Blur solidifies reign in NFT space with 60% trading volume market share

  • OpenSea remains on the sidelines as Blur dominates NFTs trading volume on Ethereum.
  • Although the general drop in interest has affected activity on Blur, its daily sales volume puts it ahead of OpenSea

Across Ethereum-native NFTs marketplaces, Blur remains dominant as the NFT marketplace and aggregator, accounting for nearly 60% of all trading volume on the chain, Messari found in a new report. 

Blur has gained significant traction since its launch in October 2022, overtaking industry leader OpenSea. Its popularity skyrocketed after its token airdrop event on 14 February. 

Prior to the airdrop, Blur held 48% of the NFT transfer volume in the market. However, its share jumped to 78% a few days after the airdrop. This caused OpenSea’s NFT transfer volume to drop by 21%.

Blur solidifies reign in NFT space with 60% trading volume market share 2
Source: Glassnode

While NFT trading volume across Blur has declined since then due to the drop in the general market interest in NFTs, data from Dune Analytics revealed that the daily volume of NFT transactions completed on Blur still exceeds OpenSea. 

Blur solidifies reign in NFT space with 60% trading volume market share 3
Source: Dune Analytics

Collectors have continued to shy away from NFTs

The year so far has been marked by a general decline in interest in NFTs as a category of digital assets. On a year-to-date, interest peaked around February, and NFT market capitalization and sales volume have since trended downward. 

According to NFTGo, the sum of the market capitalization of all collections has fallen by 46% in the past seven months. Also, the daily total volume of NFT sales across all collections has dropped by 98% within the same period. For context, this was $420.48 million on 19 February. As of 19 August, the sales volume recorded was less than $5 million. 

Blur solidifies reign in NFT space with 60% trading volume market share 4
Source: NFTGo

Amid the waning interest, the values of blue-chip NFTs have also been affected. For example, as of this writing, the floor price of an NFT from the Bored Ape Yacht Club [BAYC] collection stood at 24 ETH. The last time the average price was this low was in August 2021, three months after it launched. This year alone, the collection’s floor price has plummeted by 64%. 

Blur solidifies reign in NFT space with 60% trading volume market share 5
Source: NFT Price Floor

Another leading blue-chip NFT collection affected by the whirlwind of disinterest in digital collectibles is CryptoPunks. At a floor price of 47.39 ETH, one CryptoPunk NFT currently trades at a price last recorded in June 2022. 


Blur solidifies reign in NFT space with 60% trading volume market share 6
Source: NFT Price Floor


Curve 3pool Sees Increased Outflows Since hack

  • The stablecoins that makeup Curve’s 3pool have seen increased outflows since the hack.
  • The demand for CRV continues to fall, putting downward pressure on price.

In the aftermath of Curve’s reentrancy exploit of July 30, 3pool, one of the decentralized exchange’s (DEX) prominent liquidity pools, continue to experience capital flight, research firm Kaiko noted in a recent report.

Curve 3pool Sees Increased Outflows Since hack 2
Source: Kaiko

According to Kaiko, Curve’s 3pool represents one of its “most important sources of liquidity for DAI, USDC, and USDT” and has seen $175 million since the hack. 

USDC has seen the most outflows of all the three stablecoins that make up the currency reserves in the pool. Since the exploit, liquidity providers have removed USDC coins worth $125 million from 3pool. DAI comes in second place with outflows that totaled $60 million, “$25mn of which came in just three transactions on July 31,” the report stated.

Regarding Tether’s USDT, Kaiko found that it has remained roughly even in the Curve 3pool, despite the increased removal of the other stablecoins.

According to Kaiko, this suggests that investors are becoming more skittish about USDT. This is because USDT makes up a disproportionate amount of the pool, so a run on USDT could cause the pool to depeg.

The fact that users are incentivized to remove USDT from the Curve 3pool is a sign that they are worried about the stability of USDT. This could lead to further outflows from the pool, which could put downward pressure on the price of USDT.

The total currency reserves in Curve’s 3pool at press time was $3 million. USDT accounted for the largest share of the reserves, with $1.43 million, or 48.20%. USDC was the second-largest reserve, with $423,654, or 14.25%. DAI was the third-largest reserve, with $1.11 million, or 38%.

