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Crypto Weekly Update: Ethereum Spot ETF Approval, Breaking News, and Market Analysis
Welcome to your go-to source for all things Web3, Blockchain and Crypto! Our Weekly report dives into the freshest updates and game-changing developments in the fast-paced world. We curate the best data from trusted sources to keep you ahead of the curve. Ready to stay informed and inspired? Let’s explore the latest trends and insights together!
1. Web3, Blockchain & Crypto Breaking News This Week
Here are this week’s major breaking news reports related to Web3, Blockchain, and crypto that you should never miss.
- US Supreme Court Rules Against Coinbase in Arbitration Case
The United States Supreme Court unanimously decided that courts must determine which contract takes precedence when multiple agreements exist, ruling against Coinbase in a dispute over a 2021 Dogecoin sweepstakes.
- US House Votes to Ban Federal Reserve Issuing CBDCs
The US House passed the CBDC Anti-Surveillance State Act, blocking the Federal Reserve from directly issuing digital currencies, aiming to prevent potential surveillance of American citizens.
- US House Passes Crypto Clarity Legislation
The Financial Innovation and Technology for the 21st Century Act passed with bipartisan support, providing legal clarity on the classification, registration, and custody of crypto assets, moving away from the SEC’s enforcement-led regulation.
- Trump Campaign Accepts Cryptocurrency Donations
The Trump campaign will now accept cryptocurrency donations, making it the first major party presidential campaign to do so, aligning with its agenda of prioritising freedom over government control.
- Polimec Launches on Polkadot for Web3 Fundraising
Polimec, a decentralised funding protocol, was launched on Polkadot. It aims to transform Web3 project fundraising by providing a transparent, regulatory-compliant platform for connecting investors with startups globally.
- UN Report: North Korean Hackers Launder Stolen Crypto
A UN report revealed North Korean hackers funnelled millions in stolen cryptocurrency through Tornado Cash last year. The Lazarus Group transferred $147.5 million taken from crypto exchange HTX in 2023.
1.1. This Week’s Web3, Blockchain & Crypto Special News Report You Can’t-Miss
- SEC Approves Spot Ether ETFs; ETH & BTC Witness Volatility
The SEC approves spot Ether ETFs for trading on national exchanges. Recently, Ethereum saw a boost in its price from $3,100 to a peak of $3,930. This followed experts’ approval prediction. Bitcoin also surged to $72,000. However, both cryptocurrencies dropped due to high volatility before the approval and struggled to recover. The price of Ethereum at present, on 25th May 2024 (8:30 AM GMT-4), stands at $3,741.22, and Bitcoin’s price is $69,273.19. Despite the approval, it may take weeks for an Ether ETF to go live, meaning the full impact on the crypto market will be realised later.
2. Blockchain Weekly Analysis
The weekly blockchain analysis covers the blockchain dominance analysis and 7-day change analysis. To clarify, the Layer 1 chains and Layer 2 chains are analysed separately.
2.1. Blockchain Dominance Analysis
Ethereum, TRON, BNB Smart Chain, Solana, and Arbitrum One are the top five blockchains as per dominance and TVL.
| Blockchains | Dominance | TVL |
| Ethereum | 64.34% | $63,308,692,822 |
| TRON | 8.81% | $8,664,627,023 |
| BNB Smart Chain | 5.49% | $5,403,408,858 |
| Solana | 4.74% | $4,659,519,009 |
| Arbitrum One | 3.05% | $2,998,844,013 |
Ethereum dominates the blockchain sector with 64.3%. TRON and BNB Smart Chain follow with 8.81% and 5.49%, respectively. Solana displays 4.74% dominance, and Arbitrum One shows 3.05% dominance.
2.1.1. Top Five Layer 1 Chains By Dominance
Ethereum, BNB Smart Chain, Solana, Bitcoin and Avalanche are the top five Layer 1 Blockchain by dominance and TVL.
| Layer 1 Blockchains | Dominance | TVL |
| Ethereum | 80.74% | $63,280,623,806 |
| BNB Smart Chain | 6.89% | $5,401,013,162 |
| Solana | 5.94% | $4,657,453,129 |
| Bitcoin | 1.46% | $1,142,885,950 |
| Avalanche | 1.26% | $989,858,224 |
In the layer 1 chain segment, Ethereum dominates with 80.74%. BNB Smart Chain and Solana follow with 6.89% and 5.94%, respectively. Bitcoin records 1.46% dominance, and Avalanche registers 1.26% dominance.
2.1.2. Top Five Layer 2 Chains By Dominance
Arbitrum One, Blast, Base, Polygon POS, and Optimism are the top five Layer 2 Blockchains based on dominance and Total Value Locked.
| Layer 2 Blockchains | Dominance | TVL |
| Arbitrum One | 29.79% | $2,997,202,414 |
| Blast | 18.61% | $1,871,893,206 |
| Base | 16.74% | $1,683,987,107 |
| Polygon POS | 9.58% | $963,814,055 |
| Optimism | 8.52% | $857,522,817 |
In the layer 2 chain segment, Arbitrum One dominates with 29.79%. Blast and Base closely follow with 18.61% and 16.74%, respectively. Polygon POS shows 9.58% dominance, and Optimism displays 5.52% dominance.
