Dgenz Crypto Weekly 043

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Table of Contents

• Market Pulse

• Weekly Charts

• Token of the Week

God Save the Coin

Crypto’s coming back to London, baby. After four years of giving Bitcoin the cold shoulder, the UK is finally letting crypto exchange-traded notes (ETNs) back in the game starting October 8. ETNs are basically stocks for crypto, you get exposure to coins like BTC and ETH without actually buying them. Pretty handy for boomers and institutions who don’t want to touch a wallet or remember a seed phrase. The Financial Conduct Authority (FCA) originally banned these back in 2021, calling them too wild for retail investors. But while the UK was busy baby-proofing its market, the US dropped spot ETFs that sucked in over $65B. Europe? Already vibing with crypto products. Meanwhile, UK investors were stuck trying to mimic exposure by buying MicroStrategy stock like it was some kind of BTC ETF cosplay. Now the floodgates are reopening. And Charlie Morris, founder of ByteTree, says everyone’s sleeping on just how big this is. London’s one of the world’s biggest financial hubs, when crypto plugs into that machine it’s not just tea and crumpets anymore. We’re talking global flows, legal clarity, and a possible domino effect across the fund world. But don’t expect a stampede on day one. UK’s investment advisor scene is more tangled than a bowl of headphone wires. Just because ETNs are legal doesn’t mean every firm will start shilling them tomorrow. They’ve gotta sort out red tape, compliance stuff, and whatever hoops the regulators toss their way. Still, the vibes are clear: the UK doesn’t want to be left in crypto’s rearview mirror.

Ethereum’s Liquidity Time Bomb Is Ticking

Ethereum is starting to feel the heat, and we’re not just talking gas fees. After tapping $4,350 earlier this week, ETH slipped 4.5% to $4,150, and there’s a wave of $4 billion worth of unstaking lining up like it’s Black Friday. The exit queue now holds a record 910,461 ETH, with a 15-day wait just to get out the door. Why the mass exodus? Traders are locking in profits near the top, and one of DeFi’s favorite strategies, leveraged staking, just got wrecked by rising borrowing costs. Aave’s rates are up, positions are being nuked, and the ETH is flowing out. Here’s the scary part: while $3.91B is trying to get out, only $1.09B is being staked back in. That’s not exactly bullish. Ethereum dev Preston Van Loon says the exit queue prevents a total validator rug pull but once unstaked, there’s nothing stopping that ETH from flooding the market. Meanwhile, user activity is nosediving. Active ETH addresses dropped 28% since late July and new wallet creation is down just as much. ETH ETFs? They’re bleeding too. After two weeks of inflows, investors are pulling out ahead of the Fed’s big Jackson Hole meeting this Friday. If Jerome Powell even sneezes hawkishly, ETH could get whacked again.

Mining Difficulty: ATH, Miner Revenue: FML

While Bitcoin’s price might be taking a breather, its network is working overtime. Mining difficulty has just hit a new all-time high of 129 trillion, up 6.4% over the last 90 days. That’s right, it’s now harder than ever to mine fresh BTC. Difficulty adjusts every two weeks, and while it’s set to dip slightly by 0.33% on August 22, miners aren’t feeling much relief. With increased competition and record-high difficulty, miner revenue is getting squeezed hard. The hashprice (how much a miner earns per unit of computing power) has dropped to $60 per petahash per second, a brutal margin compression even after the latest BTC rally. Transaction fees are also drying up, falling below 1% of total miner revenue for the first time in Bitcoin history. And if that wasn’t enough, Trump-era tariffs are hammering U.S. mining operations. Imports from China now come with a 57.6% tariff, while rigs from Southeast Asia face 21.6%. Customs is cracking down too: Iris Energy and CleanSpark have already been slapped with retroactive invoices, with CleanSpark facing a potential $185M bill. Miners are grinding harder, earning less, and getting slapped with massive fees. The Bitcoin network may be strong, but the people powering it are fighting an uphill battle.

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USDT Dominance

$USDT.D just busted through a major daily downtrend like it was nothing and pushed straight through resistance. But don’t get too scared just yet, this could still be a fakeout. We wicked into the 0.786 fib and are already pulling back, so it’s a wait-and-see game. Zooming in, USDT dominance has also reclaimed the 4H YVWAP and is hovering right at the 4.4% support. If this holds, expect a decent bounce. If not, it’s likely just another deviation move to trap late shorts. Eyes on the next few candles.

TOTAL

As long as the total crypto market cap holds this key support, bulls can keep their hopium tanks full. We dipped below it a couple weeks back, but that was just a deviation and the retest we’ve been waiting for is now in. So far, it’s holding strong, so no need to panic unless we lose this level again with conviction and see a daily close under 3.56T.

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Solana - $SOL

Solana is a high-performance Layer-1 blockchain built for speed, scalability, and ultra-low costs making it the go-to chain for DeFi, NFTs, gaming, and memecoins. It’s powered by $SOL, which secures the network, fuels on-chain activity, and unlocks access to Solana’s rapidly growing ecosystem.

What Does $SOL Do?
Solana is designed to support decentralized apps and marketplaces at massive scale. It offers lightning-fast transactions (400ms block times), high throughput (65K TPS), and near-zero fees (<$0.01). This combo enables seamless trading, NFT minting, real-time gaming, and smart contract execution without congestion.

How It Works?
Solana combines Proof of Stake with Proof of History, a unique timestamping system that orders transactions before consensus. This innovation lets validators process transactions in parallel, rather than one-by-one. It also supports parallelized smart contract execution (via Sealevel), local fee markets to avoid congestion, and dynamic scaling through validator clustering.

Tokenomics & Incentives
- $SOL secures the chain via staking, with delegators earning ~6–8% APY.
- Used to pay transaction fees, interact with smart contracts, and mint NFTs.
- Required for validator nodes (collateralized) and DeFi liquidity incentives.
- Over 607M supply, with ~60% circulating and ~70% staked.
- Deflationary via regular burning of 50% of fees and some ecosystem buybacks.

Ecosystem Impact
- Powers top apps like Jupiter, Marinade, Phantom, Magic Eden, and Tensor.
- Solana is the hub for high-volume meme coin trading and NFT activity.
- Over 40M active addresses and $4.5B+ in monthly stablecoin volume.
- Dominates in mobile-first Web3 with Solana Mobile and xNFTs.
- Firedancer validator client by Jump Crypto set to 10x throughput and security.

Recent Developments
- Integrated with Shopify, Visa, and Stripe for crypto payments.
- Firedancer testnet is live, a gamechanger for scalability and uptime.
- Release of the Solana Seeker mobile phone.
- Wormhole connects Solana to Ethereum, Cosmos, and more via bridge infra.
- Solana’s DePIN sector is heating up (Helium, Hivemapper, Render).

What’s Coming Next?
- Mainnet launch of Firedancer with full validator support.
- Expanding into real-world asset tokenization for finance, gaming, and RWAs.
- Doubling blockspace capacity to boost TPS via scheduler and hashing upgrades.
- Growth of compressed NFTs, on-chain gaming, and zero-knowledge apps.
- New token extensions enabling confidential transfers & enhanced on-chain compliance.

TL;DR
Solana is a lightning-fast blockchain optimized for scale, speed, and low fees. $SOL powers one of the most active and diverse ecosystems in crypto, from NFTs to DeFi to real-world applications, making it a core asset in the future of Web3.

Market Cap - $97,350,818,131
24HR Volume - $5,749,220,246
Current Price - $180.94
All-Time High - $293.31 (-39%)
All-Time Low - $0.5008 (+35,885%)

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