Weekly Web3 Research | The Crypto Market Saw a Significant Rebound; The Total Value of Arbitrum Bridged Storage Exceeded 4 Million ETH; Tether Issued 3 Billion USDT

2024-08-23, 03:31

[//]:content-type-MARKDOWN-DONOT-DELETE
![](https://gimg2.gateimg.com/image/article/1692587604touyanzhoubao.jpeg)
## Weekly Trend Overview
The overall <a href="/ru/price" target="_blank" class="blog_inner_link">crypto market</a> trend has been fluctuating and rebounding, which is a continuous cycle of fluctuation and upward trend since last week. Most major coins have maintained fluctuating upward trends throughout the week, and the overall market value has risen to a certain extent. <a href="/ru/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> and <a href="/ru/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a> spot ETFs performed average, with mainstream financial markets showing weak performance before the US election. At the same time, the controversy over the Federal Reserve's interest rate hike continues, which has had a certain impact on the crypto market. The crypto market remains above $20,000, with a sustained upward trend within a week. The market is expected to remain in a volatile upward cycle. The overall market value growth of the crypto market has slightly increased compared to the same period last week, reaching around $2.14 trillion, with a decrease of 1.21% within 24 hours. The market sentiment remains around 50. The overall trend of key mainstream coins showed a volatile upward trend, but the magnitude is relatively small. Currently, it appears that there will be more significant changes during the weekend closing period.

Compared to last week, the crypto market has remained relatively volatile, lacking clear signals of a significant upward trend for two consecutive weeks. The price performance of several key mainstream coins has fluctuated around multiple key price levels throughout the week. The rise/fall ratio of mainstream coins within a week is 9:1, and although the market performance is weak within a week, there are obvious signs of recovery. The <a href="/ru/price/bitcoin-btc" target="_blank" class="blog_inner_link">BTC price</a> has once again returned above $60,000 within a week, but the overall volatility frequency remains high, with a weekly increase of around 6.25% and a price around $60,400. ETH has seen a weekly increase of around 2.76% and is currently hovering around $2,613.

The overall performance of the market is commendable, but there has not yet been a mainstream coin with particularly large gains. KLAY's 7-day increase has reached around 36.86%, and the price curve has continued to rise, with the highest increase. The coin price is currently maintained around $0.1712.

There is a high probability that the overall crypto market will maintain a slight upward trend, and it is expected that this situation will continue during the weekend, but the overall magnitude will still be controlled within a small range.

## Crypto Market
🔥 According to Trader T's statistics, the institutional holders of spot Bitcoin ETFs in the second quarter were as follows: IBIT had 582 institutional holders, an increase of 34% compared to the first quarter (month-on-month growth); FBTC had 303 institutional holders, an increase of 25% compared to the previous period; and BITB had 139 institutional holders, with a month-on-month increase of 35%.

🔥 Matrixport released a chart stating that the trading volume in the South Korean market strongly correlates with Bitcoin funding rates, as South Korean trading users have significant influence.

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

🔥 X platform user Arndxt released trading data on the Pump.fun platform, showing that only 70 traders (accounting for 0.0028%) made profits exceeding $1 million; 924 individuals (0.037%) achieved a profit of over $100,000; 11,936 individuals (0.477%) achieved a profit exceeding $10,000; 76,567 individuals (3.061%) made a profit of over $1,000. Only 20% of traders achieved profits, while 80% faced losses.

🔥 Dune data shows that the total value of zkSync bridged storage is 3,727,416 ETH, the total value of Starknet bridged storage (TVB) is 923,431 ETH, and the total number of bridged user addresses is 1,226,482; The total value of Arbitrarum bridged storage is 4,040,425 ETH, <a href="/ru/price/optimism-op" target="_blank" class="blog_inner_link">Optimism</a> bridged storage is 791,918 ETH, and Base bridged storage is 611,609 ETH.

🔥 According to SpotonChain monitoring, Vitalik Buterin has cumulatively transferred 662 ETH ($1.91 million) to Railgun in the past 10 months.

🔥 Ethereum Layer 2 network Starknet announced on the X platform that STRK holders will vote for the first time on the mainnet to introduce the STRK staking feature into the Starknet ecosystem. STRK holders can express their opinions on the proposed minting mechanism and its parameter modification conditions.

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

🔥 According to a report by Unchained, based on data from blockchain analysis company CryptoQuant, the price of BTC dropped by over 8.2% after halving, from $63,825.87 on April 19th to $58,530.13.

🔥 According to HODL15Capital monitoring, on August 19, "Mr. 100" increased its holdings by about 507 BTC, and released a total of 450 BTC on the same day.

🔥 The so-called election expiration options will expire and settle four days after the November 4 election. These options began trading on Deribit a month ago. According to data from Amberdata, the nominal value of open interest contracts or the USD value of active option contracts is $345.83 million.

