Mini Program: Daily Cryptocurrency Dynamics Summary
1. The total amount of funding in the crypto market in July was US$1.018 billion, a month-on-month increase of 37%.
According to RootData, the total financing amount of the crypto market in July 2024 was US$1.018 billion, an increase of 85% from US$550 million in July 2023 and 37% from US$743 million in June 2024. In addition, the number of financings in July 2024 was 111, a month-on-month increase of 9.9%. In terms of the total financing amount of the track, the top three tracks are other categories, Cefi and Defi.
2. In July, the monthly net inflow of US spot Bitcoin ETFs was about 51,000 BTC, and BlackRock increased its holdings by nearly 36,000 Bitcoins
According to data disclosed by TraderT, the monthly net inflow of US spot Bitcoin ETFs in July was about 51,000 BTC, equivalent to about 3.2 billion US dollars, with a purchase price range of 62,600 US dollars to 64,600 US dollars. Among them: 1. BlackRock increased its holdings of 35,999 bitcoins, with an inflow of about 2.3 billion US dollars, and currently holds 342,978 bitcoins, ranking first; 2. Fidelity ranked second with an inflow of about 785 million US dollars; 3. ARKInvest ranked third with an inflow of about 182 million US dollars; 4. VanEck ranked fourth with an inflow of about 81 million US dollars; 5. Bitwise ranked fifth with an inflow of about 69 million US dollars. In addition, Grayscale GBTC had an outflow of about 427 million US dollars in July.
3. Santiment: Since August, traders have been generally optimistic about the top cryptocurrencies
Santiment, an on-chain and off-chain indicator intelligence platform, posted on the X platform that with the arrival of August, traders are generally optimistic about the top cryptocurrencies. It is expected that FOMO sentiment will weaken slightly before Bitcoin, Ethereum, Ripple and SOL rise. BNB is one of the few large cryptocurrencies with relatively weak market bullish sentiment.
4. VanEck CEO: Bitcoin's market value will reach half of gold's total market value
VanEck CEO said that Bitcoin's market value will reach half of the total market value of gold, reaching $350,000 per coin. In addition, VanEck CEO also said that if central banks adopt Bitcoin and become part of the financial system, its value will reach "millions."
5. MicroStrategy had a net loss of $102.6 million in the second quarter and will raise $2 billion to buy more Bitcoin
According to CoinDesk, MicroStrategy's second-quarter financial report showed that the company had a net loss of $102.6 million in the second quarter, with a loss of $5.74 per share. The profit in the same period last year was $22.2 million, with earnings per share of $1.52. The loss was due to the company's provision of $180.1 million in impairment charges for its Bitcoin holdings, compared with $24.1 million in the second quarter of last year. Data disclosed by MicroStrategy showed that as of July 31, the company held a total of 226,500 bitcoins, with a purchase cost of $8.3 billion and an average price of $36,821. At the current price of $63,500, these Bitcoin holdings are worth approximately $14.4 billion. The company said its Bitcoin yield so far this year is 12.2%, and its goal for the next three years is to reach 4% to 8% per year. In addition, according to Bitcoin Magazine, MicroStrategy will raise $2 billion to buy more Bitcoin.
6. Crypto exchange Bybit terminates services in France
According to The Block, the crypto exchange Bybit will stop providing products or services in France. Starting at 16:00 Beijing time on August 2, French users will not be able to purchase any type of product, open new positions, or add new positions. All Bybit products, including Bybit Earn and all spot products are included in the restrictions. All remaining open positions of French users will be closed after 16:00 Beijing time on August 13. Only withdrawals of assets and funds will be allowed thereafter. With the EU Crypto-Asset Market (MiCA) regulatory framework set to take full effect in December this year, it has become more difficult for crypto companies to obtain licenses in France. Bybit said in a press release on Thursday: "In light of recent regulatory developments by French regulators, Bybit will stop providing our products and services to French nationals and residents. Once we obtain the appropriate licenses, we look forward to providing services again in the near future."
7. Block’s Bitcoin revenue in the second quarter of this year was $2.61 billion, a year-on-year increase of 9%
According to Cointelegraph, Jack Dorsey's payment company Block released its second quarter 2024 financial report, showing that the company's net income in the second quarter was $6.16 billion, an increase of 11% year-on-year. Among them, Bitcoin revenue exceeded $2.61 billion, a year-on-year increase of 9%. The total gross profit was $2.23 billion, a year-on-year increase of 20%. Net profit attributable to common shareholders was $195 million, up from $102 million last year. Block's Cash App had revenue of $4.13 billion in the second quarter. Revenue excluding Bitcoin trading income was $1.52 billion. Bitcoin gross profit was $67 million, a year-on-year increase of 52%. Block said that the growth in Bitcoin gross profit was mainly driven by the increase in the average price of Bitcoin. In addition, Block also updated its Bitcoin reserve status, saying that its Bitcoin holdings had a floating loss of $70 million. As of June 30, 2024, Block held approximately 8,211 bitcoins on its balance sheet for investment purposes, with a fair value of $515 million. The company purchased approximately 173 bitcoins in the past quarter.
