Weekly Web3 Research | Market Experienced a General Decline; TON Network TVL Exceeded $700M; BTC's Computing Power Dropped to its Lowest Since Dec. 2022

2024-07-05, 01:54

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![](https://gimg2.gateimg.com/image/article/1720144159zb.jpeg)
## Weekly Trend Overview
The overall trend of the crypto market has shown a general decline this week, with most mainstream cryptocurrencies showing a continuous downward trend. The overall market expectation is poor, and the total market volume has significantly declined. Due to the impact of the bankruptcy of the Mt.Gox exchange, the overall trend of the market has shown a significant decline throughout the week, with most mainstream coins performing lower than the opening price in the closing period near the weekend. The crypto market is in a bottoming-out trend under the influence of various news and market changes in recent times. The market needs further positive news stimulation to drive an increase. The overall market value growth of the crypto market has decreased compared to the same period last week. The total market value has reached around $2.13 trillion, a decrease of 4.33% within 24 hours. The market sentiment remains around 45, with a certain decline compared to last week's market. The trend of key mainstream coins this week is mainly characterized by a relatively clear continuous decline, and there is still a possibility of an overall rebound in the 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 has been severely impacted by news factors based on a continuous bearish decline, and the situation of net-wide liquidation is more common. There is expected to be a slight rebound in the market during the weekend closing period. The top 100 crypto projects have a rise and fall ratio of 9:91 within a week, with the vast majority of coins experiencing a downward trend within the week. The main trend of the BTC price decline within a week is that it has once again fallen below the key price level of $60,000 near the weekend closing. The coin price is currently maintained at around $58,240, with a weekly decline of about 5.41%. ETH is currently maintained around $3,140, with a weekly decline of around 8.94%.

This week, the overall market was affected by the news, with most coins experiencing limited gains. OM ranked first in coin price increase, with a 7-day rise of 12.66%. The coin price is currently maintained at around $0.8057.

There is still a possibility of further ups and downs in the overall crypto market this weekend, and it is expected that there will be a new round of market fluctuations during the weekend period. The market may also bottom out further, but the probability of a significant recovery in July is relatively high.

## Crypto Market
🔥 According to on-chain analyst Yu Jin's monitoring, whales who previously participated in <a href="/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a> ICO spent 15,000 ETH (then worth $198,000) to join in SingularDTV's token ICO in October 2016, and obtained 12.93 million SNGLS (1.3% of the total coin amount).

🔥 Singapore's crypto investment firm QCP Capital announced on social media that BTC will rebound from the $60,000 region to $63,700 after breaking through the $60,000 support level last week. This marks the first trading day of the second half of the year.

🔥 Ether.fi tweeted that the new proposal from ether.fi Foundation has been approved and will airdrop 25 million ETHFI tokens to eligible Ether. fi stakers in the third quarter.

🔥 According to Cointelgraph, as the US presidential campaign heats up, the decentralized prediction market platform Polymarket's transaction volume in June reached a historic record of $100 million.

🔥 According to Coinpost, Amber Japan Co., Ltd., which operates the crypto trading service WhaleFin, changed its company name to S. on July 1, 2024, BLOX Co., Ltd.

🔥 According to Token.unlocks data, starting from July 24, WLD will experience large linear unlocks, unlocking up to 6.62 million WLD tokens (approximately $16.94 million) daily for 730 days.

🔥 Parallel Network, a full chain L2 network, tweeted that its lending market will no longer support HV-MTL NFTs. Starting from July 1st, the supply operation of HV-MTL NFT assets will be disabled. Users will have one week to extract HV-MTL NFT assets.

🔥 According to DefiLlama data, TON's network TVL has exceeded $700 million and now reaches $704 million, reaching a new historical high.

🔥 On July 2, PANews reported that Vitalik Buterin, founder of Ethereum, stated on Twitter that Predictive Market and Community Notes are becoming the two flagship social cognitive technologies of the 2020 era.

