Binance Research Unveils New Report, Highlighting Key Developments In Crypto Market Over Past Month
In Brief
Binance Research published a new report revealing that the crypto market’s value rose by 6.1% in July, fueled by several positive events.
Analysis division of the cryptocurrency exchange Binance, Binance Research, published a new report detailing major developments in the cryptocurrency markets from the past month.
Study reveals that the cryptocurrency market’s value rose by 6.1% in July, fueled by positive events such as the United States Securities and Exchange Commission (SEC) approving nine spot Ethereum exchange-traded funds (ETFs) and the sale of 50,000 BTC in Germany. Despite this growth, concerns persist among market participants regarding the repayment by the cryptocurrency exchange Mt. Gox and the transfer of Bitcoin by the United States government.
After the introduction of the spot Ethereum ETFs, the trading volume was strong in the initial week, reaching approximately $5.8 billion. However, there was a net outflow of about $484 million, primarily attributed to withdrawals from the Grayscale Ethereum Trust (ETHE). Despite this, the ETF saw a net inflow of $1.5 billion.
Binance Research Reports: DeFi TVL Grows 3.5% in July, Polymarket Trading Soars, NFT Sales Decline
Furthermore, over the past month, the total value locked (TVL) in decentralized finance (DeFi) grew by 3.5%. The most notable gains were observed in CORE, Scroll, and Mantle, with increases of 121.2%, 66.0%, and 30.9%, respectively. This growth is largely attributed to enhanced user experience, higher liquidity, and the rising popularity of memecoin trading.
Driven by the evolving election cycle, both the trading volume and the number of active traders on the prediction platform Polymarket reached unprecedented levels. In July, trading volume surged to over $387 million, marking a more than 614% increase compared to January’s volume.
Additionally, in July, sales in the non-fungible token (NFT) market decreased by 7.14%, totaling $430 million. DMarket led the sales with $16.2 million, followed by DogeZuki on Solana with $13.9 million. During this period, sales of Solana-based collectibles like Solana Monkey Business and Retardio Cousins experienced a notable rise, whereas major Ethereum collectibles and leading Ordinals collectibles saw a decline, according to Binance Research.
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About The Author
Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
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Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
