This Week's Cryptocurrency Market Dynamics
Last week, the net inflow into BTC ETF amounted to $130 million. BTC fell significantly from $120,000 to around $112,000, finding some support near $112,000. Although BTC dropped sharply, its market share slightly rebounded to 61.2%, indicating that BTC remained more resilient in the overall downward market while altcoins experienced larger declines.
Last week, ETH ETF saw a net inflow of $452 million, setting a record for nine consecutive weeks of net inflows, with a total inflow exceeding $7 billion over the last nine weeks. ETH spiked to around $3,940 last week before retreating to $3,500 due to a market decline. ETH's increase over the past 30 days remains as high as 41%, with its market share currently reported at 11.5%.
This Week's Hot Cryptocurrencies
In terms of popular cryptocurrencies, MAGIC, M, TON, WIZARD, and MEME all showed impressive performance. MAGIC's price increased by 25.06% this week, reaching a peak price of 0.2032 USDT. M's price rose by 50.94%. WIZARD's price increased by 94.41% this week, with a 24-hour trading volume of 679.99M USDT.
U.S. Market Overview and Hot News
Last week, the U.S. stock market experienced a downward trend influenced by various factors. The S&P 500 index fell by 1.60% on Friday (August 1), with a total decline of 2.36% for the week; the Dow Jones Industrial Average dropped 1.23% on Friday, with a total decline of 2.92% for the week; the Nasdaq Composite Index fell 2.24% on Friday, with a total decline of 2.17% for the week. Market sentiment was affected by the significantly lower-than-expected non-farm employment data for July, indicating a rapid deterioration in the labor market, prompting traders to increase their bets on a rate cut by the Federal Reserve in September. Furthermore, the White House announced plans to raise tariffs on trade partners with whom agreements have not been reached starting at midnight on August 7, further exacerbating market uncertainty.
Trump's tariff implementation date delayed by one week to August 7
Popular Sectors and Project Unlocks
DeFi
The DeFi sector was one of the hot areas last week, covering subfields such as liquidity provision, stablecoins, and real-world assets (RWA). Among them, Ethena rose 105% in July, primarily benefiting from its listing on Upbit and whale accumulation. Curve DAO increased by 85% due to its V3 upgrade that reduced gas fees and collaborations with stablecoin projects. Ondo Finance also gained attention for its applications in the RWA field. Other projects like PancakeSwap, Tetu.io, DIA, and MetaKujira were frequently mentioned in social media discussions, showing the activity level in the DeFi sector.
IOTA (IOTA) will unlock approximately 8.63 million tokens at 8:00 AM Beijing time on August 4, accounting for 0.22% of the current circulating supply, valued at approximately $1.6 million.
GoGoPool (GGP) will unlock approximately 750,000 tokens at 8:00 AM Beijing time on August 4, accounting for 10.60% of the current circulating supply, valued at approximately $1.2 million.
Ethena (ENA) will unlock approximately 172 million tokens at 3:00 PM Beijing time on August 5, accounting for 2.70% of the current circulating supply, valued at approximately $95.8 million.
Immutable (IMX) will unlock approximately 24.52 million tokens at 8:00 AM Beijing time on August 8, accounting for 1.30% of the current circulating supply, valued at approximately $12.2 million.
Risk Warning:
The risks of using BitMart services are entirely borne by you. All cryptocurrency investments (including returns) are inherently highly speculative and involve significant risk of loss. Past, hypothetical, or simulated performance does not necessarily represent future results.
The value of digital currencies may rise or fall, and buying, selling, holding, or trading digital currencies can involve significant risks. You should carefully consider whether trading or holding digital currencies is suitable for you based on your personal investment goals, financial situation, and risk tolerance. BitMart does not provide any investment, legal, or tax advice.
