Weekly Web3 Research | Market Entered a Downward Channel Due to Regional Conflicts; Cetus Launched LP Burning Feature; Tron's Q3 Revenue in 2024 Reached $566 Million

2024-10-04, 03:20

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![](https://gimg2.gateimg.com/image/article/1692587604touyanzhoubao.jpeg)
## Weekly Trend Overview
The <a href="/price" target="_blank" class="blog_inner_link">crypto market</a> has once again entered a rapid downward trend this week, with actual performance showing a certain bottoming out trend. The overall market value has significantly declined, and the market is showing a fluctuating downward trend. The price increase of most mainstream coins for two consecutive weeks has basically been reversed by the same amount, and <a href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> has once again reached a price above $60000. Overall, the prices of key mainstream coins have fallen again, and the overall market value has dropped by billions of dollars. There is a lack of clear upward signals in the <a href="/price" target="_blank" class="blog_inner_link">crypto market</a>, and the overall market has continued to decline after opening for the past week. The overall market value growth of the <a href="/price" target="_blank" class="blog_inner_link">crypto market</a> has significantly declined compared to the same period last week, reaching around $2.11 trillion, a decrease of 0.10% within 24 hours. The market sentiment has reached around 36, showing a significant decline compared to the same period last week. The current trend of key mainstream coins is a continuous decline, and it is not ruled out that there will be further declines during the weekend closing period. The mainstream view is that the market has not yet bottomed out.

Compared to last week, the crypto market has performed poorly due to intensified regional conflicts and the rapid clearance of spot ETFs. The overall market has shown a bearish trend, but it is still in a large fluctuation cycle, and the subsequent continuous fluctuation trend will still be the main trend. The overall market situation is still showing a clear volatile trend, with most mainstream coins experiencing a general decline, but the decline is still moderate, mainly due to price increases in the first two weeks. The <a href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">BTC price</a> has reached around $60,000, with a weekly decline of around 6.41%. Currently, the price remains at $60801. ETH has experienced a weekly decline of around 10.57% and is currently hovering around $2,350.

The overall market performance has been poor, with most coins still in a downward trend, but some coins have shown some price increases due to their own market dynamics. FTT's 7-day increase reached around 39.7%, with a significant price increase. Influenced by market movements related to FTX, it has the largest increase among mainstream coins, and the coin price is currently maintained around $2.

There is a high probability that the overall crypto market will further decline, but there will be a slight correction in the market, and the overall market has entered a critical stage of the year. With the US presidential election and changes in the global financial market, a critical cycle may follow.

## Crypto Market
🔥 According to CoinShares data, net inflows into global crypto funds operated by asset management companies such as BlackRock, Bitwise, Fidelity, Grayscale, ProShares, and 21Shares rebounded for the third consecutive week, increasing by $1.2 billion.

🔥 DefiLlama data shows that the transaction volume of DEX on <a href="/price/solana-sol" target="_blank" class="blog_inner_link">Solana</a>'s chain on September 29th was $1.122 billion, ranking first for two consecutive days.

🔥 Matrixport released a chart stating that although <a href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> has strong natural volatility, its funding rates have returned to near zero levels, indicating that even in the recent <a href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> rebound, long positions in the futures trading market are not heavy positions. This provides an opportunity for traders to increase their long positions, which may further push up prices.

🔥 <a href="/price/uniswap-uni" target="_blank" class="blog_inner_link">Uniswap</a> Labs has stated that in response to the fragmentation issue of intent based systems, they have collaborated with AcrossProtocol to propose the ERC-7683 standard, aimed at addressing this problem through a universal filler network.

🔥 According to Cointelegraph, Ether (ETH) has performed poorly compared to Bitcoin (BTC), hitting a three-and-a-half-year low on September 18th. Analysts believe that ETH is unlikely to reach a new high in 2024, while BTC is expected to break through historical highs in the fourth quarter of this year.

🔥 The Sui Ecosystem Liquidity Protocol Cetus has launched an LP destruction function, where LPs can choose to permanently lock their liquidity, after which they can only receive transaction fees and mining rewards. Cetus only accepts the destruction of positions with full range liquidity.

🔥 According to CryptoQuant data, the TON blockchain accounted for over 50% of Layer-1 trading volume in September 2024, surpassing <a href="/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a> and <a href="/price/avalanche-avax" target="_blank" class="blog_inner_link">Avalanche</a>.

🔥 According to Canaccord's report, the performance of digital assets continues to outperform the stock market this year, with Bitcoin (BTC) leading the gains. Bitcoin rose about 140% year-on-year in the last quarter, outperforming <a href="/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a> (ETH), which rose about 60%, and the S&P 500 index, which rose nearly 30%.

🔥 According to Coindesk, Circle has partnered with venture capitalist Mark Carnegie's MHC Digital Group to introduce its stablecoin USDC to Australia and other regions.

🔥 Matrixport has released a research report stating that the recent surge in stablecoin minting has reached its highest level since its peak in March April, indicating that new fiat funds are flowing into the crypto market, which is a bullish signal.

🔥 According to SoSoValue data, on September 30th Eastern Time, the total net outflow of <a href="/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a> spot ETFs was $822,300.

