Following the short liquidations on Friday, Bitcoin took a bullish leap forward and drove the altcoins market to a strong end of the week. Amidst the growing concern of the highly anticipated bullish catalyst of Spot ETF approvals turning an event to sell, the markets are turning more volatile.
With the tensions resurfacing in the SEC and Binance feud, the Grayscale Bitcoin ETF AUM dropping below $20 Billion, the IBIT reaching the $2 Billion mark, and many other updates, the market is ready for sharp moves.
Turning the bearish start of this week to well above the $40K barrier, Bitcoin is prepping a strong closing move this week. Refreshing the sentiments of the market, the hopes of Bitcoin ETFs turning mainstream are back on track and may result in new opportunities in the coming times.
1. Breaking News This Week
With traders hoping for a slightly bullish end to January, the brawl over trend control grows intense as the ongoing recovery gains momentum.
IBIT Bitcoin Under Management Now Worth Over $2 Billion
With the growing inflow in the smaller Bitcoin Spot ETFs, iShares Bitcoin Trust by Blackrock becomes the first to reach over $2 Billion AUM. With almost 50,000 BTC, it is the second-biggest Bitcoin ETF as per Assets.
ARK Invest Purchases $62.3M in ARK 21 Shares Bitcoin ETF
ARKW’s portfolio now includes $91.4 million in ARKB, making up 5.98% of the fund’s total value.
UK Supreme Court Denies Craig Wright’s Appeal
A July decision by judges awarded Wright only 1 GBP in a defamation case against Bitcoin podcaster Peter McCormack.
Inflation Concerns Intensify Amid Red Sea Crisis Impact on Shipping
The disruption of shipping through the Red Sea/Suez Canal is likely to increase prices, posing challenges for Bitcoin enthusiasts.
Donald Trump Expresses Firm Opposition to CBDCs in the U.S.
At a New Hampshire rally, Donald Trump confirmed his stance against central bank digital currencies, vowing to prevent their establishment in America.
Coinbase Receives “Outperform” Rating Upgrade from Oppenheimer
Coinbase’s stock (COIN) saw a 6% increase following Oppenheimer’s upgrade from “perform” to “outperform,” setting a target of $160 per share.
Avalanche Foundation Sets Criteria for Meme Coin Acquisitions
The Avalanche Foundation will only consider meme coins from its own blockchain, as per their latest policy.
2. Blockchain Performance
2.1. Top Blockchain Performers by 7-Day Change
Blockchain 7-Day Change (in %)OMAX+521%Stafi+116%Polkadot+78%Kroma+35%Carbon+32%
This past week in the blockchain market has been nothing short of dynamic. Amid this uncertainty, the OMAX took the lead with an explosive 521% growth. Hot on its heels, StaFi more than doubled its value with a 116% increase. Polkadot also enjoyed a notable ascent, gaining 78%, while Kroma and Carbon made solid advances with 35% and 32% growth, respectively.
Top Performers: 7-Day Change in Top 5 Blockchains with Highest TVL
Blockchain 7d Change TVL (in Billion)Ethereum -3.299$31.799bTron -0.677%$7.774bBSC3.59%$3.601bArbitrum -1.67%$2.587bSolana +2.27%$1.393b
In the last seven days, the performance of the top 5 blockchains as per total value locked gives mixed results. With the top blockchain, Ethereum, with a TVL of $31.799b, dropping by 3.299%, the dominant sentiment of this week has been bearish.
Arbitrum and Tron, being the lesser performers, dropped by 1.67% and 0.677%, making 3 out of the top 5 blockchains by TVL bearish this week. Keeping the bullish spirit alive, Binance Smart Chain and Solana reached $3.601b and $1.393b for a 3.59% and 2.27% return this week.
3. Crypto Market Analysis
3.1. Bitcoin Price and Dominance
As of the latest update, Bitcoin maintains its lead with a price of $41,795.77 and a market cap dominance of 50.78%, despite a modest 0.62% increase over the week. Ethereum follows with a significant 7.74% jump to a price of $2,272.86. BNB sits at $303.84 with a 3.24% rise, while Solana at $92.63 sees a 1.42% increase. XRP and Cardano have prices of $0.53 and $0.48, with weekly changes of 3.39% and 5.58% respectively.
NamePriceMarket CapDominance7-day Change1Bitcoin$41,795.77$819,616,490,67150.78%0.62%2Ethereum$2,272.86$273,153,340,99016.92%7.74%3BNB$303.84$45,438,761,5612.81%3.24%4Solana$92.63$40,132,462,1282.49%1.42%5XRP$0.53$28,841,203,6401.79%3.39%6Cardano$0.48$17,154,331,1721.06%5.58%7Avalanche$32.63$11,976,612,3360.74%0.52%8Dogecoin$0.08$11,386,483,2400.70%0.69%9TRON$0.11$9,994,456,8790.62%3.15%10Polkadot$6.68$8,502,277,6110.53%2.23%
Avalanche, Dogecoin, TRON, and Polkadot show smaller movements, with Polkadot at $6.68 experiencing a 2.23% rise.
