Binance Research Institute: Review of the crypto market in June and major events worth paying attention to in July

Source: Binance; Compilation: Baishui, Bitchain Vision

summary

This article reviews the recent Binance research report and discusses the main developments in the crypto market over the past month;
The crypto market showed a significant downward trend in June, with a drop of up to 11.4%;
In line with the market downturn, the total DeFi lockdown amount fell by 8.7% in June.The NFT market experienced a long-term downturn in June, with total sales of $46 million, down 26.2% from May.

This article explores the development of Web3 in June 2024 to outline the current state of the ecosystem.Before previewing the big events that need attention in July 2024, we analyzed the performance of the cryptocurrency, DeFi and NFT markets.

Crypto Market Performance in June 2024

Despite a strong start in June, the market suffered major sell-offs and large-scale liquidation events, mainly due to some key factors.These includeMt. Gox is scheduled to repay more than 140,000 BTC in July.It is worth noting that it is observed that the US and German governments have transferred a large amount of BTC to centralized exchanges, which has exacerbated negative sentiment in the market.On the positive side, asset managers VanEck and ARK 21Shares applied for the first Solana ETFs in the United States, bringing optimism to the challenging market.

Cryptocurrency’s monthly market value fell 11.4% in June

Source: CoinMarketCap, as of June 30, 2024

Monthly price performance of the top ten tokens by market value

Source: CoinMarketCap, as of June 30, 2024

Against the backdrop of a full-scale market selling, most of the top ten tokens with market value suffered losses at the end of the month.TON is the only token that performed significantly better than the market, hitting an all-time high of $8.24 (“ATH”) with a 17.5% increase at the end of the month.In addition, TON’s DeFi TVL soared to $700 million, thanks largely to “The Open League,” a long-term incentive program for TON users, teams and traders.

BNB draws back 18.8%, closing down at the end of the month.XRP experienced similar volatility, down 9.0% at the end of the month.BTC fell 10.9% month-on-month, mainly affected by the announcement of Mt. Gox.Despite the SEC’s closing investigations into Consensys and Ethereum 2.0, as well as progress in Ethereum ETF transaction approval, ETH fell 10.0% month-on-month in June.Later that month, the SEC filed another lawsuit against Consensys’ MetaMask and its staking platforms Lido and Rocket Pool.ADA and SOL fell 14.0% and 16.2% month-on-month, respectively.However, at the end of June, SOL showed a significant rebound as digital asset managers VanEck and ARK 21Shares launched their first Solana spot ETF in the U.S..AVAX fell sharply by 23.0%, while SHIB and DOGE fell by 27.7% and 34.8%, respectively.Memecoins initially suffered the first hit from the market downturn, lagging behind the market.

Decentralized Finance (DeFi)

As the market sluggish,DeFi TVL fell 8.7% in June.The winners worth noting this month include Bitcoin Layer 2 networks Bsquared and CORE, whose TVL grew by 332% and 300% respectively.Thanks to the success of “The Open League”, TON also continued its staggering growth trajectory, with TVL growing 109% month-on-month, setting an all-time high of $685.9 million.In June, several prominent projects released long-awaited airdrop and token generation activities, including LayerZero, zkSync, Blast and Eigenlayer (Phase 2).

TVL share of top blockchains

Source: DeFiLlama, as of June 30, 2024

Non-fungible tokens (NFT)

Monthly NFT transaction volume

Source: CryptoSlam, as of June 30, 2024

In June, the NFT market continued its negative growth trend, with total sales of US$46 million, down 26.2% from May.In-game items trading marketplace on Mythos DMarket topped the list with $18.9 million in monthly sales, followed by CryptoPunks with $16.1 million in sales.Sales of top Ordinal series such as Bitcoin Puppets and NodeMonkes fell sharply, down 40.6% and 41.0% respectively.Bored Ape Yacht Club saw a slight decline in monthly sales, while Pudgy Penguins outperformed the market, up 68.9%.

Among the top blockchains, NFT sales have dropped significantly.Bitcoin and Ethereum fell 48.2% and 50.2%, respectively, indicating that early hype for Bitcoin NFTs is gradually fading.After the airdrop activity ended, Solana’s monthly sales fell 40.9%, while Blast’s monthly sales plummeted by 81.0%.

Upcoming events and token unlocking

To help users stay up to date with the latest Web3 news, the Binance Research team summarizes major events and token unlocking in the next month.Please keep an eye on these upcoming developments in the blockchain space.

Important events in July 2024