Weekly Web3 Research | The Crypto Market is Experiencing a Significant Fluctuation Cycle; BTC Price Hit a Historic High; SEC Delays Resolution on BlackRock and Fidelity Ethereum Spot ETFs

Weekly Trend Overview

Based on last week’s general uptrend, the crypto market reached its highest point since November 2021, with a rapid increase in total funds, reaching a maximum of $2.56 trillion. At the same time, key mainstream currencies broke through new highs, but after reaching the high point, there was a short-term pullback. However, the duration was relatively short, and the market rose again. Significant fluctuations in the market within a short period have led to a shift in market sentiment from extreme greed to greed, and Optimism remains the main focus.

With the crypto market’s continuous rise and short-term fluctuations, there has been another large-scale sell-off within a week. The total crypto market has slightly decreased compared to the weekly high, but the increase is significant compared to last week. The market value has reached around $2.53 trillion, with a 24-hour increase of 0.97%. The trading volume and prices of multiple sectors in the market have reached new highs, and consensus from multiple parties has entered a bull market. However, key mainstream currencies such as BTC and ETH have quickly entered a slight correction after reaching new highs, especially BTC, which fell below $60,000 after reaching $69,000 and then quickly rebounded to above $65,000. Currently, it is fluctuating within the range of $66,000- $68,000, and although the amplitude is large, it is difficult to see a significant downward trend in the short term, Similarly, the price performance of ETH is also strong, reaching a high point and quickly falling below the $3,400 level before rising above the current $3,800 level. At present, as the weekend closing stage approaches, the overall market trend is gradually beginning to show a slight upward trend, and it is expected that there will be another round of upward trend over the weekend.

The top 100 crypto projects have a rise to fall ratio of approximately 82:18 within a week, which is similar to last week’s performance. Most currencies have seen an increase in their total weekly market value. The BTC price once exceeded $69,000, with a weekly increase or decrease of about 9.57%. It is currently fluctuating around $68,000, and ETH has also reached a new high this week, breaking through $3,900. The overall weekly increase is around 12.54%, and it is currently above $3,800. Among them, the BTC price has broken through historical highs.

PEPE continued to rise this week, with a 7-day increase of over 140%. The currency price is currently maintained around $0.000006904, continuing to lead the week’s rise in currency prices.

Although the crypto market continued to rise this week, the heat has decreased towards the closing stage, and the overall crypto market is currently in a volatile state. It is obvious that the crypto market has entered a new cycle of volatility, and the probability of rapid rise in key mainstream currencies in the short term is relatively small. The probability of multiple sectors experiencing upward trend trends in the future will be relatively high.

Crypto Market

🔥 The crypto market has experienced a significant weekly fluctuation cycle, with key mainstream currencies breaking historical highs, BTC breaking historical highs of $69,000, and ETH breaking through historical highs of $3,900.

🔥 Last week, the total trading volume of US Bitcoin spot ETFs was approximately $22 billion, and BlackRock IBIT’s daily trading volume exceeded $1 billion.

🔥 According to IntoTheBlock data, over 97% of Bitcoin addresses are currently profitable, reaching the highest level of profitability since November 2021.

🔥 Long term investors who have held Bitcoin for over a year on the entire network own 13.6 million Bitcoins.

🔥 The Bank for International Settlements (BIS) has issued regulatory recommendations for global stablecoin arrangements with the aim of addressing the financial stability risks associated with stablecoins at both domestic and international levels.

🔥 BlackRock’s Bitcoin spot ETF IBIT reached an asset management scale of $10 billion just seven weeks after its launch, demonstrating strong market demand.

🔥 Last week, the net inflow of digital asset investment products was $1.84 billion, the second highest on record.

🔥 Ordinals developer Leonidas tweeted that their experimental project Runestone has uncovered the largest block in Bitcoin history, with a size of 3.97MB.

🔥 According to News.Bitcoin, in February, Bitcoin miners mined a total of 4,446 blocks, earning $1.39 billion in revenue, of which $71 million came from on-chain trading fees, a significant decrease from $133 million in January and significantly lower than $337 million in December.

🔥 According to HODL15 Capital, Bitcoin spot ETFs are rising in the commodity ETF rankings based on asset management size (AUM). Currently, BlackRock IBIT, Fidelity FBTC, ARK 21Shares ARKB, and Bitwise BITB are ranked third, fifth, ninth, and eleventh respectively.

🔥 The Financial Crime Committee of the Nigerian House of Representatives has summoned the CEO of Binance on suspicion of financial crimes.

