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ETH rises 30% leading the charge, altcoin market and NFT market remain sluggish waiting for a boost
Crypto Market Weekly Report: ETH Leads the Rise, Triggering a General Surge in Alts, NFT Market Shows Weak Performance
Market Overview
This week, the overall trend in the crypto market shows a rise, with Ethereum (ETH) standing out with a nearly 30% increase. Bitcoin (BTC) also rebounded, approaching its historical high. The significant increase in the probability of ETH spot ETF approval is one of the main factors driving the market up.
The total locked value ( TVL ) reached 106.3 billion USD, an increase of 13.1 billion USD compared to last week, with a rise of 14%. The TVL of major public chains has increased to varying degrees, among which the MERLIN chain performed the best, with a weekly rise of 171%.
Bitcoin Market Analysis
On-chain data shows that the number of long-term holders of BTC has decreased while the number of short-term holders has increased, leading to some divergence in the market. The speed of new capital inflow has slowed down, and long-term volatility has somewhat converged. The MVRV indicator is at 2.5, in a middle stage.
In the futures market, the funding rate has slightly increased, and the open interest has significantly risen, indicating that major funds are entering the market. The long-short ratio is 1.3, and the market sentiment is neutral.
Public Chain and DeFi Ecosystem
Ethereum remains the dominant player in the DeFi ecosystem, with the highest TVL share. This week, the TVL on the ETH chain rose by 20%, TRON chain by 3%, BSC chain by 9%, Solana chain by 7%, Arbitrum chain by 18%, and BLAST chain by 28%.
It is worth noting that the TVL of the Merchant Finance project on the Merlin chain has seen significant growth, increasing by 41730% within a week, becoming a market hotspot.
NFT Market Dynamics
The overall performance of the NFT market remains sluggish, with the floor prices of major blue-chip projects fluctuating. Despite the significant rise in ETH prices, it has not led to a noticeable recovery in the NFT market.
The performance of some well-known projects is as follows:
The trading volume in the NFT market continues to decline, with no significant recovery in the number of new buyers and repeat users.
Summary
This week, the crypto market is generally positive driven by ETH, but the NFT sector is underperforming. Investor expectations for the ETH ETF have become the main driving force in the market, but caution is needed regarding short-term overheating risks. The DeFi ecosystem continues to expand, and new public chains and innovative projects are worth paying attention to.