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K33 Research stated in a market report released on Tuesday that a reliable indicator suggests a significant rebound in the coming weeks and months. According to the report, the 30-day average funding rate for perpetual contracts has turned negative, a rare occurrence that has only happened six times since 2018.
K33 analysts Vetle Lunde and David Zimmerman wrote, "Historically, when the monthly funding rate drops into negative territory, it often signals that the market has bottomed out."
The report further noted that when this indicator previously turned negative, the average return over the next 90 days was 79%, with a median return of 55%.
K33 analysts Vetle Lunde and David Zimmerman wrote, "Historically, when the monthly funding rate drops into negative territory, it often signals that the market has bottomed out."
The report further noted that when this indicator previously turned negative, the average return over the next 90 days was 79%, with a median return of 55%.
**Jingdong to Issue Stablecoin Pegged 1:1 to Hong Kong Dollar on Public Blockchain**
July 24, Financial Associated Press - Jingdong (JD.com) announced plans to issue a stablecoin pegged 1:1 to the Hong Kong Dollar (HKD) in Hong Kong. According to the official website of JD Coinlink Technology (Hong Kong), a subsidiary of Jingdong Technology Group, the JD stablecoin will be based on a public blockchain and backed 1:1 by HKD. The reserves will consist of highly liquid and credible assets, securely held in separate accounts at licensed financial institutions. These reserves will undergo regular disclosure and audit reports to strictly verify their integrity. Previously, on July 18, the Hong Kong Monetary Authority published a list of stablecoin issuer "sandbox" participants, which includes JD Coinlink Technology (Hong Kong).
July 24, Financial Associated Press - Jingdong (JD.com) announced plans to issue a stablecoin pegged 1:1 to the Hong Kong Dollar (HKD) in Hong Kong. According to the official website of JD Coinlink Technology (Hong Kong), a subsidiary of Jingdong Technology Group, the JD stablecoin will be based on a public blockchain and backed 1:1 by HKD. The reserves will consist of highly liquid and credible assets, securely held in separate accounts at licensed financial institutions. These reserves will undergo regular disclosure and audit reports to strictly verify their integrity. Previously, on July 18, the Hong Kong Monetary Authority published a list of stablecoin issuer "sandbox" participants, which includes JD Coinlink Technology (Hong Kong).
According to DL News, Animoca Brands co-founder Yat Siu stated in a media interview regarding the launch of MOCA Coin that this token is not related to the company’s stock, does not involve profit sharing, and has no rights to any profits. MOCA is a utility token for the Animoca Web3 ecosystem, used for payments and governance.
Reportedly, in 2020, the Australian Securities Exchange delisted Animoca due to concerns about dual benefits from issuing tokens as a publicly traded company.
Yat Siu further mentioned that they are exploring the possibility of an IPO in Hong Kong, Dubai, or both by the end of 2025 or early 2026.
Reportedly, in 2020, the Australian Securities Exchange delisted Animoca due to concerns about dual benefits from issuing tokens as a publicly traded company.
Yat Siu further mentioned that they are exploring the possibility of an IPO in Hong Kong, Dubai, or both by the end of 2025 or early 2026.
According to CryptoQuant CEO Ki Young Ju on Twitter, Bitcoin miner capitulation is still ongoing. Historically, the capitulation period ends when the daily average mining value reaches 40% of the annual average value. Currently, this ratio stands at 72%. The crypto market is expected to remain relatively flat over the next 2-3 months. He advises maintaining a long-term bullish outlook but avoiding excessive risk.
Why is Germany Selling Hundreds of Millions in Bitcoin?
https://coinpediasfintechnews.medium.com/why-is-germany-selling-hundreds-of-millions-in-bitcoin-9f437280766a
https://coinpediasfintechnews.medium.com/why-is-germany-selling-hundreds-of-millions-in-bitcoin-9f437280766a
According to a report by CoinDesk, K33 Research Senior Analyst Vetle Lunde noted on Tuesday that seasonal trends do not favor Bitcoin, with the third quarter typically being the weakest period in terms of returns.
