Hello everyone, I am Ali, from Wujie Club. Wujie Club is a crypto community club focusing on primary projects, secondary transactions, airdrop tutorials and on-chain capture. The club provides market analysis, trading strategies, the latest airdrop information and project investment opportunities, and is committed to helping club members obtain comprehensive information in the Crypto field.
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Bitcoin ETF funds surge, BTC price unlikely to reach $650,000
Although Bitcoin’s U.S. spot exchange-traded funds (ETFs) have seen significant net inflows of $1.91 billion since July 5, indicating strong market interest in it, the price of Bitcoin has struggled to stabilize at $65,000 above. This may be related to active carry trades and declining demand for inflation hedging. At the same time, global financial markets such as the S&P 500 Index and the gold market have shown strong momentum, but changes in these traditional financial markets do not seem to directly drive Bitcoin prices. This shows that Bitcoin price movements are not directly affected by non-traditional financial markets. But what exactly causes this underperformance?
First, not all buyers of spot Bitcoin ETFs bet on rising Bitcoin prices. Some investors may transfer spot positions to ETFs for tax planning or collateral needs. In addition, among the major holders of these ETFs, there are many arbitrage traders represented by hedge funds, who pursue market efficiency rather than simply price increases.
Secondly, the total open interest of Bitcoin futures on the Chicago Mercantile Exchange (CME) has reached $10.2 billion, up 23% from the previous week. This phenomenon shows that many institutional investors are taking advantage of the futures premium for arbitrage trading. However, these trading activities will eventually have to cover short positions in the futures market, but the sale of spot BTC positions offsets some of the market impact.
Finally, as U.S. inflation rates fall and Treasury bonds strengthen, investors are expressing confidence in the Fed’s policies. This has caused the 5-year Treasury yield to fall from 4.43% on July 1 to 4.07% on July 17, showing an increase in investor demand for fixed-income assets. This trend has an adverse impact on alternative stores of value such as Bitcoin, while promoting lower interest rates, which in turn boosts the stock market.
The market's increased confidence in the U.S. economy has led to a decrease in the attractiveness of Bitcoin as an independent means of exchange and a mathematically determined supply. In the short term, positive macroeconomic data has put pressure on Bitcoin prices, offsetting the bullish sentiment brought by the inflow of spot exchange-traded funds (ETFs) into the market. Therefore, despite strong ETF inflows, Bitcoin prices still face resistance to the rise.
2
Indian crypto market turmoil: Exchanges lose $235 million
WazirX, an Indian cryptocurrency trading platform, was hacked, and a total of $234.9 million has been transferred to a new address. In a recent hacker attack, WazirX, an Indian cryptocurrency trading platform, became a victim. The stolen assets include: ETH, USDT, SHIB, MTIC, PEPE, GALA. 5.43 trillion SHIB (about $102 million), 15,298 ETH (about $52.5 million) and a variety of other cryptocurrency assets.
The platform's multi-signature wallet on the Ethereum network was stolen, and a total of $234.9 million in funds have been transferred to new addresses. This incident has attracted widespread attention because WazirX is one of the major cryptocurrency trading platforms in India. The specific details of the hacker attack have not yet been fully disclosed, but the security platform Cyvers has discovered multiple suspicious transactions from WazirX's multi-signature wallet. These transactions show that the hacker has transferred funds worth more than $234.9 million to new addresses, and these funds have begun to be converted into other cryptocurrencies such as Ethereum.
Today’s recommendations are PENDLE, AEVO, MANA, and PYR.
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PENDLE
PENDLE is the native token of Pendle Finance, an ERC-20 token based on the Ethereum blockchain. Pendle Finance is a decentralized finance (DeFi) protocol that aims to promote capital efficiency through innovative financial instruments and provide users with attractive yields. The Pendle protocol allows users to lock in future income in the form of future income tokens (FYT), which represent the holder's right to receive future income streams generated by cryptocurrency assets, such as loan yields or staking rewards. Users can create, trade, and sell these tokens through the Pendle market. In addition, Pendle also provides a market for users who want to trade FYT future income derivatives. The current price is $4.661.
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THE AGE
AEVO coin is the native token of the Aevo platform, running on AEVO L2. As the governance and staking token of the Aevo platform, it plays a pivotal role in the platform ecosystem. The Aevo platform to which AEVO coin belongs is a decentralized derivatives trading platform that focuses on options and perpetual trading. It uses a customized layer 2 solution to enhance the security of Ethereum through fast off-chain order matching and on-chain settlement. The platform combines the flexibility of decentralization with the efficiency of centralized exchanges, allowing traders to speculate on tokens that have not yet been launched and to get in touch with potential market movers in advance through specific leverage options. The current price is $0.564.
3
WHERE
MANA (MANA) is the native cryptocurrency of the Decentraland virtual reality (VR) platform. MANA is the base currency for virtual economic activities on the Decentraland platform. Users can use MANA to purchase virtual land, virtual items and digital art, as well as participate in economic activities on the platform, such as selling, renting and trading virtual land and buildings, creating and selling virtual items and art, and participating in games and social activities. Decentraland's goal is to create a decentralized virtual world that ensures users' ownership and control over their virtual assets. MANA provides users with a means to conduct economic activities and exchanges in the virtual world, ensuring their right to own and control virtual assets. The current price is $0.350.
4
PYR
PYR, full name Vulcan Forged (PYR), is a decentralized cryptocurrency issued by the Vulcan Forged network. PYR is a digital currency based on blockchain technology, with the characteristics of decentralization, anonymity, fast and convenient, and financial security. PYR can be used on social media platforms to strengthen community cohesion and provide token incentives and rewards to users. Social media platforms can also use PYR tokens to incentivize users to create and share content, thereby increasing the attractiveness of the platform and attracting more users, advertisers and partners. The current price is $3.568.
Review of club recommendations
1.【PEPE,WIF】
When the market rebounds, meme coins are always the fastest to take action. After in-depth analysis and research, we recommend entering the market at a price point of 0.0000059, and the performance of Pepe tokens has exceeded our expectations, rising to a maximum of 0.00001208, an increase of 40.13%! The performance of Pepe tokens exceeded everyone's expectations.
WIF is most likely to become Sol's Golden Dog meme. The club recommends a layout around 1.7. The highest was around 2.23, an increase of 31.7%.
2.【jsamy】
Jasmy is also a target that the club has always been optimistic about. Recently, due to the blockchain conference held in Japan, Jasmy, as a Japanese token, the club recommends building a position at 0.021-0.022. As the BTC market rebounded, Jasmy also reached a high of 0.02697, which is 28.38% higher than the club's recommended point. Wujie's products must be high-quality!
Unbounded Club is a crypto community club focusing on primary projects, secondary transactions, airdrop tutorials and on-chain capture. The club provides market analysis, trading strategies, the latest airdrop information and project investment opportunities, and is committed to helping club members obtain comprehensive information in the Crypto field.
Thank you for reading this far. Ali is with you and wishes you a happy life. Good morning, good afternoon, good night, and see you next time.
