Weekly Web3 Research｜The Market Generally Showed An Upward Trend; BTC Hit A New High

Weekly Trend Overview

The overall crypto market showed an upward trend this week. Affected by the reduction of risks and the influx of large amounts of external funds, the crypto market continued the trend of last week. A new round of liquidity and capital influx is taking effect rapidly. Of course, there has been a more obvious short-term decline due to the release of US GDP data, but the performance of mainstream coins is still strong.

This week, the mainstream coins in the market have a clear short-term upward trend. As the impact of recent risk factors gradually subsides and a large amount of external ETF funds flow in in the short term, the crypto market has once again broken through the $3 trillion mark.

In general, the market is in a critical period of structural adjustment this week, and the trend of the crypto market in one week may become a signal of the subsequent market warming. The overall market trend in one week showed obvious intraday ups and downs, and it ushered in a rapid rise near the closing time.

The price of BTC has risen significantly this week and is currently around $97,000. This is another increase after the coin hit a new high recently.

The weekly price increase of ETH is larger than that of BTC. The current price of the coin has reached around $1,850. It has risen rapidly during the day and broken through the key price level. It is currently showing a further upward trend.

This week, the price trend of key mainstream coins continued the recent upward trend. The overall market cap of the crypto market has increased significantly, reaching about $3.02 trillion, an increase of about 2.77% in 24 hours. The current price of BTC is around $97,000. The current price of ETH remains around $1,850.

The overall crypto market rose again this week, and the structural adjustment of the market is taking effect, while the impact of external negative factors has weakened. The top coin with the largest increase is VIRTUAL, which has reached about 134% in a week and is priced at around $1.71. The recent rapid rise of this coin is due to the liquidity of the track represented by DeFi and the influx of external funds.

The overall crypto market is likely to rise further this weekend, and the upward trend will remain the main trend in the short term.

Crypto Market

🔥According to CoinDesk, the Nasdaq Exchange sent a letter to the U.S. SEC Crypto Working Group, suggesting that regulators carefully classify digital assets and clearly define the regulatory “referees.”

🔥According to Decrypt, since the fourth halving of Bitcoin in April 2024, the price of BTC has only risen by 43.4%, far lower than the 7,000%, 291% and 541% increases recorded after the first three halvings, setting a record for the worst performance of Bitcoin after the halving. Analysis points out that factors such as macroeconomic uncertainty, the Trump administration’s trade policy, ETF fund outflows, and changes in market structure have jointly weakened the upward effect brought about by the halving.

🔥According to Coingape, Citibank predicts in its latest report that the total supply of stablecoins will grow to $1.6 trillion by 2030 under the baseline scenario and to $3.7 trillion under the optimistic scenario.

🔥According to Techjuice, the Trump family’s crypto project World Liberty Financial (WLFI) has signed a letter of intent with the Pakistan Crypto Commission (PCC) to accelerate blockchain innovation, stablecoin adoption and DeFi integration in Pakistan.

🔥According to Reuters, Nike Inc (NKE.N) was sued on Friday by a group of buyers of Nike-themed NFTs and other crypto assets, alleging that they suffered significant losses after the company suddenly shut down the business unit responsible for creating the above-mentioned assets.

🔥According to Cointelegraph, the latest report released by Deloitte Financial Services Center, one of the “Big Four” accounting firms, shows that the global real estate tokenization market is expected to reach $4 trillion in 2035, a significant increase from less than $300 billion in 2024, with an annual compound growth rate of more than 27%.

🔥According to Cointelegraph, the market cap of stablecoins has increased by $4.58 billion in just one week, approaching the $240 billion milestone. Tether, USDC, and new competitors such as USDS and RLUSD continue to drive market growth.

🔥According to Cointelegraph, crypto market sentiment has rebounded this week, but analysts warn that weak market liquidity and structural problems may still cause price fluctuations, especially during periods of reduced trading volume, and the crypto market is still vulnerable to sudden macroeconomic news.

🔥Crypto analyst Willy Woo said that Bitcoin’s fundamentals have turned bullish and capital inflows into the network are increasing, creating good conditions for it to break through historical highs.

🔥According to Finance Magnates, after years of market speculation, Ripple has explicitly denied that it will launch an IPO in 2025.

🔥According to The Block, the Ethereum Layer 2 network Arbitrum Foundation announced its withdrawal from the Nvidia-backed Ignition AI accelerator program because the chip giant requested that the cooperation not be mentioned in crypto-related announcements.

🔥10x Research said in its latest report that the crypto market soared across the board this week, with Bitcoin breaking through the $95,000 mark, driven by factors such as easing macro risks, record inflows of ETF funds and a weakening US dollar.

