CoinEx Research has comprehensively examined the key developments and changes that occurred in the cryptocurrency market in July. The report reveals that the market was characterized by high volatility, remarkable recovery, and key developments.
Volatility and Bitcoinâs Performance in July
The cryptocurrency market experienced significant volatility in July. The price of Bitcoin fell to $53,500 due to the sale of approximately 50,000 Bitcoins by the German government. However, Bitcoin made an impressive recovery in a short time, rising to $70,000. This rise was a remarkable detail after the assassination of Trump. At the end of the month, the price of Bitcoin fluctuated between $64,000 and $66,000. These movements reflect the maturation of Bitcoin as an asset and the confidence of market participants in its long-term value.
Performance of Bitcoin ETFs
Bitcoin ETFs performed well in July, generating net inflows of $3.1 billion. This is a big increase from Juneâs $666 million inflows. This data suggests that institutional investors are increasingly interested in Bitcoin and that the convergence between traditional financial markets and cryptocurrency markets is accelerating. Strong ETF inflows are adding liquidity and stability to the Bitcoin market, cushioning short-term price fluctuations and setting the stage for future price gains.
German Government's Bitcoin Sale
The German governmentâs sale of around $3 billion worth of Bitcoin created significant supply pressure in the market. However, the market has absorbed this pressure impressively and created a strong short-term support level for Bitcoin. The net inflow of $1 billion into ETFs during the same period offset this pressure, indicating institutional investorsâ confidence in Bitcoin as well as the general improvement in market liquidity. There may be new supply pressure during the Mt. Gox bankruptcy process. Currently, 59,000 of the total 142,000 Bitcoins have been distributed to creditors via Kraken and Bitstamp exchanges. While this raises some concerns, it is expected to be managed successfully. The distribution process will take several months, which could reduce sudden market shocks.
Political Influences
The Bitcoin Conference held in Nashville in July was notable for speeches by Donald Trump and Robert F. Kennedy Jr. Trump proposed creating a strategic Bitcoin reserve for the country, while Kennedy suggested that the Treasury Department should purchase 550 Bitcoins per day and that the United States should have a reserve of 4 million Bitcoins. These proposals reflect the increasing recognition of cryptocurrencies in the political arena and could create a more favorable regulatory environment if implemented, which could attract more institutional investment.
Ethereum ETF Launch
Following the approval of Bitcoin ETFs in January, nine spot Ethereum ETFs began trading on July 22. This was a significant milestone for the crypto industry and regulatory environment. However, net outflows of $542 million were recorded during the first week, while Grayscaleâs ETHE fund saw only $1.97 billion in outflows. This performance pushed Etherâs price down from $3,500 before the ETF launch to around $3,000 by the end of July. Analysts predict that if the pace of outflows continues, outflow pressure from Grayscaleâs ETHE could ease in the next 1-2 months.
The Rise of Solana
Solana attracted attention with its outstanding performance in July. With the ecosystem supported by the meme coin sector, the Pump.fun platform created more than 1.5 million meme tokens and generated 510,000 SOL in revenue. According to on-chain data, Solana surpassed Ethereum in terms of daily active users and transactions, and surpassed Ethereum in DEX trading volume for the first time in July. This trend reflects the diversity and pace of innovation in the cryptocurrency ecosystem and indicates that competition between different public chains is increasing.
Increased Stablecoin Flows and Market Liquidity
In July, stablecoin flows began to recover, with net issuance reaching approximately $290 million. This growth signals an improvement in market liquidity and the beginning of the next wave of market growth. Given that stablecoin flows increased in August 2021 after a two-month correction, supporting subsequent market growth, industry experts expect stronger stablecoin flows in August and September this year.
FOR THE GIFT OF 10 DOLLARS PLEASE READ CAREFULLY.
My friends, you know that we, the publishers, are doing everything we can for you here. We are conveying to you the services and conveniences that our authorities have provided us. I have never withdrawn my support for both the cryptocurrency market and you, and on the contrary, I am trying to provide more support.
THIS 10 DOLLAR GIFT CAMPAIGN IS A CAMPAIGN MADE ESPECIALLY FOR ME BY BINACE. YOU CAN GET CONFIRMATION OF WHAT I HAVE SAID ABOUT THIS ISSUE BY CALLING LIVE HELP. IT IS A 10 DOLLAR CAMPAIGN MADE FOR YOU THROUGH ME.
Now I will explain how you will receive your gift. First of all, Binance users who have registered with someone's reference and actively use futures transactions will unfortunately not be able to benefit from this promotion.
So who can benefit?
Our friends who have not yet activated the futures section, when you activate your FUTURES transaction section, you will earn $10 when you open it by entering my 88623008 reference code.
I EXPLAIN IN DETAILED.
My brothers and sisters who have become Binance members without a reference, please listen carefully;
When you do what I say in order, you will receive 10 USDT.
Go to the Futures Section from your application,
On the next screen, open your account by entering the code 88623008 in the REFERENCE CODE section,
My brothers and sisters who want to complete this transaction and receive the 10 USDT reward until MAY 1 can do so. Afterwards, after activating your account, it is enough to open your first futures transaction.
The first 1,000 brothers who open a 200 USDT transaction by MAY 1 will receive a 10 USDT reward.
So let me give you a tactic like this; even if you open and close 20x with a $5 transaction, you will be entitled to the reward.
Even if you do this after May 1st, your reward will not come. So, do it until May 1st. In fact, I would say do it right now in 5 seconds.
It's very simple. Go to futures, enter my 88623008 referral code and activate the account. Then just open a transaction of 200 usdt in total and get the 10 usdt reward.
WHEN WILL THE REWARD COME?
Your $10 reward will come to the REWARDS section of your Binance application within 30 days from May 1. By activating it from there, you can use your $10 reward, or more than 300 lira, in futures transactions.
You can share this post with your friends in need so that they can also benefit from it.
IN THE MEANWHILE, MY BROTHERS, PLEASE DON'T MISS YOUR LIKES. EVERY SHARE IS FOR YOU. SO DON'T WITHHOLD YOUR SUPPORT. EVEN IF YOU HAVEN'T FOLLOWED US YET, DON'T FORGET TO FOLLOW US. WITH MY REGARDS.