Curve 3pool Sees Increased Outflows Since hack 3
Source: Curve Finance

CRV continues to dwindle amid increased sell-offs

At press time, CRV exchanged hands at $0.5597. According to CoinMarketCap, the altcoin’s value has plummeted by 32% in the last month. 

Curve 3pool Sees Increased Outflows Since hack 4
Source: CoinMarketCap

Amid the fear of a complete liquidation of Michael Egorov’s collateral on Aave following the hack, the count of transactions involving CRV has dropped since 30 July. According to Santiment, the count of daily active addresses that trade CRV has declined by 94% since the hack. 

Likewise, CRV has failed to draw in new demand as people continue to close their trading positions. Data from Santiment revealed a 90% decrease in the number of new addresses that have been created to trade CRV since the hack. 

Curve 3pool Sees Increased Outflows Since hack 5
Source: Santiment



Cardano Whales Steadily Accumulating $ADA Despite Price Drop

  • Cardano sharks and whales have continued to buy the token despite the fall in its price.
  • Traders continue to sell heavily in intraday trading sessions.

Following significant coin distribution between February 2021 and May 2022, Cardano [ADA] investors that hold over 100,000 ADA coins have again begun accumulating the crypto asset.

According to Santiment, these investors have continued to “fill their bags” with ADA despite the steady decline in the altcoin’s value. The coin shaved off 35% of its market capitalization in the last four months. At press time, this was $10.16 billion, making it the eighth-largest crypto asset in terms of market capitalization.

Since this cohort of ADA investors began accumulating the coin, its value has dropped by 69%. As of May 2022, ADA traded above $0.7. At press time, it exchanged hands for under $0.3. 

ADA is on a loss-making streak

On-chain assessment of how profitable ADA has been as a digital asset in the last year revealed that the majority of holders have failed to turn profits since April 2022. According to Santiment, the coin’s Market Value to Realized Value (MVRV) ratio turned negative on 7 April that year and remained below the center line. 

This metric tracks the ratio between an asset’s current price and the average price of its every coin/token acquired. A high MVRV ratio indicates that the asset is overvalued, while a low MVRV ratio indicates that it is undervalued.

At -51.36% at press time, it meant that if all holders sold ADA at its current value, more than half of them would realize losses.

Cardano Whales Steadily Accumulating $ADA Despite Price Drop 2
Source: Santiment

Further, data from IntoTheBlock revealed that 3.94 million addresses that hold ADA are “out of money.” This means they currently hold the altcoin at a loss. This figure represents 89% of all coin holders, as only 10.26% of all addresses holding ADA are at a profit.

Cardano Whales Steadily Accumulating $ADA Despite Price Drop 3
Source: IntoTheblock

No rally in sight

With its price declining further, daily traders have continued to distribute ADA. Its Relative Strength Index (RSI) was 42.99 at press time, while its Money Flow Index (MFI) was 23.67, almost oversold.

Both key indicators resting beneath their center lines since the month started showed a momentum shift from buy-side to sell-side. 

The bears controlled the ADA market at press time with the positive directional index (green) beneath the negative directional index (red). 

Cardano Whales Steadily Accumulating $ADA Despite Price Drop 4
Source: TradingView

Solana’s TVL Grows by 14% in the Last Month, Outperforming Ethereum, BSC, and Avalanche

  • Solana’s TVL climbed by almost 15% in the last month.
  • While user activity declined during the same period, the network saw growth in transaction fees and revenue.

Solana registered a total value-locked (TVL) growth of 14% in the last month, while other leading chains suffered a decline, data from Messari revealed. 

While last year’s downtimes and the seven major exploits the chain experienced in 2022 led to a severe decline in its TVL, the year so far has been different. Per Messari, Solana’s TVL at the beginning of the year was $209.25 million. Growing by 217% since then, the Layer 1 (L1) network’s TVL was $664 million at press time. 

Solana's TVL Grows by 14% in the Last Month, Outperforming Ethereum, BSC, and Avalanche 2
Source: Messari

As Solana registered a TVL uptick in the last month, other top L1 networks Ethereum, Binance Smart Chain, and Avalanche, saw respective declines of 13%, 6%, and 10%. 

Regarding Layer 2 (L2) scaling solutions, Arbitrum saw its TVL fall by 7% in the last month. Optimism, however, fared better as the rollup network logged a 10% jump in its TVL during the same period. 

