Web3 Investment Research Weekly|The crypto market ushered in a large volatility cycle, BTC prices hit a record high, and the US SEC postponed its decision on BlackRock and Fidelity Ethereum spot ETFs

Quick Facts of the Week

This week, the cryptocurrency market ushered in a high since November 21 on the basis of last week's general rally, with the total amount of funds rising rapidly, reaching a maximum of $2.56 trillion, while key mainstream currencies broke through new highs, but ushered in a short-term correction after reaching the high, but it lasted for a short time, and then the market rose again. The large volatility in a short period of time has made the market sentiment change from extreme greed to greed, and it is still optimistic.

As the crypto market continues to rise and fluctuate in a short period of time, the crypto market has once again seen a large-scale liquidation in a week, compared with the weekly high, the total volume of the cryptocurrency market has decreased slightly, but compared with the same period last week, the market value has come to around $2.53 trillion, a 24-hour increase of 0.97%. The trading volume and price of many sections of the market have hit new highs, and the multi-party consensus has entered a bull market, although BTC, ETH and other key mainstream currencies quickly entered a small pullback after hitting a new high, especially BTC quickly fell below $60,000 after reaching $69,000, but then quickly rose back above $65,000, and is currently basically fluctuating in the range of $66,000-$68,000, although the amplitude is large but it is difficult to have a large downward trend in a short period of time, in the same way, the price performance of ETH is also strong, reaching a high level and quickly falling below the $3,400 price, and then rising above the current $3,800。 At present, as the closing of the weekend approaches, the overall trend of the market has gradually begun to fluctuate slightly, and it is expected that there will be another round of upward trend over the weekend.

The ratio of the top 100 crypto projects in the week is about 82:18, which is similar to the performance of last week, and the total market capitalization of most coins has increased in a week. BTC price once broke through $69,000, with a weekly rise and fall of about 9.57%, and is currently maintained around $68,000 and continues to fluctuate, ETH also hit a new high this week, once breaking through $3,900, with an overall weekly increase of about 12.54%, and is currently maintained above $3,800, of which BTC price broke through the all-time high.

PEPE continued to rise this week, with a 7-day increase of more than 140% again, and the currency price is currently maintained around $0.000006904, continuing to lead the weekly currency price rise.

Although the cryptocurrency market continued to rise this week, the heat decreased near the closing stage, and it is currently in a state of volatility as a whole.

Crypto market

🔥 The crypto market ushered in a large volatility cycle in the week, with key mainstream currencies breaking through all-time highs, BTC once breaking through an all-time high of $69,000, and ETH once breaking through $3,900.

🔥 The total trading volume of the US Bitcoin spot ETF last week was about $22 billion, and the daily turnover of BlackRock IBIT exceeded $1 billion.

🔥 According to IntoTheBlock, more than 97% of Bitcoin addresses are now profitable, the highest since November 2021.

🔥 Long-term investors who have held Bitcoin for more than a year across the network have 13.6 million Bitcoins.

🔥 The Bank for International Settlements (BIS) has issued regulatory recommendations for global stablecoin arrangements, with the aim of addressing the financial stability risks posed by stablecoins at the domestic and international levels.

🔥BlackRock's Bitcoin spot ETF, IBIT, reached $10 billion in AUM just seven weeks after its launch, showing strong market demand.

🔥 Net inflows into digital asset investment products last week were $1.84 billion, the second-highest on record.

🔥Ordinals developer Leonidas tweeted that its experimental project, Runestone, mined the largest block in Bitcoin's history, at 3.97MB.

🔥 According to News.bitcoin, in February, Bitcoin miners mined a total of 4,446 blocks and earned $1.39 billion in revenue, of which $71 million came from on-chain transaction fees, a significant drop from $133 million in January and significantly lower than $337 million in December.

🔥 According to HODL15Capital, Bitcoin spot ETFs are rising in the list of commodity ETFs by AUM, with BlackRock IBIT, Fidelity FBTC, ARK 21Shares ARKB and Bitwise BITB currently ranked third, fifth, ninth and eleventh respectively

🔥 In an interview with CNBC, U.S. presidential candidate Robert F. Kennedy Jr. said that Bitcoin is the key to a window against inflation and freedom of trade.

