Weekly Web3 Research | Global Spot BTC ETF Assets Exceeded $4 Billion, ORDI and Related Protocol Triggered Market Sentiment, The NFT Market Further Rebounded

Weekly Trend Overview

The crypto market as a whole continued to maintain a volatile upward trend this week, with most mainstream crypto project prices showing a certain degree of increase. Market confidence continued the bullish trend of last week and was reflected in prices. The total amount of funds in the current market is $1.43 trillion, which has been continuously rising for several weeks.

The crypto project of Top100 had a rise/fall ratio of 25:3 this week, indicating a moderate increase in the overall market situation, with fluctuations concentrated on Thursday. The high point of BTC is approaching $38,000, and ETH has returned to above $2,000 and maintained a slight fluctuation within this price range.

The weekly price increases for BTC and ETH have reached 5.0% and 11.9% respectively. Among the top 100 crypto projects, KAS and ILV saw the highest gains, both exceeding 60% in a week. KAS benefited from the project’s initial efforts to address network scalability, while ILV benefited from the official announcement of its upcoming launch on the Epic gaming platform.

Overall, the crypto market continued its bullish trend last week this week, with most currencies experiencing widespread price increases. The key hot words this week were ORDI and the associated BRC-20 network.

The trend curve of BTC and ETH remained similar this week. Presently, the price of BTC remains fluctuating around $36,500, while the price of ETH is currently fluctuating around $2,000. Both currencies had a good short-term upward trend within a week, and BTC’s rapid pullback failed to stabilize above $37,000.

As of now, the global crypto market value has risen to $1.43 trillion, with the entire market rising by approximately 2.8% within 24 hours.

Crypto Market

🔥 The global spot BTC ETF assets have exceeded $4 billion.

🔥 Holding over 8 million BTC addresses worth over $1000, setting a recent high.

🔥 Mike Alfred stated that SEC insiders have stated that the agency is attempting to create a level playing field for BTC spot ETF applicants by strategically leaking approval dates before Thanksgiving.

🔥 TON performance test TPS exceeding 100000.

🔥 Greeks.live stated that the implied volatility of ETH options reached a new high for the year.

🔥 OpenAI has released a new version of GPT-4 Turbo and reduced API fees, added multimodal capabilities and developer tools, and released personalized ChatGPT creation tools GPTs. Creators can earn profits based on user usage frequency, launching Assistants API, allowing developers to customize AI assistants with just one click. Recently, ChatGPT has a weekly activity of over 100 million, with over 92% of Fortune 500 companies and over 2 million developers using the platform.

🔥 Musk AI Company xAI Launches PromptIDE Tool.

🔥 BTC’s long-term investors hold a record high number of coins.

🔥 The Graph has launched a new roadmap and plans to add AI assisted queries.

🔥 The total outstanding amount of PYUSD tokens is $158 million.

🔥 Wintermute Co Creation stated that the NEAR Foundation has refused to fulfill its commitment to redeem 11.2 million USN related to FTX. The NEAR Foundation has expressed that Wintermute intends to use the USN it purchased from Alameda for arbitrage and therefore refuses its redemption request.

🔥 GameFi Illuvium is scheduled to be launched on the Epic Games Store on the 28th.

🔥 The founder of BRC-20 stated that they are about to update version 0.9 to the BRC-20 documentation.

🔥 The BitVM developer announced the first mainnet transaction for the Blake3 hash lock implemented in the BTC during the BitVM broadcast.

🔥 Sui TVL exceeded $100 million, continuing to reach a new high.

🔥 The daily trading volume of Ethereum NFT exceeds 10000 ETHs, reaching a new high in nearly three months.

Regulatory Policies

🔥 The Chief utive of the Hong Kong Securities Regulatory Commission stated that the Hong Kong government is considering allowing retail investors to invest in spot crypto ETFs.

🔥 The US SEC has started a dialogue with Grayscale to promote the conversion of GBTC to spot BTC ETFs. Analysts have stated that the SEC will open an 8-day window on November 9th or approve all 12 BTC spot ETFs.

Crypto Market Highlights

⭐ In the past week, the crypto market has continued its upward cycle, and market Optimism has further increased. The short-term rise has been significant, and there have been minor pullbacks in mainstream currencies. This week, the hot topics have begun to focus on the BRC20 track driven by ORDI.

⭐ Amidst the continued bullish trend in the market this week, the highly anticipated 3A and GameFi Illuvium have seen rapid gains due to the news, with a weekly high of over $89 and a weekly increase of 66%.

(Data Courtesy Of CoinGecko)

BTC & ETH Weekly Performance

Bitcoin (BTC)

(Data Courtesy Of TradingView)

The high point of BTC prices this week is approaching $38,000, which appeared on Thursday. Due to external news about BTC ETFs, there has been a slight correction, but the price has remained stable within the $36,000 range and fluctuated, providing a further price basis for the next increase.

Overall, BTC’s performance within a week is currently seen as a continuation of last week’s trend, with fluctuations in the $34,500- $35,000 range before being affected by news factors. Thursday’s impact on the $38,000 price range was unsuccessful, and the price did not achieve further breakthroughs. If the impact of news factors is not taken into account in the following week, the probability of the currency maintaining a fluctuating trend within the current price range will be relatively high. Of course, the probability of external positive information appearing is relatively high, and the $38,000 price level will be a key price resistance level at that time.

Ether (ETH)

(Data Courtesy Of TradingView)

The trend of ETH has been relatively stable for most of this week, showing a rapid upward trend starting from Thursday, reaching a high of $2,043 and then continuing to fluctuate at $2,000.

The price increase of ETH this week has been significant, which is closely related to the rapid increase in liquidity in the crypto market. ETH’s trading volume has also reached a new high, and the probability of this trend continuing in the future is relatively high. At present, the ETH remains stable at $2,000 with a slight fluctuation, and the probability of significant changes in the short term is relatively small.

Web3 Project Trend

This week, the total market value of the seven categories of projects rose across the board, with some tracks experiencing significant fluctuations, which intuitively reflects the hot topics and activity of the crypto market during the week. However, overall, it can also explain the upward trend of the market this week.