Crypto markets have been relatively stable over the weekend, with Bitcoin (BTC) remaining stagnant at $29,012 and Ether (ETH) trading at $1,827. “Another week of relative stability for BTC and ETH bodes well for bulls,” said Joe DiPasquale, CEO of BitBull Capital. Despite the Curve hack and altcoin mania on Base, the market has not reacted too harshly and ETH has managed to defend $1800.
The amount of liquid and highly liquid Bitcoin supply is at its lowest since 2018, while illiquid supply reaches all-time highs, and long-term holders are stashing coins away. Blockware Intelligence noted that there is significant positive momentum in the creation of new addresses, indicating a general increase in on-chain demand.
Vetle Lunde of K33 Research called July’s trading volume anemic but believes the market is on a precipice of change. He said, “The market’s volatility pressure is about to climax, and that an eruption is near.”
The crypto market has also seen a widening of political thought in the past four to five years, with Ethereum’s smart contracts attracting economic engineers interested in balanced societal structures, the emergence of theories like Radical Markets and regenerative economics, and the rise of The Blockchain Socialist as a platform discussing American economic imperialism and the left-wing perspective on privacy.
DeFi has also evolved with decentralized platforms emerging as leaders and adopting professional expansion strategies, but the sector still struggles with concentrated power and the challenges of programmers acting as financiers.