🔥 Hungary has proposed a draft law that would allow banks, investment funds, and asset management companies to provide crypto market services.

🔥 The US SEC postponed its decision on BlackRock and Fidelity Ethereum spot ETFs.

🔥 Bloomberg analyst Eric Balchunas tweeted data showing that the daily trading volume of 10 U.S. Bitcoin spot ETFs exceeded $5.5 billion on Monday, the second-highest in history.

🔥 According to 8marketcap data, with the recent strong rise of Ethereum, its market value has reached $438.98 billion, surpassing Mastercard (market value of $437.05 billion) and jumping to the 24th place in the global mainstream asset market capitalization.

🔥 The government of El Salvador now holds about 2,380 bitcoins, which they bought at an average price of $44,300, which means that the $105 million investment is now worth more than $155 million, and its bitcoin holdings have floated by 50%, but the president of El Salvador said he would not sell them, and the Central American country became the first country in the world to adopt bitcoin as its official currency in 2021, while also putting state money into the asset.

🔥 BlackRock has applied to the SEC to add Bitcoin exposure to its portfolio of strategic income opportunities, according to a publicly available regulatory filing.

🔥Coinglass data shows that on March 5, the 24-hour cryptocurrency market was liquidated by $419 million, with a total of 139,200 people liquidating, including $180 million in long orders and $242 million in short orders, and about $145 million in BTC and $52.292 million in ETH by currency.

🔥Tether co-founder William Quigley said in an interview with CNBC that Bitcoin could reach $300,000 at the peak of the next bull run.

🔥On March 5, BTC exceeded $69,000 in the day, hitting a record high, BTC has appreciated more than 23 million times since the first pricing, and the market performance of this round has made BTC market value surpass Meta, surpass the Swiss franc to become the world's 13th largest currency, make Satoshi Nakamoto rise to the 21st place on the Forbes global rich list, and currently account for 94.93% of the profit of BTC circulating supply, also hitting a new high since November 21; global BTC The ETP product position briefly exceeded 1 million BTC, and then quickly fell below $60,000 and then quickly recovered, and now continues to fluctuate above $66,000.

🔥 The crypto market rose sharply in multiple sections, with BTC exchange rate against the euro, BTC exchange rate against the yen, BTC circulating market capitalization, BTC contract open interest, ORDI price, USDT market cap, OP price, PEPE price, FLOKI market capitalization, Solana DEX weekly trading volume, TRON daily protocol revenue, TRC20-USDT issuance, and APX Finance 24H trading volume hitting a record high.

🔥 The meme coin sector continues to be strong, BRC-20 tokens are rising, MicroStrategy is leading the rise in U.S. blockchain concept stocks, and Ethereum has surpassed companies such as Mastercard and ExxonMobil in terms of market capitalization.

🔥 According to Blockworks, the US Senate of Arizona introduced a resolution to encourage lawmakers and state pension fund managers to consider allocating part of their portfolios to Bitcoin ETFs.

🔥 OP price, WIF price, FET price, RNDR price, ARKM price, US BTC spot ETF daily net inflow, Valkyrie BRRR daily inflow, BTC spot ETF daily trading volume, TRON TVL, TRON TRON daily protocol revenue hit a record high within a week, MEME sector and NFT sector generally fell, AI sector rose, and crypto stocks declined.

🔥EigenLayer TVL surpassed Aave to become the second largest DeFi protocol today.

🔥 Grayscale launches a crypto staking fund, which initially includes 9 assets.

🔥The MAYC floor price fell below the mint price.

🔥 Sony Bank plans to launch Sony Bank CONNECT, a Web3 app, in the summer.

🔥BTC has a premium of 10% in South Korea, and the daily income of BTC miners is the second highest in history.

🔥 Ethereum's market capitalization surpassed LVMH, and Wormhole launched an airdrop inquiry website.

🔥Jupiter locks up the JUP vote to earn Launchpad fee rewards.

🔥 The liquidity protocol Lena was rumored to have a Rug Pull, and Lena later denied the Rug Pull.

Regulatory Policies

🔥 South Korea's Personal Information Protection Commission announced an investigation into Worldcoin after the project's collection of sensitive information raised privacy concerns.