State of Solana

Despite registering a TVL growth in the last month, user activity on Solana suffered a shortfall. Per data from Token Terminal, the network registered a 5% decline in active user count in the past 30 days. 

For context, user activity on the chain has been on a steady decline in the last year, primarily due to the several downtimes and exploits the network suffered during that period. In the past 180 days, daily active user count dropped by 15%. In the last 12 months, this fell by over 50%.

Solana's TVL Grows by 14% in the Last Month, Outperforming Ethereum, BSC, and Avalanche 3
Source: Token Terminal

The 1.6% drop in active user activity on Solana last week reduced trading volume across the decentralized exchanges hosted on the chain. zkSync, with a much lower TVL, exceeded Solana in DEX volume during that period, on-chain data revealed.

However, a silver lining exists. While user activity and trading volume suffered a decline, Solana’s transaction fees and network revenue surged. Per data from Solscan, network fees charged for successful non-vote transactions climbed to a high of 53.06 SOL on 2 August. 

While it has since declined, this represented a significant growth in network fees from 31.64 SOL recorded a month ago.

A broader assessment of all network fees revealed a 50% jump in the last month. Solana also saw a corresponding hike in revenue during the same period. On an annualized basis, the L1’s revenue has gone up by 21%.

Solana's TVL Grows by 14% in the Last Month, Outperforming Ethereum, BSC, and Avalanche 4
Source: Token Terminal

BTC Bulls Are Back? On-chain Indicators Point to Short-Term Rally

  • BTC recorded its highest daily active address count on 2 August.
  • The recent increase in network activity, surge in loss-making transactions, and growing negative sentiment are all indicators of a short-term price rally for Bitcoin.

The number of daily active addresses that trade Bitcoin [BTC] has surged in August, reaching a three-month high of 1.07 million on 2 August, data from Santiment showed. Still growing, the number of addresses that have completed BTC transactions today was 1.03 million. 

As the number of daily active BTC addresses increases, the number of transactions involving the cryptocurrency that has resulted in losses has also grown. An examination of the coin’s ratio of daily on-chain transaction volume in profit to loss revealed this. 

This indicator measures the value of an asset’s transactions that return profits to the value of its transactions resulting in a loss within a single day. When the indicator logs an uptick and is above the zero line, market participants are making more profits than losses. Conversely, market participants are recording more losses when this metric returns a value below zero. 

BTC’s ratio of daily on-chain transaction volume in profit to loss was -0.161 at press time, suggesting that more BTC trades returned losses at the time of writing. 

Further, weighted sentiment remains negative as the coin continues to linger in a narrow price range. Per Santiment, BTC’s weighted sentiment was -0.25 at press time.

BTC Bulls Are Back? On-chain Indicators Point to Short-Term Rally 2
Source: Santiment

According to Santiment:

“This utility increase, combined with major loss transactions & negative sentiment, is a strong sign that a short-term (at minimum) $BTC price bounce is more probable.”

But is the king coin ready for such a leap?

Finally, a reason to smile?

Despite facing strong resistance at $30,000 and trading in a tight range for the past two months, BTC holders have been reluctant to sell their coins, according to an analysis of exchange activity.

A look at its exchange reserves on a 30-day moving average revealed a 1.4% decline in the last month. This metric tracks the total number of BTCs held within cryptocurrency exchanges.

When the value of BTC’s exchange reserves rises, it indicates higher selling pressure as more coins are being forwarded to exchanges for onward sales. On the other hand, a decline suggests a reduction in BTC distribution and is often a precursor to a price uptick. 

BTC Bulls Are Back? On-chain Indicators Point to Short-Term Rally 3
Source: Santiment

In addition the declining number of  BTC sell-offs, most traders are betting on a price increase.. This is evident from the funding rates on the futures market across leading exchanges, which show that longs outnumber shorts. This is a positive sign, as it suggests that many traders believe that the price of Bitcoin will rise in the short term.

BTC Bulls Are Back? On-chain Indicators Point to Short-Term Rally 4
Source: Santiment

While these on-chain indicators hint at a price growth in the short-term, it remains important to pay attention to macro factors that might affect BTC’s price negatively.

