly recovering.

The price of BTC has returned from the $26,000 range to the $26,100- $26,300 range this week, with significant volatility and insufficient support for the trend. However, the bullish trend is becoming increasingly evident.

Of course, in terms of short-term investment, BTC is currently a good choice, and the arbitrage space is generally good. However, there is a lack of sufficient market signals to provide users with information. The current upward trend can be expected. If it can reach the key price of $26,500, the upward trend will be further obvious, and vice versa.

Ether (ETH)

(Data Courtesy Of TradingView)

The volatility of ETH is even greater, breaking through the key price range of $1,600 this week, with most of it maintaining a fluctuating trend between $1,620 and $1,640.

The price of ETH even reached a high close to $1,670 this week, but it has rapidly risen and fallen back. Currently, it is showing a fluctuating upward trend. If the price of 1650 can further breakthrough, there will be a good wave of small and sustained market increases.

Web3 Project Trend

This week, the total market value of seven types of projects showed a slight decline. Correspondingly, for mainstream projects, the distribution of funds in the market has become increasingly concentrated, and users’ pursuit of short-term risk returns has decreased. Robust investment has become more important.