Weekly Web3 Research | The Crypto Market Experienced Fluctuations and Upward Movements; BTC Spot ETF Breaks the Trend of Net Outflow for 5 Consecutive Days; BEVM Mainet Launched
Weekly Trend Overview
The overall crypto market has rebounded this week, but the process is still accompanied by certain fluctuations. However, the overall amplitude is not significant, and it has rebounded again in the closing period near the weekend. However, the overall market value growth is not particularly large compared to the same period last week, maintaining around $2.65 trillion, an increase of 1.66% in 24 hours. The market sentiment continues to remain above 80 points and remains optimistic. Most of the key mainstream currencies have shown an upward trend this week, but except for a few sector currencies, the majority of currencies have maintained their upward trend within relatively small areas, generally below 10%. Overall, due to the market downturn last week, the crypto market is still in a period of adjustment this week, and it is expected to see a significant overall rebound over the weekend.
Compared to last week, the total crypto market has shown a rebound trend this week, but it has been accompanied by a volatile pullback. However, the rise in specific mainstream currencies is more pronounced, such as the clear 44% increase in the week for DOGE. At present, as the weekend closing stage approaches and BTC halving approaches, the overall bullish sentiment in the market remains mainstream. It is expected that there will be an upward trend over the weekend, and there will be a slight pullback after continuing to rise until next week.
The top 100 crypto projects have a rise and fall ratio of approximately 80:20 within a week, and most mainstream currencies have shown an upward trend in the market this week, which is closely related to the overall rebound of the market. The BTC price has rebounded to above $70,000 within a week, with a weekly increase or decrease of about 7.75%. Currently, it remains fluctuating at $70,797. The ETH market is similar this week, but with greater volatility. The weekly low point of the price has fallen below $3,300, with an overall increase of around 2.27%. Currently, it remains at around $3,553 and continues to fluctuate.
The market performance this week was still relatively high in the MEME segment, with a 7-day increase of 46.01% in WIF. The coin price is currently maintained around $3.36, ranking first in a week of gains.
Although the overall crypto market has rebounded to some extent this week, the distribution of the upward trend is uneven and not overall. Some currencies are still in a clear downward trend, and it is highly likely that the market will need a supplementary upward trend over the weekend to drive the overall trend.
Crypto Market
🔥 This week, the crypto market experienced price fluctuations, with a slight pullback in mid week after a rebound.
🔥 Multiple sectors saw an upward trend on Monday, with 24-hour BTC+4.0% and ETH+3.6%; PENDLE price, ONDO price, AERO price, DEGEN price, and Base user weekly new record highs; Base ecosystem MEME and Solana ecosystem MEME are generally on the rise.
🔥 This week, tokens such as $84.32 million OP, $37.53 million PRIME, $16.89 million YGG, $9.26 million AGIX, $6.68 million SUI, and $900000 ACA will be unlocked.
🔥 Negentropy promises to donate $1 million to Slerf to support its NFT.
🔥 PUMP is open for trading tonight, with a market value of $12.9 million based on initial liquidity.
🔥 MEME has driven Base TVL to break through $2 billion, with daily trading volume of DEX on the Base chain exceeding $200 million for several consecutive days within a week.
🔥 The Base protocol manager stated that the ERC20 migration tool BaseMigrate will be released.
🔥 Scroll Co Creation announced that it will launch 4844, DA Compression, Proof Aggregation, and more within a few months.
🔥 PENDLE FDV exceeded $1 billion this week.
🔥 Circle executives interpret EU anti money laundering regulations: the impact on self managed wallets and CASP is very limited.
🔥 UniCross announced the suspension of RUFI Mint due to Merlin network congestion.
🔥 A certain address donated 1558.8 SOLs to SLERF as compensation for wallet transfer.
🔥 The London Stock Exchange will accept BTC and ETH ETN applications starting from April 8th, and plans to start ETN trading on May 28th.
🔥 Fantom plans to parallel FVM and expand funding for Sonic Labs, and the investment will be disclosed in the coming weeks.
🔥 Curio Ecosystem was attacked, resulting in a loss of $16 million.
🔥 Vitalik mentioned ENS in his post.
🔥 Musk asked Vitalik why he left the X platform.
🔥 FTX will sell two-thirds of its shares in Aerospace for $884 million.
🔥 BRC20 will soon support 5 characters and deploy MINT.
🔥 The Blast Ecosystem Munchables were attacked, resulting in a loss of $62.3 million, but they have been fully recovered.
🔥 During the week, there was a slight correction in the market, with BTC -1.6% and ETH -2.9%; SUI price, ALT price, ETHFI price, NAVX price, WEN price, Base TVL, MicroStrategy stock price, and BlackRock IBIT BTC holding market value have reached historic highs; The RWA sector generally rose.
🔥 This week, about 20 projects announced (planned) completion of over $230 million in financing.
🔥 Within a week, BTC spot ETF broke the trend of net outflow for five consecutive days.
🔥 Casey stated that if the market value of the Runes ecosystem does not reach $1 billion in the first month of its launch, she is prepared to commit seppuku.
🔥 Vitalik Buterin expresses support for decentralized pledge through more anti related incentives; Account abstraction provides security and convenience for developers and users; Farcaster information is not stored in the blockchain and can enhance security and scalability; The definition of the metaverse is still vague and requires a combination of cryptocurrency, virtual reality, and AI.