8. Coinbase's total revenue in the second quarter of this year was US$1.45 billion, a decrease of 11% from the previous quarter
According to The Block, Coinbase's latest financial report shows that the company's total revenue in the second quarter of this year was US$1.45 billion, a decrease of 11% from the previous quarter. The decline in total revenue was partly due to a decline in trading revenue. Coinbase's trading revenue in the second quarter was US$665 million, a decrease of 29% from US$1.07 billion in the first quarter. Solana accounted for 10% of Coinbase's total trading revenue. However, the exchange's stablecoin revenue increased from US$197.3 million in the previous quarter to US$240.4 million. Coinbase's adjusted EBITDA was US$596 million, a sharp drop from US$1.01 billion in the previous quarter. Net profit also fell from nearly US$1.2 billion in the first quarter to US$36 million.
9. Montenegrin court paves way for Do Kwon's extradition to South Korea
The Montenegrin Court of Appeal upheld a ruling that Terraform Labs Pte. co-founder Do Kwon should be deported to his native South Korea, rejecting a proposal to send him to the United States, Bloomberg reported. Thursday's ruling is the latest in a series of decisions in Montenegro, which has been facing dual requests from the United States and South Korea to extradite the disgraced former cryptocurrency tycoon. The Podgorica Court said in a statement on its website on Thursday that no one had appealed the decision. The ruling also upheld a fast-track extradition procedure previously issued by another Montenegrin court. After the ruling was announced, Do Kwon's lawyer Goran Rodic said in a response to Bloomberg that Montenegro would arrange the extradition with the assistance of Interpol and expressed hope that the extradition would be completed "as soon as possible."
10. EU regulators warn of offshore cryptocurrency risks under MiCA regulation
According to Cointelegraph, the European Securities and Markets Authority (ESMA) has issued a new opinion highlighting the huge risks posed by global cryptocurrency companies that conduct a large amount of business overseas while seeking partial authorization under the Markets in Crypto-Assets (MiCA) regulations. On July 31, ESMA issued an opinion statement related to MiCA, and ESMA has issued such statements many times in the past after the implementation of new industry-wide regulations (such as after Brexit). ESMA's latest warning focuses on the complex organizational structure of many global cryptocurrency companies, which have been exposed to using EU-authorized brokers to route orders to execution venues outside the EU, usually in offshore jurisdictions. The EU market regulator said that this practice could undermine consumer protection and create an unfair competitive environment, which is disadvantageous to execution venues within the EU. To address these issues, ESMA called on the national competent authorities (NCAs) of each EU member state in its opinion to strictly review the business models of these global companies during the authorization process. ESMA said that crypto asset execution venues play a vital role in the overall functioning of the crypto asset ecosystem. According to the opinion, this could manifest as: "While most crypto-asset conglomerates are expected to operate multilateral trading platforms outside the EU, there may also be situations where non-EU entities internalize order flow and execute orders from EU clients on their own account." Therefore, the goal is to ensure that these firms fully comply with the MiCA regulations to protect consumers and maintain the integrity of the crypto industry. ESMA has also stressed the importance of a nuanced case-by-case assessment of firms seeking MiCA authorization. ESMA has outlined specific requirements that these firms must meet, including ensuring best execution practices, means to effectively manage conflicts of interest, and fulfilling the duty to act in the best interests of clients. In addition, firms must also comply with strict guidelines on the custody and management of crypto assets on behalf of their clients.
11. Binance report: The total market value of cryptocurrencies has increased by about 44% so far this year, and Bitcoin's market dominance has increased to more than 55%
Binance Research recently released a report on the crypto market for the first half of 2024. The main content is as follows: The cryptocurrency market has performed strongly this year. As of now, the total market value of cryptocurrencies has increased by about 44%, an increase of more than $720 billion. Compared with the same period last year, the total market value of cryptocurrencies has increased by more than 104%, and has increased by more than $1.2 trillion since July last year. Bitcoin has been active since the approval of the US spot ETF in January, the fourth halving event in April, and the release of Rune. Bitcoin's scalability and decentralized finance (DeFi) sectors have also become more active. Correspondingly, Bitcoin's market share has increased from about 50% to more than 55% this year. In addition to Nvidia, Bitcoin and Ethereum have performed particularly well compared to common traditional financial (TradFi) investments (including Alphabet, Amazon, and Apple). Bitcoin and Ethereum have performed far better than major stock indices, many of which (such as the Hang Seng Index and the FTSE 100 Index) have only returned single-digit returns this year. The US spot Bitcoin ETF has received a very positive response, attracting more than $17 billion in net inflows and an average daily trading volume of $2.5 billion. The recent launch of a US spot Ethereum ETF has also provided a positive tailwind for the industry, further legitimizing the asset class from a traditional finance perspective.
12. QCP Capital: Discussions between US presidential candidates and senators about Bitcoin reserves may fundamentally change the crypto landscape
QCP Capital, a crypto investment institution in Singapore, said in a post that the key message of yesterday's Federal Open Market Committee (FOMC) meeting was that the Fed clearly tended to be dovish: the expectation of a rate cut in September has been fully digested by the market. Unfortunately, the rise in the stock market has not been reflected in the cryptocurrency market. Cryptocurrencies have experienced a wide sell-off from overnight to this morning. The market remains nervous as traders closely monitor the daily outflow of funds from Ethereum ETFs and further supply pressures from Mt Gox and the US government. In the long run, discussions between US presidential candidates and senators on sovereign Bitcoin reserves, and the potential for other countries to follow suit, may fundamentally change the cryptocurrency landscape. The establishment of a "put option" on the price of Bitcoin by the United States or sovereign countries may have a significant impact, which may make bargain hunting a strategic investment method. The crypto market may be in a range-bound state until the next catalyst appears.
Article forwarded from: Jinshi Data
