Crypto Market Trends

Market Overview

Recently, the crypto market has continued to strengthen. After Bitcoin broke through $123,000, altcoins may welcome a 1 to 2-month rebound window. Some analysts believe Bitcoin is expected to challenge the $150,000 barrier. Currently, payment tokens like XRP, XLM, and HBAR have begun to rise, while large-cap coins such as BNB, LINK, and ADA remain at low levels, potentially becoming the next target for capital rotation.

Important Updates

A trading platform announced the establishment of a new encryption division to accelerate its layout in Web3 and RWA-related businesses. This division will oversee all Web3 and crypto market-related businesses under the group, including the management of mainstream crypto assets such as Bitcoin, Ethereum, and Solana, as well as the management of crypto assets for its affiliated companies.

Pandora Limited announced that its Bitcoin ETF will officially list on the Hong Kong Stock Exchange on July 18, becoming the first Bitcoin ETF approved for listing in Hong Kong this year. The product closely tracks the price of Bitcoin, and investors can trade through cash or physical redemption.

PayPal co-founder Peter Thiel, through his related entities, holds a total of 5,094,000 shares of common stock in BitMine Immersion Technologies, Inc., accounting for 9.1% of the company's issued shares.

The UK government has announced a digital strategy for the wholesale financial market, clearly supporting the application of Distributed Ledger Technology (DLT) and asset tokenization in the wholesale financial sector. The government will promote the industry's identification of the best application scenarios for DLT and support the tokenization of financial assets and the digitization of post-trade processes.

Project Progress

A certain trading platform has launched the 27th project Caldera ( ERA ) airdrop event. The total supply of the ERA Genesis token is 1 billion, with a circulating supply of 148,500,000 ERA, accounting for 14.85% of the maximum supply.

PayPal has updated its cryptocurrency service terms to explicitly support the issuance and use of the PYUSD stablecoin on the Arbitrum, Ethereum, and Solana networks. PYUSD is issued by Paxos and is fully backed by reserves of US dollars, US Treasury securities, and other highly liquid assets.

Hyperion has announced the RION tokenomics, which includes two types of tokens: RION and xRION. RION is the platform's native transferable utility token, while xRION is a non-transferable governance token.

Market Data

Bitcoin spot ETFs have seen a net inflow for the 9th consecutive day, with an inflow of $403 million yesterday. The current total net asset value of the ETFs is $149.657 billion, accounting for 6.46% of Bitcoin's market capitalization.

Ethereum spot ETFs have seen net inflows for the 8th consecutive day, with an inflow of $192 million yesterday. The total net asset value of ETH spot ETFs has reached $14.218 billion, accounting for 3.87% of Ethereum's market capitalization.

An institution has reduced its holdings by 15,000 ETH (approximately $46 million) in the past 8 hours. This institution purchased 132,000 ETH at an average price of $2,540 during the third round from June 11 to 22, and began to take profits in batches starting July 9. So far, it has realized a profit of $21.17 million and still holds 45,000 ETH.

Institutional Dynamics

SharpLink Gaming announced that since launching its ETH strategy, its ETH Concentration metric has increased from 2.00 to 2.46, a growth of 23%. The company still has approximately $257 million in funds for subsequent ETH acquisitions.

According to reports, Cantor Fitzgerald is in late-stage negotiations with Blockstream Capital founder Adam Back over a Bitcoin acquisition deal worth more than $4 billion. The deal plans to acquire over 30,000 Bitcoins and aims to further increase holdings of the digital currency through external financing.