2.2. Blockchain 7-Day Change Analysis
Let’s analyse the top five Layer 1 chains using the 7-day change index.
| Layer 1 Blockchains | 7-Day Change |
| Ethereum | +21.1% |
| BNB Smart Chain | -9.7% |
| Solana | +5.8% |
| Bitcoin | +3.6% |
| Avalanche | +5.7% |
Among the top five layer 1 blockchains by TVL, only one shows negative 7-day change. BNB Smart Chain displays the negative 7-day change of -9.7%. The highest 7-day positive change is shown by Ethereum, with +21.1% change. Solana dnd Avalanche follow with +5.8% and +5.7%, respectively. Bitcoin registers the change of +3.6%.
Let’s analyse the top five Layer 2 chains using the 7-day change index.
| Layer 2 Blockchains | 7-Day Change |
| Arbitrum One | +13.6% |
| Blast | +24.7% |
| Base | +11.4% |
| Polygon POS | +8.0% |
| Optimism | +10.5% |
Among the top five layer 2 blockchains by TVL, all of them display positive 7-day change. Blast displays the highest 7-day positive change of +24.7%. Arbitrum One and Base follow with +13.6% and +11.4%, respectively. Optimism records +10.5% change, and Polygon POS registers +8.0% change.
3. Cryptocurrency Weekly Analysis
The Cryptocurrency Weekly analysis covers a wide range of analyses, from the general cryptocurrency market cap analysis and the top gainers and losers analysis to the Stablecoin, Memecoin, AI Coins and Metaverse Coins analyses.
3.1. Top Cryptocurrency Categories By Market Cap
Layer 1 (LI), Smart Contract Platform, Andreessen Horowitz (a16z) Portfolio, Alameda Research Portfolio, and Alleged SEC Securities are the top five cryptocurrency categories by Market Cap. The Layer 1 (L1) category, with $2,075,024,162,080 market cap, is the one with the highest market cap. The Smart Contract Platform category follows with a $759,692,397,902 market cap.
| Crypto Categories | Market Cap | 7-Day Change |
| Layer 1 (L1) | $2,075,024,162,080 | +47.2% |
| Smart Contract Platform | $759,692,397,902 | +15.7% |
| Andreessen Horowitz (a16z) Portfolio | $610,522,744,828 | +19.4% |
| Alameda Research Portfolio | $556,666,727,766 | +20.8% |
| Alleged SEC Securities | $251,715,895,182 | +1.8% |
Among the top five crypto categories by market cap, all the five top categories show positive 7-day change. Layer 1 (L1) records the highest 7-day change of 47.2%. Alameda Research Portfolio and Andreessen Horowitz (a16z) Portfolio follow with +20.8% and +19.4%, respectively. Smart Contract Platform also registers an impressive change of +15.7%. Meanwhile, Alleged SEC Securities displays a minimal change of +1.8%.
3.1.1. Trending Categories This Week
Music Tokens, Liquid Restaking Governance Tokens, LRTfi, Yield Tokenization Coins, Elon Musk-inspired coins, and AI Meme Coins are the most trending categories this week.
| Trending Categories | Market Cap |
| Music Tokens | $627,121,599 |
| Liquid Restaking Governance Tokens | $1,524,880,216 |
| LRTfi | $989,429,410 |
| Yield Tokenization Coins | $965,345,342 |
| Elon Musk-Inspired Coins | $23,760,570,550 |
| AI Meme Coins | $975,478,321 |
Among the top trending categories, the category of Elon Musk-Inspired Coins has the highest market cap of $23,760,570,550. The Liquid Restaking Governance Tokens category follows with a $1,524,880,216 market cap. LRTfi, AI Meme Coins, and Yield Tokenization Coins record $989,429,410, $975,478,321, and $965,345,342 market cap, respectively.
3.2. Top Cryptocurrencies By Market Cap
Bitcoin, Ethereum, Tether, BNB, and Solana are the top five cryptocurrencies by market cap. Bitcoin has the highest market cap of $1,326,998,613,001. Etheruem follows with a market cap of $444,659,154,199.
| Cryptocurrencies | Market Cap | 7-Day Change |
| Bitcoin | $1,326,998,613,001 | +1.2% |
| Ethereum | $444,659,154,199 | +22.1% |
| Tether | $111,958,979,692 | -0.1% |
| BNB | $91,693,466,328 | +2.9% |
| Solana | $74,431,437,048 | -1.5% |
Among the top five cryptocurrencies, Ethereum shows the highest 7-day change of +22.1%. BNB and Bitcoin display minimal positive changes of +2.9% and +1.2%, respectively. Solana and Tether record negative changes of -1.5% and -0.1%, respectively.
3.2.1. Trending Coins This Week
Gearbox, Apu Apustaja, Turbo, Opulous and Ondo are the most trending cryptocurrencies at the time of preparing this analysis.
| Trending Cryptocurrencies | Market Cap |
| Gearbox | $111,343,734 |
| Apu Apustaja | $233,632,808 |
| Turbo | $201,554,316 |
| Opulous | $92,410,047 |
| Ondo | $1,621,280,118 |
Among the top five most trending cryptos, Ondo has the highest market cap of $1,621,280,118. Apu Apustaja and Turbo follow with $233,632,808 and $201,554,316, respectively. Gearbox has a market cap of $111,343,734, and Opulous marks a market cap of $92,410,047.