🔥 US presidential candidate Robert Kennedy Jr. stated in an interview with CNBC that Bitcoin is a window to resist inflation and a key to free trade.

🔥 Hungary has proposed a draft law allowing banks, investment funds, and asset management companies to provide crypto market services.

🔥 The US SEC has postponed its decision on BlackRock and Fidelity Ethereum spot ETFs.

🔥 Bloomberg analyst Eric Balchunas tweeted that the daily trading volume of 10 US Bitcoin spot ETFs exceeded $5.5 billion on Monday, the second highest in history.

🔥 According to 8marketcap data, with Ethereum’s recent strong rise, its current market value has reached $438.98 billion, surpassing Mastercard (with a market value of $437.05 billion) and jumping to the 24th place in the world’s mainstream asset market value.

🔥 The Salvadoran government currently holds approximately 2,380 Bitcoins, purchased at an average price of $44,300. This means that the investment of $105 million is now worth over $155 million, and its Bitcoin holdings have increased by 50%. However, the President of El Salvador stated that it will not sell. In 2021, a Central American country became the first in the world to adopt Bitcoin as its official currency, while also investing national funds into the asset.

🔥 A public regulatory document shows that BlackRock has applied to the US SEC to add Bitcoin exposure to its strategic revenue opportunity portfolio.

🔥 According to Coinglass data, on March 5th, the 24-hour crypto market had a total of 139200 people with a total of $419 million sold out, including $180 million in long positions and $242 million in short positions. By currency, BTC sold out about $145 million and ETH sold out about $52.292 million.

🔥 William Quigley, co-founder of Tether, stated in an interview with CNBC that Bitcoin can reach a peak of $300,000 in the next bull market.

🔥 On March 5th, BTC broke through $69,000, setting a new historical high. Since its initial pricing, BTC has appreciated by more than 23 million times. This round of market performance has led to BTC’s market value surpassing Meta; Surpassing the Swiss franc to become the world’s 13th largest currency; Raising Satoshi Nakamoto to 21 on Forbes Global Rich List; At present, BTC’s profit from circulation and supply accounts for 94.93%, reaching a new high since November 2021; Global BTC ETP product holdings briefly exceeded 1 million BTCs; After quickly falling below $60,000, it quickly rebounded and is currently fluctuating above $66,000; The market value of BTC once surpassed that of silver, and the volatility index was also close to its highest value in a year.

🔥 Multiple sectors of the crypto market have surged, with BTC to Euro exchange rate, BTC to Japanese yen exchange rate, BTC circulating market value, BTC contract open positions, ORDI price, USDT market value, OP price, PEPE price, FLOKI market value, Solana DEX weekly trading volume, TRON daily protocol revenue, TRC20-USDT issuance volume, and APX Finance 24-hour trading volume reaching historic highs.

🔥 The meme coin sector continues to strengthen; BRC-20 series tokens are on the rise; MicroStrategy leads the rise of blockchain concept stocks in the US; Ethereum’s market value surpasses companies such as Mastercard and ExxonMobil.

🔥 According to Blockworks, the Arizona Senate has proposed a resolution encouraging lawmakers and state retirement fund managers to consider allocating some of their investment portfolios to Bitcoin ETFs.

🔥 Within a week, OP price, WIF price, FET price, RNDR price, ARKM price, daily net inflow of US BTC spot ETF, daily inflow of Valkyrie BRRR, daily trading volume of BTC spot ETF, TRON TVL, and TRON daily protocol revenue reached historic highs; MEME and NFT sectors generally fell; The AI sector generally rose; Crypto stocks fell.

🔥 EigenLayer TVL has surpassed Aave and become the second largest DeFi protocol currently.

🔥 Grayscale launched crypto staked funds, which initially included 9 types of assets.

The price of MAYC flooring has fallen below the mint price.

🔥 Sony Bank plans to launch the Web3 app Sony Bank CONNECT in the summer.

🔥 BTC’s premium in South Korea reached 10%, and BTC miners achieved the second-highest daily income in history.

🔥 Ethereum’s market value has surpassed LVMH, and Wormhole has launched an airdrop query website.

🔥 Jupiter can receive Launchpad fee rewards by locking JUP votes.

🔥 The liquidity protocol Lena is triggered by Rug Pull; Later, Lena denied Rug Pull.

Regulatory Policies

🔥 The Personal Information Protection Commission of South Korea has announced an investigation into Worldcoin, citing privacy concerns over the project’s collection of sensitive information.

