According to Odaily, Lido has announced the launch of a new on-chain voting proposal for the Lido DAO. The proposal includes two main points: expanding the Simple DVT module and funding the Lido Contributors Organization.

The first point of the proposal aims to expand the staking share of the Simple DVT module from 0.5% to 4%. Additionally, it introduces the concept of 'Super Clusters' to enhance the module's functionality. This expansion is expected to improve the efficiency and scalability of the staking process within the Lido ecosystem.

The second point involves transferring 180,000 LDO tokens to the PML multisig, which is part of the Lido Contributors Organization. This transfer is a component of the EGG st2024v2 grant, aimed at supporting the contributors who play a crucial role in the development and maintenance of the Lido platform.

The main phase of the voting will continue until 10 PM on July 25.

Bitcoin (BTC) offered a short-timeframe rebound at the July 24 Wall Street open as a popular analyst eyed a “tug-o-war” on exchanges.

BTC/USD 1-hour chart. Source: TradingView

Bitcoin "pullback" preserves key support

Data from Cointelegraph Markets Pro and TradingView showed BTC price action targeting $67,000, up around 1% on the day.

A trip lower, which some had anticipated, nonetheless preserved key support at both $65,000 and short-term holder realized price at $65,110.

Source: Rekt Capital

The latter level, as monitored by onchain analytics platform Glassnode, represents the aggregate cost basis of Bitcoin speculators, and was recently reclaimed as support after a brief absence.

Bitcoin short-term holder cost basis. Source: Glassnode

“Bitcoin has successfully reclaimed the key breakdown area,” popular trader Jelle told X followers in one of his latest posts, covering the 4-hour chart.

“With local market structure firmly bullish, it looks like the market wants to give $72,000 another test.”

BTC/USDT chart. Source: Jelle/X

Jelle added that data from onchain monitoring resource CoinGlass put potential short BTC liquidations around that area at $7 billion.

Bitcoin exchange liquidation map (screenshot). Source: CoinGlass

As short timeframes narrowed Bitcoin’s trading corridor, attention thus turned to the longer-term picture.

“Bitcoin Has now consolidated at the previous cycle's high for 141 days,” fellow popular trader Daan Crypto Trades noted on X.

“This is by far the longest time it has taken to fully break through a previous all time high. On the other hand, $BTC reached the all time high before the halving this cycle which was much faster.”

BTC/USD comparison. Source: Daan Crypto Trades/X

Exchange BTC balances creep up

Weighing bullish and bearish market factors, meanwhile, Willy Woo, creator of onchain statistics platform Woobull, flagged two hurdles for Bitcoin to overcome next.

Related: Bitcoin ‘massive rally’ due as buy signal hits for 1st time in a year

These included payouts to creditors of defunct exchange Mt. Gox, still ongoing, and the accompanying return of coins to exchanges.

“As for bearish signals, we are seeing a build up of coins entering spot exchanges,” he wrote in part of an X thread on July 23.

“Of note is 50,000 BTC from MtGox being sent to Kraken, and that's seemingly being front run by others sending their coins in also.”

Bitcoin inventory on exchanges. Source: Willy Woo/X

Woo also suggested that the launch of the United States spot Ether exchange-traded funds (ETFs) may siphon capital out of Bitcoin.

“Some of the capital in BTC ETFs may rotate into the ETH ETF, hard to estimate how much, but this is a risk,” he argued.

As Cointelegraph reported, the spot Ether ETFs saw net inflows of $107 million on their first day of trading — around one sixth of Bitcoin’s first-day equivalent in January.

“In summary we have a tug-o-war happening on demand and supply. IMO the bullish factors overpower the bearish factors,” Woo concluded.

“In the short term BTC only needs to break 73k in order to light the fuse to short squeeze to 77k, above that it's nothing holding it down for price discovery.”

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

According to TechFlow, Mask Network announced that it has launched the first season of the staking plan. Participants can stake their $MASK on http://stake.mask.io on June 15 to earn points and share 700,000 RSS3 and 40,000 TON.

According to previous news, Mask Network is about to launch the first season staking plan, and staking MASK can obtain 700,000 RSS3 and 40,000 TON.

According to Odaily, the dYdX Foundation has announced that the dYdX community has voted in favor of upgrading the dYdX Chain protocol software to version V5.0. The software upgrade is set to be implemented at block 17,560,000, which was expected to occur on June 6th at 23:16 Beijing time.

The dYdX Foundation has urged validators to prepare for this upgrade, which includes running the Slinky sidecar V0.4.6 or a newer version. The upgrade is a significant step for the dYdX community, demonstrating their commitment to continuous improvement and adaptation in the rapidly evolving blockchain landscape.

The dYdX Chain protocol software is a crucial component of the dYdX platform, and its upgrade to V5.0 is expected to bring about enhanced performance and functionality. Validators play a critical role in this process, as they are responsible for running the upgraded software and ensuring its smooth operation.

The announcement by the dYdX Foundation underscores the importance of community involvement in decision-making processes within blockchain platforms. The successful vote for the software upgrade indicates a strong consensus among the dYdX community members about the direction of the platform's development.

According to Odaily, Antonio Juliano, the founder of dYdX, has expressed his disappointment over the perception that the fate of cryptocurrencies is determined by politics rather than the product itself. Juliano's statement comes at a time when the role of politics in the cryptocurrency market is being widely debated. He believes that the value and success of cryptocurrencies should be based on the quality and utility of the product, not political decisions or influences. This perspective emphasizes the importance of innovation and development in the cryptocurrency industry, rather than external factors such as political climate. Juliano's comments have sparked discussions about the factors that truly drive the cryptocurrency market and the role of politics in shaping its future.