3.2.2. Top Gainers & Losers This Week
AMATERASU OMIKAMI, Wojak, Turbo, Higher, and BOB Token are the top gainers of the week as per the 7-day gain index.
| Top Gainers | 7-Day Gain |
| AMATERASU OMIKAMI | +286.6% |
| Wojak | +125.3% |
| Turbo | +120.0% |
| Higher | +110.3% |
| BOB Token | +105.0% |
AMATERASU OMIKAMI shows the highest 7-day gain of +286.6%. Wojak and Turbo follow with +125.3% gain and +120.0% gain, respectively. Higher has a 7-day gain of +110.3%, and BOB Token records a 7-day gain of +105.0%.
Michi, Jeo Boden, Kitten Haimer, Shark Cat, and Notcoin are the top losers of the week as per the 7-day loss index.
| Top Losers | 7-Day Loss |
| michi | -53.3% |
| Jeo Boden | -39.8% |
| Kitten Haimer | -38.9% |
| Shark Cat | -32.0% |
| Notcoin | -31.2% |
Michi registers the highest 7-day loss of -53.3%. Jeo Boden and Kitten Haimer follow with -39.8% and -38.9%, respectively. Shark Cat shows a loss of -32.0%, Bitcoin records a loss of -31.2%.
3.3. Top Stablecoins Analysis
Tether, USDC, Dai, First Digital USD, and Ethena USDe are the top five stablecoins as per market cap.
| Stablecoins | Market Cap |
| Tether | $112,018,679,115 |
| USDC | $32,739,425,716 |
| Dai | $5,308,052,511 |
| First Digital USD | $3,230,327,487 |
| Ethena USDe | $2,681,694,776 |
In the stablecoin market, Tether has the highest market cap of $112,018,679,115. USDC and Dai follow with $32,739,425,716 and $5,308,052,511, respectively. First Digital USD showcases a market cap of $3,230,327,487. Ethena USDe enjoys a $2,681,694,776 market cap.
3.4. Top Memecoins 7-Day Change Analysis
Dogecoin, Shiba Inu, Pepe, dogwifhat, and Bonk are the top five Memecoins as per market cap. Dogecoin has the highest market cap of $23,526,356,272. Shiba Inu and Pepe follow with $14,268,797,326 and $5,813,405,981 market cap, respectively.
| Memecoins | Market Cap | 7-Day Change |
| Dogecoin | $23,526,356,272 | +7.9% |
| Shiba Inu | $14,268,797,326 | -2.0% |
| Pepe | $5,813,405,981 | +39.2% |
| dogwifhat | $2,787,008,032 | -1.9% |
| Bonk | $2,184,863,206 | +37.0% |
Among the top five memcoins, Pepe and Bonk mark impressive 7-day changes of +39.2% and 37.0%. Dogecoin shows a +7.9% change. Conversely, Shiba Inu and dogwifhat records negative changes of -2.0% and -1.9%, respectively.
3.5. Top AI Coins 7-Day Change Analysis
Fetch-ai, Internet Computer, Render, The Graph, and Bittensor are the top five AI Coins as per market cap. Fetch.ai has the highest market cap of $5,815,503,794. Internet Computer and Render closely follow with $5,675,753,251 and $3,932,965,819 market cap, respectively.
| AI Coins | Market Cap | 7-Day Change |
| Fetch.ai | $5,815,503,794 | +2.0% |
| Internet Computer | $5,675,753,251 | -4.0% |
| Render | $3,932,965,819 | +1.0% |
| The Graph | $3,068,789,601 | +2.5% |
| Bittensor | $2,932,775,704 | +13.6% |
Among the top five AI coins, only one coin shows a negative 7-day change. Internet Computer records a 7-day change of -4.0%. The highest 7-day positive change is recorded by Bittensor, with +13.6% change. The graph and Fetch.ai show a change of +2.5% and +2.0%, respectively. Render registers a minimal change of +1.0%.
3.6. Top Metaverse Coins 7-Day Change Analysis
Render, FLOKI, Axie Infinity, The Sandbox, and Decentraland are the top five Metaverse Coins on the basis of market cap. Render has the highest market cap of $3,928,015,314. FLOKI, Axie Infinity, and The Sandbox closely follow with $2,150,126,952, $1,132,240,710, and $1,005,070,619 market cap, respectively.
| Metaverse Coins | Market Cap | 7-Day Change |
| Render | $3,928,015,314 | +0.8% |
| FLOKI | $2,150,126,952 | +6.4% |
| Axie Infinity | $1,132,240,710 | +7.1% |
| The Sandbox | $1,005,070,619 | +0.3% |
| Decentraland | $844,788,666 | +4.5% |
Among the top five metaverse coins, all of them show positive 7-day changes. Axie Infinity displays the highest 7-day change of +7.1%. FLOKI and Decentraland follow with +6.4% and +4.5% change, respectively. Render and The Sandbox mark minimal changes of +0.8% and +0.3%, respectively.
4. Crypto ETF Weekly Analysis
The crypto ETF weekly analysis covers Bitcoin Spot ETFs, Bitcoin Futures ETFs, and Ethereum Futures ETFs.
