Weekly Web3 Research | Crypto Market Experienced Significant Fluctuations; US Bitcoin Spot ETF Net Asset Ratio Exceeded 5% for the First Time

2024-11-01, 02:31

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![](https://gimg2.gateimg.com/image/article/1692587604touyanzhoubao.jpeg)
## Weekly Trend Overview
The overall <a href="/th/price" target="_blank" class="blog_inner_link">crypto market</a> trend has been relatively volatile, with an actual performance of first rising and then falling, and a clear short-term correction trend in the overall market. Impacted by the public opinion of the US election, funds from all sides are in a state of rapid <a href="/th/price/flow-flow" target="_blank" class="blog_inner_link">flow</a>. This week, Trump's winning rate exceeded 60%, driving a rapid rise in the prices of related coins. Meanwhile, BTC spot ETFs are currently in a phase of rapid inflow, which has led to a significant overall upward trend in the market. However, as of this article's statistics, the market has already experienced a short-term decline, with BTC prices dropping from above $73,000 to around $70,000. Most other mainstream coins have also shown a rapid downward trend in the short term. BTC is still heavily influenced by off-exchange factors, with its price reaching a high of $73,544 within a week, close to its all-time high. Overall, the price fluctuations of key mainstream coins are still within the oscillation cycle before the key changes. The market's overall value has changed relatively little, but the changes in public opinion are more obvious. The market sentiment has reached 66, and there will be another significant change before the US election next week. The overall market value of the <a href="/th/price" target="_blank" class="blog_inner_link">crypto market</a> has seen a slight increase, reaching around $2.36 trillion, with a decrease of 2.81% within 24 hours. Compared to last week’s period, it is in a more obvious correction stage. The prices of key mainstream coins are expected to experience another round of volatile upward trend during the weekend closing period.

The overall performance of the crypto market is within the same cycle of change, with continuous fluctuations and ups and downs remaining the mainstream trend for the week. The <a href="/th/price/bitcoin-btc" target="_blank" class="blog_inner_link">BTC price</a> reached a high point of around $73,544 within a week. As of the statistical time, the coin price is experiencing a short-term correction and decline, maintaining around $70,000, with a weekly increase of around 2.92%. The overall price of ETH has not changed much in a week, with a decline of around 0.24%, and currently remains around $2,523.

The overall performance of the crypto market is relatively lacking in signals of large-scale market changes, and most coins are still within the same trend range as recently. Although there is a certain rapid rise, the short-term correction is also obvious, which makes the overall market value of many top-growing coins change relatively little in a week. This week, KAIA's 7-day increase reached around 14.17%, with the largest price increase currently around $0.1429. The price increase is mainly due to its recent launch. In fact, DOGE is more representative, with a weekly increase of 13.06%. It is in a correction phase, and the coin price has fallen from around $0.18 to around $0.16.

The probability of a large-scale rise in the overall crypto market this weekend is relatively low, and it is expected to experience significant fluctuations next week.

## Crypto Market
🔥Last Friday, Steno Research released a report stating that the current premium of MicroStrategy (MSTR) relative to <a href="/th/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> (BTC) is unlikely to continue.

🔥Dune Data shows that the total transaction volume of <a href="/th/price/solana-sol" target="_blank" class="blog_inner_link">Solana</a>'s DEX aggregator Jupiter is close to $334 billion, currently at $333,951,632,311. DeFiLlama data shows Jupiter TVL has exceeded $1.5 billion, setting a new historical high.

🔥 Crypto trader Fred Krueger posted on the X platform that BlackRock owns 7% of Microsoft (MSFT), second only to Vanguard. In addition, BlackRock also holds an 8% stake in MicroStrategy (MSTR). BlackRock will vote on Monday to decide whether Microsoft should study acquiring <a href="/th/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a>.

🔥 According to Forbes, the latest research shows that major financial institutions, including the Minneapolis branch of the Federal Reserve, the European Central Bank (ECB), and the International Monetary Fund (IMF), are increasing their research efforts on Bitcoin.

🔥 According to SoSoValue data, on October 28th Eastern Time, the total net inflow of Bitcoin spot ETFs was $479 million, and the historical cumulative net inflow has reached $22.414 billion.

🔥 <a href="/th/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a> co-founder Vitalik Buterin has released an idea for upgrading EVM, stating that the new idea is to combine EVM-MAX with Single Instruction Multiple Data (SIMD) functionality. The purpose of this scheme is to improve the performance and efficiency of the <a href="/th/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a> virtual machine.

