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## Weekly Trend Overview
This week, the crypto market was mainly affected by news and information, with the majority of the hot topics focused on matters related to BTC spot ETF applications. With the arrival of the final approval result by the SEC on the 11th local time in the United States, there have been many hot topics both inside and outside the market around BTC, and BTC prices have also experienced significant currency price fluctuations in a short period of time. With the announcement of the final results, ETF trading began on the 11th, and the market experienced a large influx of funds within the day. The entire crypto market briefly reached above $1.8 trillion, but has now fallen back to around $1.77 trillion, an increase in total funds compared to the same period last week. Before the final determination of the news factor, there was a certain scale of liquidation in the market during the day, and the corresponding mainstream currency prices also showed fluctuations.

The crypto project of Top100 has a rise and fall ratio of 9:1 within 24 hours. Due to the significant impact of news factors, the entire market has experienced a general upward trend, with most currencies showing an upward trend. BTC prices have recently reached the price level of $48,625, which is also the highest point in a week, with ETH reaching a weekly high of $2,683. Presently, the price of BTC has fallen significantly, fluctuating around $46,500, while ETH is in the price range of $2,600. In the short term, there has been a slight price decline.

The prices of BTC and ETH rose and fell to 5.09% and 14.23% in a week. This week, ENS saw a 7-day increase of 55.35%. Due to the approval process of BTC spot ETF becoming a hot topic in the market, the price of BTC fluctuated significantly before the approval was implemented, which also drove the general rise of BTC ecosystem tokens. After the final approval and landing, the market came to ETH ecosystem tokens, and the subsequent upgrade to Cancun became the next hot spot in the market. Relevant tokens such as ENS and ETC showed a significant upward trend in the short term.

The overall crypto market has risen this week. Although the current total market value change is not particularly significant compared to the same period last week, it is still more due to the impact of news on the market. In the long run, after this iconic event, the crypto market will experience a certain degree of overall upward trend.

## Crypto Market
🔥 Within a week, the crypto market generally rose, with significant capital inflows and a rapid market value exceeding $1.8 trillion.

🔥 This week, multiple projects have started the token unlocking process, including approximately $224.58 million APT, approximately $9.03 million CYBER, and approximately $1.2 million GLMR.

🔥 The public deposit of TinFun NFT has exceeded 25,000 ETH, with a winning rate of 1.7%. 131154 non white addresses participated in the lottery.

🔥 BTC's market share has returned to above 50% within a week.

🔥 The BTC balance of CEX Wallet has surged since December 30th, mostly due to the approaching final approval date for ETF spot trading.

🔥 <a href="/ja/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a> L2 TVL has fallen below $20 billion.

🔥 Strike will be launched in 20 African countries next month.

🔥 Greeks.live stated that the short-term IV of the options market has significantly declined, with bulk trading mainly focusing on selling bullish and buying bearish.

🔥 The SEC's approval process for BTC spot ETF has driven a general increase in BTC ecosystem tokens since this week.

🔥 Reviewing the dynamics of relevant parties before the approval of BTC spot ETFs:

1. The US SEC confirms receipt of proposed rule change amendments from multiple BTC spot ETF applicants;

2. The SEC issues supplementary opinions on the S-1 documents of BTC spot ETF applicants;

3. The SEC website will gradually release revised documents from applicants;

4. The Chairman of the SEC issued a risk warning for crypto investments;

5. Except for Hashdex, all ETF applicants have submitted updated versions of S-1 (S-3) documents;

6. BlackRock has injected $10 million in seed funds into its BTC spot ETF, VanEck will provide $72.5 million in seed funds for its ETF, and Pantera Capital is preparing to invest $200 million in Bitwise's pending ETF approval;

7. On the 10th, the SEC announced that the BTC spot ETF had been approved, but it was later confirmed to have been stolen. This news triggered a short-term sharp fluctuation in BTC prices;

8. Multiple applicants submitted ETF-related documents again before the 11th, with some continuing to lower rates.

🔥 The total financing amount for the AI+Web3 project in 2023 was $298 million, exceeding the total financing amount for the previous seven years.

