Web3 Research Weekly Report｜This week the market showed an overall upward trend with fluctuations; Bitcoin reached a new high.

Weekly Overview

This week, the overall cryptocurrency market has shown a fluctuating upward trend, influenced by the easing of risks and a large influx of external funds. The cryptocurrency market continues the trend from last week, with a new round of liquidity and capital inflow rapidly taking effect. Of course, there was a noticeable short-term decline due to the impact of the U.S. GDP data release, but mainstream cryptocurrencies still performed strongly.

This week, the mainstream cryptocurrencies in the market have shown a clear short-term upward trend. Due to the gradual easing of recent risk factors and the significant inflow of external ETF funds in the short term, the cryptocurrency market has once again surpassed the 3 trillion USD mark this week.

Overall, the market has basically entered a critical period of structural adjustment this week, and the weekly fluctuations of the cryptocurrency market may signal a warming trend in the future. The overall weekly performance of the market shows a clear pattern of intraday ups and downs, with a rapid rise approaching the closing period.

This week, the price of BTC has risen significantly, currently around 97,000 USD, marking another increase after the recent all-time high for this cryptocurrency.

The price increase of ETH over the past week has been greater than that of BTC. Currently, the price of this currency has reached around 1850 USD, quickly rising throughout the day and breaking through key price levels, indicating a further upward trend.

The price trends of major cryptocurrencies have continued the recent upward momentum this week. Currently, the total market capitalization of the crypto market has significantly increased compared to the same period last week, reaching around $3.02 trillion, with a rise of about 2.77% in the last 24 hours. The current price of BTC is around $97,000. The current price of ETH remains around $1,850.

This week, the overall cryptocurrency market has risen again, with structural adjustments playing a role, while the impact of external negative factors has weakened. The top-performing coin this week is VIRTUAL, which has risen by about 134% over the week, with a price around $1.71. The recent rapid ascent of this coin is attributed to the liquidity of the DeFi sector and the influx of external funds.

This weekend, the cryptocurrency market is highly likely to rise further, with an upward trend remaining the main trend in the short term.

Crypto Market

🔥According to CoinDesk, the Nasdaq Stock Exchange has sent a letter to the U.S. SEC’s cryptocurrency working group, suggesting that regulators carefully delineate categories of digital assets and clarify the role of the regulatory “referees.”

🔥According to Decrypt, since Bitcoin completed its fourth halving in April 2024, the BTC price has only increased by 43.4%, far below the increases of 7,000%, 291%, and 541% recorded after the previous three halvings, marking the worst performance of Bitcoin post-halving. Analysts point out that macroeconomic uncertainty, the trade policies of the Trump administration, outflows of ETF funds, and changes in market structure have collectively weakened the upward effect brought by the halving.

🔥According to a report by Coingape, Citibank predicts that the total supply of stablecoins will grow to $1.6 trillion by 2030 under the baseline scenario, and reach $3.7 trillion in an optimistic scenario.

🔥 According to Techjuice, the Trump family crypto project World Liberty Financial (WLFI) has signed a letter of intent with the Pakistan Crypto Council (PCC) to accelerate blockchain innovation, stablecoin adoption, and DeFi integration in Pakistan.

🔥According to a report by Reuters, Nike Inc. (NKE.N) was sued on Friday by a group of buyers who purchased Nike-themed NFTs and other crypto assets. The buyers alleged that they suffered significant losses after the company abruptly shut down the business unit responsible for creating those assets.

🔥According to a report by Cointelegraph, Deloitte’s Financial Services Center, one of the “Big Four” accounting firms, has released a new report predicting that the global real estate tokenization market will reach $4 trillion by 2035, a significant increase from less than $300 billion in 2024, with a compound annual growth rate of over 27%.

🔥According to Cointelegraph, the market capitalization of stablecoins grew by $4.58 billion in just one week, approaching the milestone of $240 billion. Tether, USDC, and new competitors like USDS and RLUSD continue to drive market growth.

🔥According to Cointelegraph, this week the sentiment in the crypto market has warmed up, but analysts warn that weak market liquidity and structural issues may still lead to price volatility, especially during periods of reduced trading volume, as the crypto market remains susceptible to sudden macroeconomic news.

🔥Cryptocurrency analyst Willy Woo stated that the fundamentals of Bitcoin have turned bullish, with increasing capital inflows into the network, creating favorable conditions for it to break through historical highs.

🔥According to Finance Magnates, after years of market speculation, Ripple has explicitly denied plans to launch an IPO in 2025.

🔥According to The Block, the Arbitrum Foundation, a Layer 2 network on Ethereum, announced its withdrawal from the Ignition AI Accelerator program supported by Nvidia, due to the chip giant’s requirement not to mention the collaboration in any cryptocurrency-related announcements.

🔥10x Research stated in its latest report that the cryptocurrency market has surged across the board this week, with Bitcoin breaking the $95,000 mark, driven by easing macro risks, record inflows into ETFs, and a weakening dollar.

