Cryptocurrency daily summary:
Curve CEO clarifies misunderstandings about the UwU Lend hack and CRV destruction
Notcoin announces the end of airdrop claims
Next week, APE, MANTA and other tokens will be unlocked in large amounts
Let's first look at the trading activities of Bitcoin ETFs. According to Farside Investor data, on June 14, Grayscale Bitcoin Spot ETF (GBTC) continued to outflow US$52.3 million; at the same time, Fidelity Bitcoin Spot ETF (FBTC) inflowed US$80.1 million, Bitwise Bitcoin Spot ETF (BITB) inflowed US$29 million, ARK 21Shares Bitcoin Spot ETF (ARKB) inflowed US$49 million, and iShares Trust Bitcoin Spot ETF (IBIT) had a net inflow of US$1.5 million.
Curve CEO clarifies misunderstandings about the UwU Lend hack and CRV destruction
Michael Egorov, founder and CEO of Curve Finance (CRV), has clarified the recent UwU Lend hack, noting that the incident did not involve a vulnerability at Curve Finance itself.
On Monday, the UwU Lend vulnerability caused Egorov's $100 million loan from multiple protocols to be automatically liquidated, causing the price of the CRV token to fall by up to 30%. Egorov explained, "This is not a Curve vulnerability. This is a vulnerability in the UwU Lend project." He suggested that UwU Lend "re-examine all contracts and work with a good security auditor" to recover losses.
As a follow-up to the incident, he proposed a proposal to destroy 10% of outstanding CRV tokens to restore the token price to the level before the accident.
Notcoin announces the end of airdrop claims, unclaimed tokens will be used for future development or destroyed
Telegram gaming project Notcoin announced on the X platform that the airdrop claim has ended. Most of the airdrop tokens have been distributed, and the unclaimed tokens will be used for future development, and some will be destroyed.
Notcoin ($NOT) is a community-driven token. Notcoin is a Telegram-based game that uses a "click to earn" mining mechanism to allow users to participate in the Web3 ecosystem through fun interactions.
Initially, users could earn game rewards by signing up and “clicking” on the coin image, and additional rewards and prizes could be earned by completing various tasks and missions. The game quickly gained momentum, and Notcoin tokens were subsequently created, with users receiving airdrops. The game has a bronze, silver, gold, and platinum tier system, allowing more active users to earn more rewards. Previously, staking Notcoin balances was also opened up, which would earn upgrade levels and increased rewards.
As of now, Notcoin has 11.5 million holders. In addition, there will be additional rewards for players who reach the Gold and Platinum staking levels.
Token unlocking events worth watching next week:
1. ApeCoin (APE): ApeCoin is the native token of Yuga Labs' Ape ecosystem, which covers the popular Bored Ape Yacht Club (BAYC) NFT series. On June 17, the project will unlock more than 15 million tokens and distribute them to the treasury, founders, team, and contributors. Normally, the price of APE will fall after a large number of tokens are unlocked. However, due to the renewed interest in non-fungible tokens such as BAYC, the drop may not be too large.
- Unlock date: June 17
- Unlocked Tokens: 15.6 million APE
-Current circulation: 627.8 million APE
2.Manta Network (MANTA): Manta Network is a modular blockchain that uses zk-SNARK technology to provide privacy protection for DeFi applications, enabling private transactions and interactions. Manta Network includes two networks: Manta Pacific, a modular L2 ecosystem for EVM native ZK applications and dApps; Manta Atlantic, the fastest L1 blockchain on Polkadot, providing zkSBT capabilities. On June 18, the circulation of MANTA will increase by 6.67 million, and these newly unlocked tokens will be distributed to participants in the public sale.
- Unlock date: June 18
- Unlocked tokens: 6.67 million MANTA
-Current circulating supply: 325.3 million MANTA
3.Pixels (PIXEL): Pixels is a multiplayer game based on the Ronin blockchain that uses PIXEL tokens as in-game currency and community governance tools. PIXEL holders can mint NFTs, purchase items and VIP passes, join guilds, and vote on project development. On June 19, 54.38 million PIXEL tokens will be unlocked and allocated to advisors, project funds, and ecosystem rewards.
- Unlock date: June 19
- Unlocked tokens: 54.38 million PIXEL
-Current circulation: 771 million PIXEL
4. Space ID (ID): Space ID is a universal decentralized identity protocol that connects people, assets, and dApps on different blockchains, allowing users to use a single domain name to represent their identity in different applications and networks. On June 22, the project will unlock 78.5 million ID tokens, which will be allocated to the Space ID Foundation and multi-round sales participants.