3.2 Top Gainers And Losers
In this tumultuous and volatile week in the crypto market, ending on a bullish note, these are the top 3 altcoins that have outperformed the general market. First is Manta Network, which is trading at $3.64 and has given a 57.91% return in the past 7 days.
The second and third-best performers are the SUI and the Helium token, trading at $1.43 and $8.19, respectively. The tokens have outperformed the general top 100 altcoins and have given a 29.54% and 27.05% return in the past 7 days.
#NamePrice7dVolume(24h)71Manta NetworkMANTA$3.6457.91%$553,507,74648SuiSUI$1.4329.54%$442,593,87255HeliumHNT$8.1927.05%$17,997,018#NamePrice7dVolume(24h)57ORDIORDI$57.0315.03%$168,400,66193WOOWOO$0.369.98%$12,704,92376WEMIXWEMIX$2.387.93%$4,228,258
Similar to the bullish side, the multiple tokens have failed to perform in this week. These tokens are AUDY, which is a BRC20 token, which is currently trading at 57.03%. The altcoin has dropped by 15% in the past 7 days. Following this BRC20 token, the WOO token and WEMIX token, have fallen by 9.98% and 7.93%, respectively, in the past week.
#NamePriceMarket CapDominance7d %3Tether USDtUSDT$1.00$96,023,724,7535.88%0.05%7USDCUSDC$1.00$26,145,818,9621.60%0.01%18DaiDAI$1.00$5,348,899,4930.33%0.02%36First Digital USDFDUSD$1.00$2,588,110,3970.16%0.22%46TrueUSDTUSD$0.99$1,602,518,5780.10%0.14%
4. Bitcoin Spot ETF Weekly Analysis
Source: https://twitter.com/JSeyff/status/1750988313043906712
This week, the Grayscale Bitcoin Trust, GBTC, leads the pack of Bitcoin ETFs group, which was recently approved by the SEC. The GBTC has an asset under management of almost $19.99 billion, which has dropped down from the peak of $30 billion worth of Bitcoin.
Secondly, the IBIT, i.e., iShares Bitcoin Trust by Blackrock, leads the rising pack and shows a positive inflow and has finally reached the $2 billion mark of assets under management, which is approximately almost 50,000 bitcoins under management.
Further, we are seeing a rising number of investments in Fidelity, which is the third biggest, and the fourth is the ARK Invest Bitcoin ETF. Overall, the complete asset under management by all the Bitcoin ETFs is 25,319,000,000, and the volumes are finally slowing down the outflow in the GBTC. Meanwhile, the rising inflows in the other ETFs showcase a healthy recovery and positive numbers
5. DeFi Market Weekly Status Analysis
The DeFi market this week has seen some significant changes. ArbiCheems, categorized under Yield, has a total value locked (TVL) of just $0.6, yet it’s witnessed a staggering 7-day change of +244432%. The Arena, in the SoFi category, shows a TVL of $800,441 with a weekly surge of +189713%. Pacoca also in Yield, with a TVL of $99,044, has seen an enormous +62795% change despite a 1.38% dip in the last day.
NAME7d Change (in Total Value Locked) [in %]ArbiCheems2444321.93The Arena1897134.28Pacoca627.95Struct Finance110.05ZooDAO31.33
Struct Finance with a TVL of $2.79m and a +11005% change over the week. ZooDAO rounds out the list with a TVL of $289,630, operating on 2 chains, and it’s up +3133%.
6. NFT Marketplace: A Basic Weekly Analysis
6.1. Top NFT Aggregators
The ranking of top NFT aggregators shows Blur leading on the Ethereum network with a volume of $6.68M despite a 30.08% drop, followed by OpenSea PRO with a volume of $2.19M. X2Y2, Element, and Magic Eden (on Polygon) follow, with volumes of $98.73k, $59.4k, and $56.69k respectively.
NFT AggregatorSales Volume (USD)Percentage ChangeBlur6,680,000-30.08%OpenSea PRO2,190,000 -4.3%X2Y298,730 -10.58% Element59,400 -56.96%Magic Eden56,6900.2595
While Blur, X2Y2, and Element saw a decrease in volume, Magic Eden’s volume grew by 25.95%. Sales and trader numbers generally increased across all platforms, with the average NFT price ranging from $18.25 to $610.28
6.2. Top NFT Collectible Sales this Week
Over the past week, the NFT landscape has seen notable sales activity among its leading collectibles. Ethereum Name Service topped the charts, trading $442,106.08 across 12,545 sales. Pudgy Penguins waddled into second place with an impressive volume of $5,727,788.11 from 1,049 sales. Doodles ranked third with $2,871,923.94 in volume and 844 sales.
NFT CollectionSales Volume (USD)Number of SalesEthereum Name Service442,106.0812,545Pudgy Penguins5,727,788.111,049Doodles2,871,923.94844Cool Cats1,285,764.65743Art Blocks1,405,322.75518Bored Ape Yacht Club5,821,032.45407
Cool Cats and Art Blocks are listed next, with volumes of $1,285,764.65 and $1,405,322.75 and sales figures of 743 and 518, respectively. Not to be outdone, Bored Ape Yacht Club sailed into sixth with a volume of $5,821,032.45 from 407 sales, rounding out a vibrant week in the NFT market
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