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Gate.io บล็อก Weekly Web3 Research | Market Maintained a Relatively Small Range of Ups and Downs; The Number of Burnt ETH Reached a New Low; NFT Sales Dropped by 45% in Q2 2024

Weekly Web3 Research | Market Maintained a Relatively Small Range of Ups and Downs; The Number of Burnt ETH Reached a New Low; NFT Sales Dropped by 45% in Q2 2024

01 January 08:00

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![](https://gimg2.gateimg.com/image/article/1719543922zb.jpeg)
## Weekly Trend Overview
The overall trend of the crypto market remained weak this week, with the overall ups and downs remaining within a small range. Currently, the overall market expectations are poor, and there is a possibility of further decline in the market. Due to the overall trend of the market remaining volatile and weak throughout the week, most mainstream coins have performed lower than the opening price in the closing period near the weekend. The crypto market is still in a continuous adjustment cycle, maintaining a bearish state for several consecutive weeks, and the market lacks significant positive factors. The overall market value growth of the crypto market has continued to decline compared to the same period last week, with a total market value of around $2.29 trillion, an increase of 1.88% within 24 hours. The market sentiment remains around 45, with a certain decline compared to last week's market. This week, the trend of key mainstream coins is mainly characterized by a volatile downward trend, and there will be further bottoming out in the overall crypto market in the future.

Compared to last week, the total volume of the crypto market continued to decline slightly this week. Overall, the market itself is still greatly affected by the cyclical patterns of market fluctuations. It is expected that there will be a slight rebound in the market during the weekend closing period. The crypto project of Top100 has a rise-and-fall ratio of 43:57 within a week, and the coins that rise and fall within a week are half open. A slight decline mainly characterizes the trend of BTC prices within a week, and the volatility tends to flatten towards the weekend closing period. The coin price is currently maintained at around $61,750, with a weekly decline of about 5.02%. ETH is currently maintained around $3,450, with a weekly decline of around 2.12%.

This week, the overall market was affected by the news, with KAS ranking first in terms of coin price increase, with a 7-day increase of 24.34%. The coin price is currently maintained at around $0.1808.

Further ups and downs is still a possibility in the overall crypto market this weekend, and it is expected that a new round of market fluctuations will occur during the weekend period.

## Crypto Market
🔥 The official governance forum shows that the Arbitrum STEP committee has initiated discussions on proposals to inject DAO treasury funds into the RWA field. The proposal states that to avoid excessive diversification of funds and increase operational or default risks leading to principal losses, the committee has selected 6 products from the 17 candidate lists previously shared. The specific amount for each provider is mainly based on the existing asset management scale.

🔥 Adam Cochran, a well-known KOL and CEHV partner, responded to Jupiter co-founder Meow on X by saying that Chainlink is to oracle machines what LayerZero is to cross-chain communication.

🔥 According to data, following the halving of block rewards on April 20, the revenue per TH/s (7-day MA) earned by <a href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> miners has reached a historic low in the past two months.

🔥 At present, the <a href="/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a> gas fee hovers between 2 and 5 gweis, which is one of the lowest levels so far.

🔥 The snapshot page shows that the <a href="/price/aave-aave" target="_blank" class="blog_inner_link">Aave</a> community has voted to approve the proposal to deploy Aave V3 on ZKSync. The proposal states that by integrating with ZKSync, Aave can provide users with faster and cheaper transactions while maintaining the security and decentralization of the Ethereum mainnet.

🔥 A16z commented on the draft 1099-DA form from the United States Internal Revenue Service (IRS). The summary of a16z's comments and opinions is as follows: · Each digital asset transaction requires multiple brokers to submit the 1099-DA form, resulting in unnecessary duplicate information reporting and placing an unreasonable burden on the filer.

🔥 According to data from the Curve website, the number of CRvUSD native stablecoins minted exceeds 125 million, totaling 125,143,164 as of publication.

🔥 Nomura Securities and its digital asset subsidiary Laser Digital surveyed 547 Japanese institutional investors in April. They found that 54% of investors will purchase crypto assets within the next three years. However, only a quarter of people have a positive impression of cryptocurrency, and 52% hold a neutral attitude.

🔥 <a href="/price/monero-xmr" target="_blank" class="blog_inner_link">Monero</a> will continue to exist and be widely used due to its decentralized peer-to-peer system and privacy features, as well as its growth signals, making it the preferred choice for many traders and investors seeking passive income.

🔥 According to Farside Investors, in the past two trading weeks, the total net outflow of US spot Bitcoin ETFs reached $1.298 billion, with the highest net outflow of grayscale funds during the same period, reaching $517.3 million. IBIT is the only ETF with a net inflow of $43.1 million in the past two weeks.

🔥 Mt. Gox plans to repay $8.5 billion worth of Bitcoin, and IG Markets analyst Tony Sycamore said that repaying loans to creditors next month may not significantly impact the price of Bitcoin, as many people expect.