🔥 Hong Kong's Securities and Futures Commission (SFC) today warned the public to beware of fake websites purporting to be licensed virtual asset trading platforms.

🔥 The SFC reminds industry players and investors that the deadline for submitting applications to the SFC for a virtual asset trading platform licence to continue operating in Hong Kong has ended on 29 February 2024 and that it is a criminal offence to carry out any unlicensed activities thereafter.

🔥 The BRICS countries plan to create a payment system based on digital currencies and blockchain.

🔥 According to Blockworks, the US Senate of Arizona introduced a resolution to encourage lawmakers and state pension fund managers to consider allocating part of their portfolios to Bitcoin ETFs.

🔥 The SEC postponed its decision on the Fidelity ETH spot ETF and launched a comment period.

🔥Do Kwon won an appeal against his extradition to the United States, sending LUNA soaring.

🔥BlockFi settled with FTX, Alameda Estates for $874.5 million.

🔥 Wu Jiezhuang suggested building an international small and medium-sized enterprise innovation Web3 financing platform in the Guangdong-Hong Kong-Macao Greater Bay Area.

Crypto Market Highlights

⭐️ Over the past week, the cryptocurrency market as a whole has seen a brief slight pullback after rising to its highs, which is essentially a slight overheating of the market, as well as a large number of transactions sold after the key coins reached their highs, causing many currencies to fall rapidly in a short period of time. However, in general, the market as a whole is still in a large upward shock cycle, and the rapid decline in prices is actually a normal rebound in currency prices, and the probability of a sharp decline in a short period of time is relatively small.

⭐️ Although many types of crypto sectors rose in turn during the week, MEME currencies such as PEPE, FLOKI, SHIB and other MEME currencies performed very well in a week, and several TOP currencies tightened, but PEPE was still in the lead, with the price coming to $0.000006904, a seven-day increase of more than 140%, continuing last week's rapid trend.

Bitcoin & Ether weekly performance

Bitcoin (BTC)

This week, the price trend of BTC basically continued the trend of last week's closing stage in the opening stage, and then began to rise rapidly after a small shock, falling after breaking through the key price of $68,000, but soon rose again, breaking through $69,000 and reaching an all-time high near $69,200, after which the market saw large-scale trading volume, making the price of BTC begin to fall rapidly, and even fell below $60,000 in a short period of time. After this round of price correction, the currency price began to rise again, and finally came above $66,000 to fluctuate upward, and is currently basically maintained at $68,000 to continue to fluctuate.

According to the analysis, BTC's price performance this week broke through the all-time high, which can be said to be a landmark event for the return of the bull market in the crypto market. In fact, the trend of BTC this round has basically been determined last week, a large number of funds have poured in rapidly, and the performance of the over-the-counter US stock BTC ETF is also good, and the sentiment inside and outside the market has formed a consensus on its future currency price rise, promoting the formation of greater buying pressure, and finally making the BTC price break through the historical high in the short term, and the subsequent long-term BTC price will further rise, but whether it can break through $70,000 in the short term needs to be further observed.

Ether (ETH)

ETH's price trend during the week was firmer than BTC's, although the two coins had similar price curves, ETH also fell rapidly after breaking through $3,800 with market fluctuations, once falling below $3,225, but in a short period of time the coin rose again and once broke through $3,900. After that, it basically remained in the price range of $3800-3900 and continued to fluctuate, and now there is a trend of rising again, and the probability of breaking through $3900 again in the short term is high.

According to the analysis, the performance of ETH in this week has continued the upward trend in recent weeks, and the currency price has hit new highs one after another in a week, and it is not like BTC showing an overheated pullback trend, and the subsequent upward trend is still strong, which indicates that the price of the currency still has a good range in the current market cycle, and the subsequent coin will follow with ETH Under the influence of ETF-related over-the-counter factors, there is a high probability that there will be a more obvious upward trend, but in the short term, it is more likely to operate with the price of $4,000 as a resistance point.

Web3 Project Trends

Although there is a callback probability of key mainstream currencies, the overall trend of the market is likely to continue, and the fluctuations of different types of projects will generally be dominated by the upward trend, which needs to be viewed together with market changes and over-the-counter news factors.