🔥 According to Cointelgraph, the <a href="/price/cardano-ada" target="_blank" class="blog_inner_link">Cardano</a> Foundation, in collaboration with the Crypto Carbon Rating Institute (CCRI), has released sustainability indicators for the Cardano network today, aimed at meeting the requirements of the soon to be fully implemented Crypto Asset Market (MiCA) regulation in the European Union.

🔥 Matrixport stated on the X platform that <a href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> has broken through the downward trend.

🔥 The <a href="/price/fantom-ftm" target="_blank" class="blog_inner_link">Fantom</a> Foundation announced on Twitter that the third Sonic governance proposal has been approved. The proposal involves ecosystem subsidies, a new token destruction mechanism, and innovative programs such as Sonic Spark and Sonic University.

🔥 The <a href="/price/polkadot-dot" target="_blank" class="blog_inner_link">Polkadot</a> community recently released an operational overview report for its treasury in the first half of 2024, with key information as follows: 1. In the first half of 2024, Polkadot's treasury expenditure reached $87 million (11 million DOTs), of which 13% was disbursed through executing agencies (bounties and collectives); 2. The total assets managed by Polkadot Treasury are $245 million (38 million DOTs), of which $188 million  (29 million DOTs) are current assets; 3. stablecoins: There are $8 million in cash reserves for USDT and USDC stablecoins, and an additional 2.5 million DOT (approximately $16 million) for continuous acquisition of stablecoins; 4. Designated assets: $24.5 million (3.8 million DOTs) was allocated to multiple executing agencies (collective and bounty) of Polkadot for strategic plans such as marketing, DeFi tools, gaming, and business expansion. An additional $6.4 million (1 million DOTs) will be used for airdrop activities in the gaming industry; Polkadot has injected 1.6 million DOT (approximately $10 million) of its own assets as liquidity into the DeFi market in the ecosystem; 6. Based on the current expenditure rate, Polkadot's vault has approximately two years of funding reserves, but the volatility of crypto vaults makes it difficult to predict accurately, which has sparked widespread discussions from stricter budget methods to adjustments to system inflation parameters.

🔥 According to Cointelgraph, the Bitcoin computing power decline indicator has reached its lowest level since December 2022, a trend that follows the collapse of the FTX and the previous bear market trough, suggesting that the market may have bottomed out.

🔥 StarkWare CEO EliBen Sasson has released a reflection on STRK airdrops, stating that as of the end of the claim period on June 20th, approximately 500 million tokens have been claimed, leaving behind approximately 400 million STRK tokens for future rounds.

🔥 According to PeckShield data, there were over 200 major hacking incidents in the crypto field in the first half of 2024, resulting in losses of approximately $1.56 billion, of which $319 million was recovered. Compared to the same period in 2023, the loss increased by 293% (at the time, the loss was $480 million). The DeFi protocol remains the main target, accounting for 59% of the stolen value.

🔥 Bitcoin experienced a significant decline in early trading in Asia, dropping from $62,000 to $60,268, a decrease of 3%. This trend has also affected other major cryptocurrencies, with Ethereum, <a href="/price/solana-sol" target="_blank" class="blog_inner_link">Solana</a>, and <a href="/price/dogecoin-doge" target="_blank" class="blog_inner_link">Dogecoin</a> following a more pronounced downward trend. The crypto market is facing multiple pressures, especially with the expected distribution of Mt from bankruptcy starting this month Bitcoin on the Gox exchange.

🔥 Arbitrum announced on the forum that it will hold a token (re) authorization event from July 17 to July 23, aimed at strengthening the active participation of community members in the DAO decision-making process and encourage ARB token holders to reassess and allocate their voting rights to the most suitable representatives.

🔥 The Ethereum Go language client Go Ethereum announced on social media that the Ethereum client Geth has released version v1.14.6. This update includes the experimental witness construction verification code used in the "cross-validation" proposal.

