Crypto market weekly review

Recently, the crypto market has experienced significant volatility. Bitcoin has sharply fallen from a high of $120,000 to around $112,000, but has found some support at this level. Despite the price decline, Bitcoin's market share has slightly rebounded to 61.2%, demonstrating relatively stronger resilience compared to other cryptocurrencies.

In terms of Ethereum, its ETF continues to attract capital inflows, with a net inflow of $452 million last week, setting a record of nine consecutive weeks of net capital inflows. Over the past nine weeks, total inflows have exceeded $7 billion. The price of Ethereum once reached a high of $3,940, before falling back to $3,500. Nevertheless, the increase in Ethereum over the past 30 days still stands at 41%, with a market share of around 11.5%.

Outstanding Cryptocurrencies

This week, some cryptocurrencies have performed remarkably well. The price of MAGIC increased by 25.06%, reaching a high of $0.2032. The M token saw a rise of 50.94%. WIZARD surged by 94.41%, with a trading volume of $680 million in the last 24 hours. In addition, TON and MEME also showed impressive performance.

Overview of the US Financial Market

Last week, the U.S. stock market showed an overall downward trend. As of last Friday, the S&P 500 index, the Dow Jones Industrial Average, and the Nasdaq Composite Index fell by 1.60%, 1.23%, and 2.24% respectively. The cumulative decline for the week was 2.36%, 2.92%, and 2.17% respectively.

Market sentiment is influenced by multiple factors. The July non-farm payroll data fell short of expectations, indicating that the labor market may be deteriorating, prompting traders to increase their bets on a possible interest rate cut by the Federal Reserve in September. Additionally, the U.S. government announced plans to raise tariffs on certain trading partners, further adding to market uncertainty.

Popular Sector Analysis

Decentralized finance (DeFi) became one of the focal points of the market last week. This field encompasses several sub-sectors, including liquidity provision, stablecoins, and real-world asset tokenization (RWA).

The Ethena project surged 105% in July, mainly due to its listing on a certain trading platform and the accumulation of large funds. Curve DAO rose by 85%, as its V3 version upgrade reduced Gas fees and collaborated with multiple stablecoin projects. Ondo Finance's application in the RWA field has also attracted market attention.

Other projects such as certain DEXs, Tetu.io, DIA, and MetaKujira have also seen a high level of discussion on social media, reflecting an overall increase in the activity level of the DeFi sector.

Upcoming Token Unlocks

IOTA will unlock approximately 8.63 million tokens at 8 AM (Beijing time) on August 4, accounting for 0.22% of the current circulating supply, valued at about $1.6 million.

GoGoPool plans to unlock approximately 750,000 GGP tokens on August 4 at 8:00 AM (Beijing time), accounting for 10.60% of the current circulating supply, valued at approximately 1.2 million USD.

Ethena is expected to unlock approximately 172 million ENA tokens on August 5 at 3 PM (Beijing time), accounting for 2.70% of the current circulating supply, valued at about 95.8 million USD.

Immutable will unlock approximately 24.52 million IMX tokens on August 8 at 8:00 AM (Beijing time), accounting for 1.30% of the current circulation, valued at approximately 12.2 million dollars.