🔥 The 40 day correlation between BTC and NASDAQ has decreased to zero.

🔥 Before the approval of BTC spot ETFs, the open positions of BTC contracts across the entire network exceeded $20 billion. BTC Whale increased its holdings of 14,000 BTCs in the past week, and on January 8th, the market value of BTC increased by $75 billion, the fourth highest in December 2021. In addition, the implied volatility of BTC options also reached a new annual high.

🔥 The X platform will introduce peer-to-peer payment and continuously enhance user experience through AI.

🔥 <a href="/ja/price/stepn-gmt" target="_blank" class="blog_inner_link">STEPN</a> has unlocked 74 million GMTs (approximately $25.47 million) to investors.

🔥 In 2023, the penalty amount in the field of crypto/digital payments exceeded that of traditional finance for the first time.

🔥 Multiple ETFs were launched for trading on NASDAQ, Cboe, and other platforms on the 11th.

🔥 The first BTC-related tweet was released today 15 years ago, and now ETFs have been approved, covering multiple market cycles for over a decade and finally landing. Cryptocurrencies have taken a crucial step towards entering the mainstream view.

🔥 ARB prices, USDT market value, CME BTC futures open positions, <a href="/ja/price/bnb-bnb" target="_blank" class="blog_inner_link">BNB</a> Smart Chain and opBNB daily activity, TVL and other record highs.

## Regulatory Policies
🔥 The Shanghai Taxation Bureau has deleted the article mentioning that "individuals buying and selling virtual currencies through the internet are required to pay personal income tax."

🔥 The FBI is conducting an investigation into the SEC X account hacking incident.

🔥 On the 10th local time in the United States, 11 BTC spot ETFs were approved by the US SEC, with a vote of 3:2 among the five members. The Chairman of the SEC cast a supporting vote, stating that approving an ETF does not mean approving the listing of crypto securities, nor does it mean approving or supporting BTC. This round of approval is mainly affected by the ruling in the Grayscale case.

🔥 The SEC will make decisions and approve the remaining 5 ETH spot ETFs that have submitted applications by the end of May.

🔥 The Chairman of the Financial Services Committee of the US House of Representatives stated that the approval of BTC spot ETFs is a historic milestone in the US digital asset ecosystem.

## Crypto Market Highlights 
⭐️In the past week, the hot spot in the crypto market continued the same situation as last week, and the final decision was made. The BTC spot ETF was approved, and the approval process experienced significant fluctuations around the BTC market before and after. At present, this milestone event has had a direct impact on the crypto market, driving the overall market to rise in a short period of time. The inflow of external funds is obvious, and ETF trading has exceeded billions of dollars within 24 hours. Overall, the approval of BTC spot ETFs may become a true starting point for a bull market, and cryptocurrencies themselves will further enter the mainstream view.

⭐️Despite the heavy impact of news factors on the market this week, the projects with larger gains are still mainly BTC and ETH ecosystem tokens. Of course, there are also projects with high market movements and emotions such as BONK and SUI. Overall, this round of overall market trend is more dominated by the above behavior. The majority of ENS's gains within the week occurred after the 11th, with a significant intraday increase of 55.35%, indicating a bullish market driven by the trend of ETH prices.
![](https://gimg2.gateimg.com/image/article/17050257241.png)
(Data Courtesy Of CoinGecko)

## BTC & ETH Weekly Performance
### Bitcoin (BTC)
![](https://gimg2.gateimg.com/image/article/17050257352.png)
(Data Courtesy Of TradingView)

The price of BTC reached a new high this week, approaching the $49,000 level, with the low point being around $43,200 on the 8th before the approval of spot ETFs. Due to unexpected circumstances in the approval process this week, capital from all parties entered the market. However, the theft of SEC’s X account caused some disruption to the market, resulting in a significant decline in the currency in a short period of time. Ultimately, with the approval of spot ETFs, BTC prices also experienced a significant upward trend, but the duration was relatively short. Currently, the price of this currency has fallen slightly, with slight fluctuations around $46,500.

