Weekly Web3 Research | Market Volatility Slowed Down; BlackRock IBIT Has Attracted Approximately $20.5 Billion in Funding Since 2024

2024-08-16, 05:10

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![](https://gimg2.gateimg.com/image/article/1692587604touyanzhoubao.jpeg)
## Weekly Trend Overview
The overall <a href="/price" target="_blank" class="blog_inner_link">crypto market</a> has started to rebound this week. Since last week's market crash, the market has mainly maintained slight fluctuations, and the overall market value has increased to a certain extent. In addition, <a href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> and <a href="/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a> spot ETFs have performed well this week, with widespread net inflows for several consecutive days, and the external market environment is also warming up, which has given the crypto market a significant boost in market performance this week. The crypto market remains above $20,000, with the overall market mainly experiencing small fluctuations within a week. The market as a whole is still in a continuous oscillation cycle. The overall market value growth of the crypto market has not changed much compared to the same period last week. The total market value remains at around $2.09 trillion, a decrease of 0.34% within 24 hours. The market sentiment remains around 43. This week, the trend of key mainstream coins has shown a continuous rise and fall, lacking clear signals and momentum for upward and downward movements. Currently, this cycle is expected to continue for some time.

Compared to last week, the crypto market has performed relatively smoothly, with a clear overall recovery trend since the 805 crash. It is also common for several mainstream coins to rebound to key price levels within a week. The rise/fall ratio of mainstream coins within a week is 3:7, and the market is still in a relatively sluggish oscillation cycle within a week. The <a href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">BTC price</a> has experienced multiple ups and downs at the key price level of $60,000 within a week and is currently in a rapid decline phase, with a weekly drop of around 2.8% and a price of around $57,862. ETH has experienced a weekly decline of around 1.14% and is currently hovering around $2,560.

The overall market performance remained poor this week, with a few coins experiencing relatively small upward movements. ZEC's 7-day increase reached around 22.12%, and the price curve continued to rise from last weekend, with a decent increase this week. The coin price is currently maintained at around $41.5.

There is a high probability that the overall crypto market will remain volatile this weekend, and it is expected that this situation will continue during the weekend. Still, the overall magnitude will be controlled within a small range.

## Crypto Market
🔥 According to the on-chain analysis platform Lookonchain, Bitcoin's drop below the $60,000 mark on Monday may be due to institutions stopping their stablecoin buying frenzy. The institution stopped receiving USDT from <a href="/price/tether-usdt" target="_blank" class="blog_inner_link">Tether</a> Treasury and transferred it to the exchange two days ago. According to monitoring on August 9th, since the market crash on August 5, 1.3 billion USDT has been transferred from Tether Treasury to the exchange.

🔥 Bitcoin shows a “local bottom” signal for the third time in 2024. According to the latest on-chain analytics platform CryptoQuant research the Network Value and Trading Gold Cross (NVT-GC) tool shows a bullish trend. This week, BTC/USD faces the risk of another decline as the moving average forms a so-called “death cross.”

🔥 The US spot Ethereum exchange-traded fund achieved positive net inflows for the first week since its launch on July 23. According to SoSoValue, an ETF tracking agency, 9 newly launched US spot Ethereum ETFs had a total net inflow of $104.8 million in the week starting from August 5th.

🔥 In the past month, 99,308 BTC worth $5.96 billion were transferred from CEX.

🔥 Adam, a macro researcher at Greeks.live, released information on this week's heavyweight event (8/12-8/18) on the X platform: After a week of adjustment, the market has emerged from the impact of the Bank of Japan's interest rate hike. The recent dovish remarks of the Bank of Japan have also given market confidence. Despite the continuous negative news in the market, the market sentiment this week is relatively optimistic.

🔥 According to BeInCrypto, due to the increasing transaction volume on the Layer 2 network of Ethereum, the gas fee for Ethereum has fallen to its lowest level in several years. According to Etherscan data, the average gas fee on the Ethereum mainnet fell below 1 GWei last weekend, but has since rebounded to around 2 GWei, approximately $0.06.

