Weekly Market Insight: July week 2

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Market Updates

09 Jul 2024

Headline News

- Bitcoin experienced the worst week of 2024, the lowest point reached was $53,458, representing a 10.89% decrease over the week. This drop was further pressured by the sales of Bitcoin by the US and German governments. The US government's Bitcoin holdings decreased from 220,000 to 213,000 within a month, while the German government's holdings fell from 50,000 to 42,000 in the same period.
- Mt. Gox has commenced repayments to some of its rehabilitation creditors using Bitcoin and Bitcoin Cash, adding more supply pressure to the market.
- In contrast to Bitcoin's worst week of 2024, spot bitcoin ETFs had their strongest day of inflows for a month on July 5, gaining $143 million in total. Four out of the 11 top spot bitcoin ETFs saw inflows which added up to over 3,000, worth about $172 million at current prices, with about 80% of that sum going to Fidelity's FBTC fund.

- The FOMC minutes released last week showed the committees still hesitate to cut rates until "greater confidence" inflation is moving to 2% goal.
- Meanwhile, the US ISM manufacturing PMI and Services PMI in June both increased below market forecasts, 48.5 and 48.8 relatively. These elements together suggest that there may be a cooling down of economic activity.
- The US non farm payrolls were added 206K in June, above forecasts of 190K. However, the unemployment rate increased to 4.1%, the highest since November 2021, surprising the market expectations of 4%.

- Illinois judge side with CFTC, rules OHM and KLIMA as commodities in a court case.

- Aptos revealed Aptos Connect, a keyless wallet that uses ZK-proofs to verify users, allowing Google login without private keys.
- ZkSync has rebranded its Hyperchains to the Elastic Chain, aiming to address liquidity fragmentation and user experience challenges in multichain ecosystems.
- Celo has successfully launched its Dango Layer 2 testnet, built on Optimism’s OP Stack. Following a vote last summer, Celo plans to transform its Layer 1 blockchain into an Ethereum Layer 2 network, and the successful testnet launch marks the first major step.
- Developers of mini applications on Telegram can now swap Telegram stars for TON, or discounted Telegram advertisements.
- Blast announced Phase 2 airdrop, allocating 10 billion tokens for 12 months period. 50% Blast Point will be allocated to ETH, USDB and BLAST holders. 50% Blast Gold will be allocated to dapps and mobile application.
- Polkadot's treasury report showed the protocol spent $87 million in the first 6 months of 2024, including $37 million in marketing. The rate of spending can only last the protocol 2 years runway before depleting the treasury.

- Balancer has launched new features in v3, including hooks and boosted pools, to enhance capital efficiency and simplify swaps for liquidity providers.
- EtherFi introduced Karak restaking LRT, King Karak, weETHk.
- Aevo launched Aevo Strategies, automated trading vaults executing sophisticated strategies, with the first being a basis trade vault.
- Jupiter launches Ape, a tool for secure and efficient memecoin trading with features like dynamic slippage and real-time token safety profiles.
- Fidelity International and Sygnum partnered with Chainlink to provide NAV data for Fidelity International’s $6.9B money market fund.
- Bittensor was hacked and stolen approximately 32,000 TAO due to PyPi package manager vulnerability. The team quickly paused the network and removed the malicious package.
- HashKey announces its 10 million HSK airdrop. Participants can now head over to the official airdrop channel on the Telegram mini-program, "DejenDog", to claim their HSK tokens.

- Ethereum spot ETF is expected to launch on July 15th according to president of ETFStore, Nate Geraci.
- Portal is expected to launch cross-chain transactions across its gaming ecosystem on July 11th.
- According to Tron founder Justin Sun's post on X, gasless stablecoin will come to Tron by end of year with Ethereum, EVM chains to follow. Transfers can be made without paying any gas tokens, with the fees being entirely covered by the stablecoins.
- UniSat aims to deliver Fractal Swap in September, a product identical in functionality to the mainnet swap, ensuring projects on Fractal Bitcoin have strong liquidity from the start. Future iterations will support BTC and other mainnet assets on Fractal as brc-20 wrapped assets.
- Picasso passed the proposal to buyback and burn execution. 80% revenue from IBC will buyback and burn, 20% goes to stakers. 40% of restaking layer revenue will be used for buyback and burn, 40% will distribute to restakers and 20% to stakers.
- Aave proposed to build V3 in Aptos, its first non-EVM chain expansion.
- Aethir Edge announced that starting July 11, staking ATH will be required for all Edge devices to remain operational.
- According to Solana Firedancer engineer, the first version of Firedancer will begin its first bug bounty program on July 10.
- Chromia MVP Mainnet will launch on July 16.

- XAI token unlocked on July 9th, amount representing 71.59% of the token supply.
- IMX token unlocked on July 12th, amount representing 2.19% of the token supply.
- APT token unlocked on July 12th, amount representing 2.58% of the token supply.
- STRK token unlocked on July 15th, amount representing 4.92% of the token supply.
- CYBER token unlocked on July 15th, amount representing 3.81% of the token supply.
- ARB token unlocked on July 16th, amount representing 2.87% of the token supply.
- APE token unlocked on July 17th, amount representing 2.31% of the token supply.
- MANTA token unlocked on July 18th, amount representing 1.97% of the token supply.
- ALT token unlocked on July 25th, amount representing 42.08% of the token supply.

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