4.1. Bitcoin Spot ETF Price Change Analysis
GBTC, IBIT, FBTC, ARKB and BITB are the top five Bitcoin Spot ETFs based on Asset Under Management. GBTC marks the highest AUM of $24.33B. IBIT closely follows with an AUM of $17.24B.
| Bitcoin Spot ETFs | Price | Change | AUM |
| Grayscale (GBTC) | $59.70 | -3.63% | $24.33B |
| BlackRock (IBIT) | $38.27 | -3.63% | $17.24B |
| Fidelity (FBTC) | $58.72 | -3.88% | $9.90B |
| Ark/21 Shares (ARKB) | $67.13 | -3.62% | $2.85B |
| Bitwise (BITB) | $36.63 | -3.51% | $2.16B |
Among the top five Bitcoin Spot ETFs, none of them register positive changes. Fidelity (FBTC) marks the highest negative price change of -3.88%. Grayscale (GBTC) and BlackRock (IBIT), both showcase a change of -3.63%. Ark/21 Shares (ARKB) records a change of -3.62%, and Bitwise (BITB) displays -3.51% change.
4.2. Bitcoin Futures ETF Price Change Analysis
BITO, XBTF, BTF, BITS, and ARKA are the top five Bitcoin Futures ETFs as per Asset Under Management. BITO has the highest AUM of $598.78M. XBTF follows with $42.41M AUM.
| Bitcoin Futures ETFs | Price | Change | AUM |
| ProShares (BITO) | $27.20 | -3.78% | $598.78M |
| VanEck (XBTF) | $39.22 | +0.33% | $42.41M |
| Valkyrie (BTF) | $21.08 | -1.08% | $38.20M |
| Global X (BITS) | $66.20 | -4.42% | $26.10M |
| Ark/21 Shares (ARKA) | $64.66 | -2.82% | $8.01M |
Among the top five Bitcoin Futures ETFs, only VanEck (XBTF) displays a positive change; it records a change of +0.33%. The highest negative price change is shown by Global X (BITS), with -4.42%. ProShares (BITO) follows closely with a -3.78% change. Ark/21 Shares (ARKA) and Valkyrie (BTF) register negative changes of -2.82% and -1.08%, respectively.
4.3. Ethereum Futures ETF Price Change Analysis
BITW, BTF, EFUT, EETH, and AETH are the top five Ethereum Futures ETFs based on Asset Under Management. BITW has the highest AUM of $478.00M. BTF follows with $25.93M AUM.
| Ethereum Futures ETFs | Price | Change | AUM |
| Bitwise (BITW) | $36.22 | -4.48% | $478.00M |
| Valkyrie (BTF) | $21.08 | -1.08% | $25.93M |
| VanEck (EFUT) | $29.46 | +1.45% | $7.84M |
| ProShares (EETH) | $82.16 | +1.37% | $6.43M |
| Bitwise (AETH) | $49.51 | +0.57% | $585.75K |
Among the top five Ethereum futures ETFs, at least three record positive price changes, though mild. When VanEck (EFUT) and ProShares (EETH) show impressive changes of +1.45% and +1.37%, respectively, Bitwise (AETH) displays a mild positive change of +0.57%. Conversely, Bitwise (BITW) registers an unimpressive change of -4.48%, and Valkyrie (BTF) marks a mild negative change of -1.08%.
5. DeFi Protocols Weekly Analysis
Lido, EigenLayer, AAVE, Maker and JustLend are the top five DeFi protocols as per Total Value Locked. Lido marks the highest TVL of $34.568B. EigenLayer and AAVE follow with $18.189B and $12.727B, respectively.
| DeFi Protocols | TVL | 7-Day Change |
| Lido | $34.568B | +21.54% |
| EigenLayer | $18.189B | +19.87% |
| AAVE | $12.727B | +16.53% |
| Maker | $8.921B | +8.13% |
| JustLend | $6.515B | +1.29% |
Among the top five DeFi protocols, Lido shows the highest 7-day change of +21.54%. EigenLayer and AAVE display changes of +19.87% and +16.53%, respectively. Maker registers a satisfactory change of +8.13%, and JustLend records a minimal change of +1.29%.
6. Crypto Exchange Weekly Analysis
6.1. Top Crypto Centralised Exchanges
Binance, Coinbase Exchange, Bybit, WhiteBIT, and OKX are the top five crypto centralised exchanges on the basis of Monthly Visits.
| Crypto Centralised Exchanges | Monthly Visits | Trust Score |
| Binance | 75.3M | 10/10 |
| Coinbase Exchange | 46.3M | 10/10 |
| Bybit | 31M | 10/10 |
| WhiteBIT | 24.8M | 8/10 |
| OKX | 24.1M | 10/10 |
Binance has the highest number of monthly visits of 75.3M. Coinbase Exchange follows with 46.3M. Bybit marks 31M monthly visits. WhiteBIT and OKX record 24.8M and 24.1M, respectively.
Among the top five crypto centralised exchanges, except WhiteBIT, all of them show an impressive trust score of 10/10. WhiteBIT registers a trust score of 8/10.