🔥 According to Fortune, the trading volume and capital inflow of BlackRock's recently launched Ethereum ETFs are much lower than those of its Bitcoin ETF, and the company's head of digital assets, Robert Mitchnick, expects this situation to not change soon.

🔥 10x Research stated in its latest report that the crypto market is undergoing some significant changes. Although short-term concerns are obvious, larger trends may soon mask these concerns.

🔥 According to Cointelegraph, Telegram founder Pavel Durov confirmed that Telegram's privacy policy has not changed since 2018. Only in legal cases, the IP address and phone number of criminals will be shared, and the information of other users will not be affected.

🔥 According to CoinDesk, although the managed assets of Grayscale Bitcoin Trust (GBTC) have decreased by 50% due to capital outflows, its fee income is still significantly higher than its competitors. The current expense ratio of GBTC is 1.50%, much higher than BlackRock's iShares Bitcoin Trust (IBIT)'s 0.25%, resulting in Grayscale's annual revenue of approximately $205 million, which is five times that of IBIT ($42.5 million), despite the latter managing a larger asset size.

🔥 According to Bloomberg analyst Eric Balchunas, approximately 2,000 ETFs have been launched in the past decade, and in terms of total asset management, BlackRock and Fidelity's Bitcoin ETFs rank among the top 10. Compared to other ETFs, IBIT and FBTC have been launched for less than a year, making them the youngest top 10 ETFs.

🔥 According to Cointelegraph, Brian Quinlavin, Marketing Director of Santiment, a crypto research company, stated in a blog post that when the five main "panic" words are frequently used on social media, it may indicate a bottoming out of the crypto market.

🔥 According to the latest report from Chainalysis, stablecoin trading volume in sub Saharan Africa now accounts for 43% of total crypto trading volume, mainly driven by coin depreciation in countries such as Nigeria and Ethiopia.

🔥 Jupiter announced on the X platform that the voting for the Active Staking Reward (ASR) program has ended, and ASR will be extended for another year, ending on September 30, 2025. The remaining 15 million JUPs will be returned to the community for multiple signings.

🔥 According to SoSoValue data, on October 2nd Eastern Time, the total net outflow of Bitcoin spot ETFs was $91.763 million. Yesterday, Grayscale ETF GBTC had a daily net outflow of $27.3131 million, and currently the historical net outflow of GBTC is $20.124 billion.

🔥 According to The Block, the FTX bankruptcy management team plans to sell 22.3 million locked WLD tokens at a discount, with a current value of approximately $37.7 million.

🔥 According to CryptoSlam data, the NFT trading volume on the Ethereum chain over the past 7 days has reached $28,685,997, an increase of 17.82% compared to the previous period; <a href="/price/solana-sol" target="_blank" class="blog_inner_link">Solana</a>'s network trading volume reached $13,365,138, a decrease of 2.57% compared to the previous period; The Bitcoin network ($13,728,558) fell 32.1% month on month; <a href="/price/polygon-matic" target="_blank" class="blog_inner_link">Polygon</a> Network ($6,805,149) fell 13.79% month on month.

🔥 According to Coindesk, EigenLayer has been criticized after it was revealed that early investors received staking rewards that were not subject to token lock-in restrictions. Investors and community members complain about the lack of transparency in the supply of EigenLayer tokens.

🔥 Ethereum co-founder Vitalik Buterin wrote on Farcaster that perhaps developers should recognize that 32 ETH is a higher threshold for stakers than bandwidth requirements, and perhaps they can slightly increase the bandwidth requirements in exchange for lowering the minimum staking deposit limit to, for example, 16 or 24 ETH.

🔥 Accordingto Cryptodnes, <a href="/price/tron-trx" target="_blank" class="blog_inner_link">Tron</a>'s revenue reached $566 million in the third quarter of 2024, surpassing major competitors such as Ethereum, <a href="/price/solana-sol" target="_blank" class="blog_inner_link">Solana</a>, and Bitcoin.

## Regulatory & Macro Policies
🔥 Ripple's Chief Legal Officer Stuart Alderoty stated on the X platform that the appeal decision of the US Securities and Exchange Commission (SEC) was disappointing but not surprising. Coincidentally, the Director of Enforcement of the US SEC announced his resignation about an hour before the incident occurred.

Previously, the US SEC appealed the Ripple case ruling, stating that it conflicts with Supreme Court precedents. Gurbir S. Grewal, a senior enforcement officer at the US SEC, resigned after serving for 21 years.

🔥 According to Bitcoin.com, after more than two years of discussion, Uruguay has enacted a crypto law. The law was proposed two years ago, recognizing cryptocurrencies as virtual assets in the country and establishing the Central Bank of Uruguay as the regulator and supervisor of companies seeking to provide crypto services. This law has placed Uruguay at the forefront of Latin American countries that have incorporated cryptocurrency into their regulatory frameworks.

## Crypto Market Highlights
⭐️Last week, the crypto market has been greatly affected by external factors, and the overall downward trend is quite obvious. Most mainstream coins have been affected by regional conflicts and the rapid outflow of funds from top coins, showing a trend of overall correction. The sentiment in the crypto market is further declining, and there is a high probability that it will continue to fall to the bottom stage in the short term. The current market situation is expected to show significant changes again by the weekend, but the probability of a slight decline is relatively high.