🔥According to CoinGecko data, today is the 100th day since Trump was sworn in, and the total market cap of cryptocurrencies has rebounded to $3.084 trillion. On the day when he officially took office for his second term (January 20), the total market cap of cryptocurrencies was $3.621 trillion, and the market cap has evaporated by $537 billion.

🔥According to Decrypt, CryptoQuant data showed that the supply of Bitcoin exchanges fell to a seven-year low, falling to 2.488 million BTC last Friday.

🔥According to The Block, on April 25, the 30-day Pearson correlation coefficient between Bitcoin and gold reached 0.54, close to the annual high of 0.73. Previously, the two had “decoupled” in February, and the correlation coefficient plummeted from 0.73 to -0.67 in three weeks.

🔥A new study from the Cambridge Centre for Alternative Finance (CCAF) at the Cambridge Judge Business School at the University of Cambridge found that the use of sustainable energy in Bitcoin mining has increased to 52.4%, while natural gas has replaced coal as the largest single energy source for Bitcoin mining.

🔥Bloomberg Intelligence ETF analyst James Seyffart said on the X platform: “Many people have posted/reported that ProShares will launch an XRP futures ETF on April 30. But we have confirmed that this is not the case. There is no specific launch date yet, but we think they will launch (XRP ETF) - and it is likely to be launched in the short term, and it is also possible to launch in the medium term.”

🔥According to Bitcoin.com, according to the latest report from Coinshares, the Bitcoin network computing power is expected to break the historic threshold of 1 Zettahash per second (ZH/s) as early as July this year, which is significantly earlier than previously predicted.

🔥Previously, a member of the crypto community disclosed that “a Web3 project contract was suspected to have been implanted with malicious code by an employee, resulting in a loss of hundreds of thousands of dollars.” Thomson, the developer of the DeFi trading and asset management project QuantMaster, said that he was the “victim of the theft” and with the assistance of SlowMist founder Yu Xian, he has now successfully reported the case to the police.

🔥According to Cointelegraph, the Bitcoin holdings gap between BlackRock’s Bitcoin spot ETF “IBIT” and Strategy has narrowed to only 20,000 BTC.

🔥According to PR Newswire, the bankrupt crypto exchange FTX and its liquidation trust announced the launch of legal action to recover assets, and has filed a lawsuit against NFT Stars Limited and KUROSEMI INC (Delysium operator), accusing them of refusing to deliver the contracted tokens. FTX said that it has tried non-litigation negotiations many times but failed, and is now contacting dozens of other token issuers to recover assets, and will take legal measures against those who refuse to cooperate.

🔥According to the official blog, the Ethereum Foundation (EF) announced a new phase of its vision statement, reaffirming its mission to maintain the openness, decentralization, and censorship resistance of Ethereum as a global shared computing platform.

🔥According to Cointelegraph, nearly 16 months after the launch of the spot Bitcoin ETF, Grayscale’s GBTC still dominates in terms of revenue generation, with implied annual revenue exceeding $268 million - a figure that exceeds the total revenue of all other Bitcoin ETFs ($211 million).

🔥According to Beincrypto, Itaú, one of the largest banks in Brazil, announced an initial investment of $210 million to establish Oranje, a company that will specialize in the accumulation of strategic Bitcoin reserves.

🔥BlockBeats news, on May 1, Ethena Labs announced that it will carry out the third quarter ENA airdrop distribution, starting at 16:00 (UTC) on May 1, 2025, and 3.5% of the total ENA supply will be distributed as rewards for the third quarter. There will be no eligibility check period, and the distribution will be carried out immediately on May 1.

🔥US President Trump talks about trade agreement: I think we are doing very well. Earlier news, US President Trump said that the tariffs have not yet taken effect.

🔥According to Trader T’s monitoring, the U.S. spot Bitcoin ETF had a net inflow of $173 million on Thursday.

🔥According to Ptotos, although the Ethereum Foundation has issued a statement emphasizing its community-centric governance, it has not yet disclosed the voting rights of co-founder Vitalik Buterin. It is reported that Laura Shin, author of “The Cryptopians”, has been questioning for many years whether Vitalik Buterin has three super votes or whether the voting rights of the four board members are the same.

🔥Robert Mitchnick, head of digital assets at BlackRock, said at the Token2049 event in Dubai that Bitcoin ETF funds are flowing in on a large scale and the investor structure is shifting from retail to institutions.

🔥Mathew McDermott, head of digital assets at Goldman Sachs, said at the Token2049 conference that clear regulation will make it easier for large institutions to deploy capital in the crypto field and promote its large-scale development.

🔥According to CryptoQuant analysts, Bitcoin’s capitalization reached $882.228 billion, a record high.

