Weekly Web3 Research | HECO Chain Bridge & HTX Were Attacked; The Cumulative Cost Revenue of Ordinals In_script_ions Exceeded $100M; GBTC Negative Premium Rate Narrowed to 10.11%

Weekly Trend Overview

The crypto market continued to fluctuate this week, with most mainstream crypto project prices mainly showing slight fluctuations, similar to last week’s rise and fall trend. Prices in different currencies showed varying performance, and the secondary currency market remains the main market hotspot at present. The total amount of funds in the current market is $1.41 trillion, a decrease of about $40 billion compared to the same period last week.

The crypto project of Top100 had a rise to fall ratio of 4:6 this week, indicating a slight correction in the overall market situation, but it remained within a relatively small range. With the Binance lawsuit on the 22nd approaching a phased outcome, the market showed a volatile downward trend, but did not form a sustained curve. BTC reached a high of $37,808 this week, while ETH reached a high of $2,087.

The prices of BTC and ETH have risen and fallen to 2.78% and 3.67% in a week. Among the crypto projects ranked 100, BLUR experienced the largest increase, with a weekly increase of 47.68%. Due to BLUR’s completion of air drops and financing actions this week, the total amount of TVL was also large, which led to a rapid increase in coin prices.

Overall, the crypto market has been mainly volatile this week, no longer continuing its previous upward trend. The overall performance is relatively stable, with hot information concentrated on OpenAI and Binance related events. The crypto market is still in a relatively stable fluctuation cycle.

The trend of BTC and ETH during this week has been mainly volatile, with significant fluctuations in BTC and consistent price trends for ETH. At present, the price of BTC remains fluctuating around $37,200, while the price of ETH fluctuates around $2,050, with an increase compared to the previous week.

As of now, the global crypto market cap is $1.41 trillion, and the entire market has risen by approximately 1.58% within 24 hours.

Crypto Market

🔥The internal management turmoil at OpenAI has ushered in a turnaround. It is rumored that Sam Altman was seeking to raise tens of billions of dollars for two new AI companies before his dismissal. Sam Altman and Brockman will join Microsoft, and OpenAI CEO will be succeeded by Twitch Co founder; This resolution has caused over 700 OpenAI employees out of 770 to sign an open letter demanding the resignation of the board of directors and the restoration of Altman’s CEO position, otherwise the labor union will collectively follow Altman to switch jobs to Microsoft; It is reported that this incident may have greatly affected OpenAI’s recent financing and customers; Investors are considering suing the board of directors and reducing the value of their OpenAI shares to zero; Under the multi-party game, the final result ended with Altman confirming his return to OpenAI as CEO, and OpenAI co-founder Greg Brockman also returning to OpenAI; Presently, it has been rumored that Microsoft is planning to join the OpenAI board of directors and participate in the restructuring of the company’s governance structure. The entire incident has caused Microsoft’s stock price to reach a historic high.

🔥 The negative premium rate of Grayscale GBTC is 10.11%, a new low since August 2021.

🔥 The cumulative cost revenue of the Ordinals in_script_ion has exceeded $100 million.

🔥 The founder of dYdX has issued a statement regarding the previous attack incident, stating that dYdX will not pay bounties to the attackers and has no intention of negotiating. Currently, dYdX has banned high profit trading strategies.

🔥 The founder of Blur will launch Layer2 Blast, and has completed a $20 million financing involving Paradiam and others. Blur has also opened its second quarter airdrop application and started its third quarter airdrop, with a TVL of $230 million within 48 hours of launch.

🔥 Tether issued a statement that, after investigation by OKX and the US Department of Justice, Tether voluntarily froze 225 million USDTs related to international criminal groups. These funds are in external self-custodial wallets, which are related to the Southeast Asian International Human Trafficking Group, which is involved in leading a global pig-butchering scam.

🔥 It is said that a large number of friend.tech user accounts were mistakenly identified as robots, causing TVL to drop to $31.6 million.

🔥 The Binance lawsuit has reached a milestone outcome, with Binance and CZ pleading guilty and reaching a settlement with the US Department of Justice, CFTC, Office of Foreign Asset Control, and Financial Crime Enforcement Network, agreeing to pay a fine of $4.368 billion. CZ has also stepped down as CEO of Binance, with Richard Teng, the head of global regional markets, taking over as CEO; CZ’s personal bail is 175 million US dollars and will be allowed to reside in the United Arab Emirates while awaiting judgment; The sentencing hearing will be held on February 24th; The CFTC fined Binance’s former Chief Compliance Officer $1.5 million, and the US Treasury Department will retain access to Binance’s books, records, and systems for five years, requiring Binance to appoint independent compliance monitors to report to the US government.

🔥 The first day TVL of BL2 Network Blast exceeded $81 million, with over 23,000 users.

🔥 The ASC-20 token has surged, and the daily trading volume of Avalanche C-Chain has reached a new high.

🔥 HECO Chain Bridge and HTX are suspected to have suffered losses of $110 million due to attacks, and the amount is currently uncertain. HTX has suspended on-site deposit/withdrawal and HECO Chain Gateway deposit/withdrawal, and Justin Sun states that he will fully compensate.

🔥 DEX aggregator and liquidity platform KyberSwap have been attacked, resulting in approximately $47 million in theft.

🔥 AzukiDAO has abandoned suing Zagabond and transformed into the MEME coin community, with the governance token Bean rising by 1817% in the past 30 days.

Regulatory Policies

🔥 BTC supporter Javier Milei won the Argentine presidential election.

🔥 The SEC accuses Kraken of misappropriating funds and operating unregistered platforms.

Crypto Market Highlights

⭐ In the past week, the crypto market as a whole has been greatly affected by news factors, mainly around the Binance lawsuit. CZ has suffered a substantial defeat and paid a huge fine, which has caused a rapid short-term decline in the market. However, due to the lack of adverse rulings by the US judicial department regarding Binance’s main business, the overall impact is within a controllable range.

⭐ Amidst the relatively volatile market performance this week, BLUR has shown the best performance. Influenced by various actions of the project this week, the coin price has driven a very rapid rise, with an increase of nearly 50% within a week. Currently, it is maintaining a volatile trend near the 0.5 US dollar price level.

(Data Courtesy Of CoinGecko)

BTC & ETH Weekly Performance

Bitcoin (BTC)

(Data Courtesy Of TradingView)

The high point of BTC prices this week has not yet broken through $38,000, similar to the previous two weeks’ high points, staying around $37,800 and maintaining a relatively small volatility trend for more time.

Overall, BTC’s performance within a week is in line with the current volatility cycle of the crypto market, with price trends maintaining between $36,000 and $38,000 for several consecutive weeks. In the future, if there is a lack of news factors or the arrival of the next market cycle, maintaining the current price range and continuing the volatile market will be a high probability event.

Ether (ETH)

(Data Courtesy Of TradingView)

ETH’s trend this week remained similar to that of BTC. On the 22nd, due to the impact of news factors, the price fell quickly and then rebounded, fluctuating upwards to the $2050 price range.

The price of ETH has returned to above the $2,000 level again this week, but the overall amplitude is not significant and continues to be a relatively stable volatile market trend. The specific rise and fall in the future still needs to pay attention to news factors and the overall market trend.

Web3 Project Trend

This week, the total market value of most of the seven categories of projects showed a downward trend, but the magnitude was relatively small. The correction of BRC-20 during this week was relatively obvious, and the market was mainly characterized by small fluctuations and declines. The weekly rise and fall performance of various projects followed the normal market trend.