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.