🔥The number of ADP jobs in the United States increased by 62,000 in April, the smallest increase since July 2024, significantly lower than expected. The expected number was 115,000, and the previous value was 155,000.

🔥The initial value of the annualized quarterly rate of real GDP in the first quarter of the United States was -0.3%, a new low since the second quarter of 2022. After the release of GDP data, the decline of U.S. stock index futures widened, with Nasdaq 100 futures falling by 1.4%, Dow futures by 0.45%, and S&P 500 futures falling by 0.96%. BTC fell below $94,500 in the short term.

🔥PANews reported on May 1 that according to SoSoValue data, the total net outflow of Bitcoin spot ETFs on April 30, Eastern Time was $56.2336 million.

🔥PANews reported on May 1 that according to SoSoValue data, the total net outflow of Bitcoin spot ETFs on April 30, Eastern Time was $56.2336 million.

Regulatory & Macro Policies

🔥According to Bitcoin Laws, Arizona’s two Bitcoin reserve bills will now be read for the third time next Monday and may be voted on. This may become the first state-level Bitcoin reserve bill to pass a vote.

🔥According to Cointelegraph, Hester Peirce, a member of the U.S. Securities and Exchange Commission (SEC) and head of the Crypto Asset Working Group, stated at the SEC’s “Know Your Custodian” roundtable that the current U.S. crypto asset regulatory environment is like playing the “floor is lava” game in the dark, and registered institutions are forced to act cautiously under unclear rules and avoid direct contact with crypto assets.

🔥According to Jiemian News, on April 28, the UAE International Holding Company (IHC), the sovereign wealth fund Abu Dhabi Development Holding Company (ADQ) and the First Abu Dhabi Bank (FAB) announced plans to launch a new stablecoin backed by the UAE dirham. The stablecoin will be fully regulated by the UAE Central Bank and issued by FAB, the largest bank in the UAE.

🔥According to Cointelegraph, Massachusetts Senator Elizabeth Warren called on government officials to address issues related to US President Trump’s Meme coin and his media company. Warren and Adam Schiff jointly wrote a letter to the Office of Government Ethics, requesting an investigation into the moral risks that may be caused by Trump’s Meme coin TRUMP.

🔥According to The Block, the Arizona State Legislature passed the Strategic Bitcoin Reserve Act SB 1025, authorizing the state finance department and pension to invest up to 10% of available funds in digital assets such as Bitcoin.

🔥BlockBeats news, on May 1, according to Cointelegraph, the North Carolina House of Representatives passed the Digital Asset Investment Act (HB 92) with 71 votes in favor and 44 votes against, allowing the state treasurer to invest up to 5% of state funds in approved cryptocurrencies. The bill has now been submitted to the state Senate for deliberation.

Crypto Market Highlights

⭐️In the past week, the crypto market as a whole has shown a continuous upward trend. Due to the gradual fading of external negative factors and the rapid inflow of external funds, the overall market liquidity and capital scale have continued to increase, and the structural adjustment of the crypto market has further shown a positive and reasonable trend. In the past week, the mainstream coins have mainly risen and fallen in the short term within the day. Overall, the upward trend is more obvious. At present, the market is likely to see a continuous rebound.

⭐️This week, the increase in VIRTUAL in the crypto market ranked first among mainstream coins, reaching about 134%, mainly due to the recent rapid inflow of DeFi liquidity and funds, as well as the impact of the market action of the protocol itself. Currently, the price of VIRTUAL is at a recent high, maintaining around $1.7, and the weekly high is around $1.77. It is currently in a short-term volatile trend, and the subsequent price may usher in further changes.

BTC & ETH Weekly Performance

Bitcoin (BTC)

(Data Courtesy Of TradingView)

This week, the BTC price trend showed continuous intraday ups and downs after the opening, and the price remained in the range of $93,000-$95,000. Near the closing time of the weekend, affected by recent comprehensive factors, the price showed a continuous compensatory rise trend, directly breaking through the key price of $95,000, and then further breaking through to above $97,000. The BTC price hit a recent high, and the overall market conditions have also rebounded significantly. In the short term, the BTC price is likely to maintain an upward trend in the short term, and continued ups and downs in a small range will still be the mainstream market.

Ethereum (ETH)

(Data Courtesy Of TradingView)

ETH’s price trend this week is slightly higher than BTC’s, but the two trends are consistent. ETH’s price peaked above $1,800 in a week. Currently, ETH’s price remains around $1,850, and the subsequent trend is likely to be mainly a round of compensatory increases, with a large upward space.

Web3 Project Trend

This week, the total market cap of the seven types of projects continued to rise across the board, but most of the increases remained within a small range. The market continued its recent upward trend due to comprehensive factors, but the upward movement of most tracks was limited. It is expected that the current main market trend will continue during the weekend closing period.