🔥 The latest report from QCP Capital points out that momentum traders leveraging operations and the expansion of corporate buybacks have driven the stock market up. This risk-appetite trend may extend to the crypto market, potentially driving up the price of Bitcoin.

🔥 According to Whale Alert monitoring, <a href="/ru/price/tether-usdt" target="_blank" class="blog_inner_link">Tether</a> Treasury has added 1 billion USDT to the <a href="/ru/price/tron-trx" target="_blank" class="blog_inner_link">Tron</a> chain.

🔥 Vitalik transferred over $1 million to Railgun again this Monday. This project is an Ethereum Virtual Machine (EVM) privacy protocol that uses Zero-Knowledge (ZK) crypto technology, allowing for the private use of DeFi and smart contracts.

🔥 The latest report from CryptoQuant, a crypto analysis company, shows that the demand for Bitcoin has slowed significantly since early April and even fell to negative values this month, causing concerns in the market about its short-term prospects. Although multiple Bitcoin spot ETFs were launched in January this year, their popularity is cooling down.

🔥 According to Defillama data, the loan amount of the <a href="/ru/price/aave-aave" target="_blank" class="blog_inner_link">Aave</a> protocol reached $7.324 billion, exceeding the level in March 2022 ($6.3 billion). In addition, the annualized cost of the Aave protocol has reached $302 million, and the annualized revenue has reached $54.5 million.

🔥 According to Lookonchain monitoring, Tether issued 3 billion USDT within a week. According to on chain data, 3.22 billion USDTs have flowed from Tether Treasury to the exchange since August 5th.

🔥 According to the CryptoQuant Hash Ribbons metric, the Hash Ribbons metric has just signaled the end of miners' surrender, while the hash rate has reached a new peak of 638 exahashes per second (EH/s), marking the first rebound since Bitcoin halved.

🔥 According to the Sonic Labs (formerly <a href="/ru/price/fantom-ftm" target="_blank" class="blog_inner_link">Fantom</a>) team blog, Sonic Labs has launched a new bounty program called "Sonic Boom" aimed at driving the development of the Sonic network by promoting key application development in areas such as exchanges, lending, tools, payments, stablecoins, earnings, gaming, and NFTs.

🔥 Starknet announced on the X platform that Starknet v0.13.2 has been launched on the testnet and will be launched on the main network in a week.

🔥 Tether, the stablecoin issuer, has revealed plans to develop a new stablecoin pegged to the UAE dirham (AED).

🔥 Vitalik posted on X, stating: "I don't think the 'anonymous society,' or even the 'financialized pseudonymous society,' is really effective. A more multidimensional concept of identity (with the characteristic of 'soul binding') seems necessary; if you don't do so, the most stable governance structure will only be a de facto centralized structure, and others will be attacked by financialized governance. It can be said that even today, we can see these issues playing a role in DAOs. Anonymity is a form of balance, and its existence is to run the 'dark side of the cycle,' which itself cannot run the entire cycle. Just like you cannot operate a society with permanent rebellious energy. Regarding the risk of X, I believe that pluralistic thinking can help us more effectively identify mitigation measures that people can support.”

🔥 According to Yu Jin's monitoring, Ethereum has recently shown an inflationary trend. The data shows that the total amount of ETH has increased by 228,000 in the past four and a half months, with a value of approximately $602 million and an average daily increase of 1,652 ETH.

🔥 According to official sources, Worldcoin has released a statement stating that a new survey of South Korean World ID holders shows that most people support the Worldcoin project and human proof.

🔥 Balanced has launched on the Injective mainnet, introducing excess collateralized BNUSD stablecoins into the Injective ecosystem. Balanced allows users to borrow their native stablecoin (bnUSD), exchange it across chains, and transfer assets from any network integrated with Balanced to Injective, enabling almost instant transactions at the cost of only a few cents.

🔥 Galaxy Digital has released a research report analyzing the impact of Blob on Layer 2 and Ethereum during the 150-day upgrade in Cancun. The main points include: Ethereum's revenue and ETH supply burn have significantly decreased, with total revenue 69% lower than the average before the upgrade, and ETH burn 84% lower than the average before the upgrade. The profit margin of Layer2 has improved, with the profit margin of the Optimism type increasing from 22.65% to 92.3%, and the profit margin of the ZK type increasing from 27.27% to 66.7%. The operating cost of Layer2 has significantly decreased, from a daily average of $1.07 million to $556,400. Both trading activity and failure rate have significantly increased, or due to increased robot activity.

🔥 LSD protocol Puffer Finance has released its latest roadmap, which shows that PufferUniFi testnet and validator 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.

🔥 Babylon, the Bitcoin staking protocol, announced on the X platform that the first phase of the mainnet is about to be launched. To promote fair launch, Babylon does not encourage selective transaction review or prioritization beyond standard rates, and will closely monitor such behavior.

