Affected by the launch of Ethereum spot ETF and the selling pressure in Mentougou, the crypto market saw a small correction, with Bitcoin fluctuating at $66,000 and Ethereum fluctuating at $3,470.
Altcoins as a whole are also following the market's correction, with the strongest performance coming from projects in the Ethereum ecosystem, with ENS rising by more than 15% against the trend.
This may be due to the positive news that Bitwise announced the setting of an ENS subdomain for the address of its Ethereum ETF ETHW.
The news worth noting is:
1. The first-day trading volume of Ethereum spot ETF exceeded 1 billion US dollars.
Yesterday, the trading volume of Ethereum spot ETF in the first hour of its launch was 320 million US dollars, and the trading volume of Bitcoin spot ETF in the first hour was 610 million US dollars. At present, ETH is performing well, with a trading volume exceeding 50% of Bitcoin in the same period.
But at the same time, some big investors chose to take profits early yesterday.
According to OKG Research’s analysis, yesterday’s large-scale fund outflow on the chain was 5,607 ETH, totaling about $19.65 million. This indicates that some large investors chose to take profits before the ETF was officially traded.
I think that although the current Ethereum price performance is relatively weak, the future of Ethereum is still worth looking forward to after the ETF is passed.
Ethereum has the properties of a high-quality bond, making it easier for institutions to make money with Ethereum than with Bitcoin.
Because it has greater room for speculation, inflation and deflation can be controlled, and its financial management and bond attributes make Wall Street very fond of it.
Most of the innovation in blockchain over the past decade has come from Ethereum. Ethereum has the potential to become the dominant open-source global settlement network. So we just need to be patient and hold on.
2. According to Arkham data monitoring, Mentougou transferred 42,587 bitcoins to a new wallet, worth approximately US$2.85 billion.
Some creditors of Mentougou said that they have received the returned bitcoins in their Kraken accounts, which shows that the compensation payment of Mentougou has gradually begun.
Mentougou has used a total of 141,685 bitcoins for compensation, and currently there are 85,000 bitcoins waiting for subsequent transfer and distribution.
3. According to Arkham data, an address marked as funds seized by the US government: Ryan Farace transferred nearly $4 million worth of Bitcoin to Coinbase.
This shows that the US government is also selling the seized bitcoins. The US government currently holds more than 213,000 bitcoins, worth more than $14.7 billion.
4. Analysts say: Taking profits on Bitcoin before Trump's meeting could be an "expensive move."
He believes traders should wait until after Trump speaks at a Bitcoin conference on Saturday before cashing in on their Bitcoin profits.
There is growing speculation that if Trump is elected in November, he may announce plans to use Bitcoin as a strategic reserve asset, which could cause Bitcoin to go parabolic.
Thielen said taking profits ahead of Trump’s speech, or even shorting Bitcoin, could be a costly move.
Thielen believes that Biden's withdrawal from the presidential race has essentially sealed Trump's victory in November.
According to Thielen, this could mean an early departure for SEC Chairman Gensler, who is known as an enemy of the cryptocurrency industry.
While Gensler's term doesn't officially end until June 2026, Thielen expects him to resign around the time of Trump's inauguration in early 2025.
Yesterday, CNBC discussed the possibility of the US government holding Bitcoin as a reserve currency.
Fox Business News also mentioned that Trump might announce Bitcoin as a strategic reserve at the Bitcoin conference.
Vivek also tweeted that there are increasing rumors about the US adopting Bitcoin as a reserve currency. $1 million Bitcoin is coming.
5. Richard Teng, CEO of Binance, said on X that the market is cyclical and it is not uncommon to experience ups and downs. It is very important to take a long-term view when making investment decisions.
He reminds us that it was only three months ago that the most recent Bitcoin halving took place.
At the end of the article, he attached a picture showing the increase in Bitcoin price 6 to 12 months after each halving. The increase was 7043% one year after the 2012 halving, 289% one year after the 2016 halving, and 559% one year after the 2020 halving.
6. The tokens of Worldcoin investors and team will enter the unlocking cycle starting from July 24.
Investors and the team will unlock a total of 2.38 billion WLDs linearly over the next four years, approximately 1.63 million per day.
Worldcoin is currently preparing for the unlocking process starting tomorrow: it transferred 990 million WLD to one address and then distributed 494 million WLD to 222 addresses.
Meanwhile, Worldcoin has denied allegations that it allowed insiders to profit from price fluctuations in its token, WLD.
A Worldcoin spokesperson said they take the allegations seriously and stressed that they have zero tolerance for such activities.
Previously, analyst ZachXBT accused Worldcoin of delaying the unlocking of 80% of tokens due to price manipulation and insider trading.
7. AltLayer announced that it will suspend the vesting plan for 6 months after the first unlocking on July 25, 2024.
From July 26, 2024 to January 24, 2025 no new tokens will be unlocked for investors, team, advisors, finance department and others.
The next unlock will take place on January 25, 2025, and tokens will vest in a linear monthly manner.
For investors, the period is 2 years, and for the team, consultants, finance department and other personnel, the period is 3 years.
The delayed unlocking of tokens may be beneficial to the short-term price trend of ALT.
In general, after the Ethereum spot ETF is launched, you can focus on the Bitcoin conference from the 25th to the 27th.
Both Trump and Musk will attend, and the market predicts that Trump may announce Bitcoin as a strategic asset of the United States at the conference.
This could further boost market sentiment and upward expectations.