Analysis suggests that the logic of BTC's coin price trend this week is actually similar to last week. The market is mainly focused on hot speculation around the approval process of spot ETFs. Due to the influx of a large amount of funds and BTC's liquidity demand, the rise in coin prices before and after approval is a certain event. Although the coin price fluctuates due to external factors during the process, it does not affect the final price trend. This week, the market share of BTC has once again exceeded 50%, and the coin price has reached a new high. However, the establishment of the approval of ETFs has also eased the recent bullish trend of BTC. Whether the coin price can reach a new high in the future depends on the crypto market itself and the trading situation of ETFs.

### Ether (ETH)
![](https://gimg2.gateimg.com/image/article/17050257453.png)
(Data Courtesy Of TradingView)

The price trend of ETH this week has not been significantly affected by the news of BTC spot ETF being approved as fake. Before the final approval, the coin price trend remained relatively stable, with a low point around $2,160. With the final approval of BTC spot ETH, the crypto market has generally risen, while the market hotspots have shifted. The bullish sentiment surrounding ETH ecosystem projects has rapidly affected the coin price, causing ETH to rise rapidly, with prices approaching a high of $2,700. Currently, it is showing a slight decline, with a slight fluctuation above $2,600.

Analysis suggests that although ETH coin prices are not as affected by the current round of news factors as BTC, their indirect impact is significant. With the overall impact of news factors on the crypto market, Ethereum itself is likely to become the main target of the next round of hot topics. In the short term, its currency price trend will also steadily rise with the increase of market funds.

## Web3 Project Trend
This week, the total market value of most of the seven categories of projects showed a good upward performance. Influenced by the overall market situation, most of the track projects were very active during the week. The BRC-20 track experienced a slight decline, which is a certain decline caused by a large increase in the previous period.

| Project category  | 7d Change  | Top 3 Gainers  | Comment  |
| ------------ | ------------ | ------------ | ------------ |
| Layer 1 | 9.8% | HAC,BIT, UNQ | Layer 1 has seen an overall increase this week, influenced by the overall upward trend of the crypto market. The TOP projects have seen a significant increase in momentum within a week. |
| Layer 2  | 12.8%  |BOBA, BROCK, WBROCK | Due to the impressive performance of individual projects and the overall warming trend of the market, the performance of Layer 2 track has been relatively good this week. |
| DeFi  | 9.6%  | DANA, FXDX, DOP | The DeFi sector has seen a rapid increase in overall liquidity this week due to significant market fluctuations. |
| NFT  | 2.4% | PSB, UNQ, ENS | The NFT market lacked significant hotspots this week, and the TOP projects were mainly driven by the rise of mainstream currencies. Overall, the increase in the week was limited. |
| MEME  | 7.8%  | HOLD,POPCAT,WIF | The MEME coin track has seen a hot trend this week, and given the strong overall FOMO sentiment in the market, the TOP project has also seized a certain opportunity. |
| LSD  | 17.6% | HASUI, VSUI,AFSUI |The LSD sector has seen a very good increase in performance within a week due to the influence of related currencies. Apart from ETH-related projects, the TOP projects are concentrated on SUI. |
| BRC-20  | -6.4% | MICE,BTCS,INSC |  The BRC-20 track experienced a decline this week, which is related to the lack of ecosystem hotspots, and of course, it is also caused by market cooling. In the short term, we may rely on the driving force of relevant currencies to recover.|



<div class="blog-details-info">
<div>Author:**Charles T.**, Gate.io Researcher
<div>Translator:Joy Z.
<div class="info-tips">\*This article represents only the views of the researcher and does not constitute any investment suggestions.
<div>\*Gate.io reserves all rights to this article. Reposting of the article will be permitted provided Gate.io is referenced. In all cases, legal action will be taken due to copyright infringement.
</div>


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Weekly Web3 Research | The Crypto Market is Experiencing A General Rise Across the Board; Final Approval of BTC Spot ETF; OpenAI Officially Launches Online Store GPT Store