6.2. Top Crypto Decentralised Exchanges
Uniswap V3 (Ethereum), Uniswap V3 (Arbitrum One), Jupiter, Orca, and Pancakeswap V3 (BSC) are the top five crypto decentralised exchanges on the basis of Market Share by Volume.
| Crypto Decentralised Exchanges | % Market Share by Volume | 24-Hour Volume |
| Uniswap V3 (Ethereum) | 29.0% | $3,287,743,930 |
| Uniswap V3 (Arbitrum One) | 12.5% | $1,421,920,117 |
| Jupiter | 6.7% | $759,282,905 |
| Orca | 4.9% | $550,453,053 |
| Pancakeswap V3 (BSC) | 4.6% | $518,919,427 |
Uniswap V3 (Ethereum) dominates with 29.0% market share by volume. Uniswap V3 (Arbitrum One) follows with 12.5%. Jupiter displays 6.7%. Orca and Pancakeswap V3 (BSC) register 4.9% and 4.6%, respectively.
Among the top five crypto decentralised exchanges, Uniswap V3 (Ethereum) has the highest 24-hour volume of $3,287,743,930. Uniswap V3 (Arbitrum One) follows with $1,421,920,117 volume.
6.3. Top Crypto Derivative Exchanges
Binance (Futures), Bybit(Futures), Deepcoin (Derivatives), Bitget Futures, and BYDFi (Futures) are the top five crypto derivative exchanges by 24-hour open interest.
| Crypto Derivative Exchanges | 24-Hour Open Interest | 24-Hour Volume |
| Binance (Futures) | $19,722,149,258 | $103,686,158,764 |
| Bybit (Futures) | $12,800,682,172 | $36,848,564,789 |
| Deepcoin (Derivatives) | $10,874,699,192 | $11,528,611,309 |
| Bitget Futures | $10,279,715,000 | $24,457,277,642 |
| BYDFi (Futures) | $9,845,579,609 | $11,501,719,346 |
Binance (Futures) has the highest 24-hour Open Interest of $19,722,149,258. Bybit (Futures), Deepcoin (Derivatives), and Bitget Futures are followed by $12,800,682,172, $10,874,699,192, and $10,279,715,000 respectively. BYDFi (Futures) marks an open interest of $9,845,579,609.
Among the top five crypto derivative exchanges, Binance (Futures) has the highest 24-hour volume of $103,686,158,764. Bybit (Futures) and Bitget Futures follow with $36,848,564,789 and $24,457,277,642, respectively.
7. NFT Marketplace Weekly Analysis
Blur, Blur Aggregator, Cryptopunks, Gem, and X2Y2 are the top five NFT Marketplaces by Market Share. Blur has the highest market share of 70.40%. Blur Aggregator and Cryptopunks follow with 20.71% and 4.20% market share, respectively.
| NFT Marketplaces | Market Share | Volume Change (Change of last 7-D Volume over the Previous 7-D Volume) |
| Blur | 70.40% | +14.30% |
| Blur Aggregator | 20.71% | +3.32% |
| Cryptopunks | 4.20% | -39.47% |
| Gem | 1.54% | +54.65% |
| X2Y2 | 1.46% | -19.43% |
Among the top five NFT marketplaces, at least three NFT marketplaces show positive volume change. The highest volume change is recorded by Gem, with +54.65% change. Blur and Blur Aggregator follow with +14.30% and +3.32%, respectively. The highest negative volume change is registered by Cryptopunks, with -39.47% change. X2Y2 follows with -19.43% change.
7.1. Top NFT Collectibles This Week
CryptoPunks #8796, CryptoPunks #3259, CryptoPunks #5406, CryptoPunks #5335, and CryptoPunks #2685 are the top NFT collectibles based on Price.
| NFT Collectibles | Price |
| CryptoPunks #8796 | $191,472.92 |
| CryptoPunks #3259 | $148,803.08 |
| CryptoPunks #5406 | $143,877.09 |
| CryptoPunks #5335 | $141,559.55 |
| CryptoPunks #2685 | $141,200.36 |
CryptoPunks #8796 marks the highest price of $191,472.92. CryptoPunks #3259, and CryptoPunks #5406 follow with $148,803.08 and $143,877.09, respectively. CryptoPunks #5335, with $141,559.55, is the one with the fourth highest price, and CryptoPunks #2685, with $141,200.36, is the fifth highest.
8. Web3, Blockchain & Crypto Funding Analysis
8.1. Crypto Fundraising Trend
| Week | Funds Raised | Number of Fundraising Rounds |
| May 20 – 26, 2024 | $245.00M | 27 |
| May 13 – 19, 2024 | $157.40M | 30 |
As per this week’s crypto fundraising trend, from May 20, 2024 till now, nearly $245.00M have been raised. In the previous week, between May 13 and 19, 2024, only $157.40M was raised. Clearly, the fund raised this week is at least 87.6M higher than the fund raised previous week.
8.2. Most Active Investors This Week
OKV Ventures, Laser Digital, No Limit Holdings, Haun Ventures, and DuckDAO are the most active investors this week, based on Deals.
| Investors (or Fund’s Name) | Deals (19 May – 24 May, 2024) | Investments | Lead Investments |
| OKV Ventures | 4 | 3 | 1 |
| Laser Digital | 3 | 2 | 1 |
| No Limit Holdings | 2 | 2 | 0 |
| Haun Ventures | 2 | 1 | 1 |
| DuckDAO | 2 | 2 | 0 |
OKV Ventures displays the highest number of deals of 4. Laser Digital and No Limit Holdings follow with 3 and 2 deals respectively. Haun Ventures and DuckDAO record 2 deals each. Among the top five most active investors, at least three register lead investment. OKV Ventures, Laser Digital and Haun Ventures mark one lead investment each.
