Hotcoin Research | Market Insight: July 8-12, 2024

Cryptocurrency Market Performance

Currently, the total market capitalization of cryptocurrencies is $2.14 trillion, with BTC accounting for 53.28% at $1.14 trillion. The market capitalization of stablecoins is $153.4 billion.

This week, the price of BTC, by the U.S. Bitcoin Spot ETF $1,046.9 million net inflows, the price has risen somewhat, BTC price from $55,000 on July 8 once exceeded $59,000, ETH also exceeded $3,100. although there is a certain amount of pressure on the German government, but on July 13, its BTC has been depleted.

This week, the top 200 projects in Coinmarket cap's market capitalization rankings saw a general increase in price, with SATS up 72.46% in 7 days and NOT up 51.11% in 7 days.

"The 'Fear & Greed Index' of 25 (market sentiment is more panicky than last week) was fearful on all 7 days this week. Market panic is at a one-year low.

Understanding Now

A look back at the week's big events

1. CME Fed Watch: 93.3% probability that the Fed will leave rates unchanged in August;

2. coinShares reports $441 million in inflows into digital asset investment products last week;

3. the BlackRock BUIDL fund reached $491 million in total assets;

4. on July 8, DEX on the Solana chain reached $1.811 billion, surpassing DEX on the Ether chain's $1.335 billion in transactions

5. on July 9, 10x Research predicted that Bitcoin could rally to $60,000-$62,000 before being stalled;

6. that Apple M-chip devices will be temporarily removed from the list of supported devices, including M2 and M3 chip computers;

7. on July 10, Solana Chain's DEX trading volume surpassed Ether's at $2.467 billion;

8. the launch of Mind Network's Alpha Mainnet utilizing Fully Homomorphic Encryption (FHE) technology, designed to enhance the security and efficiency of AI and POS networks;

9. on July 11, bitcoin contract positions across the network declined, by 1.86% over 24 hours, to $28.819 billion; ethereum contract positions across the network edged up by 0.24% to $12.658 billion;

10. Cycle Capital analyzes the Mentor BTC selloff: the actual selloff has not yet entered the market, and distribution to CEX may cause a panic drop;

11. Compound founder, CEO and other team members announced their resignation to create a new project Legend;

12. the Meme project DOGS with built-in Telegram Stars purchasing feature triggered community questions;

13. Morgan Creek Digital to raise $500 million for new Web3 venture capital fund.

Macroeconomics

1. July 9, Form 19b-4 for VanEck and 21Shares' Solana ETF was filed with the SEC;

2. July 9, CME Fed Watch: 95.3% probability that the Fed will leave rates unchanged in August, 71.8% probability of a 25 bp rate cut in September;

3. Bitwise Chief Compliance Officer: ethereum ETF 'close to finish line', SEC open to third cryptocurrency ETF;

4. on July 11, Bloomberg ETF analysts predicted that the U.S. SEC could approve a spot ethereum ETF on July 18th;

5. on July 11, the U.S. Bureau of Labor Statistics will release CPI data for June 2024, which is expected to come in at an annualized rate of 3.1%, compared to the previous 3.3%;

6. on July 13, Mark Cuban calls on the U.S. SEC to remove its chairman, Gary Gensler.

ETF

According to statistics, during July 8-12, the U.S. Bitcoin Spot ETF had net inflows: $1,046.9 million; GBTC (Grayscale) had total outflows of: $18,638 million as of July 12, and is currently holding $15,710 million, and IBIT (BlackRock) is currently holding $18,060 million. Total market capitalization of U.S. Bitcoin Spot ETFs is: $52.629 billion.

