Weekly Web3 Research | The Overall Market Fluctuated and Rose; USDe Became the Fourth Largest Stablecoin; FTX and the IRS Reached a Settlement of $885 Million

2024-06-07, 03:06

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## Weekly Trend Overview
The overall trend of the crypto market this week has shown a slight upward trend, with some positive news in the closing period near the weekend. In addition, the rise in prices of some mainstream coins has brought about a round of replenishment, which has led to many coin prices reaching highs. However, at present, the overall crypto market is in a continuous adjustment cycle, and continuous fluctuations are a high probability event. The overall crypto market value growth has increased compared to the same period last week, currently reaching around $2.64 trillion, a decrease of 0.62% within 24 hours. The market sentiment remained around 66, with a significant increase compared to the midweek performance of the overall market, and the magnitude remained within a moderate range. This week, the trend of key mainstream coins is mainly characterized by volatility, with some coins showing a more obvious upward trend. The crypto market is likely to maintain a small range of market changes in the near future, and we still need to wait for fluctuations in the overall market cycle.

Compared to last week, the total volume of the crypto market has increased. There have been clear changes in the market, and we can look forward to future trends. The probability of a new round of upward cycles is relatively high, but the initial range will be limited. We need to wait for the impact of subsequent news factors and market cycle changes. The fluctuation ratio of the top 100 crypto projects remained relatively stable within a week, with frequent short-term fluctuations, except for a few coins with significant increases. The price of BTC has entered a significant upward trend in the mid week period, and the coin price has returned to above $71,500. Currently, it remains around $71,000, with a weekly increase of about 2.51%. ETH is currently maintained at $3,828, with a weekly increase of around 0.42%, and the weekly price peak is approaching $3,900.

The top performing coin in the market this week is NOT, which has continued to rise in the past two weeks, with a 7-day increase of 64.11%. The coin price is currently maintained around $0.02122.

There is still a possibility of significant fluctuations in the overall crypto market over the weekend, and it is expected that there will be a new round of upward trend during the weekend period, but it is not ruled out that there may be a certain pullback trend.

## Crypto Market
🔥 Jupiter co-founder states that DeFi and Meme coins are crucial for achieving decentralization and he is deeply concerned about the crypto industry celebrating ETFs.

🔥 <a href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> rose 210%, and Satoshi Nakamoto may become the world's richest person.

🔥 As of June 2, 2024, the market cap of Ethena's synthetic US dollar stablecoin, USDE, is approximately $3.02 billion, surpassing FDUSD's $2.9 billion and has now become the fourth largest stablecoin.

🔥 The monthly active users of Arbitrum have surpassed <a href="/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a> for the first time, with a monthly active user count exceeding 8 million.

🔥 X user @CryptoNakamao posted that their browser cookies were hijacked due to the malicious plugin Aggr in Chrome. Hackers manipulated their Binance account, purchasing corresponding tokens in USDT trading pairs with abundant liquidity, and placing limit selling orders at supermarket prices in trading pairs with scarce liquidity such as BTC and USDC. Hackers used the user's account to initiate leveraged trading, exceeding the limit by buying a large amount and completing the strike, ultimately resulting in a loss of up to $1 million.

🔥 The digital currency industry has raised approximately $161 million.

🔥 According to Blockchain.com data, the value of transactions on the Bitcoin blockchain has exceeded $25 billion, reaching a one-year high in US dollars. Holders have transferred approximately 367,000 BTCs on the Bitcoin blockchain in a single day, the highest since June 13, 2022, when over 519,000 BTCs were transferred, with a value close to $14 billion.

🔥 Watcher.Guru posted on the X platform stating that Australia's first Bitcoin spot ETF will begin trading on 6.04.

🔥 As of June 3, IBIT's market cap has exceeded $20 billion, reaching $20,149,945,604.32, with a holdings of 291,563.175 Bitcoins. It is reported that BlackRock is the fastest ETF to reach $20 billion so far.

