Tazmina Rashid
Research Analyst
Last Updated:
July 4, 2025
•
5 Minutes
DeFi Analytics 4th July 2025
This week's edition of our Crypto DeFi Analytics. The Beacon Chain balance's growth remains undeterred and BTC’s spot has recovered to over $105K.
Ethereum Gas Market
Hourly Average Gas Fees Burnt per Block
Hourly Average Cost to Transfer ETH (21,000 Gas)
Hourly Average Blob Gas Usage per Ethereum Block
Hourly Average Excess Blob Gas per Ethereum Block
Beacon Chain Balance
Beacon Chain - The Beacon Chain balance continues increase following the SEC's regulatory guidance on staking issued at the end of May.
Beacon Chain Summary
Beacon Chain Balance
Beacon Chain Validator States
Beacon Chain - The growth rate of new validators entering the Beacon Chain (Pending Initialized) has also balanced indicating a sustained interest in network participation.
This is similar picture to the consistent churn of validator withdrawals (Exited Unslashed) and validators awaiting final withdrawal of their staked ETH (Withdrawal Possible). However, given the growth in staked ETH as shown in the Beacon Chain balance, the overall growth remains positive, a reflection of the Pectra upgrade which allows for a variable amount of staked ETH per validator.
Uniswap V3
Uniswap V3 Hourly Volumes - Arbitrum
Uniswap V3 Hourly Transaction Count - Arbitrum
Liquidations
Aggregate Liquidations across Aave & Compound - Liquidations remain minimal as BTC’s spot price recovered from lows last week and now moves sideways above $105k.
Aggregate Liquidations across Aave & Compound
Free
PREMIUM
Institutional
DeFi Analytics 4th July 2025
This week's edition of our Crypto DeFi Analytics. The Beacon Chain balance's growth remains undeterred and BTC’s spot has recovered to over $105K.
Free
PREMIUM
Institutional
Jobs Jolt Crushes Cut Odds
The June NFP report beat expectations with 147K jobs added and a surprise drop in unemployment to 4.1%. Private payrolls however disappointed, rising just 74K, the weakest since October 2024, with headline gains being driven by government hiring. Markets repriced their predictions for a July rate cut, with odds of a 25bps cut collapsing from 28.5% one month ago to only 4.7% now. BTC and ETH spiked briefly post-release but retraced, and implied volatility levels continue to fall, while BTC funding rates ticked higher. Meanwhile, Trump’s big, beautiful tax bill has passed the House and is projected to add $3.4T to the US deficit over the decade.
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Trade Deal Sparks Market Rally
Over the past 24 hours, BTC rose from $107K to above $110K, nearing its all-time high, while ETH surged over 6%, breaking out of its recent $2500 range. Short-term BTC options implied volatility climbed to 33%, with ETH’s volatility increasing more sharply to 60%, flattening its volatility term structure. BTC funding rates hit highs not seen since June 10, peaking at 0.016%, whereas ETH funding rates showed a smaller rise to 0.005%. Large US tech stocks also rallied, lifting the S&P 500 and Nasdaq-100 by 0.47% and 0.73%, respectively, supported by a new US-Vietnam trade deal reducing tariffs on Vietnamese imports from 46% to 20%.