8.3. Crypto Fundraising By Category
Blockchain Infrastructure, Blockchain Services, CeFi, Chain, DeFi, GameFi, NFT and Social are the categories raised funds this week.
| Category | Number of Fundraising Rounds (May 20 – 26, 24) | Funds Raised |
| Blockchain Infrastructure | 2 | $22.00M |
| Blockchain Service | 5 | $12.70M |
| CeFi | 1 | $9.50M |
| Chain | 5 | $27.90M |
| DeFi | 7 | $17.90M |
| GameFi | 4 | $5.00M |
| NFT | 1 | N/A |
| Social | 2 | $150.00M |
Social, with a $150.00M fundraised, is the highest fund raised category this week. Chain, Blockchain Infrastructure, and DeFi are followed by $27.90M, $22.00M, and $17.90M, respectively. Blockchain Services, CeFi, and GameFi, show $12.70M, $9.50M, and $5.00M funds raised, respectively.
8.4. Top Crypto Investment Locations
Apart from the undisclosed category, the US, Cayman Islands, Greece, and Russia are the top crypto investment locations, on the basis of funds raised.
| Investment Location | Funds Raised (May 19 – 24, 2024) | Funds Raised % | Number of Rounds |
| The United States | $162.00M | 66% | 5 |
| Undisclosed | $58.40M | 24% | 20 |
| Cayman Islands | $10.00M | 4% | 1 |
| Greece | $7.70M | 3% | 1 |
| Russia | $6.90M | 3% | 1 |
The United States, which accounts for around 66% of the total investment raised, is the top investment location this week; the total amount it raised is around $162.00M. The undisclosed category accounts for nearly 24%, followed by $58.40M in funds raised. Interestingly, the Cayman Islands, Greece and Russia mark $10.00M, $7.70M, and $6.90M funds raised, respectively.
8.5. Most Active Crypto VC Jurisdictions
The US, Singapore, the UK, China and Seychelles are the most active crypto venture capital jurisdictions.
| Crypto VC Jurisdiction | Number of Projects (May 19 – 24, 2024) |
| The US | 57 |
| Singapore | 13 |
| The UK | 8 |
| China | 8 |
| Seychelles | 5 |
Among the most active crypto venture capital jurisdictions, The US has the highest number of projects of 57. Singapore and The UK follow with 13 and 8 projects, respectively. China also records 8 projects, and Seychelles registers five projects.
9. Web 3, Blockchain & Crypto Hack Updates
The total value hacked is $7.9B. The total value hacked in DeFi is $5.96B, and total value hacked in Bridges is $2.83 billion.
| Total Value Hacked | $7.9B
Total Value Hacked in DeFi$5.96BTotal Value Hacked in Bridges $2.83B |
| Project Name | Amount Lost | Date |
| Gala | $22M | 20 May, 2024 |
| ALEX | $23.9M | 16 May. 2024 |
| pump.fun | $2M | 16 May, 2024 |
| Sonne Finance | $20M | 15 May, 2024 |
Gala, ALEX, pump.fun and Sonne Finance are the top four project hacks reported this month. The Sonne Finance hack is the first reported this month. In this hack reported on 15th May, 2024, the project lost nearly $20M. ALEX and pump.fun were reported on 16th May. In the ALEX hack, nearly $23.9M was lost. It is the biggest hack reported this month in terms of amount lost. In the pump.fun hack, only $2M was lost. It is the smallest hack this month in terms of amount lost. The Gala hack, reported on 20th May, in which Gala lost over $22M, is the latest hack reported.
Endnote
This report provides a comprehensive analysis of the current performance of various blockchains and cryptocurrencies, including Bitcoin, Altcoins, Stablecoins, AI Coins, Memecoins and Metaverse. It highlights trending coins, top gainers and losers, and delves into Crypto ETFs such as Bitcoin Spot ETFS, Bitcoin Futures ETFs, and Ethereum Futures ETFs. Additionally, it examines centralised, decentralised, and derivatives crypto exchanges, DeFi protocols, and NFT marketplaces. The report also covers crypto fundraising activities, prominent investors, key investment locations, and notable crypto hacks reported lately.
Over the past 24 hours, Jupiter and JasmyCoin emerged as the top gainers among the top 100 crypto assets, while Bittensor and Mantra plunged as the top losers.
Top Winners
Jupiter
Jupiter (JUP) led the charge among the biggest gainers on July 27.
At the time of writing, the crypto asset had surged 12.6% in the past 24 hours and was trading at $1.16. JUP’s daily trading volume was hovering around $282 million, according to data from crypto.news.
JUP Hourly Price Chart, July 26-27 | Source: crypto.news
Additionally, the cryptocurrency’s market cap stood at $1.56 billion, making it the 62nd largest crypto asset, according to CoinGecko. Despite the recent price surge, the token is still down 42.6% from its all-time high of $2 reached on Jan. 31.
Jupiter functions as a decentralized exchange aggregator that allows users to trade Solana-based tokens. The platform also offers users the best routes for direct trades between multiple exchanges and liquidity pools.
In addition to being a DEX aggregator, Jupiter has expanded into a “full stack ecosystem” by launching several new projects, including a dedicated pool to support perpetual trading and plans for a stablecoin.