🔥 The price of the <a href="/price/polygon-matic" target="_blank" class="blog_inner_link">Polygon</a> based smartphone CGLPhone launched by the crypto Gladiator League, an on-chain gaming platform, has been announced. The Super Edition: 15,000 CGLs; Virtual version: 1,100 CGL/month, the first batch of 2,000 units has been launched, and according to CGL's temporary quotation, the price of a single CGLPhone Super Edition may only be $94.59.

🔥 The 2x Leveraged Ethereum ETF (ETHU) launched by Volatility Shares will be listed in the United States today. ETHU invests in Ethereum futures and will become the first leveraged Ethereum ETF in the United States.

🔥 <a href="/price/solana-sol" target="_blank" class="blog_inner_link">Solana</a> is the fourth-largest blockchain in TVL and is becoming a leading network adopted by institutions. Robinson Burkey, Chief Business Officer and co-founder of Wormhole Foundation, stated that an increasing number of financial institutions will integrate with Solana blockchain to "ensure that their products are forward-looking."

🔥 Ethena Labs changed the attribution period for ENA token airdrops from monthly to weekly without prior notice to the community, while keeping the total amount unchanged. The end date of the first season airdrops was advanced to September 29. The Ethena Labs team confirmed the change in this clause in the face of community questioning. This has caused dissatisfaction among some users, who are concerned that this change will affect their rights and have also questioned the transparency of the project.

🔥 David Krause, a finance professor at Marquette University in the United States, stated that the Wisconsin Board of Investment (SWIB) purchased $164 million worth of iShares Bitcoin Trust shares in BlackRock and Bitcoin Trust shares in Grayscale in the first quarter. This investment may only be the beginning, and SWIB is expected to further increase investment, with other pension plans also likely to follow suit.

🔥 The <a href="/price/uniswap-uni" target="_blank" class="blog_inner_link">Uniswap</a> Foundation announced a postponement of key voting to decide whether to upgrade the governance structure and fee mechanism of the agreement to better reward holders of UNI governance tokens. The non-profit organization cited concerns from a "stakeholder" believed to be equity investors behind the largest Ethereum based decentralized exchange organization.

🔥 On Monday morning, the New York Stock Exchange experienced a malfunction in the US stock market, and Chainlink emphasized the importance of the oracle network. Due to widespread suspicion of software failures in the infrastructure of the New York Stock Exchange, several larger stocks, such as Berkshire Hathaway, McDonald's, and Wells Fargo Bank, saw their prices plummet by up to 99.9%. Extreme price fluctuations caused trading of affected securities to be suspended, but trading of Berkshire Hathaway and other affected securities resumed. The issue has now been resolved.

🔥 Multiple crypto companies have reported a "supply chain email attack" that utilizes mailing lists to send malicious phishing links to users. Crypto hacking and vulnerabilities caused over $67 million in losses in February.

🔥 Vitalik expressed great dissatisfaction with the experiment of celebrities issuing MEME coins.

🔥 The Cello Foundation announced that Chainlink CCIP (Cross Chain Interoperability Protocol) is now running on the Cello network. Cello is an emerging Ethereum second layer and mobile first blockchain aimed at achieving fast, low-cost payments on a global scale. This integration aims to provide advanced cross chain security and reliability for the Cello ecosystem, as well as various cross chain token transfer mechanisms. These mechanisms include burning/minting, locking/unlocking, and locking/minting processes, supporting various use cases and applications.

🔥 The United States will launch its first leverage ETF based on Ethereum - the Volatile Shares 2x Ethereum Strategy ETF (ETHU), and the company has announced on its website that trading will begin on June 4.

🔥 <a href="/price/bnb-bnb" target="_blank" class="blog_inner_link">BNB</a>'s market value has reached $105.85 billion, currently surpassing coffee giant Starbucks (with a market value of approximately $93.77 billion) and ranking 170th in global asset value rankings.

🔥 According to Deribit data, BTC options with a nominal value exceeding $1.162 billion and ETH option contracts with a nominal value exceeding $936 million will expire and be delivered on Friday; The maximum pain point price for BTC is $69,000, and the maximum pain point price for ETH is $3,600.

