Weekly Web3 Research | Market Maintained a Full Rebound; SEC Postponed its Decision on the Options Trading Applications for BlackRock and Bitwise Ethereum Spot ETFs

2024-09-27, 02:32

[//]:content-type-MARKDOWN-DONOT-DELETE
![](https://gimg2.gateimg.com/image/article/1692587604touyanzhoubao.jpeg)
## Weekly Trend Overview
The <a href="/uk/price" target="_blank" class="blog_inner_<a href="/uk/price/link-ln" target="_blank" class="blog_inner_link">link</a>"><a href="/uk/price" target="_blank" class="blog_inner_link">crypto market</a></a>'s performance continues last week's trend, with the overall market further rising and showing a continuous upward trend. Most mainstream coins remain upward, with <a href="/uk/price/<a href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">bitcoin</a>-btc" target="_blank" class="blog_inner_link">Bitcoin</a> returning above $65,000. Overall, the prices of key mainstream coins have further increased, and the market also saw some growth. There is a further upward trend in the crypto market, which continues to fluctuate and rise. The overall market value growth of the crypto market has increased compared to the same period last week, reaching around $2.28 trillion, with a 2.64% increase within 24 hours. The market sentiment has reached around 48, slightly higher than last week. The current trend of key mainstream coins is a continuous upward trend, and it is not ruled out that there will be a certain degree of correction during the weekend closing period, but the probability of maintaining the current volatile upward cycle is higher.

This week, the crypto market continued its upward trend, which was influenced by the global mainstream financial market's large-scale easing and interest rate cuts. The overall market has shown a positive trend in recent times, but it is still in the initial rebound stage, and the subsequent continuous fluctuation trend is still the mainstream trend. The overall market still maintains a relatively obvious growth trend, with mainstream coins experiencing a general increase, and most mainstream coins showing strong upward momentum. The <a href="/uk/price/bitcoin-btc" target="_blank" class="blog_inner_link"><a href="/uk/price/bitcoin-btc" target="_blank" class="blog_inner_link">BTC price</a></a> has risen to around $65,000, with a weekly increase of around 2.68%. Currently, the price remains at $65,240. ETH saw a weekly increase of around 7.48% and is currently hovering around $2,656.

Overall market performance continued to rise this week, but there were differences in the weekly gains of mainstream coins. This week, ENA's 7-day increase reached around 45.56%, with a relatively small fluctuation in the price curve. It has the largest increase among mainstream coins, and its price is currently around $0.3649.

There is a high probability that the overall crypto market will further rise this weekend, but it is expected that there will be a slight correction in the market during the weekend period, and the long-term trend will mainly be further upward.

## Crypto Market
🔥According to DefiLlama data, <a href="/uk/price/<a href="/price/solana-sol" target="_blank" class="blog_inner_link">solana</a>-sol" target="_blank" class="blog_inner_link">Solana</a> Network's TVL has rebounded to above $5.1 billion.

🔥Bitcoin has risen by around 10% in the past week, while <a href="/uk/price/<a href="/price/ethereum-eth" target="_blank" class="blog_inner_link">ethereum</a>-eth" target="_blank" class="blog_inner_link">Ethereum</a> has shown relatively strong performance, rising by 17%. Bernstein stated in a report that "this is Harris' first clear statement on cryptocurrency, which mentions the term digital assets." This is clearly in stark contrast to Trump's public stance on the United States as the capital of cryptocurrency. Trump has made specific policy commitments such as a friendly SEC chairman, Bitcoin national reserves, support for Bitcoin mining in the United States, and stablecoin regulation.

🔥The total value locked (TVL) of Scallop, the Sui ecosystem lending protocol, has exceeded $150 million. The platform has a total lending amount of $80 million and a trading volume of $47 million.

🔥According to Cointelegraph, Ethereum co-founder Vitalik Buterin stated that the company still needs to address governance and membership issues to make the concept of "population city" or "network states" feasible.

🔥Data shows that since adopting the Bitcoin strategy, MicroStrategy's stock price performance has exceeded 100% of the S&P 500 index companies.

🔥Ethereum co-founder Vitalik Buterin shared on social media a summary of his recent Fireside Talk at the Home Staking Summit in Singapore, exploring the practical value of independent stakers (including small businesses and community stakers) to the network, and what changes L1 can make to support these stakers better.

🔥DWF Labs co-founder Andrei Grachev has released the details of DWF Labs' synthetic stablecoin product, which is expected to be released from the fourth quarter of 2024 to the first quarter of 2025. The expected annualized yield (APY) is as follows: stablecoin about 12%, BTC/ETH about 15%, blue chip coin about 17%, and long tail Altcoin about 19%.

🔥According to ai_9684xtpa monitoring, Dragonfly Capital's two addresses recharged 62.62 million AEVOs (approximately $25.04 million) to FalconX, suspected of clearing all positions since May. The expected loss is $36.84 million.