- Unlock date: June 22
- Unlocked Tokens: 78.5 million ID
-Current circulation: 430 million IDs
In addition, other tokens that will be unlocked include Nym (NYM), Kadena (KDA), Euler (EUL), and Pendle (PENDLE), with a total value of more than $170 million.
Market analysis: The market fell across the board, but MAGA performed well
Market Trends
-BTC: Currently consolidating below $67,000, showing that the market may be waiting for a new catalyst.
-ETH: The drop below $3,500 shows weak market sentiment. The ETH ETF is expected to pass this summer, which could become a significant positive factor worth paying attention to.
- Altcoins: Most of them fell back to the prices before the release of CPI data, indicating that market sentiment is relatively cautious.
Macroeconomics
- U.S. stocks fluctuated: Although the decline in PPI data was a small positive, it did not have a major impact on the market. Investors should continue to pay attention to CPI data and the policy trends of the Federal Reserve, as these factors have a more significant impact on the market.
Market Hotspot Analysis
1.CRV: The founder pledged CRV to sell over 100 million USD, which caused dissatisfaction in the community and caused the price to plummet by 40% in a short period of time. Although it has paid off most of the debts on the chain, the price has not rebounded significantly, indicating a lack of market confidence.
2.Meme section:
-MAGA: It surged more than 20% in the day, which may be related to the fact that June 14 is Trump's birthday, and the market took the opportunity to speculate. It may continue to rise in the short term, but with greater volatility.
3. TON Ecosystem: TON rose 10% during the day, setting a new record high. The ecosystem TVL exceeded US$550 million, also a record high, showing strong market demand. TON is currently performing strongly and is suitable for medium- and long-term holding, but it is necessary to pay attention to changes in market sentiment.
The current market sentiment is relatively complex, with BTC and ETH in a critical price range and altcoins performing differently. Macroeconomic data such as CPI and Fed policy remain key influencing factors. In terms of hot spots, the Meme coin sector is more volatile and suitable for short-term trading; TON is performing strongly and suitable for medium- and long-term holding. Investors should make flexible adjustments based on their own risk preferences and market changes.
Macro: Technology stocks led gains, Nasdaq hit a record closing high; Asian markets generally weakened
The Nasdaq notched its fifth straight record close on Friday, driven by gains in Adobe and other tech stocks, while the S&P 500 and Dow Jones Industrial Average fell slightly.
The S&P 500 ended a four-day streak of record closing highs, but still rose more than 1% for the week. The technology sector rose 0.5% to hit another record closing high. The communication services sector rose 0.6%, leading all sectors. In terms of specific indices, the Dow Jones fell 0.2%, the S&P 500 fell 0.04%, and the Nasdaq rose 0.1%.
Fed policymakers on Wednesday cut their forecast for three rate cuts this year to one. However, a report released on Friday showed that the University of Michigan's preliminary consumer sentiment index fell to 65.6 in June, far below expectations. The CPI data also showed cooling inflation, which could prompt a rate cut.
Asian stocks were broadly weaker on Monday as mixed Chinese economic data, while political uncertainty in Europe dented investor risk appetite, leading to a weaker euro.
Chinese blue chips fell 0.2% as industrial output and fixed asset investment both underperformed despite a 3.7% rise in retail sales in May, beating expectations. Data showed house prices fell at their fastest pace in a decade in May, highlighting continued pressure on the property sector. Japan's Nikkei fell 1.7% as investors now have to wait six weeks to hear details of the Bank of Japan's next tightening measures.
This week, central banks in Australia, Norway and the United Kingdom are all expected to keep interest rates unchanged at their meetings, but the Swiss National Bank may ease rates due to the recent strength of the Swiss franc.
Political uncertainty in France caused the euro to fall to a four-month low of 0.9505 Swiss francs on Friday, with markets raising the probability of a rate cut to 75%. The euro remained at $1.0698 against the dollar, having hit a six-week low of $1.06678 last week. The dollar strengthened slightly against the yen to 157.52 yen, after breaking through 158.00 yen as the Bank of Japan said on Friday it would begin to reduce its bond purchases.
In commodities, oil prices fell slightly after rising 4% last week on expectations of stronger demand due to the peak driving season in the United States. Brent crude fell 17 cents to $82.45 a barrel, while U.S. crude fell 18 cents to $78.27 a barrel.
Gold prices held at $2,325 an ounce, rebounding 1.7% last week.