🔥 According to official sources, the decentralized financial protocol Aave has announced the release of the Aave V3 version on the Era mainnet, which is supported by ZKsync.

## Crypto Market Highlights  
⭐️Last week, after experiencing two consecutive weeks of recovery, the crypto market began to show a more clear upward trend. Although the overall performance of the crypto market is still somewhat weak, the market has shown a relatively clear recovery state, and it is highly likely to continue to fluctuate and rise in the short term. The current market situation is expected to continue during the weekend closing period.

⭐️The number of mainstream coins that have experienced significant increases in the market is relatively small, and most of them have maintained a certain range of gains. However, the coins that are among the top in terms of gains have shown limited actual gains. KLAY has seen the largest increase, with a seven-day increase of around 37.46%, and the current price is around $0.1716. The high point of the coin's price for the week is around $0.1731, which is currently in a relatively obvious upward trend. We expect further price increases in the following weeks.
![](https://gimg2.gateimg.com/image/article/17243833911.jpg)
(Data Courtesy Of Coinmarketcap)

## BTC & ETH Weekly Performance
### Bitcoin (BTC)
![](https://gimg2.gateimg.com/image/article/17243835032.jpg)
(Data Courtesy Of TradingView)

The overall price of BTC fluctuated within a few thousand dollars, with prices continuing to rise and fall around the key cost of $60,000, mainly within the range of $58,000-62,000. The coin has once again returned above the $60,000 level, showing a short-term downward trend. The coin is likely to maintain a volatile upward trend, although the probability of a significant increase is low, the probability of returning to above the $61,000 level is relatively high. The high point of BTC's weekly price was around $61,800, while the low point was around $57,835, similar to last week.

Analysis suggests that various factors influenced BTC's price fluctuations. After the market recovered, mainstream financial markets are also in a weak state, and the subsequent impact of the US election on the crypto market is increasing. Currently, the actual price performance of BTC is still mainly fluctuating. But this round of performance is currently its worst after previous halvings, and the current state is expected to continue for some time.

### Ethereum (ETH)
![](https://gimg2.gateimg.com/image/article/17243835373.jpg)
(Data Courtesy Of TradingView)

The high point of <a href="/ru/price/ethereum-eth" target="_blank" class="blog_inner_link">ETH price</a> was $2,696, close to the $2,700 level, and its overall performance maintained a strong correlation with BTC. Although the coin price rose slightly in the week, the overall magnitude remained within a small range. ETH's weekly increase is around 3%. The coin is in a relatively obvious intraday fluctuation stage, but the price still remains above $2,600, and there is no significant fluctuation in the coin price.

Analysis suggests that the performance of the ETH coin price was somewhat impacted by the poor performance of spot ETFs, coupled with the overall weakness of the crypto market. ETH basically follows the market trend, and in the short term, the fluctuation range of the coin price is likely to remain within the range of $2,500-2,700 and continue to fluctuate.

## Web3 Project Trend
The total market value of most of the seven categories of projects showed a recovery trend, and the market recovery trend is obvious. Although the gains in each track are inconsistent, the current market situation is still within a relatively small range of changes. It is expected that various sectors may experience further rebound and upward trend during the weekend.

| Project Category  | 7d Change  | Top 3 Gainers  | Comment  |
| ------------ | ------------ | ------------ | ------------ |
| Layer 1 | 2.7%| BEL,DSM,LCN | The Layer 1 sector saw a slight increase, with the actual growth rate remaining within a reasonable range. The overall track still has some room for growth.|
| Layer 2  | 12.3%  |IMX,TOPIA,CYBER|The overall rebound of the Layer 2 track is significant and evenly distributed, and there is still a high expectation of a significant upward trend in the overall performance of the track.|
| DeFi  | 3.5% | $SHARBI,ALPACA,LEND | The DeFi sector saw a slight increase, but overall liquidity has decreased, resulting in significant differences in the overall growth of various coins.|
| NFT  | 10.0% | SHROOM,GST-SOL,GUM |The NFT market saw a significant increase, but overall, it is dominated by non top projects and lacks continuous high-quality performance projects.|
| MEME  | 1.9%  | SOLONG,$SHARBI,PAUL| The MEME coin market remained largely unchanged, with a slight increase. The top-growing coins still maintained a significant upward trend, but the overall market lacks the large-scale and rapid upward trend seen earlier.|
| Liquid Staking  | -0.9% | SFLR,SAVAX,STKXPRT | The overall trend of this sector experienced a slight decline, and the overall market is not good due to the weak performance of top mainstream coins.|
| AI  | 7.2%  | VRSW,AIPG,LKI | The AI track showed some signs of recovery, but the growth rate of top coins is relatively limited and the overall distribution is relatively even.|

<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>