Weekly Crypto Market Overview
This week, the crypto market showed mixed movements, with some sectors facing declines while others maintained stability.
Market Overview:
- Bitcoin (BTC) experienced a slight uptick, increasing by 0.1%, while Ethereum (ETH) rose by 1.3%.
- The DeFi market cap dipped by 0.7%, settling at $81 billion.
- NFT market faced a more substantial drop of 8%, bringing its cap down to $27 billion.
- The Gaming sector also declined by 6.5%, with a market cap of $15 billion.
Meanwhile, Bitcoin’s dominance slightly increased, peaking at 53.56% before closing the week at 53.2%.
Highlights of the Week:
- The U.S. Ethereum spot ETF experienced a notable net outflow of $169.4 million, though Grayscale’s ETH outflows slowed down by approximately 80%.
- Solana introduced a protocol to short the $53 billion memecoin market and hinted at an airdrop. Open interest in ETH contracts surged to $13.115 billion.
- Tether reported an impressive $5.2 billion profit for H1 2024, coinciding with the FED’s decision to maintain interest rates at 5.25% – 5.50%.
- Morpho Labs secured $50 million in funding, and Jito Sol announced the launch of Jito Restaking.
- Compound Finance suffered a “Governance Attack,” while Renzo took its Season 2 airdrop snapshot.
- Instadapp proposed deploying Fluid on Base, with 100k OP and 85k USDC set for distribution to early users.
- Ethena Labs announced that USDe will serve as margin collateral on Bybit, offering holders up to 20% APR.
Token Unlocks (Aug 5-11):
- IMX (2.11%): $43.19M
- ENA (0.82%): $5.62M
- IO (2.22%): $4.55M
- MODE (14.25%): $3.82M
- HFT (3.11%): $2.30M
- MAVIA (0.64%): $1.86M
- DYDX (0.68%): $1.76M
Alpha Highlights:
- EGLD: MultiversX will launch xExchange V3 on August 5 (Testnet).
- Mansa Finance pool is now live on Base.
- GasPump TV has launched a Reward Program on TON, where users can earn 15,000 GAS XP.
- BTC: 15,000 Morgan Stanley advisors will pitch BTC ETFs starting August 7.
- OKX will introduce pre-market futures trading for DOGS/USDT on August 5.
- Filecoin‘s Waffle upgrade is scheduled for August 6, while GRVT, the first ZK Chain on ZKsync, goes live on August 5.
- Rage Trade will release its token $RAGE on Hyperliquid L1 on August 7.
- A new TON game, The Banana Game, is generating buzz and is one to watch closely.
Stay tuned for more updates as these developments unfold in the coming week.