Announcements Gate Research: Bitcoin Fails to Break $70K Resistance, Crypto Market Volatile at Highs, Ethereum ETF's First Week Underperforms

Gate Research: Bitcoin Fails to Break $70K Resistance, Crypto Market Volatile at Highs, Ethereum ETF's First Week Underperforms

2024-08-01 13:40:15 UTC 10222 Read

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Gate Research's **Weekly Market Review and Outlook** covers Bitcoin and altcoin trends, macro liquidity, on-chain indicators, hot project updates, token unlock information, and key industry events, providing comprehensive analysis and predictions for the cryptocurrency market.

Firstly, in **Market Analysis**, the week saw significant volatility. After failing to break through $70,000, BTC retreated and, influenced by international geopolitical tensions, fell below $64,000. ETH and other altcoins also followed the downward trend, with the Runes sector experiencing notable declines.

Next, in **Data Highlights**, the ETF market overall performed poorly. The first week of the Ethereum spot ETF saw net outflows of $341 million, while Bitcoin ETFs had net inflows of $106.13 million. This week, the average Ethereum gas fee remained in single digits, with a slight increase in on-chain activity.

Moving on to **Market Opportunities**, this week's airdrop project to watch is Covalent. The modular data infrastructure project Covalent announced that it will start an ecosystem airdrop on August 1, distributing $100,000 worth of TAIKO tokens to CXT stakers. The tokens will be automatically airdropped to eligible staking wallet addresses.

Lastly, in **What to Watch Next Week**, the GG21 event hosted by Gitcoin will take place from August 7 to 21 and is worth noting. On the macroeconomic front, key data to watch on August 2 are the "U.S. July Unemployment Rate" and "U.S. July Nonfarm Payrolls (in ten thousands)" as these are critical indicators for the Federal Reserve (FED) in formulating monetary policy.

Deep Dive into This Week's Review 👉🏻 [Gate Research: Bitcoin Fails to Break $70K Resistance, Crypto Market Volatile at Highs, Ethereum ETF's First Week Underperforms](https://www.gate.io/learn/articles/gate-research-bitcoin-fails-to-break-70k-resistance-crypto-market-volatile-at-highs-ethereum-spot-etfs-first-week-underperforms/3681?ch=GSW_ann_20240801&utm_campaign=TR_IEOXzkMM&utm_content=&utm_medium=CPM&utm_source=CH_79kTf7RP&utm_term=)

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August 2nd, 2024

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Gate Research: Bitcoin Fails to Break $70K Resistance, Crypto Market Volatile at Highs, Ethereum ETF's First Week Underperforms

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