🔥 On July 3rd, FP Lee, founder of Sanctum, the Solana Ecosystem LST Liquidity Aggregation Protocol, posted on social media that half (5%) of the airdrops will be allocated according to the proportion of Wonderland XP. The other half (5%) will be allocated based on Earnestness.

🔥 <a href="/price/aave-aave" target="_blank" class="blog_inner_link">Aave</a> DAO announced the launch of its GHO stablecoin on the Arbitrum blockchain, which utilizes the Chainlink Cross Chain Interoperability Protocol (CCIP), which utilizes lock/burn and release/coin bridge mechanisms.

🔥 The cumulative trading volume increment (CVD) data of Bitcoin spot shows that the trading behavior of each exchange is significant. At the beginning of 2024, there was significant purchasing pressure, which was related to Bitcoin's historical high in March. This surge may be attributed to increased investor confidence and growing institutional interest after the launch of the spot Bitcoin ETF in January, which is the main driving force behind recent market trends.

🔥 Ethereum core developers have announced the launch of EIP-7732, which is the official specification for Enshrined Proposal Builder Separation (ePBS). EIP-7732 is an upgrade to the consensus layer only, which separates execution verification from consensus verification and directly embeds PBS into Ethereum's consensus layer.

🔥 The <a href="/price/dydx-dydx" target="_blank" class="blog_inner_link">dYdX</a> Foundation has released its semi-annual ecosystem report for 2024, with main data including: transaction volume reaching $166 billion; Paid $32 million to Stakers and verifiers; 62 governance proposals approved; and launch of iOS and Android applications.

🔥 Regarding a new round of market decline, Richard Galvin, co-founder of hedge fund Digital Asset Capital Management, said, "One factor is that a stronger Democratic candidate may replace Biden, and he may not support cryptocurrencies.".

🔥 The Blast community plans to launch a new proposal (BLIP - Research and Discussion) that requires the distribution of all fees earned from the Blast Foundation's treasury (such as USDB/wETH rebasing fees, gas fees) to BLAST token holders on a weekly basis. The plan aims to reward BLAST token holders, increase the value of holding BLAST in the ecosystem, and provide a competitive advantage over ETH and USDB native returns.

🔥 On July 4, a spokesperson for the Dogwifhat on Vegas Sphere team recently stated that representatives of Sphere had developed new crypto-specific terms and held internal meetings to formulate policies related to cryptocurrencies in response to the initiative after hearing about the Sphere wif hat plan. The team is still working with them to meet their standards and requirements.

## Regulatory & Macro Policies
🔥 Silvergate Bank, the parent company of Cryptofriendly Bank, has agreed to pay $63 million in settlement with the US SEC, Federal Reserve, and California Department of Financial Protection and Innovation (DFPI). The regulatory authorities accused it of failing to maintain an appropriate anti-money laundering plan and made misleading disclosures about the effectiveness of the plan.

🔥 In the document submitted to the US Securities and Exchange Commission on July 3rd, Bitwise made advance revisions to its registration statement on Form S-1 for Ethereum spot ETFs, which included waiving sponsorship fees for the first batch of $500 million trust assets within the first six months. The document does not include a specific launch date for Arca listing and trading on the New York Stock Exchange, but states that it will be launched "as soon as possible" after the effective registration date.

🔥 In the case against Binance by the United States Securities and Exchange Commission (SEC), federal judge Amy Berman Jackson ruled that most of the allegations could be continued but dismissed the claims related to BUSD sales and <a href="/price/bnb-bnb" target="_blank" class="blog_inner_link">BNB</a> secondary sales.

## Crypto Market Highlights  
⭐️Last week, the crypto market experienced a general decline. Although there has not been a particularly significant decline in major coins, the overall decline in the market is still relatively significant. Since the beginning of the week, the market has been impacted by news, and there has been a widespread online sell-out, with most coins maintaining a weekly decline within the 10% range.

