Miners Shutting Down and Capitulating
Miners are turning off their farms, resulting in a significant drop in hashrate, similar to what happened in December 2022 when BTC was at $16,500. This marked a bottom then. This pattern repeats after each halving; miners sell off, and the price shoots above the production cost, currently about $86,000 per BTC in the USA.
ConsenSys on SEC Lawsuit
ConsenSys has responded to the SEC lawsuit filed yesterday, stating they were prepared and will fight not only for their company but for the future of the Web3 industry.
Delay in ETH ETF Approval
The SEC has returned the S1 forms to the ETH spot ETF issuers, asking for minor adjustments to be made by July 8. This delays the ETH ETF launch, with the final approval process starting on July 8.
Market Sentiment and Indicators
Currently, the Fear and Greed Index is back in the "fear" zone at 30—the same level it was at when BTC was $25,000 in autumn 2023, before the rally to $74,000.
Exchange funding rates are negative, and overall sentiment is one of disappointment and fatigue.