JasmyCoin
JasmyCoin (JASMI) has increased by 12% in the last 24 hours and is trading at $0.0328 at press time. JASMY’s daily trading volume has increased by 10% in the last 24 hours, reaching $146 million.
JASMY Hourly Price Chart, July 26-27 | Source: crypto.news
The asset’s market cap has surpassed the $1.5 billion mark, making it the 60th largest cryptocurrency at the time of reporting. However, the self-proclaimed “Bitcoin of Japan” is still down 99.3% from its all-time high of $4.79 on February 16, 2021.
JASMY is the native token of Jasmy Corporation, a Japanese Internet of Things provider. The platform seeks to merge the decentralization of blockchain technology with IoT, allowing users to convert their digital information into digital assets.
The initiative was launched by Kunitake Ando, former COO of Sony Corporation, along with Kazumasa Sato, former CEO of Sony Style.com Japan Inc., Hiroshi Harada, executive financial analyst at KPMG, and other senior executives from Japan.
Kaspa
Kaspa (KAS) saw a 100% increase in trading volume and an 8% increase in price over the past 24 hours, trading at $0.19 at the time of publication.
KAS Hourly Price Chart, July 26-27 | Source: crypto.news
According to data from CoinGecko, Kaspa now ranks 27th in the global cryptocurrency list, with a circulating supply of approximately 24.29 billion KAS tokens and a market capitalization of $4.59 billion.
Kaspa is a cryptocurrency designed to deliver a high-performance, scalable, and secure blockchain platform. Its unique Layer-1 protocol includes the GhostDAG protocol, a proof-of-work (PoW) consensus mechanism that enables faster block times and higher transaction throughput compared to standard blockchains.
Unlike Bitcoin, GhostDAG allows multiple blocks to be created simultaneously, speeding up transactions and increasing block rewards for miners.
Bonk
Bonk (BONK) is the only one coin meme which made it to this list of biggest gainers and jumped 8.6% in the last 24 hours. Trading at $0.000030, the Solana-based meme coin’s market cap has surpassed $2.1 billion, surpassing Floki (FLOKI), another competing dog-themed coin with a market cap of $1.78 billion.
BONK Hourly Price Chart, July 26-27 | Source: crypto.news
BONK’s daily trading volume hovered around $285 million. However, BONK is still down 33.5% from its all-time high of $0.000045, reached on March 4.
Bonk, a meme coin that rose to prominence in 2023, has contributed significantly to Solana’s value increase amid the meme coin frenzy.
Bonk started out as a simple dog-themed coin. It has since expanded its features to include integration with decentralized finance. The project also partners with cross-chain communication protocols, NFT marketplaces, and various other cryptocurrency ecosystems.
BONK trading pairs are now listed on major exchanges including Binance, Coinbase, OKX, and Bitstamp.
The big losers
Bittensor
Bittensor (TAO) was the biggest loser among the 100 largest crypto assets, according to data from CoinGecko.
At the time of writing, TAO, the native token of decentralized AI project Bittensor, was down 5%, trading around $344. The crypto asset had a daily trading volume of $59 million and a market cap of $2.43 billion.
TAO 24 Hour Price Chart | Source: CoinGecko
Bittensor, created in 2019 by AI researchers Ala Shaabana and Jacob Steeves, initially operated as a parachain on Polkadot before transitioning to its own layer-1 blockchain in March 2023.
Mantra
Mantra (OM) fell 6%, trading at $1.13 at press time. The digital currency’s market cap fell to $938 million. Additionally, the 82nd largest crypto asset has a daily trading volume of $26 million.
OM Price Hourly Chart, July 26-27 | Source: crypto.news
Mantra is a modular blockchain network comprising two chains, Manta Pacific and Manta Atlantic, specialized in zero-knowledge applications.
Coat
Coat (MNT) also saw a 2.4% drop in price, now trading at $0.8413. Currently, Mantle has a market cap of around $2.75 billion, which ranks 36th in the global cryptocurrency rankings by market cap, according to price data from crypto.news.
MNT Hourly Price Chart, July 26-27 | Source: crypto.news
Over the past 24 hours, MNT trading volume also fell by 6%, reaching $240 million.
Mantle, formerly known as BitDAO, is an investment DAO closely associated with Bybit. The MNT token is essential for governance, paying gas fees on the Mantle network, and staking on various platforms.
Built on the Ethereum network, Mantle provides a platform for decentralized application developers to launch their projects. It has become particularly popular for GameFi applications, leading to the formation of an internal Web3 gaming team.
Markets
Bitcoin Price Drops to $67,000 Despite Trump’s Pro-Crypto Comments, Further Correction Ahead?
Pioneer cryptocurrency Bitcoin has registered a 1.13% decline in the past 24 hours to trade at $67,400. Despite a strong pro-crypto stance from US presidential candidate Donald Trump at the Bitcoin 2024 conference, this massive selloff has raised concerns in the market about the asset’s sustainability at a higher price. However, given the recent three-week rally, a slight pullback this weekend is justifiable and necessary to regain the depleted bullish momentum.
Bitcoin Price Flag Formation Hints at Opportunity to Break Beyond $80,000
The medium-term trend Bitcoin Price remains a sideways trend amidst the formation of a bullish flag pattern. This chart pattern is defined by two descending lines that are currently shaping the price trajectory by providing dynamic resistance and support.