🔥 The main development company of Ethereum's Layer 2 network ZKsync, Matter Labs, has launched a new roadmap called ZKsync 3.0, aimed at making the ecosystem more interconnected and includes a new "elastic chain" that is somewhat similar to the AggLayer released by competitor <a href="/price/polygon-matic" target="_blank" class="blog_inner_link">Polygon</a> earlier this year.

🔥 The Hong Kong Investment Fund Association and KPMG jointly released a report titled "Vision 2030: The Future of Hong Kong's Fund Management Industry," which emphasizes diversification of investment in Hong Kong by opening up more asset classes to retail investors, especially with increasing interest in alternative assets.

🔥 According to official reports, Immovable zkEVM has introduced comprehensive support for ERC-1155 to further improve the experience for on-chain game developers. ERC-1155 is a universal token standard that allows for the creation of fungible and non-fungible tokens within a single smart contract, with features such as flexibility, efficiency, versatility, and simplified management.

🔥 Tim Beiko, Ethereum Core Developer and Head of All Core Developers (ACD) Conference, revealed that the Ethereum Foundation's mailing list has been leaked. The vulnerability seems to have occurred on the email automation service SendPulse used by the foundation.

🔥 Singapore's crypto investment firm QCP Capital has issued a statement stating that as the end of quarter options expiration date approaches this Friday, the options market is noticeably calm, and a typical end of quarter volatility sell-off is taking effect. There have also been some discussions suggesting that ETH ETFs (Ethereum Traded Funds) are about to begin trading.

🔥 According to Decrypt, a trading report from investment firm Off the Chain Capital suggests that Mt. Gox creditors will receive payments starting next week, but they may not be willing to give up their ten-year token holdings.

🔥 The latest Bankless podcast discusses the potential advantages of authoritarian regimes in the 21st century. Economist Noah Smith and Ethereum co-founder Vitalik Buterin discuss the potential of blockchain to enhance democratic resilience through secure, anonymous communication and verifiable voting.

🔥 <a href="/price/tether-usdt" target="_blank" class="blog_inner_link">Tether</a> announced that USDT on the TON blockchain has now been launched on the Web3 payment gateway Simplex, which provides deposit and withdrawal services for fiat and cryptocurrency.

🔥 Matrixport posted an analysis stating that Bitcoin is oversold. Historical data shows that there is usually a certain rebound after oversold. At present, the Relative Strength Index (RSI) has reached its lowest point since August last year.

🔥 Aevo updates token economics, and the 4-month trading reward activity has ended and will not continue. However, the staking reward will remain unchanged at 100,000 AEVOs per week. In addition, for the remainder of this year, Aevo will use the protocol revenue to repurchase AEVO tokens and empower token holders.

🔥 The article "Three Methods of Organizing Decentralization in Startup Companies" by a16z Crypto points out the three main frameworks of decentralization. Including: 1. Technology decentralization, the ability of blockchain and smart contract protocols to create a trust-free, autonomous ecosystem, and the basic obstacles to achieving technology decentralization depending on the type of protocol you are developing. 2. Economic decentralization, if an individual accumulates too much value or can control the network by manipulating token prices, will endanger the security and practicality of the entire system. 3. Decentralization of law can eliminate some risks related to asset transactions.

🔥 JPMorgan analysts say that Mt. Gox creditors are expected to sell some Bitcoin receivables next month, which may initially put pressure on the crypto market. Still, the market may recover from August as FTX creditors also expect to receive repayments in the coming months.

🔥 According to The Block data, as of June 26, the negative premium rate of Gray Ethereum Trust (ETHE) has narrowed to 1.24%.

🔥 The prediction market Polymarket rarely conflicts with its oracle service UMA regarding whether Barron Trump participates in DJT tokens. Although UMA has repeatedly ruled that the answer is "no," Polymarket indicates that UMA has made an error and plans to correct it. This dispute has attracted widespread attention, with a betting amount exceeding $1 million. Polymarket CEO Shayne Coplan did not comment on specific solutions and timelines.

🔥 In the second quarter of 2024, NFT sales decreased by 45%, consistent with Bitcoin's bear market trend of Bitcoin.

🔥 The <a href="/price/polkadot-dot" target="_blank" class="blog_inner_link">Polkadot</a> community is discussing a new proposal to develop a bridge connecting Polkadot and <a href="/price/cardano-ada" target="_blank" class="blog_inner_link">Cardano</a>.

## Regulatory & Macro Policies

🔥 The Arbitrum (STEP) committee proposes to invest 35 million ARBs in RWA, including 11 million ARBs invested in BlackRock's BUIDL through Securities; Invest 6 million ARBs in Ondo USD and Superstate USTB, respectively; and 4 million ARBs in Mountain USDM, OpenEden TBil, and Backed Finance blB01, respectively.

🔥 Ripple's Chief Legal Officer Stuart Alderoty stated on Twitter that the court has once again made an unfavorable ruling against the SEC, this time because the SEC illegally revoked the agency's rules without complying with the Administrative Procedure Act. The court pointed out that SEC Chairman Gary Gensler personally instructed this illegal act.

