Web3 Market Weekly Report: Bitcoin Hits All-Time High, Digital Asset Investments Continue to Flow In

1. Market Highlights

1. Market Trends

Macroeconomic Environment

This week's economic focus is on the Federal Reserve FOMC meeting and interest rate decisions. The market generally expects a 25 basis point rate cut in December, but is more concerned about the future direction of the Federal Reserve's policy. It is expected that rate cuts next year will be more cautious. This week, up to 25 central banks will hold monetary policy meetings, and these decisions may trigger market volatility. Analysts point out that since the expectation of rate cuts has already been priced in by the market, the direct impact of this policy adjustment on cryptocurrency prices is limited.

Web3 field

Digital asset investment products have achieved a net inflow for 10 consecutive weeks, totaling $3.2 billion. The total inflow this year has reached $44.5 billion. Bitcoin investment products saw an inflow of $2 billion, while Ethereum has received funding inflows for 7 consecutive weeks, totaling $1 billion. XRP, Polkadot, and Litecoin have also attracted significant funds. Regions such as the United States, Switzerland, Germany, and Brazil have shown a positive trend in capital inflows, indicating a general optimism in the market towards digital assets.

2. Hot Events

macro environment

The third state in the United States will launch legislation for "strategic Bitcoin reserves," and it is expected that more states will follow suit in the future. Industry insiders predict that at least 10 states will introduce Bitcoin reserve bills, and this trend will continue to develop.

Web3 field

Bitcoin price has surpassed $106,500, setting a new historical high and further solidifying its "digital gold" status. The ratio of Bitcoin to gold has also reached an all-time high. A CEO of a well-known tech company stated that even if the spot price of Bitcoin exceeds $100,000, the company still plans to continue increasing its holdings. Despite the central bank meeting this week having limited impact on the crypto market, Bitcoin remains driven by market sentiment; if the Federal Reserve adopts an extremely dovish stance, it may provide further upward momentum for Bitcoin.

3. Hot Topics Narratives

As the launch of the PENGU token approaches, the floor price of Pudgy Penguins NFTs continues to rise, nearing $140,000. The NFT market is experiencing a rebound, with the total market value of leading NFT series across the network exceeding $10 billion, and a 24-hour increase of 10.2%. The 24-hour trading volume of NFT series across the network reached $71.14 million, with an increase of 87.5%. The over-the-counter price of the PENGU token is $0.053, with a total supply of 88.88 billion coins and a market value of $4.711 billion. Abstract Chain, the L2 network under the parent company of Pudgy Penguins, announced that it will launch its mainnet in January next year, with market expectations for a token launch plan. The NFT trading platform has changed its official account avatar to images related to Pudgy Penguins NFTs, adding excitement to the launch of the fat penguin token.

2. Hot Projects

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3. Sector Rotation

Due to the inability to directly display images, the following is an overview of the sector rotation related text:

The hot sectors are mainly concentrated in Layer 1, DeFi, and NFT fields. Among them, the Layer 1 sector performs the most prominently, while DeFi and NFT also show an upward trend. In terms of specific projects, mainstream cryptocurrencies such as BTC, ETH, and SOL perform strongly, while some emerging projects like MANTA and TIA are also gaining market attention. Overall, the market shows a positive upward trend, and investor sentiment is optimistic.