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The crypto market experienced a significant downward momentum in June, culminating in a 11.4% decline in total market capitalization. BTC saw a substantial drawdown as Mt. Gox announced its upcoming repayment distributions of over 140,000 BTC in July. Notably, the U.S. and German Governments were reportedly observed to be moving large amounts of BTC to centralized exchanges, adding on to the negative market sentiment.
Miners have been consistent net Bitcoin sellers since November 2023, the longest consecutive period of net selling since 2017. This has led to the lowest miner Bitcoin balances in over 14 years. One of the significant drivers of this has been the latest Bitcoin halving in April, which halved the miner block reward from 6.25 BTC to 3.125 BTC. Given that the block reward represents the majority of miners’ income, many miners have been forced to sell their holdings for survival. Naturally, we have also seen a wave of dealmaking and M&A in the sector, including deals from Hut 8, CleanSpark, and Core Scientific.
The TON ecosystem has continued to see an increase in activities in the past month, with the number of daily active addresses hitting a record high of nearly 578K on June 14. Notable drivers and developments include the continued success of The Open League, Binance’s integration of USDT on the network, and Pantera Capital’s announcement of a new funding initiative to increase its investments in TON.
BNB has been one of the strongest performers this year among exchange-related tokens, having increased by 86.4% year-to-date. Apart from riding the overall market upturn, BNB’s performance has also been bolstered by a steady stream of Binance Launchpool events and additional utility coming from new initiatives such as Binance’s Megadrop and HODLer Airdrops.
EigenLayer's market dominance dropped to a low of 92.2%, signaling increased competition in the restaking sector. Both Karak and the Paradigm-backed Symbiotic, though smaller in scale, achieved notable growth: Symbiotic hit its initial US$200M deposit cap in just one day, while Karak's TVL exceeded US$1B for the first time. Despite this, EigenLayer's first-mover advantage suggests that Karak and Symbiotic still have considerable work to do to advance further in this rapidly evolving sub-sector.
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