🔥 The first presidential debate of 2024 between the current US President and Republican candidate Donald Trump, who is friendly to cryptocurrencies, was held at 21:00 Eastern Time on Thursday, and the crypto market showed no signs of excitement.

## Crypto Market Highlights

⭐️ Past week, the crypto market has fluctuated and declined from last week, mainly maintaining a small range. The overall market has maintained a small fluctuation trend since the opening, and there has been a rapid decline in the mid-week period, but the fluctuations have been cotrolled within a small range. In reality, there is still a lack of positive news and clear support signals from the external economic environment.

⭐️ The mainstream coins that have seen significant increases in the market this week are relatively limited. Currently, the cryptocurrency with the highest weekly price increase in the crypto market is KAS. Due to the cost impact of BTC mining, although miners' profits have decreased, the prices of related coins have seen an increase. This coin's weekly price increase of this coin is about 24.52%, and the current price is around $0.18. The highest weekly price of this coin is $0.1826.
![](https://gimg2.gateimg.com/image/article/17195439893.jpeg)
(Data Courtesy Of Coinmarketcap)

## BTC & ETH Weekly Performance

### Bitcoin (BTC)
![](https://gimg2.gateimg.com/image/article/17195440174.jpeg)
(Data Courtesy Of TradingView)

The overall price of BTC fluctuated slightly this week, with the coin price rising from above $64,000 to around $61,500 currently. This week, BTC prices have shown a certain degree of decline, continuing the overall market trend of last week and being greatly affected by internal and external market cycles. At present, the coin maintains a continuous fluctuation within the range of $61,000- $62,000, with a certain degree of decline compared to the opening price. The high point of BTC's weekly price is around $64,485, while the low point is around $58,480.

Analysis suggests that BTC's price changes this week are greatly influenced by the overall market situation and deeply influenced by mainstream economic fluctuations. The impact of changes in the US stock market on the crypto market will be relatively significant in the near future. It is expected that the coin will continue to maintain a slight market fluctuation during the weekend period, with a higher probability of recovery and a certain chance of returning to above $62,000 and maintaining it.

### Ether (ETH)
![](https://gimg2.gateimg.com/image/article/17195440395.jpeg)
(Data Courtesy Of TradingView)

The high point of ETH's price this week was $3,520, and the weekly price trend is similar to that of BTC. The two maintained a strong correlation trend, with a larger rebound in the coin price near the weekend closing period. Compared to the opening price, the current ETH price has remained in the same range as the opening price, and there has been a slight rebound in prices near the weekend closing period, still maintaining a slight fluctuation.

Analysis suggests that the performance of ETH coin prices this week has basically followed the overall trend of the market, with a more gradual price fluctuation compared to last week. The price fluctuations remain within a small range. At present, the subsequent major market changes of this coin still rely more on the influence of news factors, but the probability of a certain rebound during the weekend closing period is relatively small. Considering the overall market situation, it is expected that there will be a round of ups and downs.

## Web3 Project Trend

The total market value of the seven project categories has fluctuated this week. Due to changes in market cycles and external news, different tracks have also shown different performances. Currently, there is still a probability of significant changes in the overall market trend, and various sectors may receive clear signals of ups and downs during the weekend.

| Project category  | 7d Change | Top 3 Gainers  | Comment  |
| ------------ | ------------ | ------------ | ------------ |
| Layer 1 | -4.3% | GLQ,GLMR,HEART | The Layer 1 track experienced a slight decline this week, with limited gains in top growth coins, remaining within the 10% range.|
| Layer 2  | 0.8%  |WBROCK,BROCK,MANTA|The overall recovery of the Layer 2 sector this week has been limited, with the top growth coins concentrated in BROCK-related coins. |
| DeFi  | -1.1%  | WEX,NPM,ZEX | The decline in DeFi track is relatively small, but the increase in top growth projects is still relatively large, and overall liquidity has increased this week.|
| NFT  | 0.7% | $RAINI,IOI,ZOO |The NFT market has slightly rebounded this week, but the overall market remains sluggish, with limited growth in top-growing coins.|
| MEME  | 3.8%  | GOL,BORPA,HAROLD| The MEME coin sector has shown a significant rebound this week, with a significant increase in the top-growing coins. It is expected that the overall trend will remain upward for a period of time.|
| BRC-20  | 12.4% | INSC,@LFG,SATS | The BRC-20 track has seen a significant rebound this week, with a good increase in the top growth coins. However, a rapid upward trend has emerged due to the impact of BTC-related ecosystem actions.|
| AI  | 2.8%  | TAI,CAI,GLQ | The AI sector has rebounded this week, with relatively good growth in top coins. There have been many hot topics in the AI track recently, and it is expected to usher in a new round of rapid growth in the future.|

<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>

BTC/USDT + 1.92%

ETH/USDT + 1.01%

GT/USDT + 0.82%

Weekly Trend Overview

Crypto Market

Regulatory & Macro Policies

Crypto Market Highlights

BTC & ETH Weekly Performance

Web3 Project Trend

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