⭐ The number of mainstream coins that have experienced significant price increases in the market is relatively small, and the proportion of top growth has remained above 10%. However, the FTX bankruptcy management team has taken key market actions, which has led to a strong performance of FTT. The seven day increase has reached around 39.27%, and the current price is around $2. The high point of the coin's price for the week was around $2.65, and currently the price has fallen slightly, maintaining a continuous fluctuation around $2. It is expected to maintain a small price change.
![](https://gimg2.gateimg.com/image/article/17280116141.jpg)
(Data Courtesy Of Coinmarketcap)

## BTC & ETH Weekly Performance
### Bitcoin (BTC)
![](https://gimg2.gateimg.com/image/article/17280116542.jpg)
(Data Courtesy Of TradingView)

The overall price of BTC started around $66,000 and showed a continuous downward trend after opening. Due to regional conflicts and the outflow of BTC spot ETH funds, the market, including BTC, has fallen overall. Unlike the historical cycle of BTC itself, the current round of decline is more influenced by external factors, so the actual decline is manifested as price retracement in the past one or two weeks. BTC's overall weekly performance has entered a sustained period of small fluctuations, with the coin price remaining above $60,000 and fluctuating continuously. The high point of the weekly price is around $66,000, and the low point is around $59,850.

Analysis suggests that the price change of BTC is mainly influenced by external news factors. The price increase in the past two weeks has once again given up, with a decline of about 6%. Currently, it follows the overall trend of the market and is in a relatively clear downward channel. There have been no special price changes near the closing period, and the probability of continuous fluctuations in the short term is relatively low.

### Ethereum (ETH)
![](https://gimg2.gateimg.com/image/article/17280116903.jpg)
(Data Courtesy Of TradingView)

The high point of <a href="/price/ethereum-eth" target="_blank" class="blog_inner_link">ETH price</a> was near $2,700 during the opening session, and its overall performance was similar to BTC, showing a rapid decline after being influenced by external information after the opening. The <a href="/price/ethereum-eth" target="_blank" class="blog_inner_link">ETH price</a> for most of the week is divided into two states: before and after a decline. The former remains above $2,600 and continues to rise and fall, while the latter rapidly drops and fluctuates slightly around the current $2,350. ETH's weekly decline is around 10.56%. The coin is in a relatively stable price fluctuation stage, with a significant decline in price.

Analysis suggests that the decline in <a href="/price/ethereum-eth" target="_blank" class="blog_inner_link">ETH price</a> is greater than the increase in <a href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">BTC price</a>. This is mainly due to negative views on the performance of the coin in spot ETFs. In fact, ETH's performance this year has been relatively disappointing. Although its price trend curve is similar to BTC's performance, the actual price has always been difficult to break through to the same stage of the historical cycle. The fluctuation range of ETH coin price is likely to continue above $2300, and the probability of further rebound after breaking through $2,400 is very low.

## Web3 Project Trend
The total market cap of seven types of projects fell across the board, and the price increase in the past two weeks has basically subsided. Although the overall market performance has entered a small fluctuation stage after a downward channel, and small-scale fluctuations are the current mainstream trend, there is no obvious sign of recovery in various tracks. Currently, the overall market situation has not completely bottomed out, and may usher in a new round of market decline during the weekend.

| Project Category  | 7d Change  | Top 3 Gainers  | Comment  |
| ------------ | ------------ | ------------ | ------------ |
| Layer 1 | -7.9% | NETZ,DEC,LILA | The Layer 1 sector showed a significant downward trend, with the vast majority of the track's coins showing a downward trend, and the top rising coins maintaining a range of less than 20%.|
| Layer 2  | -12.2%  |ORDER,ML,STX|The Layer 2 track experienced a significant overall decline, with smaller increases in top growth coins and a greater decline compared to the L1 track.|
| DeFi  | -10.2%  | WEX,ANY,AX | The DeFi market experienced a significant decline, with overall liquidity decreasing and top growth coins unable to compare with last week's uptrend period.|
| NFT  | -15.2% | SOCKS,NFTART,<a href="/price/stacks-stx" target="_blank" class="blog_inner_link">STACKS</a> |The NFT market experienced significant fluctuations and declines, but the top rising coins have continued their performance from last week, while non top coins have shown a very noticeable decline.|
| MEME  | -10.7%  | FTW,BPS,TRUMP| The MEME coin market experienced a significant rebound and decline, largely influenced by the overall market downturn. However, even so, the growth rate of top rising coins is relatively considerable.|
| Liquid Staking  | -10.6% | RETH,DGNETH,ANKRETH | This sector follows the trend of top-mainstream coins, with a significant decline. Currently, the top coins are mainly ETH related tokens, but the actual increase is very limited, with a basic general decline.|
| AI  | -14.5% | BAI,MOCK,DOAI | The AI track experienced a significant decline, and due to the overall market downturn, the performance of the AI track is not satisfactory, but the top coins have still shown good gains.|

<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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