🔥 MicroStrategy currently holds 226,500 BTC with an average acquisition cost of $37,000.

🔥 According to statistics from @newtoneinstainx, as of August 10, a total of 1,700,691 tokens have been launched on Pump.fun, of which 23,800 have successfully launched Raydium, with an online rate of 1.4%.

🔥 According to DefiLlama website data, the top 5 protocol revenue rankings in the past 7 days include: 1. <a href="/price/tron-trx" target="_blank" class="blog_inner_link">Tron</a>, with revenue of $8.35 million; 2. Ethereum, with revenue of $6.72 million; 3. Pump.fun, with revenue of $5.78 million; <a href="/price/solana-sol" target="_blank" class="blog_inner_link">Solana</a>, with an income of $4.22 million; and Trojan, with an income of $2.4 million. Affected by market fluctuations, the total revenue of various agreements has decreased to varying degrees.

🔥 <a href="/price/optimism-op" target="_blank" class="blog_inner_link">Optimism</a> developers have released a roadmap plan aimed at building an interoperability communication layer between Layer2 chains in their Superchain ecosystem, which will include a message passing protocol, Superchain token standard (Superchain ERC20), interoperability fault-proof, and a set of interoperable chains.

🔥 Market data shows that ARB, <a href="/price/eos-eos" target="_blank" class="blog_inner_link">EOS</a>, and ZEC prices have fallen to historic lows in this round of withdrawals. Among them: ARB hit a historic low of $0.4316 on August 5, down about 75.9% from its historical high of $2.39; EOS hit a historic low of $0.408 on August 5, down about 97.8% from its historical high of $22.71; ZEC hit a historic low of $16.08 on July 5, down about 98.7% from its historical high of $3,191.

🔥 According to official sources, the cross-chain service deBridge has announced the official establishment of the deBridge Foundation, which will have an obligation to seek benefits for the entire DAO and its key participants (including core contributors, strategic partners, and communities). Governance will empower DBR holders to shape the future of the protocol.

🔥 The US spot Ethereum exchange-traded fund achieved positive net inflows for the first week after its launch on July 23.

🔥 The decentralized derivatives exchange <a href="/price/dydx-dydx" target="_blank" class="blog_inner_link">dYdX</a> announced it will launch the dYdX Unlimited upgrade for dYdX Chain this fall. This upgrade includes permissionless market launch, MegaVault (obtaining liquidity from dYdX users and acting as a market maker for all dYdX Chain markets), invitation program affiliates program, license key (providing a more secure and customizable environment for institutions and high-value traders), and other features.

🔥 According to Matrixport's latest report, buyers of Bitcoin spot ETFs have been strictly implementing a strategy of buying at low prices and watching at high prices since March 2024.

🔥 The <a href="/price/polkadot-dot" target="_blank" class="blog_inner_link">Polkadot</a> network proposes to significantly shorten the unlocking period of DO T tokens through RFC 97. After review and discussion, the Fellowship approved the proposal, and its code or design has been merged into the main code repository.

🔥 Data shows that in July, the number of active addresses on Solana's chain reached a historic high of 54.33 million, a significant increase of 151% from 21.6 million at the beginning of 2024. In addition, the number of non voting transactions on the network also reached a peak of 1.3 billion in July, indicating that on-chain activity is very active.

🔥 The ETF Store, Inc. President Nate Geraci disclosed data on X platform that the BlackRock spot Bitcoin exchange-traded fund iShares Bitcoin ETF has attracted approximately $20.5 billion in funds so far in 2024, while among all 375 new ETFs launched in 2024, the second largest non spot BTC ETF inflow is only about $1.3 billion. IBIT, FBTC, ARKB, and BITB spot Bitcoin ETFs have become the four major exchange-traded fund products launched in 2024.

🔥 According to Decrypt, the amount of BTC held by the US Bitcoin ETF will soon surpass its mysterious anonymous founder, Satoshi Nakamoto.

🔥 According to Bitwise's data analysis, approximately 66% of institutional investors held or increased their US Bitcoin spot ETFs holdings n the second quarter of 2024.

