Binance Research: Dominating Crypto Sector Trends in June 2024

Key takeawaysThis blog post summarizes the latest report from Binance Research on recent developments in the crypto market over the past month. 
The crypto market saw a considerable decline, reaching a low of -11.4%.
In line with the market slowdown, total DeFi TVL fell by 8.7%. The NFT market slowed for much of the month with a total sales volume of US$46 million, a drop of 26.2% from May.
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Today we present to you the main Web3 developments occurring throughout the month of June 2024 to give you an overview of the current state of the ecosystem. We will analyze the performance of the crypto, DeFi and NFT markets before marking our calendars for the major events of July.
Crypto market performance in June 2024Despite strong numbers at the start of the month, sell-offs and large-scale liquidations caused by key factors have not been without consequences, including Mt. Gox's upcoming redemptions of over 140,000 BTC, scheduled for July. The US and German governments have reportedly moved large amounts of BTC to centralized exchanges, fueling negative market sentiment. On a positive note, asset managers VanEck and ARK 21Shares have filed their applications for the first Solana ETFs in the United States, a glimmer of hope in a difficult market context.
Monthly decline of 11.4% in crypto capitalization in JuneSource: CoinMarketCap. As of June 30, 2024 
Monthly price performance of the top ten cryptos by capitalization 
Source: CoinMarketCap. As of June 30, 2024 
In the midst of a massive sell-off across the entire market, most of the top ten cryptos by capitalization ended the month in the red, except for TON which outperformed far ahead of other cryptos, with a record high of US8.24. $. The token ends the month with a gain of 17.5% and an increase in its TVL on DeFi which reaches US$ 700 million, largely thanks to the long-term incentive program “The Open League” for users, to TON teams and traders. 
BNB fell 18.8% and ended the month in the red; same fate for XRP, which experienced similar volatility and ended the month down 9%. BTC declined 10.9% from the previous month, a decline largely driven by the Mt. Gox announcement. ETH fell 10% from May despite positive findings from the SEC investigation into Consensys and Ethereum 2.0, as well as the advancement of approval for Ethereum ETF trading. Later that month, the SEC filed another lawsuit against Consensys' MetaMask and its staking platforms Lido and Rocket Pool. ADA and SOL decreased by 14% and 16.2% respectively from the previous month. SOL, however, regained momentum towards the end of June thanks to the arrival of the first Solana Spot ETFs in the United States, offered by digital asset managers VanEck and ARK 21Shares. AVAX saw a significant decline of 23%, while SHIB and DOGE saw retracements of 27.7% and 34.8%, respectively. The same coins were the first affected by the market slowdown, and generally performed the worst.
Decentralized Finance (DeFi)In line with the market slowdown, DeFi’s total TVL fell by 8.7%. Layer 2 Bitcoin networks Bsquared and CORE stood out this month with impressive TVL gains of 332% and 300%, respectively. TON also continued its remarkable growth with a 109% increase in TVL compared to May, reaching a new record high of US$685.9 million thanks to the success of “The Open League”. Highly anticipated airdrops and token generation events from several well-known projects finally took place in June, including LayerZero, zkSync, Blast, and Eigenlayer (Phase 2).
TVL of the most efficient blockchains
Source: DeFiLlama. As of June 30, 2024   
Les tokens non fongibles (NFT)Monthly NFT trading volume
Source: CryptoSlam. As of June 30, 2024
The NFT market slowed down for much of the month with a total sales volume of US$46 million, a drop of 26.2% from May. DMarket, an in-game item marketplace powered by Mythos, took the lead with the highest monthly sales volume (US$18.9 million), closely followed by CryptoPunks (US$16.1 million). The most popular Ordinals collections, such as Bitcoin Puppets and NodeMonkes, saw a sharp decrease in sales volume: -40.6% and -41%, respectively. Bored Ape Yacht Club's monthly sales volume fell slightly, while Pudgy Penguins outperformed the rest of the market with its 68.9% increase. 
NFT sales volumes have declined significantly across major blockchains, with declines of 48.2% and 50.2% for Bitcoin and Ethereum respectively underscoring the waning initial enthusiasm for Bitcoin NFTs. Solana's monthly sales volume, meanwhile, fell by 40.9%, and Blast suffered a colossal 81% decline after its airdrop campaign ended.
Upcoming events and token releasesTo help you stay up to date with the latest Web3 news, the Binance Research team has summarized the main events in the blockchain universe and the upcoming token releases not to be missed in the coming month.
Notable Events in July 2024
Source : Binance Research, CoinMarketCap
The main token releases in US$
Source : Token Unlocks, Binance Research
Binance ResearchThe Binance Research team is committed to producing objective, independent and comprehensive analyzes of the crypto world. She publishes insightful thoughts on Web3 topics, including (but not limited to) the crypto ecosystem, blockchain applications and the latest market news. This article was just a preview of the full report which contains additional analysis of key charts for the past month. The full report also examines the trend of Bitcoin miners now consistently becoming net sellers of Bitcoin, especially after Bitcoin's halving last April, TON's record performance, the unwavering strength of BNB, and the emergence of new competitors in the staking space with newcomers such as Karak and Symbiotic challenging EigenLayer's dominance.
Read the full version of this Binance Research report here.
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