Bitcoin has faced a significant decline of 10.32% over the past week, even as Strategy made headlines by purchasing $835.6 million worth of BTC. This acquisition comes during a turbulent period for markets in the wake of the longest government shutdown in U.S. history, with many assets struggling to regain footing.
While traditional assets like gold have seen a modest increase of 1.79% over the same timeframe, and major indices like the S&P 500 and Nasdaq 100 have only slightly dipped by 0.21% and 0.57%, respectively, the cryptocurrency sector is grappling with substantial losses. Altcoins have not fared any better, with only Real World Asset (RWA) and no-revenue indices slightly outperforming BTC.
No-revenue tokens have shown some resilience, particularly XRP, which is down just 6.36% in the last week. Meanwhile, RWA tokens like OUSG and HASH have seen marginal gains and losses of 0.73% and 3.44%, respectively. In contrast, the Solana Eco and Modular indices have been among the hardest hit, with the crypto miner MPLX plummeting 42.36% due to an exploit during the PSG1 launch, and JTO facing a 26.81% drop, possibly due to competition from Harmonic.
In terms of application revenue, Hyperliquid has led the pack, generating $17.1 million last week, followed by Pump.fun with $9.6 million. However, the PUMP/HYPE trading pair has seen a decline of 23.4%. Despite a downturn in memecoin activity, Solana has maintained a higher revenue compared to Ethereum, although its market share has decreased from 21% to 12% over the past two months.
In a notable development, MSTR”s outstanding market NAV has dipped to 0.9, as the firm, led by Saylor, revealed it acquired 8,178 BTC at approximately $102,171 per coin. While Saylor is likely to hold these assets long-term, a NAV below 1 complicates future issuance and purchases, potentially leading to lower market NAV.
Additionally, the recent Upbit 10 listings have shown a median price jump of 70% on listing day, with an average surge of 115%. This contrasts sharply with Binance”s average increase of about 40% for non-meme listings, highlighting the fervent activity of South Korea”s retail investor base.
On another note, Loopscale has reported a 28% growth in deposits over the past 90 days, reaching $93 million, while active loans have similarly increased to $34 million. This stands in stark contrast to Kamino, where both deposits and outstanding loans have seen negative growth.