🔥According to sources cited by The Information, Polymarket, a blockchain-based prediction market, is in talks to raise over $50 million in new funding. Insiders also stated that Polymarket has discussed the possibility of launching a token for its predictive market operations.

🔥On September 24, Google Cloud announced a partnership with Solana Labs, with GameShift at its core. GameShift provides the complete <a href="/<a href="/web3" target="_blank" class="blog_inner_link">web3</a>" target="_blank" class="blog_inner_link">Web3</a> infrastructure and features required for gaming, such as wallets, tokenized assets, and on-chain marketplaces. GameShift's product has been launched on the Google Cloud Marketplace.

🔥Arbitrum Developers stated that Arbitrum One, Nova, and Sepolia have completed the ArbOS 32 upgrade. Node operators need to upgrade nodes to at least the Arbitrum Nitro v3.2.0 version, and validator nodes need to upgrade to the v3.2.1 version.

🔥According to DefiLlama data, the DEX24 hourly trading volume on Solana's chain is $1.13 billion, surpassing Ethereum's ranking of $1.118 billion and ranking first.

🔥According to Ultrasound.money data, the net supply of Ethereum has increased by 6,556 coins in the past seven days, of which the supply has increased by approximately 18,349 ETH, and 11,793 ETH have been destroyed through the destruction mechanism.

🔥As of September 24, the total predicted market value for the winner of the US presidential election reached $1,000,122,251. The bet is a combination of many candidates that Polymarket bettors believe will become the next president. The most likely candidate is Vice President Kamala Harris, with a predicted winning probability of 51% and a bet of nearly $154 million. According to the platform, next up is Republican presidential candidate Donald Trump, with a bet amount of approximately $163 million and a predicted winning probability of 48%.

🔥The Grass Foundation for Artificial Intelligence Data Layer reminds users to connect their Solana wallet on the Grass dashboard before 8:00 am (Beijing time) on October 1. If the deadline is missed, users cannot receive rewards from the first airdrop.

🔥Stablecoin service provider Circle has launched a 'compliance engine' to help companies build on chains while meeting strict compliance requirements. This product includes new transaction screening tools (used to detect risks and suspicious transactions), transaction monitoring tools (used to help identify potential high-risk behaviors), and Travel Rule services.

🔥10x Research stated in its market analysis that there has been a significant shift in market trends after the Federal Reserve cut interest rates, and investors' preferences for DeFi and high beta assets have begun to rise. Several key themes emerged at the Token2049 conference, hinting at the impact of interest rate cuts on the DeFi revival.

🔥A new proposal from Curve Finance suggests removing <a href="/uk/price/<a href="/price/trueusd-tusd" target="_blank" class="blog_inner_link">trueusd</a>-tusd" target="_blank" class="blog_inner_link">TrueUSD</a> (TUSD) as collateral for its stablecoin crvUSD due to concerns about TUSD's stability and regulatory issues, and reducing its support limit to zero. The proposal also suggests reducing the minting capacity of crvUSD and PayPal's PYUSD from $15 million to $5 million as part of a strategy to diversify collateral and reduce reliance on potentially risky assets.

🔥According to DefiLlama data, Sui Network's TVL reached a record high of $1.192 billion. Among them, the lending protocol NAVI Protocol TVL reached $454 million, with a weekly increase of 14.16%; The Scallop Lend TVL lending protocol reached $245 million, with a weekly increase of 16.01%; The lending platform Suilend TVL reached $208 million, with a weekly increase of 26.8%.

🔥Japanese gaming chain Oasys has partnered with the Arbitrarum Foundation to integrate Arbitrarum Orbit technology into Oasys' infrastructure.

🔥The TON Foundation announced on the channel that the monthly active wallet count in TON has reached a record high of 10 million.

🔥 Berachain announced the launch of the Request for Broposal (RFB) incentive program at X, consisting of three parts: Boyco, Request for Application, and Request for Community. RFB aims to provide resources for early teams and offer innovative ways for applications to contribute liquidity to the mainnet.

🔥Adam, a researcher at Greeks.live, posted on social media that the quarterly delivery is about to begin this Friday, with significant declines in all major maturity IVs. Currently, BTC's option holdings account for 33% of the total holdings this quarter, while ETH's option holdings account for 38% of the total holdings, making them relatively small quarterly deliveries.

🔥 According to Coindesk, the Bitcoin ecosystem has experienced a significant accumulation rebound in the past 30 days, with a net increase of approximately 88,000 BTC. This strong accumulation period lasted throughout September, with a scale of approximately seven times the monthly Bitcoin issuance of 13,500 BTC.

## Regulatory & Macro Policies
🔥According to CryptoSlate, the US Securities and Exchange Commission (SEC) has postponed its decision on BlackRock and Bitwise's Ethereum spot ETF options trading applications. Based on the latest regulatory documents, the deadlines are set for November 10 and November 11, respectively. The SEC stated that it needs more time to consider the proposal and has extended the initial 45-day review period.

