Following Friday's brief sell-offs, Bitcoin took a bullish leap and propelled the altcoin market to a strong end to the week. Amid growing concerns that the much-anticipated bullish catalyst of spot ETF approvals will become a sell-off event, markets are becoming more volatile.
With tensions resurfacing in the dispute between the SEC and Binance, Grayscale Bitcoin ETF AUM falling below $20 billion, IBIT hitting the $2 billion mark, and many other updates, the market is ready for sudden movements.
Taking this week's bearish start well above the $40,000 barrier, Bitcoin is setting up a strong closing move this week. Refreshing market sentiments, hopes of Bitcoin ETFs becoming popular are back on track and may lead to new opportunities in the coming times.
1. Breaking news this week
As traders look forward to a mildly bullish end to January, the fight for trend control intensifies as the ongoing recovery gains momentum.
- IBIT Bitcoin under management now worth more than $2 billion
With the growing influx of smaller Bitcoin spot ETFs, Blackrock's iShares Bitcoin Trust becomes the first to reach over $2 billion in AUM. With almost 50,000 BTC, it is the second largest Bitcoin ETF by Assets.
- ARK Invest Buys $62.3 Million in ARK 21 Stock Bitcoin ETF
ARKW's portfolio now includes $91.4 million in ARKB, representing 5.98% of the fund's total value.
- UK Supreme Court rejects Craig Wright's appeal
A decision by judges in July awarded Wright just ยฃ1 in a defamation case against Bitcoin podcaster Peter McCormack.
- Inflation concerns intensify amid impact of Red Sea crisis on shipping
The disruption of shipping through the Red Sea/Suez Canal is likely to drive up prices, posing challenges for Bitcoin enthusiasts.
- Donald Trump expresses firm opposition to CBDCs in the US
At a rally in New Hampshire, Donald Trump confirmed his stance against central bank digital currencies and promised to prevent their establishment in the United States.
- Coinbase Receives 'Outperform' Rating Upgrade from Oppenheimer
Coinbase (COIN) shares saw a 6% rise following Oppenheimer's upgrade from "perform" to "outperform," setting a target of $160 per share.
- The Avalanche Foundation establishes criteria for the acquisition of Meme coins
The Avalanche Foundation will only consider meme coins from its own blockchain, according to its latest policy.
2. Blockchain performance
2.1. Best Blockchain Performers by 7 Day Change
| block chain | 7-day change (in %) |
| OMAX | +521% |
| Characters | +116% |
| Moles | +78% |
| Extra | +35% |
| Coal | +32% |
The past week in the blockchain market has been nothing short of dynamic. Amid this uncertainty, OMAX took the lead with explosive growth of 521%. Hot on its heels, StaFi more than doubled its value with a 116% increase. Polkadot also enjoyed a notable rise, gaining 78%, while Kroma and Carbon made solid gains with growth of 35% and 32%, respectively.
Top Performers: 7-Day Change in Top 5 Blockchains with Highest TVL
| block chain | change 7d | TVL (in billions) |
| Ethereum | -3,299 | 31,799 billion dollars |
| tron | -0.677% | 7.774 billion dollars |
| BSC | 3.59% | $3.601 billion |
| Decision | -1.67% | 2,587 billion dollars |
| solarium | +2.27% | 1,393 billion dollars |
Over the past seven days, the performance of the top 5 blockchains based on total value locked yields mixed results. With the leading blockchain, Ethereum, with a TVL of $31.799 billion, falling 3,299%, the dominant sentiment this week has been bearish.
The underperformers Arbitrum and Tron fell 1.67% and 0.677%, making 3 of the top 5 TVL blockchains bearish this week. Keeping the bullish spirit alive, Binance Smart Chain and Solana reached $3.601 billion and $1.393 billion for a return of 3.59% and 2.27% this week.
3. Crypto market analysis
3.1. Bitcoin price and dominance
As of the latest update, Bitcoin maintains its lead with a price of $41,795.77 and a market cap dominance of 50.78%, despite a modest 0.62% increase over the week. Ethereum follows with a significant jump of 7.74% to a price of $2,272.86. BNB stands at $303.84 with a 3.24% increase, while Solana at $92.63 sees a 1.42% increase. XRP and Cardano are priced at $0.53 and $0.48, with weekly changes of 3.39% and 5.58% respectively.
| Name | Price | Market cover | Domain | 7 day change | |
| 1 | bitcoin | $41,795.77 | $819,616,490,671 | 50.78% | 0.62% |
| 2 | Ethereum | $2,272.86 | $273,153,340,990 | 16.92% | 7.74% |
| 3 | BNB | $303.84 | $45,438,761,561 | 2.81% | 3.24% |
| 4 | solarium | $92.63 | $40,132,462,128 | 2.49% | 1.42% |
| 5 | XRP | $0.53 | $28,841,203,640 | 1.79% | 3.39% |
| 6 | Cardano | $0.48 | $17,154,331,172 | 1.06% | 5.58% |
| 7 | avalanche | $32.63 | $11,976,612,336 | 0.74% | 0.52% |
| 8 | Dogecoin | $0.08 | $11,386,483,240 | 0.70% | 0.69% |
| 9 | TRON | $0.11 | $9,994,456,879 | 0.62% | 3.15% |
| 10 | Moles | $6.68 | $8,502,277,611 | 0.53% | 2.23% |
Avalanche, Dogecoin, TRON, and Polkadot show smaller moves, with Polkadot at $6.68 seeing a 2.23% rise.
3.2 Main winners and losers
In this tumultuous and volatile week in the cryptocurrency market, which ends on a bullish note, these are the top 3 altcoins that have outperformed the general market. In first place is Manta Network which is trading at $3.64 and has returned 57.91% in the last 7 days.
