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.  

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. 

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. 

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. 

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. 

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.      

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.    

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. 

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.  

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.  

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.   

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.  

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. 

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.  

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. 

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. 

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. 

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.  

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. 

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. 

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.   

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. 

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. 

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. 

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 

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.   

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. 

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.  

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.  

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. 

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.