## Crypto Market Highlights 
⭐️Last week, the crypto market has still been greatly affected by the mainstream financial market's water release, and overall positive expectations are more obvious. Most mainstream coins are affected by the overall upward trend of the market and external factors, continuing the trend of last week and showing a general upward trend across the board. The sentiment in the crypto market has not yet accumulated to an optimistic stage, and there is a high probability that it will continue to fluctuate and rise continuously in the short term. It is expected that the current market situation will continue to show significant changes again during the weekend period.

⭐️There are many mainstream coins that have experienced price increases in the market this week, and the proportion of top growth has remained above 30%. The coins that are among the top in terms of growth have not seen actual increases, but their market value proportion is relatively larger. ENA saw the largest increase, with a seven day increase of around 47.2%, and the current price is around $0.3682. The high point of the coin's price was around $0.38, and it has entered a new oscillation cycle. It is expected to maintain a slight price change in the future.
![](https://gimg2.gateimg.com/image/article/17274040421.jpg)
(Data Courtesy Of Coinmarketcap)

## BTC & ETH Weekly Performance
### Bitcoin (BTC)
![](https://gimg2.gateimg.com/image/article/17274040622.jpg)
(Data Courtesy Of TradingView)

This week, the overall price of BTC started to fluctuate upwards from around $63,000 last weekend. With the release of mainstream financial markets and the arrival of a relaxed economic environment, BTC also began to follow the historical cycle and showed signs of continuous upward trend. Unlike the rapid rise caused by spot ETF approval in the first half of the year, the current round of rise is more in line with the characteristics and cycle of the asset itself. The overall increase in BTC over the week has slowed down, maintaining around 2%. Currently, the price of the coin is fluctuating around $65,000, with relatively small fluctuations. The high point for the week is around $65,800, while the low point is around $62,385.

Analysis suggests that the price fluctuations of BTC are mainly influenced by external news factors, but they mostly follow the overall trend of the market. The increase has weakened and there has not been a particularly large-scale continuous upward trend. There is a high probability of continuous small increases in the short term.

### Ethereum (ETH)
![](https://gimg2.gateimg.com/image/article/17274040893.jpg)
(Data Courtesy Of TradingView)

ETH reached a high point of around $2,700 this week, showing a rapid upward trend before entering a new cycle of volatility. Influenced by news and the overall market rally, the upward trend continued. The coin price remained above $2,600 and continued to rise and fall. ETH's weekly increase is around 6.64%. The coin is in a relatively obvious fluctuation stage, with a significant increase in price.

Analysis suggests that the price of ETH has shown a larger increase compared to BTC, mainly due to its lagging performance last week. There is a clear upward signal, but in terms of price trend, it is still similar to BTC. The fluctuation range of ETH coin price is likely to continue above $2,600, and there is a high probability of further rebound after breaking through $2,700.

## Web3 Project Trend
The total market cap of seven categories of projects has not increased significantly, and basically rebounded across the board. Although the overall market increase remains within a small range, there are clear signs of recovery in various tracks. However, the current market situation has not completely exited the previous downward channel, and it is expected that various sectors may usher in a new round of market changes at the end of the week.

| Project Category  | 7d Change  | Top 3 Gainers  | Comment |
| ------------ | ------------ | ------------ | ------------ |
| Layer 1 | 7.1% | HUAHUA,BEL,CMDX | The Layer 1 track continued its upward trend, with the actual growth rate of top-growing coins remaining above 20%. The overall track has experienced a good round of growth.|
| Layer 2  | 16.2% |NII,CWEB,BOBA|The overall increase in the Layer 2 sector is significant, but the overall growth distribution is similar to last week and still relatively even.|
| DeFi  | 12.7%  | GXT,STRDy,BLAZE | The DeFi track further opened up rapid <a href="/uk/price/<a href="/price/flow-flow" target="_blank" class="blog_inner_link">flow</a>-flow" target="_blank" class="blog_inner_link">flow</a>, with a significant overall increase in performance, but relatively concentrated in the top coins.|
| NFT  | 0.6% | SOCKS,GXT,MBS |The NFT market saw relatively small changes, but the upward trend is mainly concentrated in the top coins, and the overall distribution of ups and downs is not very even.|
| MEME  | 22.0%  | INUS,FATCAT,$JACKY| The MEME coin market saw a significant increase, ushering in an overall recovery trend, with the top-rising coins showing a significant growth rate.|
| Liquid Staking  | 12.7% | STUMEE,STOSMO,STKXPRT | The track showed an upward trend, mainly due to the performance of top-mainstream coins, which have continued their continuous upward trend.|
| AI  | 27.5%  | OCADA,BERRY,CAI | The AI market saw a significant rebound, as the stock prices of the AI industry have rebounded due to external news. The crypto market has also continued to recover, leading to an overall increase in the market.|

<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>

Поділіться