Cryptocurrency Market Performance
Currently, the total market value of cryptocurrencies is $2.34 trillion, of which BTC accounts for 53.8%, or $1.26 trillion. The market value of stablecoins is $154.6 billion.
This week, the price of BTC has increased to a certain extent, due to the net inflow of $1.2451 billion into the US Bitcoin spot ETF (excluding ARKB's data on July 18 and 19), and the reduction of potential selling pressure. The price of BTC has exceeded $67,000 from $60,000 on July 15, and ETH has also exceeded $3,500. It is worth mentioning that 5 Ethereum spot ETFs will start trading on July 23 (next Tuesday).
This week, the prices of the top 200 projects by Coinmarketcap have generally risen, with MEME series tokens performing well. WIF's 7-day increase is 56.87%, and MEW's 7-day increase is 45.47%. Trump series tokens FIGHT and Base mascot MIGGLES have both performed well, but MEME tokens are mainly affected by popularity and are too volatile, so investment should be cautious.
The Fear & Greed Index on July 20 was 74 (market sentiment was much milder than last week), with 1 day of fear, 2 days of neutrality, and 4 days of greed. The market is showing signs of recovery.
Understand now
Review of the week's major events
1. CoinShares report shows that the inflow of funds into digital asset investment products reached US$1.44 billion, and the inflow so far this year reached US$17.8 billion, a record high;
2. On July 15, Bitcoin’s weekly inflow was $1.35 billion, and short Bitcoin’s weekly outflow was $8.6 million; Ethereum’s weekly inflow was $72 million, which may be affected by the expectation of spot ETF approval;
3. If the Bitcoin price breaks through $65,000, it is estimated that $732 million of short orders will be liquidated; if it falls to $61,000, it is estimated that $942 million of long orders will be liquidated;
4. Mt.Gox addresses transferred a large amount of BTC to other addresses, with a total value of approximately US$5.7 billion;
5. The US SEC has granted preliminary approval to at least three ETH ETF issuers, including BlackRock;
6. Bitwise predicts that the US Ethereum spot ETF will help ETH break through its historical high;
7. LI.FI announced that the protocol has been fully restored and will continue to track and recover funds;
8. zkLink announced that the first round of ZKL token claims on Novadrop will be open on July 22;
9. Arthur Hayes family office Maelstrom launches Bitcoin developer funding program;
10. Binance responded to Bloomberg's apology: It will continue to focus on providing the best services and innovations to users;
11. On July 18, WazirX’s stolen assets were worth more than $230 million. The reason for the attack may be the leakage of the private key of the multi-signature wallet administrator;
12. TON Foundation will launch TON Teleport, which aims to connect Bitcoin and TON ecosystem;
13. Polygon plans to convert MATIC to POL on September 4;
14. The ether.fi Foundation launched the staking function of ETHFI tokens and launched the ETHFI token repurchase plan;
15. Sei Foundation launches $50 million Japan Ecosystem Fund;
16. On July 19, according to statistics, the US Bitcoin ETF had net inflows for 10 consecutive trading days, with a total amount of US$2.052 billion;
17. Layer3 Foundation is about to release the initial L3 token allocation checker;
18. Fuel plans to launch the mainnet in early Q4, and the testnet snapshot has been completed;
19. The Indian trading platform WazirX was attacked, with losses exceeding US$230 million;
20. On July 20, according to official information from the Chicago Board Options Exchange (Cboe), the platform has confirmed that five Ethereum spot ETFs from VanEck, Invesco, Fidelity, 21Shares, and Franklin Templeton will begin trading on July 23 (next Tuesday).