He added that the seasonal weakness coincides with the pressure on prices from the sale of seized assets by the German state of Saxony and the ongoing Mt. Gox repayments.
K33 Research estimates that the market will absorb sales of 75,000 to 118,000 BTC from Saxony and Mt. Gox clients over the summer, valued between $4.3 billion and $6.8 billion at current prices.
"We expect these capital flows to weigh on Bitcoin performance in the coming months, with market volatility persisting until October," Lunde said.
He added that the seasonal weakness coincides with the pressure on prices from the sale of seized assets by the German state of Saxony and the ongoing Mt. Gox repayments.
K33 Research estimates that the market will absorb sales of 75,000 to 118,000 BTC from Saxony and Mt. Gox clients over the summer, valued between $4.3 billion and $6.8 billion at current prices.
"We expect these capital flows to weigh on Bitcoin performance in the coming months, with market volatility persisting until October," Lunde said.
According to data disclosed by IntoTheBlock Marketing Director Vincent Maliepaard, Bitcoin miners' reserves have decreased by approximately 20,000 BTC since June. The Bitcoin halving event two months ago might be a driving factor behind the recent miner sell-off, as profit margins have been declining since then.
Compass Mining Chief Revenue Officer CJ Burnett stated that large mining companies are still actively purchasing the latest generation of mining machines to improve efficiency, achieve economies of scale, and increase gross profit margins.
Compass Mining Chief Revenue Officer CJ Burnett stated that large mining companies are still actively purchasing the latest generation of mining machines to improve efficiency, achieve economies of scale, and increase gross profit margins.
According to Lookonchain monitoring, in the past 24 hours, the German government address transferred out 16,039 BTC (approximately $915.3 million) and received 3,673 BTC (approximately $206.5 million).
The German government address may have sold 12,366 BTC (approximately $708.8 million) and currently holds 27,461 BTC (approximately $1.55 billion).
The German government address may have sold 12,366 BTC (approximately $708.8 million) and currently holds 27,461 BTC (approximately $1.55 billion).
According to DefiLlama data, as of July 9th, the total value locked (TVL) in DeFi protocols across the network reached $86.6 billion. Here are the details:
- Lido has the highest TVL at $29.2 billion, marking a 3.90% increase in the past 24 hours.
- EigenLayer ranks second with a TVL of $14.4 billion, showing a 2.67% increase in the past 24 hours.
- AAVE ranks third with a TVL of $11.5 billion, experiencing a 5.07% increase in the past 24 hours.
- Lido has the highest TVL at $29.2 billion, marking a 3.90% increase in the past 24 hours.
- EigenLayer ranks second with a TVL of $14.4 billion, showing a 2.67% increase in the past 24 hours.
- AAVE ranks third with a TVL of $11.5 billion, experiencing a 5.07% increase in the past 24 hours.
According to a report by CoinDesk, JPMorgan stated in a research note on Monday that the total market capitalization of cryptocurrencies declined by 8% in June, falling to approximately $2.25 trillion, erasing most of the gains from May.
Analyst Kenneth Worthington wrote, "The market cap of tokens, DeFi, and NFTs all saw pullbacks in June." The data shows that daily spot crypto trading volumes decreased by 18% compared to the previous month, indicating that "March 2024 marked the peak of the current cycle in the crypto ecosystem in terms of valuation and trading volume."
The report highlighted that this trend contrasts sharply with traditional markets, where the S&P 500 rose by 4% and the tech-heavy Nasdaq index climbed by 6% in the same month. However, the report noted that stablecoins outperformed other crypto sectors in June, primarily driven by USDT.
Analyst Kenneth Worthington wrote, "The market cap of tokens, DeFi, and NFTs all saw pullbacks in June." The data shows that daily spot crypto trading volumes decreased by 18% compared to the previous month, indicating that "March 2024 marked the peak of the current cycle in the crypto ecosystem in terms of valuation and trading volume."
