Crypto-assets surge 25% in past week

Crypto-assets surge 25% in past week

SNX, OP, 1INCH Are Up More than 25 percent in the past week.

Top DeFi assets are a tear despite the broader markets pulling back since July 14, with $60M wiped out of the combined cryptocurrency market cap in five days.

Synthetix took the charge with a 30% gain, ranking second-best performing digital asset among the top 100 over the past seven days, behind Ripple, which surged 60%.

Optimism was third with 26%, followed by 1inch Network with 25 percent despite shedding 16.5% in the past 24 hours, Uniswap with 18%, and Solana with 15.4%.

Arbitrum and Chainlink also ranked among the top ten gainers of the week, rallying 14.5% and 13.5%.

Bitcoin and Ethereum are down almost 1% in seven days, and more than 5% since July 14.

The U.S. SEC's digital assets campaign was halted by last week's bullish momentum.

On July 13 the judge ruled that the XRP token is not itself a security, regardless of whether the asset is sold via a securities contract. With SEC Chairman Gary Gensler arguing that every digital asset bar Bitcoin is a security, cryptocurrency investors suffered a sigh of relief in response to the court's ruling.

The SEC's suit on Binance triggered a strong rebound in assets named as securities. In addition to XRP and SOL, Decentraland, Algorand and Axie Infinity each gained more than 5% over the past seven days.

The value of assets locked in DeFi protocols has trended sideways since July, despite the recent bullish momentum for DeFi assets. The overall value locked in DeFi protocols is $44.2B, with Ethereum accounting for 58.6 percent of the sector's TVL.

Layer 2s' market share continues to grow. L2 TVL rose nearly 6% in seven days and posted a new all-time high of nearly $10.6B on July 14, according to L2beat.

With a weekly growth of 13.4%, Optimism was the top gainer, followed by Arbitrum with $6B after 4.5% growth, and Starkware with $103M and 44% growth. ZkSync Era, a third-ranked L2 product, posted an outflow of 9.2 percent, bringing its TVL to $572M.

After falling in mid-June, Ethereum's On-Channel activity is regaining steam.

The network burned more than 10,500 ETH over the past seven days, accounting for 3.6% of all ETH destroyed since The Merge was activated 306 days ago, according to Ultra Sound Money.

The average transaction fees on Ethereum are currently 33 gwei. The largest driver of ETH burned Uniswap in the past week, followed by token transfers, Tether, and zkSync Era.

Over four weeks, institutional investorspoured more than $742 million into digital asset investment products, marking the largest consecutive inflow since the bull market peaked in Q4 2021.

Bitcoin represents 99% of inflows over the past week with $140M, and products offering exposure to Bitcoin shorts suffered their 12th consecutive week of outflows with $3.2M.

The only assets that posted weekly outflows were Ethereum, with investors pulling $1.6M from products tracking ETH. The worst-performing of 2023 so far are Ether products, with an annual outflow of $74 million.

The combined trade volume for institutional crypto products remained high at $2.3B for the week, eclipsed by 2023's weekly average by 48.5%.