The second and third best performers are SUI and the Helium token, trading at $1.43 and $8.19, respectively. The tokens have outperformed the top 100 altcoins overall and returned 29.54% and 27.05% in the last 7 days.
| # | Name | Price | 7d | Volume (24h) |
| 71 | Red MantaMANTA | $3.64 | 57.91% | $553,507,746 |
| 48 | SuiSUI | $1.43 | 29.54% | $442,593,872 |
| 55 | HelioHNT | $8.19 | 27.05% | $17,997,018 |
| # | Name | Price | 7d | Volume (24h) |
| 57 | ORDIORDI | $57.03 | 15.03% | $168,400,661 |
| 93 | WOW | $0.36 | 9.98% | $12,704,923 |
| 76 | WEMIXWEMIX | $2.38 | 7.93% | $4,228,258 |
Just like on the bullish side, multiple tokens have not performed this week. These tokens are AUDY, which is a BRC20 token, currently trading at 57.03%. The altcoin has fallen 15% in the last 7 days. Following this BRC20 token, WOO token and WEMIX token fell by 9.98% and 7.93%, respectively, over the past week.
| # | Name | Price | Market cover | Domain | 7d% |
| 3 | Tether USDtUSDT | $1.00 | $96,023,724,753 | 5.88% | 0.05% |
| 7 | USDCUSDC | $1.00 | $26,145,818,962 | 1.60% | 0.01% |
| 18 | Equal | $1.00 | $5,348,899,493 | 0.33% | 0.02% |
| 36 | First USDFDUSD Digital | $1.00 | $2,588,110,397 | 0.16% | 0.22% |
| 46 | TrueUSDTUSD | $0.99 | $1,602,518,578 | 0.10% | 0.14% |
4. Weekly Bitcoin Spot ETF Analysis
Fountain: https://twitter.com/JSeyff/status/1750988313043906712
This week, Grayscale Bitcoin Trust, GBTC, leads the pack of Bitcoin ETFs, which was recently approved by the SEC. GBTC has assets under management of nearly $19.99 billion, which has fallen from Bitcoin's peak of $30 billion.
Secondly, IBIT, i.e. Blackrock's iShares Bitcoin Trust, leads the pack on the rise and shows a positive entry and has finally reached the $2 billion mark of assets under management, which is roughly equivalent to almost 50,000 bitcoins. under management.
Additionally, we are seeing a growing number of investments in Fidelity, which is the third largest, and the fourth is the ARK Invest Bitcoin ETF. In total, the total assets managed by all Bitcoin ETFs is 25,319,000,000, and the volumes are finally curbing the outflow of money into the GBTC. Meanwhile, increasing inflows into the other ETFs show a healthy recovery and positive numbers.
5. Weekly analysis of the state of the DeFi market
The DeFi market has seen some significant changes this week. ArbiCheems, ranked in Performance, has a total value locked (TVL) of just $0.6, but has witnessed a staggering 7-day change of +244432%. The Arena, in the SoFi category, shows a TVL of $800,441 with a weekly increase of +189713%. Pacoca also on Yield, with a TVL of $99,044, has seen a huge change of +62795% despite a 1.38% drop in the last day.
| NAME | 7d change (in total locked value) [in %] |
| ArbiCheems | 2444321.93 |
| The sand | 1897134.28 |
| Pacoca | 627.95 |
| Structural financing | 110.05 |
| ZooDAO | 31.33 |
Struct Finance with a TVL of $2.79 million and a change of +11,005% for the week. ZooDAO rounds out the list with a TVL of $289,630, trading on 2 chains, and is up +3133%.
6. NFT Market: A Basic Weekly Analysis
6.1. Top NFT Aggregators
The ranking of top NFT aggregators shows Blur leading the Ethereum network with a volume of $6.68 million despite a 30.08% drop, followed by OpenSea PRO with a volume of $2.19 million . They are followed by X2Y2, Element and Magic Eden (on Polygon), with volumes of $98.73k, $59.4k and $56.69k respectively.
| NFT Aggregator | Sales volume (USD) | Percentage change |
| Blur | 6,680,000 | -30.08% |
| OpenSeaPRO | 2,190,000 | -4.3% |
| X2Y2 | 98,730 | -10.58% |
| Element | 59,400 | -56.96% |
| Magical Eden | 56,690 | 0.2595 |
While Blur, X2Y2, and Element saw a decline in volume, Magic Eden's volume grew by 25.95%. Sales and merchant figures generally increased across all platforms, with the average NFT price ranging between $18.25 and $610.28.
6.2. Top NFT Collectibles Sales This Week
Over the past week, the NFT landscape has seen notable sales activity among its top collectibles. Ethereum Name Service topped the charts, trading at $442,106.08 on 12,545 sales. Pudgy Penguins took second place with an impressive volume of $5,727,788.11 from 1,049 sales. Doodles took third place with $2,871,923.94 in volume and 844 sales.
| NFT Collection | Sales volume (USD) | Sales number |
| Ethereum Naming Service | 442,106.08 | 12,545 |
| Chubby penguins | 5,727,788.11 | 1,049 |
| scrawl | 2,871,923.94 | 844 |
| cool cats | 1,285,764.65 | 743 |
| art blocks | 1,405,322.75 | 518 |
| Bored Ape Yacht Club | 5,821,032.45 | 407 |
Listed below are Cool Cats and Art Blocks, with volumes of $1,285,764.65 and $1,405,322.75 and sales figures of $743 and $518, respectively. Not to be outdone, Bored Ape Yacht Club took sixth place with volume of $5,821,032.45 from 407 sales, rounding out a vibrant week on the NFT market.