The report highlighted that this trend contrasts sharply with traditional markets, where the S&P 500 rose by 4% and the tech-heavy Nasdaq index climbed by 6% in the same month. However, the report noted that stablecoins outperformed other crypto sectors in June, primarily driven by USDT.
According to official sources, the TON ecosystem click game Notcoin has announced the launch of the Telegram Gaming Accelerator, aimed at empowering Telegram mini-apps through blockchain and attracting millions of users. Notcoin is partnering with AI analytics company Helika to expand and launch a game developer accelerator.
Based on the successful experience of Helika Accelerate and supported by $50 million in funding, this project will assist game studios, mobile apps, and independent developers in creating outstanding gaming experiences on the Telegram platform and the TON blockchain. The first applications will open next week.
Based on the successful experience of Helika Accelerate and supported by $50 million in funding, this project will assist game studios, mobile apps, and independent developers in creating outstanding gaming experiences on the Telegram platform and the TON blockchain. The first applications will open next week.
Web3 Foundation CEO Fabi commented on the controversial Polkadot treasury issue, stating, "This is not an expenditure by the Web3 Foundation, but an on-chain treasury expenditure decided by community vote. The Foundation has over five years of funding support (runway) and will not sell any DOT.
Additionally, treasury funds will continue to flow in and will never run out of money. The treasury should allocate its funds to more existing initiatives not covered by the Foundation. Some unused on-chain funds are even automatically burned. However, I personally agree with the general sentiment here. Over the past few months, the on-chain treasury has spent too much on activities with potentially low returns on investment."
Additionally, treasury funds will continue to flow in and will never run out of money. The treasury should allocate its funds to more existing initiatives not covered by the Foundation. Some unused on-chain funds are even automatically burned. However, I personally agree with the general sentiment here. Over the past few months, the on-chain treasury has spent too much on activities with potentially low returns on investment."
According to on-chain analyst @ai_9684xtpa, a UNI whale has possibly liquidated nearly 470,000 UNI tokens bought a month ago, which could result in a loss of $370,000 if sold.
Reportedly, the whale accumulated 469,177 UNI tokens at an average price of $10.53 between May 26 and June 4. On June 6, the whale sold 200,000 of these tokens. Nine hours ago, the remaining tokens were fully transferred to Binance, with an average transfer price of $9.74.
Reportedly, the whale accumulated 469,177 UNI tokens at an average price of $10.53 between May 26 and June 4. On June 6, the whale sold 200,000 of these tokens. Nine hours ago, the remaining tokens were fully transferred to Binance, with an average transfer price of $9.74.
According to official sources, the Aptos Foundation has announced the launch of its first online global hackathon, CodeCollision. The event will cover five in-depth themes, offer three scalable bounties, and include dozens of activities, with a total prize pool of up to $500,000.
Registration is open from July 2 to September 30, and the hackathon will run from August 1 to September 30. Participation is limited to individuals aged 18 and above.
Registration is open from July 2 to September 30, and the hackathon will run from August 1 to September 30. Participation is limited to individuals aged 18 and above.
According to ChainCatcher, Circle co-founder and CEO Jeremy Allaire announced on the X platform that Circle's USD stablecoin (USDC) and Euro stablecoin (EURC) have complied with the EU's newly enacted stablecoin regulations under MiCA. They will be officially issued to European customers starting July 1. This marks Circle as the first global stablecoin issuer to comply with MiCA regulations.
Circle stated that this move will promote the mainstream application of blockchain technology in payments, finance, and commerce, providing safe and reliable electronic money to the European market. Circle has chosen France as its European headquarters and is working closely with regulatory authorities in France, the EU, and the US to ensure the interchangeability and compliance of its stablecoins globally.
Previously, Circle's CEO hinted at a major upcoming announcement.
Circle stated that this move will promote the mainstream application of blockchain technology in payments, finance, and commerce, providing safe and reliable electronic money to the European market. Circle has chosen France as its European headquarters and is working closely with regulatory authorities in France, the EU, and the US to ensure the interchangeability and compliance of its stablecoins globally.
