Cryptocurrency Market Performance
Currently, the total market value of cryptocurrencies is 1.37 trillion, with BTC accounting for 53.92%.
This week, the net inflow of US Bitcoin spot ETFs was $1.829 billion. On June 4, the net inflow was $887 million, which was the second highest day of net inflow since the adoption of Bitcoin spot. In the first half of the week, due to the large inflow of Bitcoin spot ETFs, BTC and the broader market rose to a certain extent. BTC even touched $72,000 at one point. In the second half of the week, affected by the non-agricultural data, the possibility of the Federal Reserve's June interest rate cut remaining unchanged increased, and BTC fell to around $68,500, and remained volatile over the weekend.
This week, Binance's platform coin BNB broke a record high, reaching $720. Recently, celebrity memes have swept the crypto community again, from JENNER released by transgender woman Caitlyn Jenner to MOTHER released by female rapper Iggy Azalea. The hundreds of times increase has brought the craze of meme coins to a new level.
UniSat completed the airdrop of pizza inscriptions this week, which was given to active wallet users, causing a stir in the community. The inscription Dragon One ORDI also saw a maximum increase of 39% this week.
It is worth noting that BASE's leading meme project, BRETT, broke a new high this week, with the highest increase of 100%.
At this stage, there has been no general rise in the crypto market. Only the mainstream and meme are relatively active. The volatility of BTC is mainly affected by the inflow of spot ETFs and interest rate cuts, while the volatility of ETH is mainly affected by the news of the approval of spot ETFs.
The Fear & Greed Index is 72, showing greed for all 7 days this week. (The index was 78 for 2 days, entering the extreme greed zone)
Understand now
Review of the week's major events
1. Runes' trading volume last week was approximately $84 million, a year-on-year increase of 77.6%;
2. The TVL gap between Base network and OP Mainnet narrowed to US$40 million;
3. Funding rates indicate that futures traders expect Bitcoin to continue to rise;
4. Vitalik expressed dissatisfaction with the celebrity experiment of issuing MEME coins;
5. On June 5, the total market value of Bitcoin Rune exceeded 2.1 billion US dollars;
6. The zkSync v24 version update has been reviewed and is scheduled to be deployed to the mainnet on June 6;
7. Bitcoin mining difficulty decreased by 0.79% to 83.72 T;
8. Binance launched the 55th project of new coin mining, using BNB and FDUSD to mine IO.NET (IO);
9.10x Research: The head and shoulders bottom pattern indicates that Bitcoin will soon rise to $83,000, and the resistance line may be broken in the next few days;
10. UniSat: Pizza inscriptions have been distributed in the order of claim and the airdrop has been completed.
Macroeconomics
1. Since the SEC partially approved the Ethereum spot ETF, about $3 billion of ETH has flowed out of CEX;
2. On June 3, according to the Fed's official website, as of May 28, the Fed's balance sheet was $7.284 trillion, compared with $7.362 trillion at the end of April. The Fed shrunk its balance sheet by $78.1 billion in May;
3. On June 6, Gensler, chairman of the U.S. Securities and Exchange Commission (SEC), said on Wednesday that when the spot ETF linked to the cryptocurrency Ethereum will start trading depends largely on how quickly the issuer responds to SEC inquiries;
4. On June 7, according to CME's "Fed Watch": the probability of the Fed keeping interest rates unchanged in June is 97.6%, and the probability of a 25 basis point rate cut is 2.4%. The probability of the Fed keeping interest rates unchanged in August is 91.1% (78.5% before the non-agricultural release), the probability of a cumulative 25 basis point rate cut is 8.8% (22.0% before the non-agricultural release), and the probability of a cumulative 50 basis point rate cut is 0.1% (0.5% before the non-agricultural release);
5. On June 8, Reuters quoted people who attended the fundraiser as saying that Trump raised $12 million at a fundraiser held at the home of David Sacks, a technology entrepreneur and investor in San Francisco, on Thursday evening. Trump "stated that he would become the president of cryptocurrency" at the fundraiser.