Litecoin Price Falls After Halving, Is the Party Over?

  • Litecoin completed its third halving event on 2 August.
  • Its LTC coin has, however, failed to react positively.

Litecoin [LTC] failed to log any significant price reaction following the network’s third halving event yesterday. At press time, the coin ranked as the fourth crypto asset with the most declines in the last 24 hours, per data from CoinMarketCap

Litecoin Price Falls After Halving, Is the Party Over? 2
Source: CoinMarketCap

Much ado about nothing

In its 12-year history, Litecoin completed its third halving event on 2 August. The event led to a reduction in miners’ block reward from 12.5 LTC to 6.25 LTC.

Before the halving, there was a debate about whether the halving event would result in a positive price rally for LTC. Some analysts believed that the halving was already priced in by most traders in the market. This means that many traders had already factored in the fact that the block reward would be halved and had traded accordingly. This group of people did not think the halving would result in any significant price growth for LTC.

Others, including Litecoin founder Charlie Lee, opined that the halving would increase the price per LTC coin. This is because the halving will reduce LTC’s supply, and should demand stay the same or increase, it would create a supply-demand imbalance, which would drive up the coin’s price. 

Lee, on a Twitter spaces session held last week, had said:

“If the supply side gets cut in half and the demand stays the same, then the price should go up.”

However, an on-chain assessment of LTC’s network activity since the halving event revealed a decline in demand for the alt. Per data from Santiment, yesterday, the count of daily active addresses that traded LTC dropped by 9%. In the early trading hours of today, this had dropped by another 68%.

Likewise, transaction count also dwindled. With 127,110 LTC transactions completed on the day of the halving, a 5% decreased was registered.

Litecoin Price Falls After Halving, Is the Party Over? 3
Source: Santiment

On the daily chart, LTC selling momentum rallied. The coin’s Relative Strength Index (RSI) and Money Flow Index (MFI) were 39.44 and 39.39 respectively. Below their neutral lines and trending downwards at press time, it indicated that more traders sold their LTC holdings than bought them.

Litecoin Price Falls After Halving, Is the Party Over? 4
Source: TradingView

COMP and MKR lead altcoin rally as regulatory uncertainty rallies

Despite increased regulatory activity, DeFi index price, led by Compound [COMP] and MakerDAO [MKR], has rallied by 56% since 11 June, Glassnode found in a new report

Glassnode’s DeFi price index tracks the performance of the top eight DeFi tokens by market capitalization. With other altcoins outperforming leading altcoin Ethereum [ETH], mostly propelled Ripple’s [XRP] partial win over the U.S. SEC, Glassnode noted:

“Our DeFi index…has established an almost two-month-long uptrend relative to ETH. This is the first outperformance since September 2022 and with very similar performance thus far.”

COMP and MKR lead altcoin rally as regulatory uncertainty rallies 2
Source: Glassnode

COMP and MKR take the lead

Per the report, COMP and MKR “stand out as primary drivers of this trend.” Regarding Compound, its governance token COMP experienced an 83% uptick a week after the protocol’s founder and CEO Robert Leshner, revealed his exit from the lending protocol and announced the launch of the Superstate project. 

Around the same period, MakerDAO introduced its Smart Burn Engine, which drove up MKR’s value, Glassnode found. The MakerDAO Smart Burn Engine is a smart contract system that allocates excess DAI to purchase MKR, increasing the on-chain liquidity of MKR over time. This could remove $7 million worth of MKR from circulation in 30 days, increase the token’s demand and drive its price. Following the Smart Burn Engine’s implementation, MKR’s value climbed by 43% a week after. 

COMP and MKR lead altcoin rally as regulatory uncertainty rallies 3
Source: Glassnode

DEXes saw increased activity as well

Apart from the jump in the value of DeFi tokens, the past few weeks have also been marked by a jump in network activity across decentralized exchanges. According to Glassnode:

“The relative share of volume traded on DEXs has increased from 3.75% at the beginning of June to 29.2% today, close to the highs seen during the second half of 2022.”

COMP and MKR lead altcoin rally as regulatory uncertainty rallies 4
Source: Glassnode

As noted by Glassnode, the rise in DEX volume was partly due to increased trading activity on Uniswap across Layer 2 platforms and the surge in network activity from both human traders and Sandwich bots.

