Crypto Market Cap Overview

 

	2023/07/24	2023/07/30
Market Overview	Weekly numbers ($M-USD)	Weekly numbers ($M-USD)	WoW % weekly change
S&P	4,536.34	4,582.23	1.01%
Nasdaq	14,090.80	14,316.66	1.60%
US 10-year Treasury Rate	3.84%	3.96%	0.12%
Crypto Marketcap	$1,247,902	$1,230,755	-1.37%
BTC dominant	50.07%	49.65%	-0.42%
ETH dominant	19.42%	19.64%	0.22%
Percentage of Staked ETH	20.64%	20.99%	0.35%
Lido Dominance in all ETH Staking	31.69%	31.66%	-0.03%
Lido Dominance in ETH LSD Staking	86.07%	86.23%	0.16%
stablecoins	$127,158	$126,803	-0.28%
Defi	$50,442	$49,954	-0.97%
Defi: Eth ratio	22.40%	22.20%	-0.20%
TVL	$43,852	$43,685	-0.38%
nft	$5,836	$5,755	-1.39%

 

Bitcoin stayed rangebound at the July 28 Wall Street open despite further United States inflation data beating expectations.
Data from Cointelegraph Markets Pro and TradingView showed BTC price action getting only a modest boost from the Personal Consumption Expenditures (PCE) Index print.
This came in below estimates, hinting that U.S. inflation was continuing to subside and copying other data prints from the week.
Addressing its implications, financial commentary resource The Kobeissi Letter noted that PCE represented the Federal Reserve’s “preferred” inflation metric, as previously revealed by Chair Jerome Powell.

 

• Comma3 Opinion 

 

1. BTC ecosystem :Since the Bitcoin tokenized NFT trend started in March of this year, according to the latest data from DuneAnalytics, the total minted amount of Bitcoin NFT protocol “Ordinals” has surpassed 20 million tokens, with a total transaction fee of 1864 BTC (approximately 54.54 million USD) as of now. Historical data shows that the total minted amount of Ordinals NFTs surpassed 10 million tokens on May 30th, doubling in the past two months. This indicates that the market value of Bitcoin, which is approximately 600 billion USD, has seen significant development due to the introduction of BRC20 and ORC20 tokenized NFTs, highlighting the connection between the Bitcoin ecosystem and DeFi and NFTs, attracting more investors.
2. Coinbase’s developed Base mainnet is scheduled to officially launch in early August. According to L2BEAT data, the total value locked (TVL) on Base has already surpassed 10 million USD, reaching 10.44 million USD, with a 7-day growth rate of 1024.81%. The community has been actively promoting and advertising Base since last week. Currently, the most notable project is the MEME token: Bald, which skyrocketed overnight, increasing by thousands of times. However, there are concerns within the community about the disproportionately high token distribution among four addresses. Despite this, the community’s engagement and enthusiasm have played a significant role in setting the stage for Base’s successful launch in August.

 

• Fundraising Events by Sectors

 

Infrastructure

Flashbots becomes unicorn after completing $60 million raise | The Block

Ethereum infrastructure service Flashbots has raised approximately $60 million at a valuation of $1 billion.
The company filed with the Securities and Exchange Commission on July 21 to notify the agency it had raised about $30.4 million of the total it was seeking. More SEC filings are expected to become public in the near future, which will likely show the firm raised the total amount desired across the rolling closing.
Investors and partners had been invited to invest in a reverse pitch “beauty contest for decentralization.”

New Milestone: Dmail Closes Pre-A Funding Round
We are thrilled to announce that Dmail has achieved a significant milestone by successfully closing its Pre-A funding round. We have forged powerful partnerships with renowned firms such as Amino Capital, OIG VC, Draper Dragon, KuCoin Labs, HG Ventures, Spark Digital Capital, Vespertine Capital, LoneLine, BiXin Ventures, Lead Capital, TsingTing Capital, Wagmi Venture, Catcher VC, Gate Labs, Kretos Ventures, Black Ventures, and Red Swiss.
Additionally, we have onboarded talented professionals, some of whom were previously associated with Google, and blockchain industry experts, who have joined our mission to revolutionize the way traditional email services are delivered.

 

GameFi

 

Delabs Games announced $4.7M seed raise led by Hashed

We’re excited to announce our $4.7M seed raise led by @hashed_official. At Delabs Games, we’re building fun Web3 games because we believe in blockchain technology. We have three games on deck and three principles guiding our development.