ETF
According to statistics, during the period from June 3 to 7, the net inflow of US Bitcoin spot ETF was: US$1.829 billion; the net inflow of Hong Kong Bitcoin spot ETF this week was US$29.4597 million;
As of June 7, GBTC had a total outflow of US$17.933 billion, US Bitcoin spot ETF held a total of US$15.689 billion, and Hong Kong Bitcoin spot ETF held a total of US$260 million.
Predicting the future
Upcoming Events
1. ZAN held an online AMA event with the theme of "Where is the rising AO ecosystem heading in the AI+DePIN boom?" at 20:30 on June 12, 2024. The host was ZAN developer Pignard. Other guests included: PermaDAO contributor, Web3Caff researcher 0xmiddle; PermaDAO builder, 321.io contributor wavefunction; former Silicon Valley engineer, current independent researcher, PermaDAO contributor Eason; ArweaveOasis Founder Gerry Wong; Apus Network Founder Jason Wu;
2. L1 blockchain MANTRA will hold a 3-day hackathon "Hackers Hideout" in Delhi, India from June 14th to 16th. Hackers Hideout will incentivize projects built on the Hongbai testnet (the latest stage of MANTRA Chain development), focusing on RWA tokenization.
Project Progress
1. The qualification query for the "Airdrop 1" event of the Base chain's thank-you token BUILD has been opened. The token BUILD will be available for claiming on June 11, and the snapshot time is 14:00 on June 4. The qualification requirements (at least one of the following conditions must be met): having a Farcaster ID before May 15, 2024, having an ENS domain name before May 15, 2024, and Proof of Humanity Credential (currently Gitcoin Passport and World ID can be used). BUILD is a thank-you token on Base and a social game on Farcaster that rewards on-chain builders. Its token economic model shows that BUILD is 100% owned by the community, with no team or investor allocations;
2. The zkSync token airdrop is expected to occur around June 13;
3. Galxe will snapshot the first batch of GAL staking rewards at 10:00 Beijing time on June 14. The first batch of rewards will include ARB, MERL, and ZKJ, of which the three rewards will follow different staking rules: ARB rewards have no minimum staking GAL quantity requirement, and the maximum GAL quantity is limited to 200,000; MERL rewards have a minimum staking GAL quantity requirement of 200, and a maximum GAL quantity limit of 5,000; ZKJ rewards have a minimum staking GAL quantity requirement of 100, and a maximum GAL quantity limit of 10,000;
4. The native token MTK of MetaToken, an iGaming project based on Ethereum and TON, plans to start pre-sale on June 15 and go on public sale on July 15;
5. Notcoin users need to claim NOT before June 16th. They can withdraw NOT from the Notcoin bot to their wallets, and staking users can also withdraw. The special offer for staking has ended, and the "Levels" and "Explore" features will be opened to new users soon. Some unclaimed NOT will be used for future development, and other tokens will be destroyed.
important events
1. The Fed will announce its interest rate decision in the early morning of June 12, and will also release the latest Summary of Economic Projections (SEP) and dot plot;
2. A Nigerian court will postpone the case of Binance executive Tigran Gambaryan until June 14.
Token Unlock
1. Aptos will unlock 11.31 million APT on June 12, worth approximately $96.7 million, accounting for 2.58% of the circulating supply;
2. Immutable will unlock 25.53 million IMX on June 14, worth approximately $51.32 million, accounting for 1.72% of the circulating supply;
3. Starknet will unlock 64 million STRK on June 15, worth approximately US$74.88 million, accounting for 4.92% of the circulating supply.
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Hotcoin Research is the research department of Hotcoin. The team is committed to providing objective, independent and comprehensive analysis, aiming to become an authoritative insight platform in the field of cryptocurrency. Analysts regularly publish articles with insights: industry insights, in-depth analysis of potential projects in popular tracks, tutorials on playing and making money with WEB3, etc., striving to show users the most friendly and authentic WEB3.
