Cryptocurrency daily summary:
German government transfers Bitcoin, Mt. Gox repayment begins, increasing BTC selling pressure
VanEck, 21Shares Plan to Launch Solana-Based ETFs
Blast Launches Phase 2 Bounty Program
Let’s first look at the trading activities of Bitcoin ETFs. According to Farside Investor data, on July 8, Grayscale Bitcoin Spot ETF (GBTC) received an inflow of US$25.1 million; at the same time, Fidelity Bitcoin Spot ETF (FBTC) received an inflow of US$61.5 million, Bitwise Bitcoin Spot ETF (BITB) received an inflow of US$11 million, and ARK 21Shares Bitcoin Spot ETF (ARKB) received an inflow of US$8.4 million.
German government transfers Bitcoin, Mt. Gox repayment begins, increasing BTC selling pressure
The German government is selling Bitcoin again, with $900 million worth of Bitcoin being transferred to centralized exchanges, indicating that the government plans to sell the remaining $1.3 billion in Bitcoin holdings. According to Arkham Intelligence, wallets marked as being related to the German government transferred a total of approximately 16,309 Bitcoins, which were transferred to multiple external addresses multiple times on July 8. This is the largest single-day liquidation of Bitcoin.
Additionally, 700 bitcoins (worth more than $38.5 million) were sent to a wallet labeled “139Po,” which had previously received funds from the German government. Bitcoin prices fell sharply following these transfers, dropping from a high of $58,200 to $54,278, a drop of 6.75%.
The German government's sell-off is more than halfway complete, reducing its holdings from 50,000 bitcoins to 23,788 bitcoins, worth $1.3 billion, since it began selling digital assets in June. This has triggered massive liquidations across the crypto market, with a total of $425 million in leveraged positions liquidated, including $216 million in long liquidations, according to Coinglass data.
Meanwhile, the long-awaited repayment process for creditors of the defunct cryptocurrency exchange Mt. Gox has begun, with repayments to be made in Bitcoin and Bitcoin Cash. This has added to the selling pressure on Bitcoin. Nobuaki Kobayashi, the trustee of the Mt. Gox bankruptcy estate, said that it has begun repaying some creditors in Bitcoin and Bitcoin Cash through several designated cryptocurrency exchanges.
Cryptocurrency exchange Bitstamp plans to quickly distribute its portion of the bitcoin repayments to Mt. Gox creditors, although it has up to two months to do so after receiving the bitcoins, according to blockchain analysis firm Arkham Intelligence. A small amount of bitcoin was previously transferred from wallets associated with Mt. Gox, including $2.71 billion from the exchange’s cold wallets.
VanEck, 21Shares Plan to Launch Solana-Based ETFs
The Chicago Board Options Exchange (Cboe) has formally requested the U.S. Securities and Exchange Commission (SEC) to allow asset managers VanEck and 21Shares to bring a Solana-based exchange-traded fund (ETF) to market.
Cboe filed two 19b-4 filings with the SEC on Monday to list the products once it receives regulatory approval. Once the SEC confirms receipt of the filings, a 240-day window will occur during which the regulator must make a decision on the products, which will be powered by Solana (SOL).
“After successfully listing the first U.S. spot bitcoin ETFs on our exchange and receiving SEC approval of our rule filing to list a spot ether ETF, we are now addressing growing investor interest in Solana – the third most actively traded cryptocurrency after bitcoin and ether,” Rob Marrocco, global head of ETP listings at Cboe Global Markets, said in a statement.
If the products are approved, Cboe will be the listing exchange for five spot ether ETFs. Industry analysts expect the SEC to approve Ethereum ETFs as early as this week, with many issuers having filed amended S-1 forms on Friday and early Monday.
Blast Launches Phase 2 Bounty Program
On July 8, Blast announced the launch of the second phase of the rewards program, allocating 10 billion BLAST to support the development of mobile Dapps and incentivizing users to use these Dapps through the Blast App. The rewards are divided into Blast Points and Blast Gold, each with 5 billion BLAST. Users earn points through ETH, WETH, USDB and BLAST balances, and Dapps earn Gold based on performance. The first Gold distribution will be made on July 8. Users who install the Blast App can get Golden Tickets to increase the speed of earning points and Gold.
On July 9, Blast announced that Phase 2 Gold Distribution 1 has been launched. In the first Gold distribution, 10 million Gold will be allocated to Dapps, of which 9.5 million Gold is reserved for existing Dapps and 500,000 Gold is reserved for newly launched Dapps. A new "Prediction Market" category is added with a weight of 4.
Additionally, a new Big Bang competition will launch in August, offering Gold prizes, cash grants and co-marketing opportunities.
