2024 Q3 Crypto Quarterly Report

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Published on 2024-10-01

• Bitcoin experienced significant price volatility, fluctuating between $50,000 and $68,000. Trading volume synchronized with price movements, peaking in early August. Bitcoin ETFs showed overall net inflows, albeit at a slower pace, with net outflows during periods of price volatility.
• Ethereum's price dropped from $3,500 to $2,100, before stabilizing between $2,300 and $2,700. Despite market turbulence, active trading volumes indicated a more balanced market. Ethereum ETF experienced a significant single-day outflow following a major sell-off.
• The TON ecosystem faced external challenges, leading to a sharp drop in TVL. However, Toncoin demonstrated resilience with price rebounds. The ecosystem maintained growth momentum supported by various projects, showcasing its adaptability to market changes.
• Sui Network expanded rapidly, with significant increases in TVL, transaction volume, and overall activity, particularly excelling in DeFi and GameFi sectors. Growth was primarily driven by partnerships and infrastructure development.
• The meme coin market was active due to political events, with projects like DOGS and Catizen gaining attention. However, their long-term sustainability remains questionable, reflecting the high-risk nature of this market segment.
• AAVE introduced a new economic model, positively impacting its price. MakerDAO rebranded to Sky, with DAI renamed to USDS. New functionalities raised centralization concerns, highlighting the balancing challenges in project development.