Foreseeing the Future

Event Preview

1. Cobo is hosting an offline event titled "New Upgrade, Embrace the Future - Cobo Portal Launch" on July 17, 2024 from 17:00 to 22:00 at the Westin Hotel in Singapore. Guests will include Cobo Co-Founder and CEO, Godfish, Cobo Co-Founder and CTO, Dr. Chiang Chang Hao, and representatives from Babo's Bitcoin Portal. Dr. Changhao Jiang, and guests from Babylon, Deribit, Figment, HashKey Wealth, Legend Trading and 57Blocks;

2. Bitcoin2024 Nashville will take place July 25-27, 2024 at the Music City Center in Nashville, Tennessee, and the core focus will be entirely on Bitcoin;

3. EDCON 2024 takes place July 26-30 in Tokyo, Japan. EDCON is an annual ethereum community development conference designed to invite influential industry leaders and projects from around the world to attend and share information. The event consists of 5 days of workshops, gatherings, and presentations from industry leaders.

Project Progress

1. The Aleo TestNet Beta Validator Incentive Program continues until July 15, allowing users to earn Aleo credits by solving Coinbase puzzles and generating zero-knowledge proofs. There will be 1 million credits available for verifiers, with a minimum bonus of 1,000 mainnet credits; users who earn less than that will not be rewarded;

2. Galxe (GAL) will be upgraded to Gravity (G), and CoinSafe will stop trading and take down all existing GAL spot pairs (GAL/BTC, GAL/USDT, and GAL/TRY) on July 15 at 11:00 a.m., and will automatically remove all pending orders. In addition, the official opening of G/USDT and G/TRY spot trading will take place at 16:00 on July 19th;

3. Chromia, the Layer1 relational blockchain, announced that its MVP mainnet will be launched on July 16th, which will support users to cross-chain CHR from Ether and BNB Chain to Chromia.

Important Events

1. The ETF Store President expects the Ether Spot ETF to launch the week of July 15, stating that the Bloomberg forecast is still for mid-July, with a revised S-1 expected to be filed on July 8, and a final S-1 likely to be filed on July 12, which would theoretically mean a launch the week of July 15. 2;

2. a U.S. court will rule on July 15 against Roman Sterlingov, founder of crypto-mixing firm Bitcoin Fog, after he was convicted of helping to launder money from darknet markets.

3. The Digital Asset Exchange Alliance of Korea (DAXA) has developed a Model Case for Virtual Asset Trading Support based on the incidental comments of the Virtual Asset User Protection Act, which will re-examine the 1,333 tokens that Korean exchanges have put on line as of July 19th for six months, and will also conduct a formality review and a quality review of new virtual assets that the exchanges wish to put on line;

Token Unlocking

1. Optimism token OP will be unlocked on July 15 at 20:00 for 10 million tokens, valued at approximately $16 million, or 0.89% of circulation;

2. Starknet token STRK will be unlocked on July 15 at 20:00 for 64 million pieces, valued at approximately $38 million, or 4.92% of the outstanding quantity;

3. the Arbitrum token ARB will be unlocked on July 16 at 21:00 for 96 million pieces valued at approximately $68 million, or 2.97% of the circulating volume

4. the Axie Infinity token AXS will be unlocked on July 16 at 21:00 for 2.45 million tokens, valued at approximately $13.2 million, or 1.66% of the outstanding volume;

5. the ApeCoin token APE will unlock 15.6 million tokens on July 17 at 20:00, worth approximately $11.48 million or 2.31% of the outstanding volume;

6. the Pixels token PIXEL will be unlocked on July 19 at 18:00 for 54.38 million tokens valued at approximately $10.49 million, or 7.05% of the outstanding volume.

About Us

Hotcoin Research, as the core investment research department of Hotcoin, is dedicated to providing comprehensive and professional analysis of the crypto market. Our goal is to offer clear market insights and practical operational guidance for investors at all levels. Our professional content includes "Play to Earn Web3" tutorial series, in-depth analysis of crypto market trends, detailed analysis of potential projects, and real-time market observations. Whether you are a newcomer exploring the crypto world or a seasoned investor seeking deep insights, Hotcoin is your reliable partner for understanding and seizing market opportunities.

Risk Disclaimer

The crypto market is highly volatile, and investment involves risks. We strongly advise investors to fully understand these risks and operate within a strict risk management framework to ensure the safety of their funds.

Website：https://www.hotcoin.com/

X：x.com/HotcoinAcademy

Mail：labs@hotcoin.com

Medium：medium.com/@hotcoinglobalofficial