While Uniswap trading volume on Ethereum remained low, Glassnode noted:

“that an appreciable portion of trading has shifted from the Ethereum mainnet across to Arbitrum, attracting up to 32% of volume in March. This trend has remained elevated in June and July, which provides a degree of reasoning for the lower volume on Ethereum we observed above.”

Regarding human and Sandwich bots trading activity on Uniswap, Glassnode noted that while human trading volume has risen by 30% since the beginning of July, Sandwich bots have contributed over 60% of the daily trading volume on the DEX.

BALD: A tale of the meme coin’s 24 hours period of glory

  • During the intraday trading session on Sunday, BALD’s value rallied by 4,000,000$.
  • Its market capitalization almost touched $100 million in a single day as trading intensified.
  • However, as the project’s developers remove liquidity from the BALD/WETH liquidity pool, the meme coin’s value has plummeted.

Coinbase’s Layer 2 platform Base experienced a surge in user activity on 30 July as daily traders flocked to the OP-Stack-based platform to trade the newly-launched meme coin Bald (BALD). 

Although Base remained in testnet and only opened up to developers in mid-July, traders who sought to book quick profits by apeing in on the meme coin found a way around it.

While not having any website or a proper doxxing of the developers behind it, BALD amassed a market capitalization of $50 million a few hours after traders caught a whiff of the first tweet where the token was “mentioned.”

In fact, there were speculations that someone at Coinbase issued the meme coin due to the use of Coinbase staked Ether (cbETH) to fund the same. According to Crypto Twitter user @matrixthesun:

“The coin itself seems to have been deployed by a whale who has connections to a large supply of $cbETH. $cbETH is the Coinbase variant of staked ETH. This could mean that BALD is launched by a Coinbase insider or perhaps even Brian himself.”

The market went on a prowl

As BALD’s trading volume climbed, its market capitalization surged significantly. It went as high as $50 million on Sunday afternoon, causing a number of traders to log huge gains. For example, Crypto Twitter user @cheatcoiner, who made the first tweet about the token, recorded over $1 million from a $500 investment. 

Likewise, on-chain analytics platform Lookonchain found that in just four minutes after BALD began trading, four addresses purchased 50 million worth of BALD tokens for 0.534 $ETH . This represented 50% of the total supply of the meme coin’s supply. 

Shortly after, they sold 337 million BALD tokens for $1.04 million, resulting in a remarkable profit of $1 million within a single day with a $1,000 initial investment.

As the token’s popularity grew, its market capitalization touched $85 million late Sunday evening, and its value grew by 4,000,000%. 

All’s well that ends well

As BALD trading intensified on Sunday, the project’s developers consistently added Ether tokens to the BALD/WETH liquidity pool. This enabled smooth trading between BALD and the leading alt ETH, and by Monday, the trading pair accumulated more than $32 million in liquidity and recorded a trading volume exceeding $100 million.

However, by mid-day on Monday, data from Basescan revealed that BALD’s developers removed $12 million worth of wrapped Ether [WETH] from BALD’s liquidity pool causing BALD’s price to plummet.

At press time, the token exchanged hands at $0.002492 dropping by over 90%. Also, the available liquidity on the BALD/WETH liquidity pool stood at $38,000, data from DexScreener revealed. Likewise, the market capitalization that almost touched $100 million was below $3 million at the time of writing. 

BALD: A tale of the meme coin's 24 hours period of glory 2
Source: DexScreener

Do you want to bridge to the Base network?

While Base’s mainnet release date remains unknown, learning how to move funds to the network to trade on the decentralized exchanges currently housed within it might be imperative.

To do this, you must first set up a MetaMask wallet and have some ETH. If you don’t have MetaMask, you can install it as a browser extension or mobile app and then add your ETH to the wallet.

Once you have your MetaMask wallet set up and funded with ETH, you need to add Base Mainnet to your list of networks in MetaMask. To do this, go to the network selection dropdown in MetaMask and choose “Custom RPC.” 

Fill in the fields provided with the network details provided by Base. When this is done correctly, Base Mainnet will appear as one of the networks in your MetaMask. 