🔥 The spot Ethereum ETF has seen capital inflows for the third consecutive day, setting a record for the longest capital inflow cycle since its launch. According to Farside Investors, the total inflow of spot Ethereum ETFs reached $10.8 million on August 14. BlackRock's IBIT and Fidelity's FETH led with inflows of $16.1 million and $6.6 million, respectively, while Grayscale's ETHE again showed the only outflow at $16.9 million. At the same time, the total outflow of funds from the spot $BTC ETF on that day reached $81.4 million.

🔥 According to PRnewswire, DeFi Technologies, a publicly traded company on <a href="/web3" target="_blank" class="blog_inner_link">Web3</a>, has released financial performance reports for the three and six months ended June 30, 2024. The report disclosed that 1) as of June 30, 2024, the company had a cash balance of CAD 19.5 million (USD 14.2 million) and held USDT worth USD 54.5 million and 110 BTC. 2) As of August 14, 2024, the held digital asset fund positions include 204.23 BTC, 12775 SOL, and 1484148 CORE, with a total value of approximately $21.2 million. 3) The asset management scale increased by 43.7% from CAD 508.1 million (USD 370.8 million) as of December 31, 2023, to approximately CAD 730.1 million (USD 532.2 million) as of June 30, 2024. 4) The total revenue for the second quarter of 2024 was 133.2 million Canadian dollars ($98 million), a significant improvement from the total revenue of 7.4 million Canadian dollars ($5.4 million) for the same period in 2023.

🔥 Solayer announced the launch of the Restaking Endogenous AVS standard on the Solana mainnet. Solayer's unique advantage lies in utilizing Solana's staking weight QoS to create a decentralized cloud marketplace.

🔥 James Butterfill, head of research at CoinShares, revealed on X that BlackRock has recently surpassed Grayscale to become the digital asset fund management company with the largest total assets under management.

🔥 According to official sources, Telegram has added a paid emoji response feature for posts. Users can now respond to posts with star emojis to send Telegram Stars to their favorite channels and content creators.

## Regulatory & Macro Policies
According to Bloomberg, one of the most closely watched legal cases in the crypto industry made significant progress last week. A federal judge ordered Ripple Labs Inc. to pay a civil fine of $125 million for selling its <a href="/price/xrp-xrp" target="_blank" class="blog_inner_link">XRP</a> tokens to institutional investors without registering with the U.S. Securities and Exchange Commission (SEC). This fine is only a small part of the $2 billion sought by the agency, which could be good news for other crypto companies struggling with the SEC.

According to the second quarter 13-F filing submitted by Millennium Management to the SEC, hedge fund Millennium Management reduced its spot Bitcoin ETF position (reported value) FBTC by -14%, owned $589 million IBIT, -48%, owned $371 million GBTC, -52%, owned $82 million BITB,+71%, owned $65 million MSTR,+8837%, and owned $121 million in the second quarter.

According to Bitcoin Magazine, the US Securities and Exchange Commission (SEC) has approved the first leveraged long MicroStrategy ETF.

## Crypto Market Highlights
⭐️In the past week, the overall crypto market has shown a volatile correction trend after the 805 crash. With the weakening of the external mainstream financial environment and news factors, the crypto market has continued fluctuating in a new oscillation cycle. But this market trend has been going on since last weekend. Although there has been a certain rebound in the current market, it may be difficult to recover from the market trend before the earlier collapse and decline in the short term. The current fluctuation cycle is expected to continue for one to two weeks.

⭐️The number of mainstream coins that have experienced significant increases in the market this week is relatively scarce, and most of them are still coins that have maintained their upward trend after the market's rapid decline last week. However, the coins that are among the top in terms of gains have shown limited actual gains. This week, ZEC continues to lead, with an increase of around 21.63%, and the current price is around $41. The high point of the coin's price for the week is around $45, which is currently in a relatively obvious downward trend. It is expected to experience further price drops  this week.
![](https://gimg2.gateimg.com/image/article/17237845841.jpg)
(Data Courtesy Of Coinmarketcap)

## BTC & ETH Weekly Performance
### Bitcoin (BTC)
![](https://gimg2.gateimg.com/image/article/17237846102.jpg)
(Data Courtesy Of TradingView)

