PANews reported on August 12 that according to the official blog, Binance Research Institute discussed the main developments in the cryptocurrency market over the past month in its latest report: Driven by positive developments such as the approval of 9 spot ETH ETFs by the U.S. Securities and Exchange Commission and the sale of 50,000 BTC in Germany, the cryptocurrency market's market value increased by 6.1% in July. However, people are still concerned about the repayment of Mt. Gox and the transfer of BTC by the U.S. government. After the launch of the spot Ethereum ETF, the trading volume was strong in the first week (about US$5.8 billion), but the net outflow was about US$484 million, mainly due to the outflow of Grayscale's ETHE. In addition to ETHE, the net inflow of the ETF was US$1.5 billion.
In July, the total TVL of DeFi increased by 3.5%. The most notable gains this month include CORE, Scroll, and Mantle, with increases of 121.2%, 66.0%, and 30.9%, respectively. This trend is due to improved user experience, increased liquidity, and the popularity of Meme coin trading. Influenced by the development of the election cycle, the trading volume and number of active traders of prediction platform Polymarket also hit a record high. The trading volume in July soared to more than 387 million US dollars, more than 614% higher than the trading volume in January.
In July, NFT market sales fell 7.14% to $400 million. DMarket led with $16.2 million in sales, followed by DogeZuki on Solana with $13.9 million in sales. Solana collectibles such as Solana Monkey Business and Retardio Cousins saw a significant increase in sales, while major Ethereum collectibles and top Ordinals collectibles saw a significant decline.