🔥 Eric Balchunas, a senior ETF analyst at Bloomberg, said that these products may struggle to acquire 20% of the US Bitcoin ETF assets, which currently have assets worth $62.5 billion. Vetle Lunde, senior research analyst at K33research, is optimistic, predicting a net inflow of $4 billion in the first five months, and a "huge supply absorption shock" that will boost Ethereum.

🔥 The Sui mainnet has been upgraded to version 1.26.2, and the Sui protocol has been upgraded to version 48. Other upgrade points include: Sui's native randomness feature has now been enabled on the testnet, the indexer cache has been correctly set, the indexer reader will function properly and return correct data, and an increase in timeout values when executing transaction blocks.

🔥 Despite strong inflows of Bitcoin spot ETF funds, with Bitcoin prices exceeding $71,000, Google Trends data shows that compared to 2021, the search heat for Bitcoin, Bitcoin ETF, Bitcoin prices, or crypto related topics among Americans has significantly declined.

🔥 Vitalik Buterin, founder of Ethereum (ETH), criticized the trend of celebrity memecoins, stating that digital assets need other uses, not just for founders and early adopters to gain wealth. In a new post on social media platform X, Buterin told his 5.3 million fans that he is dissatisfied with the trend of celebrities trying to use meme assets during this cycle. Buterin mentioned the Stoner Cats, a collection of non-fungible tokens (NFTs) supported by actors Ashton Kutcher and Mila Kunis, stating that the project has at least some practical use cases. Buterin continued to summarize the characteristics that a celebrity meme asset needs to respect.

🔥 According to QCP Capital analysts, the implied volatility (IV) of Ethereum options is currently higher than Bitcoin, indicating that traders expect Ethereum's price volatility to intensify, which may be a response to the upcoming Ethereum spot ETF. QCP Capital analyst said, "As the market awaits new demand for spot Ethereum ETFs, bullish sentiment may continue, and the options market will definitely reflect this. Ethereum trading volume [IV] is still 15% higher than Bitcoin trading volume."

## Regulatory & Macro Policies
🔥 The EU elections will begin this week, and the regulatory policy agenda for the crypto industry will enter a turbulent period. Over the past five years, the EU has systematically addressed the challenges of crypto assets by adopting a comprehensive system called MiCA.

🔥 The crypto exchange FTX has reached a solution with the government to reduce its significant tax liabilities with the US Internal Revenue Service to only $88.5 billion. If the solution is approved, FTX may only need to pay $88.5 billion to resolve existing IRS tax claims. The FTX and the US Internal Revenue Service have reached a settlement agreement, with the IRS accepting $885 million, of which $200 million will be considered a priority claim, and the remaining $685 million will be considered a lower priority claim. FTX will not be able to apply for a refund for any amount marked as a priority claim.

🔥 Gary Gensler, Chairman of the US SEC, stated that the timing of trading for spot ETFs linked to the crypto Ethereum largely depends on the issuer's response speed to SEC inquiries. He said, "These registrants will actively respond to the opinions they receive, but the degree of response actually depends on themselves." He declined to disclose whether he believes this process will take a few weeks or months.

🔥 Former US President Trump's campaign team announced on June 3rd local time that they and the Republican National Committee (GOP) raised $141 million in May. This number is much higher than the $76 million they raised in April. The Trump campaign team stated that the fundraising in May was due to small grassroots donations, with an average donation of $70.27, of which 25% of donors made their first donations to Trump. In addition to fundraising from the Trump campaign team and the Republican National Committee, external committees supporting Trump raised $150 million in May. Therefore, it is currently roughly estimated that the Trump campaign team received nearly $300 million in funding in May.

## Crypto Market Highlights  
⭐️Last week, the overall crypto market saw an increase, which is more influenced by the cyclical fluctuations of the market. In addition, the frequent market dynamics during the week have led to a certain degree of cyclical changes in the overall market. However, in reality, it is still more influenced by individual hot projects. In the short term, the external news is positive in the second half of the year, and the crypto market itself is expected to experience rapid growth in various applications.