🔥 The Hong Kong Securities and Futures Commission (SFC) warned the public to be wary of fake websites impersonating licensed virtual asset trading platforms.

🔥 The Hong Kong Securities and Futures Commission reminds industry professionals and investors that the deadline for submitting a virtual asset trading platform license application to the Commission to continue operating in Hong Kong has ended on February 29, 2024, and any unlicensed activities in the future are considered criminal offenses.

🔥 The BRICS countries plan to create a payment based on digital currency and blockchain.

🔥 According to Blockworks, the Arizona Senate has proposed a resolution encouraging lawmakers and state retirement fund managers to consider allocating some of their investment portfolios to Bitcoin ETFs.

🔥 The US SEC has postponed its decision on the Fidelity ETH spot ETF and initiated a review period.

🔥 Do Kwon won an appeal against extradition to the United States, driving LUNA to soar.

🔥 BlockFi settled with FTX and Alameda Estates for $874.5 million.

🔥 Johnny Ng Kit-chong suggests building an internationally innovative Web3 financing platform for small and medium-sized enterprises in the Guangdong Hong Kong Macao Greater Bay Area.

Crypto Market Highlights

⭐️In the past week, the overall crypto market has experienced a brief slight pullback after reaching a high point. Essentially, the market has been slightly overheated, and a large number of transactions have been sold after key currencies reached high levels, resulting in rapid price declines for many currencies in a short period of time. But overall, the market is still in a period of large upward fluctuations, and a rapid drop in prices is actually a normal rebound in coin prices. The probability of a significant decline in the short term is relatively small.

⭐️Overall, the market situation this week continued the upward trend of last week. Although multiple cryptocurrencies such as PEPE, FLOKI, SHIB, and other MEME currencies performed exceptionally well within the week, with several top currencies tightening their gains. However, PEPE remained in a leading position, with a price of $0.000006904 and a seven day increase of over 140%, continuing the rapid trend of last week.

(Data Courtesy Of Coinmarketcap)

BTC & ETH Weekly Performance

Bitcoin (BTC)

(Data Courtesy Of TradingView)

The price trend of BTC this week continued the trend of last week’s closing stage in the opening stage. After experiencing slight fluctuations, it immediately began to rise rapidly. After breaking through the key price of $68,000, it fell slightly, but soon rose again, breaking through $69,000 and reaching a historical high of around $69,200. After that, there was a large-scale trading volume in the market, causing BTC prices to start rapidly falling, even falling below $60,000 in a short period of time. After this round of price correction, the coin price began to rebound again and eventually fluctuated upwards above $66,000. Currently, it is basically maintained at an upward trend of $68,000 and continues to fluctuate.

Analysis suggests that BTC’s price performance this week has broken through historical highs, which can be considered a landmark event for the return of a bull market in the crypto market. In fact, the trend of BTC in this round was basically confirmed last week, with a large influx of funds and good performance of over-the-counter US stock BTC ETFs. The market’s internal and external emotions have formed a consensus on its future coin price rise, driving a significant buying pressure, ultimately causing BTC prices to break through historical highs in the short term. In the long run, BTC prices will further rise, but whether they can break through $70,000 in the short term requires further observation.

Ether (ETH)

(Data Courtesy Of TradingView)

ETH’s price trend this week is more robust compared to BTC, although the two coin price trends have similar curves. ETH also rapidly declined after breaking through $3,800 with market fluctuations, briefly falling below the $3,225 level. However, in a short period of time, the currency rose again and briefly broke through $3,900. Afterwards, it remained in the price range of $3,800-$3,900 and continued to fluctuate. Currently, there is a trend of rising again, and there is a high probability of breaking through $3,900 again in the short term.

Analysis suggests that the performance of ETH coin prices this week has continued the upward trend of recent weeks, with consecutive new highs set within a week. Unlike BTC, which shows a trend of overheating and correction, the subsequent upward trend remains strong. This indicates that the upward range of the coin price of this currency still has a good range in the current market cycle. In the future, this currency will be affected by over-the-counter factors related to ETH ETFs. It is highly likely that there will be a more obvious upward trend, but in the short term, it will still operate at a resistance point of $4,000.

Web3 Project Trend

This week, the total market value of eight types of projects has significantly increased, and each track has been affected by the overall upward trend of the market, showing a general upward trend. Although there is a probability of a pullback in key mainstream currencies, the overall market trend is likely to continue, and the overall volatility of different types of projects will still be mainly based on the above trend. It is necessary to consider the overall changes in the market and the factors of off-exchange news together.