After successfully adding Base Mainnet to your MetaMask wallet, you can proceed with the bridging process. Decide on the amount of ETH you want to bridge to the Base Mainnet network and ensure you have that amount available in your MetaMask wallet. Once confirmed, initiate the transaction to send the chosen amount of ETH to the designated wallet address provided by Base Mainnet. 

Remember that you can only bridge funds to the Base Mainnet network now, and bridging back remains officially impossible.

Chainlink [LINK] daily whale transactions count climb to its highest level in the last year

  • During the trading session on 27 July, LINK traded above $8 due to a spike in whale transactions.
  • LINK whale accumulation has climbed significantly in the last month.
  • Positive funding rates suggested that more traders were placing bets in favor of the coin.

During the intraday trading session on 27 July, Chainlink (LINK) led the altcoins pack with the most gains. The count of LINK whale transactions climbed to a one-year high, pushing the token to trade above the $8.3 price point, data from Santiment revealed.

A total of 22 whale transactions, each valued above $1 million, were completed during the period under review. This represented a 340% surge from the five whale transactions of the same amount carried out on the previous day.

In addition to a surge in whale transactions, LINK accumulation amongst investors that hold between 100,000 and 10,000,000 LINK tokens also increased. At press time, this cohort of whale investors held 28% of the token’s circulating supply. At the beginning of the month, they only held 26%.

Major stakeholders’ sudden interest in LINK could be attributable to Chainlink’s recently launched Cross-Chain Interoperability Protocol (CCIP).  

At the product’ release, Chainlink noted that the web3 ecosystem has expanded to include multiple blockchains at the layer-1 and layer-2 scaling levels. However, these networks currently function independently and encounter challenges when interacting with conventional systems and other blockchains. The CCIP was introduced to address this issue by serving as a bridge, enabling seamless asset transfers and information sharing between different blockchains.

Traders filling up their LINK bags

While LINK traded under $8 at $7.87 at press time, accumulation continued amongst day traders. On a daily chart, momentum indicators remained in uptrends above their respective neutral lines. 

For example, LINK’s Relative Strength Index (RSI) rested at 61.15. Likewise, its Money Flow Index (MFI) was spotted at 68.65. These indicators are commonly used to analyze price trends and identify an asset’s potential overbought or oversold conditions. 

Further, above the zero center line at press time, LINK’s Chaikin Money Flow (CMF) indicated the consistent inflow of liquidity into the market. Typically, A CMF value above the zero line is a sign of strength in the market, as buying pressure exceeds selling pressure.

Chainlink [LINK] daily whale transactions count climb to its highest level in the last year 2
Source: TradingView

With an 11% rally in LINK’s Open Interest since 26 July, traders have opened more trading positions to trade. With a prevailing bullish sentiment in the market, LINK’s funding rates across crypto exchanges were positive, suggesting that more traders have opened long positions. 

Chainlink [LINK] daily whale transactions count climb to its highest level in the last year 3
Source: Coinglass

BNB Chain User Activity Soars in Q2, Despite SEC Regulatory Pressure

  • According to Messari’s new report, user activity climbed on BNB Chain in the year’s second quarter.
  • Daily active address count went up by 26% as daily transactions also grew.
  • However, due to the negative impact of SEC’s regulator activity against Binance, BNB experienced a decline.

Within the 90-day period between April and June, leading Layer 1 (L1) blockchain BNB Chain experienced a surge in network activity while its revenue dwindled, Messari found in a new report.

According to the on-chain analytics platform, in Q2, the count of daily average active addresses on the L1 network rallied by 26%. During that period, BNB Chain logged an average of 1.5 million daily active addresses. 

BNB Chain User Activity Soars in Q2, Despite SEC Regulatory Pressure 2
Source: Messari

House to more decentralized applications (dApps) than any other L1 blockchain, Q2 was marked by increased new demand for BNB Chain, Messari found. According to the report, the number of average new unique addresses grew significantly by 91.1% during the quarter under review, reaching “all-time highs after a spike in activity in late April.”

The uptick in new demand for BNB Chain in Q2 was due to the decline in network transaction fees. BNB Chain gas fees were reduced drastically after BSC validators voted in favor of a 40% reduction in transaction fees from 5 to 3 Gwei. The average daily transaction fee on the chain fell by 26% in Q2.

As a result of the transaction fee decrease, daily transactions on BNB Chain increased. Daily transactions count on the chain grew by 24% between April and June, Messari found. The growth in transactions count was “largely tied to increased activity from LayerZero.”