⭐️The mainstream coins that have seen significant increases in the market this week are very limited. Currently, the cryptocurrency with the highest weekly price increase in the crypto market is OM, mainly affected by the market actions and returns of the MANTRA DAO platform itself. The coin's weekly price increase is about 12.66%, and the current price is around $0.8. The highest weekly price of the coin is $0.8916.
![](https://gimg2.gateimg.com/image/article/17201442131.jpeg)
(Data Courtesy Of Coinmarketcap)

## BTC & ETH Weekly Performance
### Bitcoin (BTC)
![](https://gimg2.gateimg.com/image/article/17201442282.jpeg)
(Data Courtesy Of TradingView)

The overall trend of BTC prices this week was mainly a continuous decline, with the coin price experiencing a rise and then a fall from above $60,000 during the opening period to around $58,400 currently. The decline in BTC prices this week is quite evident, with further declines based on the past few weeks. Currently, there are clear signs of recovery. The coin maintains a continuous fluctuation of around $58,500, with a significant decline compared to the opening price. The high point of BTC's weekly price is around $63,789, while the low point is around $56,732.

Analysis suggests that BTC's price changes this week are greatly influenced by the overall market situation and news, which is also the mainstream trend in the market this week. At the same time, BTC's computing power has dropped to its lowest level in recent years, indicating that the current coin price is bottoming out. The coin is expected to experience a slight upward trend during the weekend, with a certain chance of returning to above $60,000 and maintaining it.

### 以太币 (ETH)
![](https://gimg2.gateimg.com/image/article/17201442443.jpeg)
(Data Courtesy Of TradingView)

The high point of ETH's price this week was $3,517, and the weekly price trend is similar to that of BTC. The two maintained a strong correlation, with a smaller rebound in coin prices near the weekend closing period. Compared to the opening price, the current ETH price has fallen below the key level of $3,200, and the downward trend of the coin price has been maintained near the weekend closing period. Currently, it still holds a slight fluctuation state. The current price remains around $3,150.

Analysis suggests that the performance of ETH coin prices this week has basically followed the overall trend of the market, with price fluctuations similar to most mainstream coins, mainly rising first and then falling. At present, the subsequent major market changes of the coin still rely more on the market's recovery trend. The probability of a significant recovery during the weekend closing period is relatively small. Considering the overall market situation, it is expected to maintain a slight upward and downward trend.

## 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. 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 | -4.4% | ZANO,EPIC,CHR | The Layer 1 track has maintained a slight decline this week, similar to last week's downward trend, with the top growth coins maintaining a slight upward trend.|
| Layer 2  | -11.5%  |MPC,TOPIA,XDAI| The overall decline of the Layer 2 sector this week was significant, with limited gains in top-growing coins, with the vast majority of coins showing a downward trend. |
| DeFi  | -8.6%  | WEX,DEPAY,FXDX | The DeFi track has also experienced a significant decline, but the top growth item WEX, has maintained a relatively high level of growth, but overall liquidity has decreased this week.|
| NFT  | -14.3% | STARS,LOCG,LOE | The NFT market has experienced a significant decline this week, and the overall market is still sluggish, but the growth rate of the top-growing coins is still good.|
| MEME  | -10.9%  | LOVELY,MEMELON,GOL| The MEME coin track has experienced a significant decline this week, and the top-growing coins are mostly nonmainstream. Overall, this track has been severely affected by changes in market conditions.|
| BRC-20  | -10.3% | ZBIT,TRAC,INSC | The BRC-20 sector has shown a clear downward trend this week, with the top growth coins maintaining a growth rate of around 10%, which is more significantly affected by changes in market conditions. |
| AI  | -15.7%  | CND,IAI,TAI | The AI track has seen a significant decline this week, with the growth of top coins maintaining a relatively small range. Recently, there have been a few hot topics in the AI track, and the overall bullish sentiment in the market is weak. |

<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>