Headlines
Mt.Gox transfers more than 47,000 BTC to new address, worth about $2.71 billion
Mempool data shows that Mt.Gox (address starting with 1 HeHLv) transferred more than 47,228.7 BTC to a new address (starting with 1 L 7 Xbx), worth approximately US$2.71 billion.
Blast community to launch new proposal to distribute fee income to BLAST token holders on a weekly basis
The Blast community plans to launch a new proposal (BLIP-Research and Discussion) that requires all fee income earned by the Blast Foundation Treasury (such as gas fee income, etc.) to be distributed to BLAST token holders on a weekly basis. The program aims to reward BLAST token holders, increase the value of holding BLAST in the ecosystem, and provide a competitive advantage over ETH and USDB native returns, improve user retention, and make the network more attractive.
It is reported that the proposal requires determining the percentage of fees allocated weekly while ensuring that there are sufficient funds to meet the financial operating needs, and developing a smart contract mechanism to handle the distribution of fees to BLAST holders, including the need to regularly take snapshots of BLAST holdings and distribute the collected fees proportionally.
The total value of El Salvador’s Bitcoin holdings fell to $330 million, a drop of nearly 20%.
According to information on El Salvador’s official page, El Salvador is still adhering to its plan of purchasing one bitcoin every day. It currently holds 5,800.76 bitcoins, and the value of its holdings has fallen to US$330 million, a drop of 19.51% from its high of US$410 million on May 21.
friend.tech: We have heard the community feedback and FRIEND will not move out of Base
friend.tech posted on the X platform that they have heard the community's feedback that "FRIEND does not want to be migrated to other chains", and we agree with this. FRIEND has always wanted to be a token that is 100% controlled by the community, and the migration of token supply and liquidity is not in line with this spirit. Next, users can still create clubs, chat, buy keys and use FRIEND through the friend.tech app on Base.
Additionally, friend.tech has turned off all protocol fees from BunnySwap, Clubs, and v1 smart contracts. Now, 100% of the fees will go to traders, liquidity providers, and Club presidents.
Industry News
Solana Foundation to Provide $400,000 in Grants to Projects Built on Action and Blinks
According to SolanaFloor, the Solana Foundation will provide $400,000 in funding for projects built on Action and Blinks.
CryptoQuant: The main selling pressure of this decline came from real investors at the beginning of the year
According to CryptoQuant data, about $2.4 billion worth of Bitcoin with a holding period of 3-6 months was transferred during this decline. Analyst Cauê Oliveira pointed out that this represents selling pressure from some entities that bought at the beginning of the year. "It may be that speculators targeting Bitcoin ETFs and halving expectations are being cleaned up."
On the other hand, entities older than a year have yet to adopt a more significant selling pattern, suggesting that true long-term holders are still holding onto Bitcoin.
DWF Labs Launches $20 Million Crypto-Native Fund Cloudbreak
According to official news, DWF Labs launched Cloudbreak, a $20 million crypto-native fund, which is dedicated to providing funding and international strategic resource support for innovative and competitive high-quality Chinese projects.
DWF Labs said: "If you are involved in building projects in the following directions: GameFi, SocialFi, Meme, AI, derivatives or L1/L2 infrastructure, etc., please contact us."
Project News
Arbitrum RWA Development Plan Nominates Six Projects to be Allotted 35 Million ARB
Snapshot shows that the Arbitrum RWA development plan nominates six projects, to which 35 million ARBs will be allocated, namely Securitize BUIDL 56 (11 million), Ondo USDY 22 (6 million), Superstate USTB 24 (6 million), Mountain USDM 15 (4 million), OpenEden TBill 15 (4 million) and Backed Finance bIB 01 17 (4 million).
It is reported that the plan was proposed in April 23 and aims to achieve 1% financial diversification of Arbitrum each year through the growth of the RWA ecosystem.
The current proposal has a 76.8% opposition rate and will end on July 11.
Analysis: The address that previously received 70 million GMT belongs to the Binance pGMT liquidity pool
On-chain analyst @ai_ 9684 xtpa released an update on X. According to user feedback, the address that previously received 70 million GMT belongs to the Binance pGMT liquidity pool.