“After LayerZero announced its $120 million Series B fundraising on April 4, activity spiked on many of its supported networks. By June, BNB Chain was hosting 200,000-250,000 LayerZero and Stargate daily transactions and 50,000-60,000 daily unique addresses from those transactions. In addition to Stargate, activity also stemmed from Radiant Capital, an omnichain money market built on LayerZero that deployed on BNB Chain in Q1,” the report stated.

BNB Chain User Activity Soars in Q2, Despite SEC Regulatory Pressure 3
Source: Messari

Revenue shortfall and a drop in BNB value

Despite the growth in user activity on BNB Chain, the network’s revenue took a beating in Q2. With a quarterly revenue of $52.24 million recorded, a 6.1% decline was recorded QoQ. 

BNB Chain User Activity Soars in Q2, Despite SEC Regulatory Pressure 4
Source: Messari

Likewise, the Securities and Exchange Commission (SEC) regulatory activity against Binance put some pressure on the network’s native coin BNB. In June, the regulator filed a complaint against  Binance and its CEO Changpeng Zhao (CZ), alleging that it engaged in the sale and offering of unregistered securities. 

“The SEC complaint in June coincided with downward pressure on the value of BNB, which declined 25.2%. In contrast, the total crypto market cap increased by 2% QoQ, which was primarily driven by BTC and ETH, rising 7% and 6%, respectively. Alt-L1 tokens tended to decrease more than ETH due to the SEC’s regulatory complaints. BNB concluded the quarter as the fourth largest cryptoasset by market capitalization, reaching $37.5 billion, Messari found.”

Bitcoin Sees Surge In Demand Despite Price Sideways Movement


  • The count of new addresses trading BTC has rallied.
  • This jump has occurred despite the strong resistance faced at $30,000.
  • As BTC’s price continues to trade sideways, many holders have taken to coin distribution.

New demand for leading coin Bitcoin [BTC], continues to climb despite its sideways price movement within the $28,000 and $30,000 regions since April, data from Glassnode revealed. 

Bitcoin Sees Surge In Demand Despite Price Sideways Movement 2
Source: Glassnode

An assessment of the coin’s daily new addresses count on a 30-day moving average revealed an uptick since 22 May. Since then, the daily count of new addresses that completed BTC transactions has grown by 19%. According to data from Glassnode, as of 25 July, over 450,000 new addresses completed at least one transaction that involved BTC. 

BTC accumulation dwindles as the coin struggles to break resistance

At press time, BTC exchanged hands at $29,212. With strong resistance faced at the $30,000 price level, negative sentiments have returned to the daily market. 

As negative sentiments ravage the market, accumulation amongst day traders has plummeted. According to price movements gleaned on a D1 chart, key momentum indicators embarked on a downtrend at the time of writing.

The coin’s Relative Strength Index rested below its neutral line at 42.61. BTC’s Money Flow Index (MFI) was 29.39 deep in the oversold territory. 

Further, BTC’s On-balance volume (OBV) has trended downward since June end. At press time, this was 102.15 million.

When BTC’s OBV declines, it means that the volume of assets being sold outweighs the volume of assets being bought. It often signals a significant shift in sentiment from positive to negative, where more traders believe selling the king coin is safer than buying it.

Moreso, BTC’s  Chaikin Money Flow (CMF) was below the center zero line at the time of writing. A CMF in the negative territory suggests increased liquidity exit from the market.  When the BTC CMF is negative, the selling pressure dominates the market over the specified period. 

Bitcoin Sees Surge In Demand Despite Price Sideways Movement 3
Source: BTC/USDT Chart by Trading View

With many unsure of the coin’s next price direction, its supply on exchanges climbed in the past 24 hours. According to information from on-chain data provider, Santiment, the BTC supply to cryptocurrency exchanges increased by almost 2% in the last 24 hours. 

When the exchange reserve of an asset increases in this manner, it suggests increased sell-offs. This could be BTC traders selling off their coin holdings to hedge against future losses. However, while BTC sales rallied in the past 24 hours, the ratio of transactions in losses exceeded those in profit.

Bitcoin Sees Surge In Demand Despite Price Sideways Movement 4
Source: Santiment