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Binance Research: Key Trends in Crypto – July 2023


Main Takeaways

  • In this blog series, we offer concise summaries of Binance Research team’s findings, inviting you to take a deeper dive into the original reports. 

  • This article previews the recent Binance Research report that discusses key developments in crypto from the past month.

  • While overall crypto market capitalization increased in June 2023, with rallies in major cryptocurrencies, numerous altcoins plunged amid regulatory uncertainty.

Thanks to Binance Research, you can take advantage of industry-grade analyses of the processes that shape what the Web3 space will look like tomorrow. By sharing these insights, we hope to empower our community with the latest knowledge from the field of crypto research. For a deeper dive, the full reports are available on the Binance Research website.

In financial markets, knowledge is power. Gone are the days when only big institutions and sophisticated financiers used high-quality research to navigate the digital asset space. Thanks to Binance Research, you can empower yourself with the latest data and insights from the field of crypto research. 

Today, we will explore key Web3 developments in June 2023 to provide an overview of the crypto ecosystem’s current state. We will analyze the performance of crypto, DeFi, and NFT markets before previewing the major events to look out for in June.

Crypto Market Performance in June 2023

The crypto market recovered slightly in June, with overall capitalization increasing by 3.3%. This growth was largely fueled by BTC’s rally as the world’s largest asset manager, BlackRock, applied for a spot bitcoin exchange-traded fund (ETF).

A wave of optimism spread across the market, with the two majors – BTC and ETH – pushing past their $30,000 and $1,900 ceilings, respectively. In contrast, several altcoins experienced sell-offs earlier in the month amid scrutiny from the US Securities and Exchange Commission (SEC).

Monthly change in crypto market capitalization (%)

Source: CoinMarketCap (June 30, 2023)

Monthly price performance of the top 10 coins by market capitalization

Source: CoinMarketCap (June 30, 2023) 

BTC and ETH were the strongest performers in June. BlackRock’s surprise filing for a US spot bitcoin ETF sparked a flurry of applications from other institutions of traditional finance (TradFi). This move sparked optimism and confidence in bitcoin as it was largely perceived as a legitimizing sign. 

Several altcoins plunged following the SEC’s increased scrutiny. These included SOL, ADA, and MATIC, which were subsequently delisted from some major exchanges due to regulatory concerns.

Decentralized finance (DeFi)

DeFi markets fell by 7.7% in total value locked (TVL) to $44.2B. The composition of top blockchains by TVL share remained generally unchanged, with Ethereum at 57.4%, Tron at 12.6%, and BNB Chain at 7.4%.

TVL share of top blockchains

Source: DeFiLlama (June 30, 2023)   

TVL on Ethereum declined to $26.0B amid regulatory crackdowns and increased scrutiny. A similar backslide was observed across all major chains. However, note the movement into on-chain protocols for activities such as staking and lending. For instance, Lido’s TVL rose by 11.0% while AAVE witnessed an 8.8% increase.

Non-fungible tokens (NFTs)

Monthly trading volume for NFTs

Source: Cryptoslam (June 30, 2023)

NFT trading volume dipped to a new low as waning activity and interest plagued the industry. This decrease came as the total number of unique buyers and sellers fell to its lowest level for the year. Meanwhile, Nansen’s NFT-500 index also tumbled as floor prices for notable NFT collections fell. These sudden price collapses created knock-on effects for the NFT lending scene, causing various protocols to incur bad debts.

Upcoming Events

To help users stay updated on the latest Web3 news, Binance Research has summarized notable events and token unlocks for the month to come. Keep an eye on these upcoming developments in the blockchain space.

Notable events in July 2023

Source: Binance Research

Largest token unlocks in US$ terms

Source: TokenUnlocks, Binance Research

Binance Research

The Binance Research team is committed to delivering objective, independent, and comprehensive analyses of the crypto space. They publish insightful takes on Web3 topics, including but not limited to the crypto ecosystem, blockchain applications, and the latest market developments.

This article is only a snapshot of the full report, which contains further insights and an analysis of the most important market charts from the past month. It also features a deeper dive into the latest Bitcoin, USDT, and LSDfi developments. With so much rich content, you won’t want to miss these exclusive insights.

To read the full version of this report, click here. Additionally, you can find other in-depth investigations of the latest Web3 developments by visiting the Insights & Analysis page on the Binance Research website. 

Take the opportunity to empower yourself with the latest insights from the field of crypto research!

Further Reading

General Disclosure: This material is prepared by Binance Research and is not intended to be relied upon as a forecast or investment advice and is not a recommendation, offer, or solicitation to buy or sell any securities or cryptocurrencies or to adopt any investment strategy. The use of terminology and the views expressed are intended to promote understanding and the responsible development of the sector and should not be interpreted as definitive legal views or those of Binance. The opinions expressed are as of the date shown above and are the opinions of the writer; they may change as subsequent conditions vary. The information and opinions contained in this material are derived from proprietary and non-proprietary sources deemed by Binance Research to be reliable, are not necessarily all-inclusive, and are not guaranteed as to accuracy. As such, no warranty of accuracy or reliability is given, and no responsibility arising in any other way for errors and omissions (including responsibility to any person by reason of negligence) is accepted by Binance. This material may contain ‘forward-looking’ information that is not purely historical in nature. Such information may include, among other things, projections and forecasts. There is no guarantee that any forecasts made will come to pass. Reliance upon information in this material is at the sole discretion of the reader. This material is intended for information purposes only and does not constitute investment advice or an offer or solicitation to purchase or sell in any securities, cryptocurrencies, or any investment strategy, nor shall any securities or cryptocurrency be offered or sold to any person in any jurisdiction in which an offer, solicitation, purchase or sale would be unlawful under the laws of such jurisdiction. Investment involves risks.