🔥 Insiders have revealed that venture capital firms will profit hundreds of millions of dollars from Stripe Inc.'s acquisition of crypto platform Bridge for $1.1 billion in cash and stock.

🔥 According to CoinDesk, DOGE's holdings of U-shaped contracts have significantly increased, soaring from $850 million to $1.3 billion.

🔥 According to data disclosed by <a href="/th/price/solana-sol" target="_blank" class="blog_inner_link">Solana</a> Floor, Solana has surpassed all other blockchains in weekly DEX trading volume for three consecutive weeks, with a trading volume of $15.736 billion in the past seven days.

🔥 As of now, the stock price of MicroStrategy (MSTR) has risen by nearly 250%. The year-to-date return rate of Bitcoin is 60%, while the return rate of MSTR is almost four times that of Bitcoin.

🔥 Stablecoin issuer Circle will release a privacy ERC-20 framework that uses Fully homomorphic Encryption (FHE), allowing for hidden balances and transaction amounts and programmatic risk management, while maintaining compliance and protecting user privacy.

🔥 According to SoSoValue data, the total net asset value of Bitcoin spot ETFs exceeds $72.5 billion, and the ETF's net asset ratio (the ratio of market cap to total Bitcoin market cap) reaches 5.07%, marking the first time in history that it has exceeded 5%.

🔥Chainlink Announced the release of CCIP v1.5 upgrade, which introduces the Cross Chain Token (CCT) standard for cross-chain interoperability protocol CCIP v1.5 upgrade, allowing token developers to integrate new and existing tokens with CCIP in a self-service manner within minutes.

🔥Lido posted on X platform that the market size of Lido V3 on <a href="/th/price/aave-aave" target="_blank" class="blog_inner_link">Aave</a> has reached $1 billion.

🔥Solayer announced that it launched the RWA-supported synthetic stablecoin, Solayer USD (sUSD). Solayer stated that sUSD is a fully decentralized stablecoin that promotes real-world assets on the blockchain.

🔥 According to The Block, stablecoin issuer Circle will increase the exchange fee for its USDC stablecoin. Circle will charge a handling fee for USDC exchanges exceeding $15 million, and an additional fee for immediate redemptions exceeding $2 million daily. The threshold for these fees is 0.03% per transaction, with a maximum of 0.1% for redemptions exceeding $15 million.

🔥 According to Cointelegraph, new research papers from major traditional financial institutions suggest that the tokenization of real-world assets (RWA) is expected to experience explosive growth over the next five years, with assets under management potentially exceeding $600 billion by 2030.

🔥Electric Capital Partner Maria Shen released a research report on the distribution of global crypto developers, which analyzed over 200,000 Git commit records related to crypto, involving more than 350,000 code repositories. Through the analysis of over 110,000 developer profiles, it was found that North America's leading position in the share of crypto developers has been surpassed by Asia.

🔥CryptoQuant CEO Ki Young Ju posted on X platform that South Korean government officials stated that 10% of South Korean trade transactions use stablecoins. USDT holds 72% of the stablecoin market share, mainly on the <a href="/th/price/tron-trx" target="_blank" class="blog_inner_link">TRON</a> blockchain, possibly due to its fast speed and lower fees than ETH.

🔥 According to CloverPool data, on October 31, Bitcoin's overall computing power exceeded 800 EH/s, setting a new historical high; the average computing power of the entire network in the past seven days is 749.05 EH/s.

🔥 Microsoft shareholders have begun preliminary voting on whether the company should invest in Bitcoin. Previously, it was reported that Microsoft's major shareholders, BlackRock and Vanguard Group, would vote on their proposal to "study buying BTC."

🔥 According to The Block, the zero commission trading platform Robinhood has released its third quarter financial report. Data shows that the crypto trading volume reached $14.4 billion in the quarter, a year-on-year increase of 112%, but showed a quarterly downward trend compared to $21.5 billion in the second quarter and $36 billion in the first quarter.

🔥 The self-proclaimed Bitcoin development company MicroStrategy (MSTR) has not increased its Bitcoin (BTC) holdings since mid-September, but it has announced a bold plan to raise $42 billion over the next three years to purchase more of the world's largest cryptocurrencies.

## Regulatory & Macro Policies
🔥The ETF Store President Nate Geraci stated in a post on X that the US SEC has officially confirmed receipt of the application to convert Grayscale Digital Large Cap Fund (GDLC) into an ETF, and the SEC is seeking public opinion.