 

Social

 

SUI social graph project Releap announce the $2.1 million funding round

We’re thrilled to announce the $2.1 million funding round for Web3’s most scalable social graph  Releap Protocol’s scalable architecture is designed to power the upcoming wave of social apps and onboard the next billion users on to decentralized social

 

• Market Movement

 

Bitcoin whales are in accumulation mode, says CryptoQuant | The Block

CryptoQuant says bitcoin whales are accumulating and holding onto their coins as prices remain range bound.
The firm backs up the analysis with three data points: exchange whale ratio, exchange inflow coin days destroyed (CDD) and unspent transaction output (UTXO) value bands.
Bitcoin whales, or large holders of the cryptocurrency, are on an accumulation spree and are holding onto their coins as prices remain rangebound, according to data and research firm CryptoQuant.
Citing three data points in its latest weekly report — exchange whale ratio, exchange inflow coin days destroyed (CDD) and unspent transaction output (UTXO) value bands — CryptoQuant concluded that bitcoin whales, holding 1,000 to 10,000 bitcoin, have been accumulating more bitcoins this month at price levels of around $30,000.

Grayscale urges SEC to approve all Bitcoin ETFs simultaneously

Grayscale’s ETF was previously knocked back by the Securities and Exchange Commission; now the fund manager wants it and competing ETFs approved together so none have an advantage.

CME bitcoin futures monthly volumes hit yearly high | The Block

Despite dwindling volumes across cryptocurrency trading venues and exchanges, CME Group clocked its highest monthly volumes of the year in July, according to data from The Block’s data dashboard. 

CME’s bitcoin futures market saw volumes for July top its previous high in April, with the exchange clocking in volumes of $53.33 billion with one day left in the month. In April, the firm saw $53.06 billion worth of contracts trade hands. 

Wintermute relocating 4% of staff to Singapore: Bloomberg | The Block

Wintermute is expanding its Asian footprint.
The market-making firm is relocating 4% of its staff to Singapore, according to Bloomberg News.

Count Wintermute as the latest cryptocurrency firm set to expand into the Asian market. 

In an interview with Bloomberg News, an executive at the market-making firm said that, over the course of the next few months, about 4% of the firm’s staff will relocate to Singapore. Yoann Turpin, a co-founder of the UK-based firm, will be among the staff making the move over to the city-state.The remarks come after Circle snagged a digital-token license in Singapore.

India Supreme Court pushing Union government for clear crypto regulation | The Block

The Indian Supreme Court has reportedly directed the Union government to record whether or not it intends to establish a federal agency to investigate crypto-related criminal cases.

The Indian Supreme Court has directed the Union government to record whether or not it intends to establish a federal agency to investigate crypto-related criminal cases — calling it “unfortunate” that the Centre still has no law or agency regulating crypto — according to Hindustan Times.
“You still don’t have any law, unfortunately,” justices Surya Kant and Dipankar Datta said before asking: “Do you have an agency at the national level to understand these cases and investigate properly?”

US lawmakers concerned Apple’s App Store stifling blockchain innovation | The Block

Two U.S. Representatives sent a letter to Apple CEO Tim Cook yesterday asking about the company’s App Store guidelines.
Specifically, they shared concerns that they stifle emerging technologies, such as distributed ledger technology and nonfungible tokens.
Representatives Gus Bilirakis (R-FL) and Jan Schakowsky (D-IL) sent a letter to Apple CEO Tim Cook asking about the California-based company’s App Store guidelines — and whether or not they stifle emerging technologies, such as distributed ledger technology and nonfungible tokens — yesterday.

Historic crypto market bill approved to advance to full US House | The Block

A second House committee approved legislation that would significantly change the way cryptocurrencies are regulated in the U.S., including directing agencies to create clear rules around when a digital asset can transition from being a security to a commodity.

Simultaneously, a related effort to craft a comprehensive framework around stablecoins hit a significant hitch in a separate committee.
The House Agriculture Committee advanced legislation to overhaul how crypto markets are regulated in the U.S., a day after the House Financial Services Committee did the same.
The bill becomes the most significant piece of digital asset legislation to advance this far in Congress. Now that committees debated, amended and advanced the unusual cross-jurisdictional effort, the legislation is likely to be voted on by the entire House of Representatives in the near future. Uncertainty remains in the Senate though, and the Securities and Exchange Commission appears to be skeptical of the effort.

 

• Comma3 Opinions

 

Comma3 Investment Team