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In June, spot bitcoin ETFs recorded net inflows of $790 million despite a 7% drop in BTC price. BlackRock’s iShares Bitcoin Trust (NASDAQ:IBIT) led with over $1 billion in inflows, offsetting outflows from Grayscale Bitcoin Trust (AMEX:GBTC). The anticipation for a spot Ether ETF also boosted inflows. It is expected that an Ether ETF, though less impactful, will increase the popularity of Ether among these investors.
Bitcoin’s price closed the quarter with a decline of approximately 13%. Despite not surpassing resistance levels above $64,000, there was renewed optimism among traders at the beginning of the month.
Geoffrey Kendrick of Standard Chartered (LSE:STAN) recently predicted that Bitcoin’s price could reach new all-time highs in August, possibly hitting $100,000 during the US presidential elections in November. The forecast assumes Joe Biden remains in the race, a scenario considered favorable for Donald Trump, seen as positive for Bitcoin due to more favorable regulation and mining policies. If Biden exits the race, prices could drop to between $50,000 and $55,000.
On July 2, Bitcoin’s price (COIN:BTCUSD) registered a 1.1% decline, trading at $62,160, with a focus on changes in macroeconomic liquidity. Bitcoin reserves decreased, indicating an accumulation phase, which reinforces investor confidence. Meanwhile, selling pressures, including significant movements from a German government wallet, could still impact the market.
Fernando Pereira of Bitget notes that the “seller exhaustion constant” analysis still shows significant potential for the price to continue falling before reaching a point where selling pressure diminishes and possibly stabilizes or reverses, indicating a market bottom formation. “The seller exhaustion constant shows regions where selling pressure is exhausting. At the moment, we are far from it, indicating plenty of room to fall before hitting a bottom,” said Pereira.
The German government, through a wallet labeled “German Government (BKA),” transferred 832.7 Bitcoins in four distinct transactions, raising suspicions of selling its BTC holdings. The transactions included significant transfers to known exchanges like Coinbase, Bitstamp, and Kraken, along with a large amount to an unknown wallet, intensifying speculations about potential market impacts due to selling pressure.
More than half of the major US hedge funds have added Bitcoin ETFs to their portfolios, with 13 of the top 25 funds recording such investments by the end of Q1 2024. Millennium Management stood out with 27,263 BTC, about 2.5% of its total assets. This growing interest in Bitcoin occurs as the cryptocurrency significantly outperforms major indices and stocks, including Apple and Tesla, during the same period.
Tools for Humanity, the developer of the Worldcoin project (COIN:WLDUSD), has hired four experienced leaders to enhance critical aspects like privacy, security, and identity management. Among the new hires are Damien Kieran, former privacy director at Twitter and now privacy director at TFH, and Adrian Ludwig, former Android security director, now leading information security. Ajay Patel and Rich Heley also join, taking key roles in identity and device development, respectively.
The Cardano Foundation (COIN:ADAUSD), in collaboration with the Crypto Carbon Ratings Institute, released a sustainability report detailing Cardano blockchain’s energy consumption and carbon footprint. This initiative aims to align with Europe’s Markets in Crypto-Assets (MiCA) regulation, which requires sustainability disclosures by crypto asset issuers. The report highlights Cardano’s energy efficiency, with the network consuming only 704.91 MWh in May 2024, or 0.192 W per transaction per second.
Polkadot (COIN:DOTUSD) ecosystem stakeholders disputed a recent report warning of possible treasury resource depletion within two years. They explain that the treasury is continuously replenished by network inflation and managed by a DAO, where DOT holders vote on fund usage proposals. Expenses include marketing, DeFi infrastructure development, and security, with ongoing discussions to diversify treasury investments into stablecoins.
Astar Network (COIN:ASTRUSD), a multi-chain smart contract network, burned 350 million ASTR tokens, equivalent to 5% of its total supply, following a governance decision. These tokens, initially intended for Polkadot parachain auctions, will now be removed from circulation. Token burning is seen as a positive action for token value, as demonstrated by similar increases in the past with other cryptocurrencies like Floki. The 350 million tokens yielded 70 million ASTR in rewards, which will now be transferred to the community treasury.
