● Google Trends shows significant increase in searches for Ethereum and Bitcoin
According to ChainCatcher, Google Trends data shows that user interest in the term "Ethereum" has increased significantly, climbing from 57 points on July 14 to 82 points on Monday. Similarly, the search query "Bitcoin" has also risen, with the score rising from 71 to 76 points in the past two days.
According to Odaily Planet Daily, Glassnode stated in its weekly on-chain report that large entities have been marked and currently hold about 4.9 million bitcoins, equivalent to 25% of the circulating supply. Among these entities, CEX and ETF custodians account for the largest proportion. After the German government address sold all its Bitcoin holdings, there seems to be a relief for sellers in the short term, as well as a re-inflow of demand to support the market. Market profitability remains very strong, and most Bitcoin supply remains on a favorable cost basis, below the current spot price.
● Citi predicts that the inflow of US Ethereum spot ETF will be 30%-35% of that of Bitcoin spot ETF
According to BlockBeats, Citi said in a report that the inflow of Ethereum spot ETF in the United States may be only 30% to 35% of that of Bitcoin spot ETF. Based on this, the net inflow of Ethereum spot ETF in the first 6 months ranged from US$4.7 billion to US$5.4 billion.
● Bloomberg analyst: Ethereum spot ETF will pave the way for more similar products such as Solana ETF
According to Odaily Planet Daily, Bloomberg ETF analyst Eric Balchunas said that the first batch of spot Ethereum ETFs will be launched soon, which will pave the way for more crypto ETFs. More such products based on Ethereum and Solana are expected to appear. Earlier today, Eric Balchunas said: "It is reported that the SEC finally responded to the issuer today, asking them to return the final S-1 document (including fees) on Wednesday, and then apply for effectiveness after the close of Monday so that it can be issued on Tuesday, July 23."
● Mt.Gox trustee has repaid Bitcoin and Bitcoin Cash to over 13,000 creditors
According to Odaily Planet Daily, Mt.Gox trustee Nobuaki Kobayashi issued a notice stating that as of now, more than 13,000 rehabilitation creditors have been repaid in Bitcoin and Bitcoin Cash. The trustee plans to continue to repay some creditors through designated cryptocurrency exchanges after July 16, 2024. Repayment to other creditors will be made immediately once the following conditions are met: confirmation of the validity of the registered account, acceptance of the intention to subscribe to the agency receipt agreement, completion of discussions on repayment, and confirmation that repayment can be made safely and reliably.
● The share of global hash rate by U.S. listed mining companies hit a record high in July
As reported by BlockBeats on July 16, Bitcoin miners performed strongly in the first two weeks of this month. JPMorgan Chase noted that Bitcoin miners listed in the United States accounted for a record 26.6% of the global hash rate. It added that this figure has increased by 2.4% since the end of June and 5.6% since the Bitcoin halving. The total capacity of mining machines listed in the United States increased by 17 EH/s in June, reaching the highest level on record. The largest gains were Riot Platforms (RIOT), Bitfarms (BITF) and CleanSpark (CLSK). With the exception of Stronghold Digital (SDIG), which fell 8%, all listed mining company stock prices outperformed Bitcoin during this period. Cipher Mining (CIFR) led the gains with a 44% increase.
● Federal Reserve Kugler: If unemployment rate rises, interest rate cut may be premature
According to BlockBeats, on July 17, Federal Reserve Board Governor Kugler said that job market rebalancing means inflation will fall to 2%. If the unemployment rate continues to rise, it would be appropriate for the Federal Reserve to cut interest rates early.
Kugler reiterated his position that "a rate cut later in 2024 would be appropriate." He noted that the risks to inflation and employment are now more balanced, and inflation has continued to decline but remains above target.
Kugler also said that data released by non-government sectors provide another perspective on the overall economy, and is cautiously optimistic that U.S. inflation will make progress toward 2%, and the Fed does not want the labor market to cool too much.