On July 5, BTC saw a bullish reversal from the flag pattern at $53,485, increasing its asset by 29.75% to a high of $69,400. This recent spike followed the market’s positive sentiment towards the Donald Trump speech at the Bitcoin 2024 conference in Nashville on Saturday afternoon.
Bitcoin Price | Tradingview
In his speech, Trump outlined several pro-crypto initiatives: he promised to replace SEC Chairman Gary Gensler on his first day in office, to establish a Strategic National Reserve of Bitcoin if elected, to ensure that the U.S. government holds all of its assets. Bitcoin assets and block any attempt to create a central bank digital currency (CBDC) during his presidency.
He also claimed that under his leadership, Bitcoin and cryptocurrencies will skyrocket like never before.
Despite Donald Trump’s optimistic promises, the BTC price failed to reach $70,000 and is currently trading at $67,400. As a result, Bitcoin’s market cap has dipped slightly to hover at $1.335 trillion.
However, this pullback is justified, as Bitcoin price has recently seen significant growth over the past three weeks, which has significantly improved market sentiment. Thus, price action over the weekend could replenish the depleted bullish momentum, potentially strengthening an attempt to break out from the flag pattern at $70,130.
A successful breakout will signal the continuation of the uptrend and extend the Bitcoin price forecast target at $78,000, followed by $84,000.
On the other hand, if the supply pressure on the upper trendline persists, the asset price could trigger further corrections for a few weeks or months.
Technical indicator:
- Pivot levels: The traditional pivot indicator suggests that the price pullback could see immediate support at $64,400, followed by a correction floor at $56,700.
- Moving average convergence-divergence: A bullish crossover state between the MACD (blue) and the signal (orange) ensure that the recovery dynamics are intact.
Related Articles
Frequently Asked Questions
A CBDC is a digital form of fiat currency issued and regulated by a country’s central bank. It aims to provide a digital alternative to traditional banknotes.
The proposal for a strategic national Bitcoin reserve is a major confirmation of Bitcoin’s legitimacy and potential as a reserve asset. Such a move could position Bitcoin in a similar way to gold, potentially stabilizing its price and encouraging other countries to adopt similar strategies.
Conferences like Bitcoin 2024 serve as essential platforms for networking, knowledge sharing, and showcasing new technologies within the cryptocurrency industry.
Markets
Swiss crypto bank Sygnum reports profitability after surge in first-half trading volumes – DL News
- Sygnum says it has reached profitability after increasing transaction volumes.
- The Swiss crypto bank does not disclose specific profit figures.
Sygnum, a Swiss global crypto banking group with approximately $4.5 billion in client assets, announced that it has achieved profitability after a strong first half, with key metrics showing year-to-date growth.
The company said in a Press release Compared to the same period last year, cryptocurrency spot trading volumes doubled, cryptocurrency derivatives trading increased by 500%, and lending volumes increased by 360%. The exact figures for the first half of the year were not disclosed.
Sygnum said its staking service has also grown, with the percentage of Ethereum staked by customers increasing to 42%. For institutional clients, staking Ethereum has a benefit that goes beyond the limitations of the ETF framework, which excludes staking returns, Sygnum noted.
“The approval and launch of Bitcoin and Ethereum ETFs was a turning point for the crypto industry this year, leading to a major increase in demand for trusted, regulated exposure to digital assets,” said Martin Burgherr, Chief Client Officer of Sygnum.
He added: “This is also reflected in Sygnum’s own growth, with our core business segments recording significant year-to-date growth in the first half of the year.”
Sygnum, which has also been licensed in Luxembourg since 2022, plans to expand into European and Asian markets, the statement said.
Markets
Former White House official Anthony Scaramucci says cryptocurrency bull market could be sparked by regulatory clarity
Anthony Scaramucci, founder of Skybridge Capital, says the next cryptocurrency bull market could be sparked by a new wave of clear cryptocurrency regulations.
In a new interview On CNBC’s Squawk Box, the former White House communications director said he and two other prominent industry figures traveled to Washington, D.C. to speak to officials about the dangers of Sen. Elizabeth Warren and U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler’s hardline approach to cryptocurrency regulation.
“Mark Cuban, myself, and Michael Novogratz were in Washington a few weeks ago to speak with White House officials and explain the dangers of Gary Gensler and Elizabeth Warren’s anti-crypto approach. I hope that message gets through…
“Overall, if we can get regulatory policy around Bitcoin and crypto assets in sync, we will have a bull market next year for these assets.”
Scaramucci then compares crypto assets to ride-hailing company Uber, saying regulators were initially wary of the service but eventually decided to adopt clear guidelines due to public demand.
“Remember Uber: Nobody wanted Uber. A lot of regulators didn’t want it. Mayors and deputy mayors didn’t want it, but citizens wanted Uber and eventually accepted the idea of regulating it fairly. I think we’re there now.”
The CEO also says young Democratic voters believe their leaders are making the wrong choices when it comes to digital assets.
“I think President Trump’s move toward Bitcoin and crypto assets has shaken Democrats to their core, and I think very smart, younger Democrats are recognizing that they are completely off base with their positions, completely off base with these SEC lawsuits and regulation by law enforcement, and now they need to get back to the center.”
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