🔥 According to CoinGecko data, today marks the 100th day since Trump’s inauguration, and the total market value of cryptocurrencies has rebounded to $3.084 trillion. On the day he officially took office for his second term (January 20), the total market value of cryptocurrencies was $3.621 trillion, meaning the market has evaporated $537 billion in value.

🔥According to Decrypt, CryptoQuant data shows that the supply of Bitcoin on exchanges has dropped to a seven-year low, falling to 2.488 million BTC last Friday.

🔥According to The Block, on April 25, the 30-day Pearson correlation coefficient between Bitcoin and gold reached 0.54, close to the annual high of 0.73. Previously, in February, the two had “decoupled”, with the correlation coefficient plummeting from 0.73 to -0.67 within three weeks.

A new study by the Cambridge Centre for Alternative Finance (CCAF) at the University of Cambridge found that the proportion of sustainable energy used in Bitcoin mining has increased to 52.4%, while natural gas has replaced coal as the largest single source of energy for Bitcoin mining.

🔥 James Seyffart, ETF analyst at Bloomberg Intelligence, said on the X platform: "A lot of people have posted/reported that ProShares will launch an XRP futures ETF on April 30. However, we have confirmed that this is not the case. No specific launch date has yet been confirmed, but we think they will launch (XRP ETF) – and most likely in the short term, possibly in the medium term. ”

🔥According to a report by Bitcoin.com, the latest report from Coinshares indicates that the Bitcoin network’s hash rate is expected to break the historic threshold of 1 Zettahash (ZH/s) per second as early as this July, significantly ahead of previous predictions.

🔥 Previously, a member of the crypto community disclosed that “a certain Web3 project contract is suspected to have malicious code implanted by an employee, resulting in losses of hundreds of thousands of dollars.” The developer of the DeFi trading and asset management project QuantMaster, Thomson, claimed to be the “sucker” in this “theft incident.” With the assistance of Slow Mist founder Yu Xian, a police report has been successfully filed.

🔥According to Cointelegraph, the gap between BlackRock’s Bitcoin spot ETF “IBIT” and its Strategy’s Bitcoin holdings has narrowed to just 20,000 BTC.

🔥According to a report by PR Newswire, the bankrupt crypto exchange FTX and its liquidation trust have announced the initiation of legal actions to recover assets. They have filed a lawsuit against NFT Stars Limited and KUROSEMI INC (the operator of Delysium), accusing them of refusing to deliver the tokens as agreed in the contract. FTX stated that it has made multiple attempts at non-litigious negotiations without success and is currently contacting dozens of other token issuers to recover assets, planning to take legal action against those who refuse to cooperate.

🔥According to the official blog, the Ethereum Foundation (EF) has announced a new phase vision statement, reaffirming its mission to maintain the openness, decentralization, and censorship resistance of Ethereum as a global shared computing platform.

🔥According to Cointelegraph, nearly 16 months after the launch of the spot Bitcoin ETF, Grayscale’s GBTC still dominates in revenue generation, with an implied annual revenue of over $268 million—this figure surpasses the total revenue of all other Bitcoin ETFs combined ($211 million).

🔥According to Beincrypto, one of Brazil’s largest banks, Itaú, has announced an initial investment of $210 million to establish Oranje, a company that will specialize in accumulating strategic reserves of Bitcoin.

🔥BlockBeats news, on May 1st, Ethena Labs announced the third quarter ENA airdrop allocation, starting on May 1st, 2025 at 16:00 (UTC). 3.5% of the total ENA supply will be distributed as rewards for the third quarter. There will be no eligibility check period, and the distribution will take place immediately on May 1st.

🔥 U.S. President Trump on trade agreements: I think we are doing very well. Previously, news reported that U.S. President Trump stated that tariffs have not yet taken effect.

🔥According to Trader T’s monitoring, the US spot Bitcoin ETF saw a net inflow of $173 million on Thursday.

🔥According to Ptotos, despite the Ethereum Foundation’s statement emphasizing its community-centered governance, the voting rights of co-founder Vitalik Buterin have not yet been disclosed. It is reported that Laura Shin, the author of “The Cryptopians,” has been questioning for years whether Vitalik Buterin has three super votes or if all four board members have the same voting rights.

🔥 BlackRock’s Head of Digital Assets Robert Mitchnick stated at the Token2049 event in Dubai that there is a massive influx of funds into Bitcoin ETFs, and the investor structure is shifting from retail to institutional.

🔥Mathew McDermott, head of digital assets at Goldman Sachs, stated at the Token2049 conference that clear regulations will make it easier for large institutions to deploy capital in the cryptocurrency space, driving its scaling development.

🔥According to analysts at CryptoQuant, Bitcoin’s realized capitalization has reached $882.228 billion, setting a new historical high.

🔥In April, the ADP employment number in the U.S. increased by 62,000, the smallest increase since July 2024, significantly below expectations. The forecast was 115,000, and the previous value was 155,000.

