Market Overview

The cryptocurrency market showed mixed performance this week:

• Bitcoin (BTC) is slightly up by 0.1%.
• Ethereum (ETH) increased by 1.3%.
• DeFi market cap fell by 0.7% to $81 billion.
• NFT market cap declined by 8% to $27 billion.
• Gaming market cap dropped by 6.5% to $15 billion.

Bitcoin dominance increased over the week, peaking at 53.56% and ending at 53.2%.

Highlights ✨

• U.S. Ethereum Spot ETF: Total net outflow of $169.4 million, while Grayscale ETH outflows decreased by roughly 80%.
• Solana Protocol: Offers a way to short the $53 billion memecoin market and teases an airdrop. Open interest in ETH contracts rose to $13.115 billion.
• Tether: Reported a record-breaking profit of $5.2 billion for H1 2024.
• Federal Reserve: Kept interest rates unchanged at 5.25% – 5.50%.
• Morpho Labs: Secured $50 million in funding.
• Compound Finance: Experienced a “Governance Attack”.
• Renzo’s Season 2: Airdrop snapshot was taken.
• Instadapp: Proposal to deploy Fluid on Base is live. 100k OP and 85k USDC will be distributed to early users on Base.
• Ethena Labs: Announced USDe will be used as margin collateral on Bybit, allowing holders to earn up to 20% APR.
• pStake Finance: Bitcoin Liquid Staking v1 went live on Babylon Labs.
• Movement: Launched its public testnet, a Move-based Ethereum L2.
• TON Blockchain: Released gasless transactions.
• AAVE DAO: Discusses activating the fee switch.
• 10x Research: Suggests Bitcoin might drop below $50,000 if the U.S. economy worsens.
• Bitcoin Reserve Bill: Introduced to Congress and referred to the Senate Banking Committee for review.
• Layer 3: Released its token $L3.
• Cat Gold Miner: Celebrating 7 million players with strong community support.

Upcoming Token Unlocks (5-11 August)

• $IMX: 2.11% – $43.19 million
• $ENA: 0.82% – $5.62 million
• $IO: 2.22% – $4.55 million
• $MODE: 14.25% – $3.82 million
• $HFT: 3.11% – $2.30 million
• $MAVIA: 0.64% – $1.86 million
• $DYDX: 0.68% – $1.76 million

Alpha 👇

• $EGLD: MultiversX will launch a new iteration of its exchange, xExchange V3, on Aug. 5 on testnet.
• Mansa Finance: Pool is now live on Base.
• Gas Pump TV: Announced their Reward Program on TON, offering 15,000 GAS XP for Token Launches.
• $BTC: 15,000 Morgan Stanley wealth advisors will be able to pitch BTC ETFs starting Aug. 7.
• OKX: To launch pre-market futures trading for $DOGS/USDT starting August 5th.

Stay tuned for more updates next week to keep abreast of the latest trends and developments in the cryptocurrency world!