1. German Government transferred multiple BTC today
The German Government transferred 133.722 BTC to market maker Cumberland DRW today, worth about $7.63 million; 150 BTC to Kraken, worth about $8.57 million; 1,000 BTC to suspected B2C2 Group: 139PoP…H7ybVu, worth about $57.16 million; 250 BTC to unmarked address: bc1qu3…guzr4j, worth about $14.29 million; 600 BTC (300 BTC each) to Coinbase and Bitstamp, worth about $34.26 million; 1,000 BTC to market maker Flow Traders, worth about $57.08 million. Today should be the day with the largest outward transfer by the German Government.
2. Bitstamp: Will complete the distribution of compensation to Mt Gox creditors as soon as possible
Bitstamp said that according to the agreement with the Mt Gox trustee, Bitstamp has 60 days to distribute the tokens and will work to ensure that these investors are compensated as soon as possible. Previously, several Mt Gox creditors in Japan confirmed that they had received BTC and BCH compensation, and the funds had entered the exchange accounts of Bitbank or Kraken. The time when Mt Gox creditors receive BTC or BCH will vary depending on the designated exchange.
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3. Wu Shuo team statistics: 20 large projects that may issue tokens in the second half of the year
Wu said the team has counted 20 large projects that may issue tokens in the second half of the year, including Monad, Aleo, Magic Eden, Berachain, Babylon, Scoll, Karak, Movement, SynFutures, Backpack, Puffer, LiFi, Lens, Solv, Symbiotic, Swell, Zircuit, StakeStone, Hamster Kombat, and HyperLiquid.
4. President of The ETF Store: Ethereum spot ETF is more likely to be launched in the week of July 15
Nate Geraci, president of The ETF Store, tweeted that he would be shocked if the spot Ethereum ETF was not listed and traded in the next two weeks. The spot Ethereum ETF may be launched later next week, but it is more likely to be the week of July 15. It is worth noting that the price of ETH has fallen by more than 20% since the unexpected approval of the 19b-4 form in late May.
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5. Founder of Mechanism Capital: More than 98% of altcoins have reached their peak in the cycle
Andrew Kang, founder of Mechanism Capital, tweeted that he believes more than 98% of altcoins have reached their cycle peaks, with the exception of a few that may hit new highs in Q4 2024/Q1 2025. Meme may constitute the majority of coins that have a chance to hit new highs.
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6. Wu said this week's macroeconomic indicators and analysis: US CPI, Powell's monetary policy testimony
Summary
Last week, the US non-farm payrolls data for June fell sharply, and the unemployment rate rose to 4.1%. Market expectations that the Federal Reserve will cut interest rates twice this year have risen again. This week, the focus will be on the US CPI data for June and Powell's semi-annual monetary policy testimony.
Last week review
●Fed Chairman Powell said at a central bank forum hosted by the European Central Bank that the Fed has made considerable progress on inflation. However, he also said that he hopes to see more progress before he is confident enough to start cutting interest rates. When asked what keeps him awake at night, Powell pointed out that it is the delicate balance between controlling inflation and avoiding a significant deterioration in the labor market. Powell is satisfied with the resumption of the downward trend of US inflation after rebounding at the beginning of the year, highlighting a cautiously optimistic mood.
●The number of ADP jobs in the United States increased by 150,000 in June, significantly lower than the expected 165,000 and slightly lower than the previous value of 152,000. This is the third consecutive month of decline in ADP employment and the lowest level in four months.
●The number of initial jobless claims in the United States for the week ending June 29 was 238,000, compared with expectations of 235,000 and the previous value of 233,000.
●Federal Reserve meeting minutes: Inflation is continuing to decline, but not enough to start cutting interest rates.
●Minutes of the ECB's June meeting: There will be two more interest rate cuts this year and the bank is confident about the inflation outlook.
●The U.S. non-farm payrolls increased by 206,000 in June, seasonally adjusted, from 272,000 in the previous month and expected to be 190,000; the unemployment rate rose to 4.1% in June, from 4% in the previous month and expected to be 4%, the highest since November 2021.
This week's key events & indicators
July 09
●Fed Chairman Powell delivers semi-annual monetary policy testimony to the Senate Banking Committee (22:00)
July 10
●China's June CPI annual rate (09:30)
●New Zealand Reserve Bank interest rate decision on July 10 (10:00)
●Fed Chairman Powell delivers semi-annual monetary policy testimony to the House Financial Services Committee (22:00)
July 11
●US June CPI (20:30)
●Initial jobless claims in the U.S. for the week ending June 29 (10,000 people) (20:30)
July 12
●US PPI annual rate in June (20:30)
●US one-year inflation rate forecast for July (22:00)
●Preliminary value of the University of Michigan Consumer Confidence Index in July (22:00)