Kraken, a cryptocurrency exchange, is considering using nuclear power to fuel its data centers in light of expected growth in decentralized finance (DeFi) and increased demand for its services, revealed Vishnu Patankar, the company’s CTO. Instead of building its own reactors, Kraken is considering partnerships with suppliers offering small modular reactors (SMRs), which can be integrated into data centers. This measure aims to ensure a stable and continuous power source, essential for the uninterrupted operation of the exchange and to support the growth of the crypto sector, especially with the expansion of AI and high-performance computing adoption.
Robinhood announced the expansion of its services to Hawaii, Puerto Rico, and the US Virgin Islands following a regulatory change that waives money transmission licenses for cryptocurrency services in Hawaii. The platform is considering using Bitstamp licenses, acquired for $200 million, to offer crypto futures in the US and Europe.
Web3, often criticized for seeming like a solution in search of a problem, is poised to have a significant impact through DeSci, or Decentralized Science. DeSci uses blockchain technology to reshape scientific research, creating a more equitable and efficient system. This movement aims to improve all aspects of research, from funding to publication and data storage, using tools like tokens and NFTs. Emphasizing collaboration and transparency, DeSci could transform funding, intellectual property, and data reproducibility, making science more accessible and innovative.
Cartesi and Avail, two innovative platforms in the Web3 space, announced a collaboration to advance the development of decentralized applications. This partnership aims to integrate Cartesi’s Linux RISC-V based execution technology with Avail’s robust data availability solutions, creating a more intuitive and accessible development environment. This modular integration promises to simplify dApp development, reduce costs, and accelerate deployment, particularly benefiting the gaming and DeFi sectors.
The Monetary Authority of Singapore (MAS) increased the risk level of Digital Payment Token (DPT) service providers to medium-high, reflecting concerns about terrorism financing. The review also highlighted cross-border online payments as potential risk channels. Singapore’s largest bank, DBS, will custodian Paxos’ stablecoins, reinforcing the country’s pro-crypto stance.
Paxos International, specializing in blockchain and tokenization, received regulatory approval from the Monetary Authority of Singapore to operate as a payment institution, allowing it to launch stablecoin services in the country. This approval, including the issuance of the Pax Gold stablecoin (COIN:PAXGUSD), marks Paxos’ expansion into its third international market, following the US and UAE. The company also partnered with DBS, Southeast Asia’s largest bank, for cash management and custody.
Aave DAO (COIN:AAVEUSD) is expanding its GHO stablecoin (COIN:GHOUST) to the Arbitrum blockchain, marking the start of a cross-chain expansion strategy. Using the Chainlink Cross-Chain Interoperability Protocol, GHO will be implemented across multiple networks, starting with Arbitrum. This expansion aims to reduce transaction costs, speed up processing, and increase liquidity, paving the way for new uses like digital payments.
Tether EDU and BTguru signed a Memorandum of Understanding to promote digital asset education in Turkey. The partnership aims to explore the use of blockchain and peer-to-peer technologies, as well as study the tokenization of real assets for banks and payment networks. This agreement is part of Tether’s strategy to expand its educational and technological impact globally, responding to Turkey’s growing interest in crypto transactions.
Celsius Network’s litigation administrator is suing account holders who did not settle preferential transfers made 90 days before bankruptcy, focusing on amounts above $100,000. The action aims to recover funds for creditors, following successful agreements that returned $100 million. The reorganization plan intends to return up to 85% of holdings to creditors.
Silvergate Bank, formerly a key institution in the cryptocurrency sector, agreed to pay $63 million to settle federal and state investigations. The settlement includes fines imposed by the Federal Reserve, the Securities and Exchange Commission (SEC), and the California Department of Financial Protection and Innovation, due to compliance program failures and misleading statements about the bank’s financial stability. The resolution is part of the bank’s efforts to wind down operations following the collapse of FTX.
The trial in Nigeria against Binance and two executives was postponed to July 5. During the proceedings, concerns emerged about the health of Tigran Gambaryan, detained since February and facing poor conditions in prison. Judge Emeka Nwite ordered the submission of Gambaryan’s medical records by Friday. Meanwhile, another executive, Nadeem Anjarwalla, has fled the charges. The case raises questions about Binance’s operations and the fairness in the treatment of its detained executives.
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