Market analysis: The market fluctuates widely. The index shows that the current BTC price is suitable for fixed investment.
Market Trends
-BTC: Currently consolidating around $56,500, showing a wide range of fluctuations. Yesterday, Bitcoin spot ETFs had a net inflow of $107 million, showing the market's continued interest and investment enthusiasm in Bitcoin.
-ETH: It also showed a wide range of fluctuations. It fell to around $2,820 yesterday and then rebounded to above $3,000. The ETH/BTC exchange rate strengthened. The market expects the ETH spot ETF to be passed on July 15, which may further boost the price of Ethereum.
-Altcoins: mixed gains and losses, with the Meme sector performing more strongly.
Market Indicators
-AHR999 Index: Today’s AHR999 Index is 0.68, which is suitable for fixed investment, indicating that the current BTC market has certain investment value.
-Fear and Greed Index: The current Fear and Greed Index is 37. Market sentiment has improved compared to yesterday, but is still in the fear zone.
Macroeconomics
-The three major U.S. stock indices: mixed gains and losses, showing market uncertainty.
- Monetary policy: Expectations for a U.S. interest rate cut are rising. Federal Reserve Chairman Powell will speak on monetary policy at 10 p.m. on Tuesday night and Wednesday night, which may have a significant impact on the market.
Market Hotspots
1. Meme sector: Meme coins such as NOT, BILLT, BONK, and PEPE rebounded sharply, and the Meme sector performed even stronger in the rebound.
2. Ethereum ecosystem: ETH/BTC strengthened in anticipation of the ETH spot ETF being approved next week. ENS, TIA, DYM, and XAI projects rebounded significantly, showing the market's continued attention to the Ethereum ecosystem. Among them, TIA is expected to unlock 120% of the current circulating tokens in October, which may have a significant impact on the market.
3. Points airdrop: The data website Debank announced yesterday that it would airdrop points xp, and there may be token airdrops in the future. Debank is an on-chain data website created by a Chinese team.
Summarize
The current market is characterized by wide fluctuations, with Bitcoin and Ethereum fluctuating between key support and resistance levels. The Meme sector and Ethereum ecosystem have performed outstandingly, and market sentiment has improved but still requires caution. In terms of macroeconomics, the Fed's monetary policy speech may have an important impact on the market and needs to be closely watched. Investors can formulate reasonable investment strategies based on the AHR999 Index and the Fear and Greed Index, combined with market hotspots.
Macro: S&P 500 and Nasdaq hit record highs, investors focus on inflation data and earnings season
The S&P 500 and Nasdaq closed at record highs on Monday, July 8, as investors focused on new inflation data, comments from Federal Reserve Chairman Jerome Powell and the upcoming quarterly earnings season.
The three major indexes: the S&P 500 rose 0.10%, the Nasdaq rose 0.28%, and the Dow Jones fell 0.08%.
Chip company stocks led the gains, with Nvidia up nearly 2%, Intel up more than 6% and AMD up 4%, pushing the Philadelphia Semiconductor Index up 1.9%.
Traders will be closely watching consumer price data on Thursday and producer price data on Friday to assess the Fed's progress in fighting inflation. Investors worry that waiting too long to cut rates could hurt the labor market and tip the economy into recession, so Powell's semiannual testimony before U.S. Senate and House committees on Tuesday and Wednesday is important.
Citigroup, JPMorgan Chase & Co. and Wells Fargo & Co. are set to kick off Wall Street's second-quarter earnings season on Friday. Citigroup shares rose 1.1 percent, while Wells Fargo & Co. shares fell 1 percent.
Asian stocks followed Wall Street's gains at the open on Tuesday, July 9, as markets hoped for dovish comments on the easing outlook from Federal Reserve Chairman Jerome Powell later in the day, while the dollar stabilized near a four-week low.
MSCI's Asia-Pacific stock index rose 0.3%, just below a two-year high; Japan's Nikkei rose 1%, hitting a record high; Chinese blue chips fell 0.85%; Hong Kong's Hang Seng fell 0.57%
In the currency market, the dollar stabilized near a four-week low of 104.98 against a basket of currencies. The battered yen and yuan took a breather, with the yen remaining at 160.84 against the dollar after falling to a 38-year low of 161.96 last week; the offshore yuan hovered at 7.2874 against the dollar after rising for four consecutive trading days and breaking away from a 7-and-a-half-month low.
The euro recovered some of its losses, French stocks swung sharply and the risk premium on French bonds narrowed over German bonds as investors digested the shock result of the French parliamentary election.
In terms of commodities, the hurricane hit an important oil production center in Texas, but the damage was less than expected and oil prices remained almost unchanged.
Gold prices rose 0.2% to $2,363.31 an ounce after falling 1.4% overnight.