The overall price of BTC this week has been mainly fluctuating within a few thousand dollars, experiencing multiple key levels. After the opening at the beginning of the week, the coin fell below the key price of $60,000 in a short period, and continued to fluctuate continuously in the mid-week period, mainly within the range of $58,000 - $61,000. However, currently, the coin has begun to show a more obvious downward trend after falling below the $60,000 level again, and has fallen below $58,000 in the short term. The coin is likely to maintain a volatile trend this week, with a low probability of a significant increase, and will likely continue fluctuating around $60,000. The high point of BTC's weekly price is around $61,860, while the low point is around $57,300.

Analysis suggests that various factors have influenced BTC's price fluctuations this week. After the market gradually recovered, institutions suspended large-scale purchases of stablecoins, and the market cycle entered a significant fluctuation phase again, significantly impacting the coin's price. Currently, the actual price performance is still mainly fluctuating. After entering the weekend, BTC's price fell below $60,000 again and it is expected to experience a certain rebound. However, it is unlikely that the price will remain above $60,000 in the long term this week.

### Ethereum (ETH)
![](https://gimg2.gateimg.com/image/article/17237846553.jpg)
(Data Courtesy Of TradingView)

The high point of <a href="/price/ethereum-eth" target="_blank" class="blog_inner_link">ETH price</a> this week was $2,782, and the coin itself experienced a significant price decline due to last week's market conditions. Although it is in the stage of price recovery this week, the overall volatility is still quite intense, with a weekly decline of around 1.85%. At present, the coin is in a relatively obvious downward trend stage, but the price remains above $2,500, and there is no particularly significant downward trend. Currently, the coin continues to fluctuate around $2,543.

Analysis suggests that the performance of the ETH coin price this week has been greatly affected by the net inflow of spot ETFs, which is the best period of performance since its approval. However, the resistance to the rise in coin prices is still relatively high, coupled with the overall sluggish market performance, which makes this coin, as one of the top mainstream coins, still perform poorly in reality. It is difficult for ETH to return to above $2,800 in the short term.

## Web3 Project Trend
This week, the total market value of seven types of projects has rebounded across the board. Due to changes in market cycles and the gradual disappearance of negative impacts from external news, although the gains in each track vary, the current market situation is still within a relatively small range of changes. It is expected that various sectors may experience further rebound during the weekend.

| Project category  | 7d Change  | Top 3 Gainers  | Comment  |
| ------------ | ------------ | ------------ | ------------ |
| Layer 1 | 5.4% | PYI,HAC,STOS | The Layer 1 track has shown a certain degree of recovery this week, but mainly concentrated in non-mainstream coins, and the actual growth rate has also remained within a moderate range. The track still has some room for upward movement.|
| Layer 2  | 5.6%  |HACD,NWC,ZKB|The rebound of the Layer 2 sector this week is similar to that of the L1 track, but the increase is more concentrated, and there is still a significant expectation for the performance of the track to rise.|
| DeFi  | 6.6%  | OPENLI,ZEX,NEST | The DeFi track has seen a significant increase, while overall liquidity has decreased. The top-growth coins have also returned to their overall average performance in terms of gains.|
| NFT  | 3.4% | MTRM,LORDZ,TCP |The NFT market has rebounded this week, with the top-growing coins concentrated in niche projects with lower rankings, and the overall track lacks significant recovery.|
| MEME  | 0.4%  | NEIRO,PEOPLE,COBY| The MEME coin market remained largely unchanged this week, with some top coins showing some gains, while many other mainstream coins continued to decline, putting the market in a sideways position.|
| Liquid Staking  | 7.9% | TAPT,QCKUJI,AMPKUJI | The sector’s overall recovery this week is quite apparent, greatly affected by the rise of top mainstream coins.|
| AI  | 4.5%   | EYE,KIZUNA,DOAI | The AI track is expected to rebound this week, with relatively limited growth in the top coins. Except for EYE, which is in the early stages of being launched and has seen significant gains, other coins have seen smaller 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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