🔥The initial value of the annualized quarter-on-quarter real GDP in the United States for the first quarter recorded -0.3%, the lowest since the second quarter of 2022. After the GDP data was released, the decline in U.S. stock index futures expanded, with Nasdaq 100 futures down 1.4%, Dow futures down 0.45%, and S&P 500 index futures down 0.96%. BTC briefly fell below $94,500.

🔥PANews May 1 news, according to SoSoValue data, the total net outflow of Ethereum spot ETF was 2.3599 million dollars as of April 30 in Eastern Time.

🔥PANews News on May 1st, according to SoSoValue data, the total net outflow of Bitcoin spot ETFs on April 30th at Eastern Time was $56.236 million.

Regulation & Macro Policy

🔥According to Bitcoin Laws, two Bitcoin reserve bills in Arizona will undergo a third reading next Monday and may be put to a final vote. This could become the first state-level Bitcoin reserve bill passed by voting.

🔥According to a report by Cointelegraph, Hester Peirce, a commissioner of the U.S. Securities and Exchange Commission (SEC) and head of the cryptocurrency asset working group, stated at the SEC’s “Know Your Custodian” roundtable that the current regulatory environment for cryptocurrency assets in the U.S. is like playing a game of “the floor is lava” in the dark, where registered institutions are forced to act cautiously under unclear rules to avoid direct contact with cryptocurrency assets.

🔥According to reports from Jiemian News, on April 28, International Holdings Company (IHC) of the UAE, the sovereign wealth fund Abu Dhabi Development Holding Company (ADQ), and First Abu Dhabi Bank (FAB) announced plans to launch a new stablecoin backed by the UAE Dirham. This stablecoin will be fully regulated by the Central Bank of the UAE and issued by the largest bank in the UAE, FAB.

🔥According to Cointelegraph, U.S. Senator Elizabeth Warren of Massachusetts is urging government officials to address issues related to Meme coins and their media company with President Donald Trump. Warren, along with Adam Schiff, sent a joint letter to the Office of Government Ethics requesting an investigation into the ethical risks that may arise from the Meme coin TRUMP launched by Trump.

🔥According to The Block, the Arizona State Legislature has passed the Strategic Bitcoin Reserve Act SB 1025, authorizing the state treasury and pension system to invest up to 10% of available funds in digital assets such as Bitcoin.

🔥BlockBeats news, on May 1st, according to Cointelegraph, the North Carolina House passed the “Digital Asset Investment Bill” (HB 92) with a result of 71 votes in favor and 44 votes against, allowing the state treasurer to invest up to 5% of state government funds in approved cryptocurrencies. The bill has now been submitted to the state Senate for consideration.

Highlights of the Crypto Market

⭐️Over the past week, the cryptocurrency market has shown a continuous upward trend, as the negative external factors have gradually diminished, coupled with a rapid influx of external funds. The overall liquidity and scale of funds in the market continue to rise, and the structural adjustment of the crypto market is further showing a positive and rational trend. In the past week, mainstream coins have primarily experienced short-term fluctuations within the day, and overall, the upward trend is quite evident. Currently, the market is likely to experience a series of catch-up rallies.

⭐️This week, VIRTUAL has the highest increase among mainstream cryptocurrencies, reaching about 134%. This is mainly due to the recent rapid influx of liquidity and funds into DeFi, as well as the market actions of the protocol itself. Currently, the price of VIRTUAL is at a recent high, maintaining around $1.7, with a weekly peak of about $1.77. It is currently in a state of short-term volatility, and further price changes may occur in the future.

Bitcoin & Ethereum Weekly Performance

Bitcoin (BTC)

( Data Source: TradingView )

This week, the price trend of BTC showed a continuous intraday rise and fall after the opening, maintaining a range between 93000-95000 USD. As the weekend closing period approached, influenced by recent comprehensive factors, the price exhibited a continuous rebound trend, directly breaking through the key level of 95000 USD, and further surpassing 97000 USD. The BTC price set a recent new high this week, and the overall market has shown significant recovery. In the short term, the BTC price is highly likely to maintain an upward trend, while small fluctuations will still be the mainstream market behavior.

Ethereum (ETH)

( Data Source: TradingView )

ETH’s price movement this week has risen slightly more than BTC, but the trends of both remain largely consistent. The price of ETH broke above $1800 within the week. Currently, the price of ETH is around $1850, and the subsequent trend is likely to focus on multiple rounds of rebound, with considerable upward potential.

Web3 Project Trends

This week, the total market value of seven categories of projects continues to rise across the board, but most of the increases remain within a small range. This week’s market index continues its recent upward trend due to a combination of factors, but the upward movement in most sectors is limited. It is expected that the current main trend will continue during the weekend closing period.

Author: Charles T., Gate.io researcher *This article only represents the author’s views and does not constitute any trading advice. Investment carries risks, and decisions should be made with caution. *The content of this article is original and copyrighted by Gate.io. If reprinted, please indicate the author and source; otherwise, legal responsibility will be pursued.