⭐️The rise of trending coins in the market this week has decreased compared to last week, while NOT has continued to rise significantly, with no decrease in popularity. The FOMO sentiment in the market is strong, with a weekly increase of about 64%. The current price is around $0.0211. The high point of the coin's weekly price reached $0.02725, while the low point appeared around $0.01138 during the opening period, maintaining the top weekly increase.
![](https://gimg2.gateimg.com/image/article/17177292361.jpeg)
(Data Courtesy Of Coinmarketcap)

## BTC & ETH Weekly Performance
### Bitcoin (BTC)
<a href="/how-to-buy/tether-usdt" target="_blank" class="blog_inner_link">buy Tether</a>
(Data Courtesy Of TradingView)

The overall price of BTC fluctuated during this week, with the coin breaking through from above $67,000 to around $71,000. This week, BTC prices showed a clear upward trend, mainly driven by market fluctuations and the rapid rise of individual coins. At present, the coin has maintained a continuous fluctuation above $71,000, breaking through a critical price level compared to the opening price. The high point of BTC's weekly price is around $71,800, while the low point is within the range of $67,200.

Analysis suggests that the price changes of BTC this week are similar to the overall trend of the market, maintaining a small growth range with frequent intraday fluctuations. At present, there is a certain degree of oscillation and correction trend. It is expected that the coin will continue to experience slight market fluctuations into the weekend period, but overall it will show a certain upward and downward trend.

### Ether (ETH)
![](https://gimg2.gateimg.com/image/article/17177292693.jpeg)
(Data Courtesy Of TradingView)

ETH's high point this week is approaching the $3,900 level, with a trend mainly characterized by rapid price fluctuations within the day. The price mainly maintains a continuous fluctuation within the range of $3,700-3,900, while the price trend of ETH still shows a short-term rapid fluctuation. The probability of ETH prices continuing to rise again in the future is relatively high. Although the launch time of spot ETFs is uncertain, the positive news should continue to affect the coin. The high point of the coin within a week is around $3,888, while the low point is around $3,731.

Analysis suggests that the performance of ETH coin prices this week has basically continued the previous week's market state, showing relatively undetermined small range fluctuations. Currently, the subsequent major market changes of the coin still rely more on the influence of news factors. Of course, the driving force brought by the market cycle is also very important.

## Web3 Project Trend
The total market value of the seven categories of projects 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 | 4.0% | IXI,DNX,EPIC | The Layer 1 track has seen a certain increase this week, with the top growth coins experiencing an increase compared to last week. The trend this week is mainly influenced by the overall market volatility and rise.|
| Layer 2  | 3.1%  |TAIKO,WBROCK,BROCK |The overall changes in Layer 2 sector this week are similar to L1, with similar gains in top growth projects. The overall range of changes remains relatively stable. |
| DeFi  | -1.0%  | ANY,PSWAP,TRADE | There has been a slight decline in the DeFi track, but the growth rate of the top growth projects is still very considerable. There has been a corresponding increase in liquidity along with the overall market trend for a week, but there is a lack of overall changes in the funding situation.|
| NFT  | 1.1% | GQ,RETARDIO,$LOCG | The NFT market saw a slight increase this week, but the overall situation remains uncertain. The growth rate of the top growing coins remains within a moderate range.|
| MEME  | -2.1%  | GME,RYU,MOTHER| The MEME coin track has experienced a certain decline and correction this week, and the overall sector heat has decreased, but the rise in top coins is still significant.|
| BRC-20  | 22.5% | SHNT,GRPH,O4DX | The BRC-20 sector is showing a significant upward trend, and the top growth coins are relatively good, influenced by recent hot topics on the BTC main network.|
| AI  | -1.5%  | TAI,DNX,CHAPZ | The AI track has experienced a pullback this week due to market cyclical fluctuations, but the top coins still show some significant growth.|

<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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