Crypto Market Value Soars 6.1% in July, DeFi TVL Up 3.5%

Key Points:

• Crypto market value surged by 6.1% in July, driven by the SEC’s approval of 9 spot ETH ETFs and the sale of 50,000 BTC in Germany.
• Total Value Locked (TVL) in DeFi increased by 3.5%, with CORE, Scroll, and Mantle leading gains, up by 121.2%, 66.0%, and 30.9%, respectively.
• Despite a thriving market, NFT sales dropped by 7.14% to $400 million—with Solana collectables rising but major Ethereum NFTs declining.

According to a recent report, the Binance Research Institute outlined some main developments in the crypto market value in July.

Crypto market value went up 6.1%, buoyed by some positive news: approval of nine spot Ethereum ETFs by the U.S. Securities and Exchange Commission. At the same time, a German bankruptcy trustee sold off 50,000 Bitcoin. However, the period was also met with fears over the U.S. government’s repayment of Mt. Gox and BTC transfers. The trading volumes of the spot Ethereum ETF in its first week amounted to $5.8 billion. With all that volume, the net outflow from these investment products was $484 million. The outflows were mainly from Grayscale’s ETHE.

DeFi Sector Experiences Notable Gains Amid Crypto Market Value Surge

The total value locked in DeFi climbed 3.5% in July. Notable performers included CORE with a 121.2% gain, Scroll 66.0%, and Mantle 30.9%. Improved user experience, greater liquidity and the popularity of meme coin trading are driving the growth. On the prediction platform Polymarket, trading volume was at all-time highs, riding active traders on election cycles. Trading volume surged to over $387 million in July, up more than 614% compared to January.

Read more: Solana’s Meteoric Rise: How It Outpaced Ethereum in DeFi Trading Volume This July!

NFT Market Faces Decline Despite Overall Market Growth

The NFT marketplace has become gloomy, with sales dropping 7.14% to $400 million. DMarket led the market, with $16.2 million in sales, then DogeZuki on Solana followed with $13.9 million. While Solana collectables, including Solana Monkey Business and Retardio Cousins, witnessed palpable sales growth, prominent Ethereum and top Ordinals collectables have suffered a considerable decline.