Binance Quarterly Report Highlights Major Infrastructure Investment

Binance Research has just released its Q3 report for 2023. “State of Crypto: Market Pulse” provides a snapshot of the blockchain industry as the year prepares to enter its final quarter. There’s been a lot to pack into the last three months of crypto activity but Binance Research does its best to cover it.

One key highlight from the 53-page document is significant investment in blockchain infrastructure projects, but this is tempered by tough market conditions. Total value locked (TVL) into DeFi protocols is down in Q3, as is volume, while the total market capitalization has decreased by 8.6%. There are other positives, though, including positive regulatory news that has raised expectations of Bitcoin ETF approval in the near future.

Market Conditions Tighten in Q3

Binance’s Market Pulse report cuts straight to the chase in detailing the areas where crypto struggled in Q3 2023. The most obvious sign of this is the 8.6% decline in the capitalization of all crypto assets. The fact that Ethereum transaction fees have decreased in Q3 can also be taken as a bearish indicator. So too have those on BNB Chain. But it hasn’t all been bad news: “In Q3, institutional adoption surged even in the face of declining prices, with major companies like Deutsche Bank, Sony, Grab, and PayPal announcing their involvement in web3 initiatives,” we read.

While three-month analysis of a particular industry can reveal short-term trends, sometimes you need to zoom out to see the bigger picture. The State of Crypto: Market Pulse authors acknowledge this, emphasizing that 2023 has still smiled kindly on crypto, with BTC up 63% YTD.

VCs Are Still Writing Checks

There are some who say the days of crypto VCs writing big checks for blockchain projects are over. The Market Pulse report would disagree. It points out Flashbots’ $60M Series B fundraising and Bitmain’s $54M strategic investment in Core Scientific. It then adds: “Gaming and Metaverse also saw strong interests with Futureverse clinching $54M in funding to develop AI-centric consumer games,” and notes Animoca Brands’ $20M raise for its Mocaverse pr

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Author: CryptoDaily

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