How Bitcoin Performed this Week?

This is HODL FM, serving your weekly dose of Bitcoin market perfomance with double flavor and zero calories.

Here is what happened to Bitcoin this week:

• Bitcoin price change: The price of Bitcoin slipped by 0.38% over the last week after facing rejection at $70,000.
• Market capitalization: Bitcoin market capitalization is trading within the same region as the opening of the week at $1.3 trillion.
• Top performing Bitcoin altcoins: RunesTerminal RUNI, GOB•IS•GOB•IS•GOB and EPIC•EPIC•EPIC•EPIC  were the top performing altcoins on Bitcoin Runes.
• Bitcoin ETF Inflows and Outflows: BlackRock recorded the largest day of inflows since March 2023.
• Bitcoin Decentralized Finance (DeFi): Bitcoin layer 2s will drive the next wave of adoption by bringing decentralized finance services to the core network.

Bitcoin price action for the week indicates attempts to push towards $70,000 failing to gain a foothold, which has resulted in 7-days of circling around the weekly opening around $66,000. Thereby causing a slight negative weekly change of 0.38%. Apparently, the cryptocurrency recorded fierce selling on July 29 when it reached $70,000 and the bulls could not sustain the levels.

Bitcoin Runes Ecosystem

RunesTerminal RUNI, GOB•IS•GOB•IS•GOB and EPIC•EPIC•EPIC•EPIC  led this week’s top performing altcoins on the Bitcoin Runes ecosystem with 7-day gains of 4, 1.4 and 0.8 percent, respectively. At the time of writing, the Runes ecosystem has a market capitalization of $443 billion, as per data by Coingecko.

Bitcoin ETFs News

Assets manager Blackrock recorded the largest day of inflows in four months for its spot Bitcoin exchange-traded fund (ETF) on July 23rd after scoring $523 million. The ETF, iShares Bitcoin Trust (IBIT) attracted upto 7,759 BTC in inflows valued at approximately $523 million. July 23 marks IBIT’s 7th largest day of inflows while March 18 is the number one day of inflows which attracted over $849 million of BTC.

Bitcoin Meme of the Week:

The Rise of Bitcoin DeFi

Meanwhile, the Bitcoin 2024 conference revealed dozens of innovative protocols that are driving decentralized finance on the Bitcoin network. These protocols are rapidly growing and promising to bring DeFi products and services to the core network. Despite being in their nascent stages, these layer 2 protocols have already locked millions of onchain value. 

One of them is Bitlayer which has already secured an $11 million Series A funding from asset manager and ETF provider Templeton and ABCDE. Insights from DeFiLlama indicate Bitlayer accumulated $409 million within three months of launching its mainnet, driven by institutional demand for Bitcoin-based yield-earning investment products.

Related: What's Bad for the U.S. Economy Might Be Great for Bitcoin

Bitlayer is only a sand in an endless sea of Layer 2 solutions innovating on the Bitcoin network. However, all of these platforms have one thing in common: a solid mission to preserve the original design of Bitcoin’s base layer, and close the utility gap between BTC and other layer 1 chains such as Ethereum and Cardano.The future of this innovation will be a robust Web3 ecosystem comprising P2P games, non fungible tokens, lending/borrowing dApps, staking and liquidity providers, among others.

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