Cryptocurrency Market Performance
Currently, the total market value of cryptocurrencies is $2.4 trillion, of which BTC accounts for 54.23%, or $1.3 trillion. The market value of stablecoins is $152.98 billion.
This week, the net outflow of US Bitcoin spot ETFs was $579.9 million. With the net outflow of Bitcoin spot ETFs this week, the market showed a downward trend. BTC once fell below $66,000, ETH once fell below $3,400, and BNB once fell below $600. The market maintained a volatile trend over the weekend.
This week, Altcoin also saw a general decline. The few projects that performed well included: IO, which saw a maximum increase of 87% after its launch on June 11; the TVL of the TON chain hit a new high, currently at $584.5M, and its price also hit a new high, currently at $8.
The "Fear & Greed Index" is 74, showing greed for all 7 days this week.
Understand now
Review of the week's major events
1. The U.S. announced that the unadjusted CPI annual rate in May was 3.3%, which was lower than market expectations. The unadjusted core CPI annual rate in May was 3.4%, which was lower than market expectations. The expected rate was 3.5%, and the previous value was 3.6%, the lowest level since April 2021.
2. Biden campaign is in talks to accept cryptocurrency donations;
3. Trump: I hope all remaining Bitcoins are made in the United States;
4. US SEC Chairman: Approval of ETH spot ETF S-1 may be completed before the end of this summer;
5. Ethereum founder Vitalik made suggestions on the phenomenon of memecoin continuing to dominate the narrative;
6. After opening registration for Chinese users, Bybit will relocate its employees to Malaysia and Dubai;
7. Tether's investment arm plans to invest more than $1 billion in the next 12 months;
8. MicroStrategy announced plans to purchase Bitcoin through a private placement of $500 million;
9. Paradigm announced that it has raised its third venture capital fund at $850 million.
Macroeconomics
1. On June 13, Reuters reported that Terraform Labs agreed to pay $4.47 billion in a case with the SEC;
2. On June 13, according to market news, U.S. SEC Chairman Gary Gensler expects Ethereum spot ETF S-1 to be approved sometime in the summer;
3. On June 13, the Federal Reserve maintained the benchmark interest rate at 5.25%-5.50% for the seventh consecutive time, in line with market expectations;
4. On June 13, the Federal Reserve’s dot plot showed that the interest rate will be cut by 25 basis points in 2024 (the rate cut was expected to be 75 basis points in March).
ETF
According to statistics, during the period from June 10 to 14, the US Bitcoin spot ETF had a net outflow of US$579.9 million; the Hong Kong Bitcoin spot ETF also had a net outflow this week (due to incomplete data, it is not counted here); it is worth noting that the Hong Kong Ethereum spot ETF has had 0 inflow/outflow for nearly half a month.
As of June 14, GBTC had a total outflow of US$18.207 billion, US Bitcoin spot ETFs had a total holding of US$15.108 billion, and Hong Kong Bitcoin spot ETFs had a total holding of US$260 million.
Predicting the future
Upcoming Events
1. The submission deadline for EigenLayer online hackathon AVS MicroHacks is 7:59 on June 18;
2. The first Solana Asia Pacific Summit will be held in Kuala Lumpur, Malaysia from June 20 to 22, aiming to promote forward-looking discussions and collaborations;
3. Space4Build will host the La Causathon hackathon in Lima, Peru from June 20 to 23, hoping to focus the solutions to the gaming challenge on the Arbitrum ecosystem;
4. IVS2024 KYOTO will be held in Kyoto, Japan from July 4 to 6. The summit, with the theme of "Crossing Borders", will bring together Japanese startups to focus on how Web2, Web3 and artificial intelligence shape the world.
Project Progress
1. 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;
2. After Renzo completes the upgrade on June 17-18, it can apply to EigenLayer for asset cooling. The custody period is 7 days. After the custody period ends, users will be able to apply for withdrawals;
3. The deadline for claiming the Starknet token airdrop is June 20th. Unclaimed tokens will be recycled into the pool and distributed in future rounds and/or programs.
4. BNB Chain will conduct a BSC mainnet Haber hard fork at 14:05 on June 20. Validators and node operators need to upgrade to the latest version before the hard fork. Haber only supports one BEP: BEP-381 (precompiled secp256r1 Curve support).
important events
1. The next hearing in Nigeria’s lawsuit against Binance and its executives will be held on June 20.
Token Unlock
1. Starknet will unlock 64 million STRK on June 15, worth approximately $74.88 million, accounting for 4.92% of the circulating supply;
2. Arbitrum will unlock 92.63 million ARB on June 16, worth approximately $86.53 million, accounting for 3.2% of the circulating supply;
3. Space ID will unlock 78.49 million IDs on June 23, worth approximately US$44.73 million, accounting for 18.23% of the circulating supply.