The large amount of circulation is due to the Alpha Draw staking lottery initiated by STEPNGO. Currently, 28,481,615 GMT have been locked on the chain. The GMT for the lottery will be unlocked in 4 years (April 19, 2028).
Investment and Financing
OKX Ventures announces investment in AI+RWA project Compute Labs
OKX Ventures announced an investment in the AI+RWA project Compute Labs. Compute Labs was incubated by the NVIDIA Inception VC Alliance and provides investors with AI computing power returns by developing the enterprise-level AI computing power tokenization protocol Compute Tokenization Protocol (CTP) and GPU Restaking solutions.
It is reported that Compute Labs will use this funding to expand the core team and advance the development and marketing of the AI computing power tokenization protocol CTP. The AI computing power tokenization protocol CTP is now available on the Solana test network, and the main network is expected to be launched in Q3.
Regulatory trends
U.S. CFTC Chairman to be sole witness at Senate hearing on digital commodity regulation next week
According to official news, the U.S. Senate Agriculture, Nutrition, and Forestry Committee announced that it plans to hold a digital commodity regulation hearing next Wednesday, July 10. Rostin Behnam, Chairman of the U.S. Commodity Futures Trading Commission (CFTC), will attend the hearing as the only witness. It is reported that this may be a general encryption hearing.
Character Voice
Bloomberg: Mt.Gox, government, miners’ selling pressure caused Bitcoin to fall, and the Fed’s potential policy shift will reverse market sentiment
Regarding the new round of market declines, Richard Galvin, co-founder of hedge fund Digital Asset Capital Management, said: "One factor is that a stronger Democratic candidate may replace Biden, and he may not support cryptocurrency. In the short term, a bigger reason for Bitcoin's weakness is the selling pressure from Mt. Gox and the selling behavior of government addresses."
Additionally, Noelle Acheson, author of Crypto Is Macro Now, noted: “Bitcoin continues to struggle with selling pressure from miners.”
However, sentiment in the cryptocurrency market could quickly shift if weak U.S. economic data spurs bets on the Federal Reserve easing monetary policy, and the approval of an Ethereum spot ETF could also boost market sentiment.
Interpretations of U.S. political developments could also change. Matt Hougan, chief investment officer at Bitwise Asset Management, believes a potential change in Democratic candidates "is more likely to be in a better position to address crypto issues." He said the government's overall attitude toward digital assets has improved over the past year. (Bloomberg)
Wintermute founder: Market will recover in August and September
Evgeny Gaevoy, founder and CEO of Wintermute, said in a post on X: "Hold on, the current market is just a seasonal phenomenon in the summer. The market will recover in August and September, before the US election."
STIX founder: The reasonable over-the-counter valuation of ENA in the locked-up state is 70% off
Taran, the founder of the over-the-counter trading platform STIX, wrote on X that since ENA went online, OTC sellers (investors) have contacted us and wanted to sell locked ENA at a valuation of US$2 billion to US$3 billion (ENA's FDV was as high as US$20 billion at the time). The reasonable selling price of locked ENA should now be a valuation of US$1.5 billion to US$2 billion (about 70% discount).
Justin Sun: Willing to negotiate with the German government to purchase all its BTC off-market
Justin Sun posted on the X platform that he was willing to negotiate with the German government to purchase all of its BTC over the counter to minimize the impact on the market.
MUFG: The US dollar may fall next year, and weak economic data may boost expectations of interest rate cuts
Mitsubishi UFJ Financial Group said in a report that the dollar looks set to fall next year as recent weaker U.S. economic data could bolster market expectations of rate cuts from the Federal Reserve. Noting Wednesday's weaker-than-expected ISM services report and ADP private payrolls data that showed slower job growth, Lee Hardman, an analyst at the bank, said: "Overall, these developments give us more confidence that U.S. inflation and growth will continue to slow, which will encourage U.S. interest rate markets to price in more rate cuts from the Federal Reserve over the coming year." He said this is a key assumption in the bank's expectation of a weaker dollar. (Jinshi)