Previously, Circle's CEO hinted at a major upcoming announcement.
According to The Block, Web3 security company Mamori has announced the completion of a $5 million seed funding round. This round was led by venture capital firm Blockchain Capital, with participation from Velocity Capital and Web3.com. Angel investors in this round include Grigore Rosu, Daniel Lubarov, Alex Watts, Bo Du, Shujia Liang, Micheal Heinrich, and Antonio Viggiano.
Mamori is dedicated to enhancing Web3 security by developing an algorithm capable of identifying issues in blockchain software.
Mamori is dedicated to enhancing Web3 security by developing an algorithm capable of identifying issues in blockchain software.
According to Coinglass data, the total open interest in Ethereum contracts across the network has reached 4.3975 million ETH (approximately $15.14 billion). Among them, Binance has the highest open interest in Ethereum contracts, with 1.5953 million ETH (approximately $5.492 billion), ranking first. Bybit follows, with open interest in Ethereum contracts at 873,900 ETH (approximately $3.006 billion), ranking second.
IntoTheBlock released its second-quarter market report, indicating that BTC and ETH declined by 12.8% and 3.1%, respectively.
The number of BTC held by long-term investors has decreased, with holders' balances dropping by 160,000 BTC (approximately $10 billion) in May and by 40,000 BTC in June.
Since June, Bitcoin miners have sold over 30,000 BTC (approximately $2 billion). Currently, 78% of ETH is held by long-term holders. L2 transaction volumes have grown fourfold, with the top three L2 networks (Arbitrum, Base, and Optimism) seeing their transaction volumes quadruple within a year.
The number of BTC held by long-term investors has decreased, with holders' balances dropping by 160,000 BTC (approximately $10 billion) in May and by 40,000 BTC in June.
Since June, Bitcoin miners have sold over 30,000 BTC (approximately $2 billion). Currently, 78% of ETH is held by long-term holders. L2 transaction volumes have grown fourfold, with the top three L2 networks (Arbitrum, Base, and Optimism) seeing their transaction volumes quadruple within a year.
CryptoQuant posted on social media, stating: "The ultimate support level for Bitcoin is $56,000. If this level is breached, it could lead to a significant pullback."
CryptoQuant 在社交媒体上发文表示：“比特币的最终支撑位是 56,000 美元，如果跌破这个水平，可能会导致大幅回调。”
CryptoQuant 在社交媒体上发文表示：“比特币的最终支撑位是 56,000 美元，如果跌破这个水平，可能会导致大幅回调。”
According to The Block, investment management company VanEck has applied to launch a Solana ETF, tracking the price of Solana's native token. Many analysts believe that a Solana ETF application was inevitable following the SEC's recent approval of Ethereum-based ETFs, but few doubt that it will succeed immediately.
Haseeb Qureshi, a partner at investment firm Dragonfly Capital, stated, "This is an impossible task. I suspect VanEck is building goodwill and laying the groundwork for future initiatives." He added, "But the SEC has made it clear they consider SOL to be a security. This administration won't budge on that matter." Bloomberg Intelligence's ETF expert James Seyffart echoed this sentiment on X, noting that the fund "only has a chance to launch sometime in 2025 if there is new leadership at the White House and the SEC."
The biggest legal obstacle facing the SOL ETF is the SEC's enforcement division's clear stance that SOL is an unregistered security.
Haseeb Qureshi, a partner at investment firm Dragonfly Capital, stated, "This is an impossible task. I suspect VanEck is building goodwill and laying the groundwork for future initiatives." He added, "But the SEC has made it clear they consider SOL to be a security. This administration won't budge on that matter." Bloomberg Intelligence's ETF expert James Seyffart echoed this sentiment on X, noting that the fund "only has a chance to launch sometime in 2025 if there is new leadership at the White House and the SEC."
The biggest legal obstacle facing the SOL ETF is the SEC's enforcement division's clear stance that SOL is an unregistered security.