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In July, the crypto market saw a 6.1% increase in total market capitalization. Market fears eased as Germany completed offloading 50,000 BTC to centralized exchanges. Positive developments included the U.S. SEC's approval of nine spot Ethereum ETFs, which began trading on July 23, and Donald Trump's announcement at the Bitcoin Conference 2024 about potentially establishing a strategic Bitcoin reserve if elected. However, concerns remain over Mt. Gox's repayments of over US$9B to 2014 hack victims and the U.S. government's transfer of 29,800 BTC, sparking fears of a potential sell-off.
Week one of the new spot Ether ETFs registered ~US$484M in net outflows, affected by Grayscale’s Ethereum Trust (“ETHE”) and poor equity market performance. Volumes were strong, at over US$5.8B. Grayscale’s ETHE outflows (US$1.9B) have been largely expected as many investors have been locked into it for many years. The 2.5% fees for ETHE were also much higher than the rest of the group, which mostly have 0% fees to start. Excluding ETHE, the Ether ETFs received nearly US$1.5B in net inflows since launch. As a matter of reference, consider that Ethereum’s market cap is ~28% of Bitcoin market cap, and the U.S. spot Bitcoin ETF’s have received over US$17B in net inflows.
This year, both spot and futures DEX/CEX ratios have trended upwards, hitting highs of 13.9% and 5.0% in July, respectively. These gains, partly due to declining CEX volumes, highlight the strong growth and volume retention among DEXes. Improvements in user experience and liquidity, coupled with the rising popularity of meme coin trading, have fueled this trend. Competitive pressures from new entrants have pushed the introduction of innovative functionalities, making the on-chain trading landscape more attractive.
Polymarket experienced another record-breaking month in July, surpassing US$387M in trading volumes and attracting over 44.5K active traders. The platform's growth has been notably accelerated by key developments in this year's election cycle, which have continued to drive both speculation and mainstream interest. These record highs come just months before the U.S. presidential election, which dominates the platform’s current activities.
The total stablecoin supply has been steadily climbing towards its 2022 all-time high of US$165B. It currently sits at US$155B, of which Ethereum and Tron hold 47.9% and 37.8% of the total supply. In the meantime, Solana’s stablecoin ecosystem continues to attract attention, with its PYUSD supply nearing the current supply on Ethereum within just a few months of launch.
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