Binance Research Unveils New Report, Highlighting Key Developments In Crypto Market Over Past Month

The analysis unit of Binance, a leading cryptocurrency exchange, has shared a comprehensive report outlining crucial developments in the cryptocurrency sector over the past month. Binance Research The study indicates that the cryptocurrency market's value rose by 6.1% in July, influenced by favorable occurrences such as the approval of nine spot Ethereum exchange-traded funds (ETFs) and the successful sale of 50,000 BTC in Germany. However, market participants remain wary about the impending repayment obligations of certain cryptocurrency exchanges.

Concerns linger about the U.S. government's Bitcoin transfer as well. Following the launch of the spot Ethereum ETFs, the trading activity during the first week was robust with volumes hitting approximately $5.8 billion. Nonetheless, a net outflow of about $484 million was recorded, primarily due to withdrawals from the Grayscale Ethereum Trust (ETHE). Despite this outflow, the ETF attracted a net inflow of $1.5 billion. approving Binance Research Reports: DeFi Total Value Locked Surges by 3.5% in July, Polymarket See Phenomenal Growth, NFT Transactions Dip Mt. Gox In addition, the value locked in decentralized finance (DeFi) saw a growth of 3.5% over the last month. Among the standout performers were CORE, Scroll, and Mantle, experiencing impressive increases of 121.2%, 66.0%, and 30.9% respectively. This surge can be attributed to an enhanced user experience, increased liquidity, and a growing interest in the DeFi sector.

Amidst an evolving election cycle, the trading volume and active trader count on the prediction platform Polymarket hit record levels, with July witnessing a trading volume of over $387 million, representing a staggering increase of over 614% compared to January's figures.

Conversely, the non-fungible token (NFT) market witnessed a downturn in sales, dropping by 7.14% to $430 million in July. DMarket led the charge with $16.2 million in sales, followed closely by DogeZuki on Solana with $13.9 million. Interestingly, while sales of Solana-based collectibles like Solana Monkey Business saw a rise, prominent Ethereum collectibles and top Ordinals collectibles faced a decline, as reported by Binance Research.

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Alisa, a passionate journalist at Cryptocurrencylistings, focuses on cryptocurrency, zero-knowledge proofs, investment strategies, and the vast ecosystem of Web3. She brings insightful coverage that keeps readers informed about the dynamic realm of digital finance.