Macroeconomics
1. On July 18, according to the SEC official website, the SEC closed-door meeting originally scheduled for 2:00 p.m. Eastern Time today has been canceled;
2. On July 18, according to official documents from the U.S. Securities and Exchange Commission (SEC), the SEC has approved Grayscale Ethereum Mini Trust and ProShares Ethereum ETF, two Ethereum spot ETFs, to be listed on the Arca electronic trading platform of the New York Stock Exchange (NYSE);
3. On July 16, according to CME's "Fed Watch": the probability of the Fed keeping interest rates unchanged in August is 91.2%, and the probability of a 25 basis point rate cut is 8.8%;
4. On July 18, CME Fed Watch: The probability of the Fed cutting interest rates by 25 basis points by September is 93.5%;
5. On July 18, Trump officially announced his acceptance of the nomination for the Republican presidential candidate;
6. On July 19, U.S. SEC Chairman Gary Gensler once again issued a "Crypto Investment Fraud Warning" on social media, citing an article published in May this year, elaborating on the five ways fraudsters may lure victims into scams involving crypto asset securities.
ETF
According to statistics, during the period from July 15 to 19, the net inflow of US Bitcoin spot ETF was: 1.2451 billion US dollars; as of July 19, GBTC (Grayscale) had a total outflow of: 18.694 billion US dollars, currently holding 18.281 billion US dollars, and IBIT (BlackRock) currently holds 21.845 billion US dollars. The total market value of US Bitcoin spot ETF is: 62.748 billion US dollars.
Predicting the future
Upcoming Events
1. Bitcoin2024 Nashville will be held at the Music City Center in Nashville, Tennessee from July 25 to 27, 2024, with the core focus entirely on Bitcoin;
2. EDCON 2024 will be held in Tokyo, Japan from July 26 to 30. EDCON is an annual Ethereum community development conference that invites influential industry leaders and projects from around the world to participate and share information. The event includes 5 days of seminars, gatherings, and speeches by industry leaders;
3. HackaTRON Season 7 hosted by TRON DAO will take submissions from July 25 to October 8, 2024, with a pre-selection period from October 9 to 23, a judging and community voting period from October 24 to 31, and the winners will be announced on November 13.
Project Progress
1. Paradigm announced that it will launch the Paradigm Fellowship 2024 from September 25 to 29, and applications are currently open until July 22. The Paradigm Fellowship is a program that brings together cryptocurrency game engineers and researchers;
2. The new sUSDe pool launched by the yield trading protocol Pendle expires on July 25, 2024, providing 20x Sats plus USDe staking income every day;
3. The Zeta Markets Genesis Epoch of Solana DeFi derivatives platform will start on July 25, with an incentive of 8 million ZEX. Staking ZEX before July 25 will qualify for the staking airdrop (20 million ZEX);
4. Ethereum re-staking protocol Renzo ezPoints Season 2 will last for three months until July 26, and plans to distribute 5% of the token supply (500 million REZ), while Season 1 participants will receive an additional 10% bonus.
important events
1. The consultation launched by the Reserve Bank of New Zealand on digital cash ended on July 26. The consultation document asked the country's citizens to respond to questions such as the design of digital cash, whether interest should be paid, and whether there should be holding restrictions.
Token Unlock
1. 25.53 million Worldcoin tokens WLD will be unlocked on July 24, worth about 73 million US dollars, accounting for 9.18% of the circulation;
2. AltLayer token ALT will unlock 684 million ALT tokens on July 25, worth approximately US$104 million, accounting for 42.08% of the circulation.
about Us
Hotcoin Research, as the core investment research department of Hotcoin, is committed to providing detailed and professional analysis of the cryptocurrency market. Our goal is to provide clear market insights and practical operation guides for investors of different levels. Our professional content includes the "Play and Earn Web3" series of tutorials, in-depth analysis of cryptocurrency industry trends, detailed analysis of potential projects, and real-time observation of the market. Whether you are a novice exploring the crypto field for the first time or an experienced investor seeking in-depth insights, Hotcoin will be your reliable partner to understand and seize market opportunities.
risk warning
The cryptocurrency market is highly volatile and investment carries risks. We strongly recommend that investors fully understand these risks and invest within a strict risk management framework to ensure the safety of their funds.
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