🔥 The non-profit organization FLI has disclosed that it has received a $665 million SHIB donation from Vitalik Buterin.
🔥 Grayscale Chief Legal Officer: The SEC did not conduct in-depth discussions on ETH spot ETFs due to consensus reached on related issues on BTC ETFs.
🔥 GameFi Illuvium releases a new roadmap and details for Private Beta 4.
🔥 Approaching the weekend closing stage, 24-hour BTC+1.4%, ETH+0.8%; ETHFI price, ETH liquidity re pledge TVL, Base TVL, Blast TVL, Sui TVL, Deribit BTC option open interest contracts due in March, ARKB daily net inflow reaching a historic high; Fuda FBTC’s daily net inflow hit a new low.
🔥 This week, a total of 9 projects announced financing exceeding $100 million.
🔥 The US BTC spot ETF had a net inflow of $254 million yesterday.
🔥 Founder Casey of Ordinals announced the Runes document, introducing a monument upgrade mechanism.
🔥 MerlinSwap has started airdropping esMP tokens; The MP token IDO has ended, with a sub_script_ion amount exceeding $480 million.
🔥 The BEVM mainnet has been launched this week.
🔥 KuCoin‘s EVM chain capital outflow increased to $1.78 billion.
🔥 Arbitrum and Azuki teamed up to launch the anime network AnimeChain.
🔥 Ethena will airdrop 750 million ENAs and launch CEX on April 2nd.
🔥 Ondo Finance has introduced real-time investment and redemption services, with $95 million invested by OUSG Fund in BlackRock’s BUIDL.
🔥 The Ethereum blob is being used to create in_script_ions, and 2,437 blob in_script_ions were created yesterday; The in_script_ion drives the blob to reach the set usage capacity limit.
🔥 Huang Licheng’s Meme project, Bobaopa, raised $38 million in SOL through promotion.
🔥 LADYS launches Meme Phone.
🔥 Fetch.ai, SingularityNET, and Ocean Protocol merge tokens to form a decentralized AI alliance.
Regulatory Policies
🔥 The Federal Reserve’s Bostic statement suggests that premature rate cuts may be more destructive, with only one expected rate cut this year.
🔥 The US SEC is seeking $2 billion in fines and penalties in the XRP case.
Crypto Market Highlights
⭐️Last week, the overall trend of the crypto market has been mainly driven by the popularity of individual sectors, and the overall trend of related currencies is still in an adjustment cycle. Most cryptocurrencies have entered a downward range as they approach the weekend closing stage, but currently the magnitude is not significant, and most currencies have not been affected by it. The resurgence of BTC prices this week also indicates that the market has begun to show clear upward signals in the past week, and we can expect market performance during the weekend period.
⭐️Several sectors of the market have performed well this week, and it is expected that the MEME sector will rise again. Among them, WIF performed the most prominently, with a weekly increase similar to DOGE. At present, the coin’s weekly increase is about 46%, and its price remains within the range of $3.3. The MEME sector experienced a strong rebound this week after being affected by market overheating last week, and it is foreseeable that it will continue to maintain a certain period of upward trend in the future.
(Data Courtesy Of Coinmarketcap)
BTC & ETH Weekly Performance
Bitcoin (BTC)
(Data Courtesy Of TradingView)
The price trend of BTC this week is characterized by continuous volatility after opening, except for a short-term pullback experienced in the middle of the week. For most of the time, it has remained in the range of $70,000-$710,000 and has been fluctuating continuously. The weekly price increase of the coin is the largest among several leading mainstream currencies, and there is currently a further upward trend. It is expected to break through the $71,000 price level again in the near future.
Analysis shows that the price performance of BTC this week basically represents the general trend of the market, which is the recovery and adjustment cycle. Although the main price increases are concentrated in other popular sectors, BTC’s ecosystem related L2 application landing this week, coupled with the approaching halving time, has intensified market sentiment. Therefore, its price performance has begun to show a significant rebound and has begun to have a certain acceleration trend. The weekend closing stage may usher in further replenishment market.
Ether (ETH)
(Data Courtesy Of TradingView)
The price trend of ETH this week continues to have a strong correlation with BTC, experiencing a sustained upward trend after opening, reaching around $3,680. However, the overall growth is still weak, with a significant decline followed by a slight rebound towards the end of the weekend closing period. At present, the coin remains within the range of $3,500- $3,600 with slight fluctuations and no significant upward or downward trend observed.
Analysis suggests that the performance of ETH coin prices this week is basically consistent with the cyclical fluctuations of the market. Although the overall trend is still upward, it has been subject to regulatory disputes from the market, especially from the SEC, which has led to a lack of clear signs of recovery for the coin. But it is highly likely that there will be a certain increase in the closing period of the weekend as the overall market rebounds, but it may be difficult to break through the key price of $3800 in the short term.
Web3 Project Trend
This week, the total market value of most of the nine categories of projects has shown a rebound trend. Due to the fluctuation and adjustment of the market cycle, various tracks are mainly in an upward trend. Except for the poor performance of BRC-20, other types of projects have once again risen, especially the impressive performance of MEME-related tracks. It appears there will be another upward cycle until the weekend closing stage.