## Crypto Market Highlights
⭐️Last week, the crypto market showed a certain overall rise, influenced by the approaching US election and rapid inflow of external funds, presenting a rapid upward trend. However, a more obvious short-term correction has occurred near the weekend closing period. Although the market situation has not shown significant changes yet, the overall bullish expectation is already quite evident. The crypto market is still in a state before the arrival of key market trends. It is expected that there will be multiple rounds of short-term ups and downs in the short term, and further turning points are expected after external key information becomes clear.

⭐️The number of mainstream coins that have experienced significant price increases in the market is relatively small. Due to the overall market downturn, the increase in top-growing coins is relatively limited. DOGE is more representative. After Musk took positive actions regarding the Trump campaign, DOGE was influenced by public opinion and experienced a very significant increase within a week. The price peak was close to $0.18, and the current seven-day increase is around 13%, still in a downward trend. The coin's price is currently maintained at around $0.16 and is expected to experience further price changes later. There is a high probability of a significant upward trend before the election.
![](https://gimg2.gateimg.com/image/article/17304280711.jpeg)
(Data Courtesy Of coinmarketcap)

## BTC & ETH Weekly Performance
### Bitcoin (BTC)
![](https://gimg2.gateimg.com/image/article/17304280932.jpeg)
(Data Courtesy Of TradingView)

The price of BTC rose significantly, fluctuating from above $67,000 to above $73,000. Influenced by the US election and large inflows of spot ETFs, the bullish trend is clear. However, as the weekend closing approached, the market experienced a short-term decline, with prices dropping below $70,000 at one point. However, the current price of the coin has returned to above $70,000, with a weekly high of around $63,600 and a low of around $66,800 during the opening session.

Analysis suggests that BTC's price fluctuations are still heavily influenced by external factors. As the US presidential election approaches and various markets experience frequent changes, there is currently a high expectation of BTC's bullish outlook. Another round of price increases is expected near the end of the weekend.

### Ethereum (ETH)
![](https://gimg2.gateimg.com/image/article/17304281423.jpeg)
(Data Courtesy Of TradingView)

The price trend of ETH is strongly correlated with BTC. The basic situation for the week is to follow the changes in the market, showing a clear upward trend after the opening but with relatively greater short-term fluctuations. Currently, the price of the coin remains fluctuating around $2,510. ETH's weekly decline is around 1.3%. After the correction stage, the coin is in a small oscillation channel, and it is expected to have a slight rebound during the weekend period.

Analysis suggests that the price of ETH has experienced a certain decline, but the price increase in the middle of the week is also more significant. Compared to BTC, the price support is weaker, which is related to the poor performance of its spot ETF and the lack of obvious buying pressure demand. Of course, the price of ETH has remained mostly within a small range, and the probability of following the market and rising again is relatively high.

## Web3 Project Trend
This week, the total market value of seven types of projects rose across the board, but there was a significant increase compared to last week’s period. The overall market performance remained mainly volatile, with a downward trend towards the weekend closing period, but there is a high probability of further upward movement during the weekend.

| Project Category  | 7d Change  | Top 3 Gainers  | Comment  |
| ------------ | ------------ | ------------ | ------------ |
| Layer 1 | 3.3% | XCB,ROOT,PYI| The Layer 1 track increased slightly, with the top-rising coins showing relatively small gains and remaining within the 10-20% range. Most coins have shown a more significant price correction trend.|
| Layer 2  | -8.6%  |CWEB,ZKB,LYK|The performance of the Layer 2 sector has generally declined across the board, with very limited gains for top-growing coins, which have been significantly affected by the overall market downturn.|
| DeFi  | -4.7%  | FXDX,SPEX,DGX| The DeFi track experienced a certain decline, but overall performance has been relatively stable, with clear <a href="/th/price/flow-flow" target="_blank" class="blog_inner_link">flow</a> of top-rising coins.|
| NFT  | -7.0% | STARS,GMPD,RETARDIO |The NFT market also experienced significant declines, with the top-rising coins showing relatively concentrated gains, and STARS continues to lead the market in recent times.|
| MEME  | -13.5%  | FTW,WUKONG,47| The MEME coin market experienced a significant decline, mainly due to the recent pullback, with most MEME coins experiencing a certain degree of price retracement.|
| Liquid Staking  | 0.2% | MILKTIA,MAG,STSTARS | This sector follows the trend of top mainstream coins, and due to the overall market correction, the actual increase is very limited, basically continuing the overall trend of last week's changes.|
| AI  | -4.1%   | CNDL,OTACON,OCADA| The AI track experienced a slight decline, influenced by overall market volatility and a relatively limited increase in top-growing 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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