Bitget Research Weekly News: BlackRock Applies to Launch Spot Bitcoin ETF, US Judge Rejects SEC's Request to Freeze Binance.US Assets

Author: Bitget Research

In the past week (6/12-6/16), the market has seen several new popular coins and topics.

1. Market Trends

The main topics of interest in the market this week (06.12-06.16) are:

• BlackRock applies for a spot BTC ETF, Bitcoin rebounds to $25,800
• The market continues to decline, with CRV facing significant liquidation risks
• CPI data exceeds expectations, stimulating a slight rise in the market; a U.S. judge rejects the SEC's request to freeze Binance.US assets
• The market focuses on regulation, with mainstream coins remaining at low volatility
• The overall market dropped significantly over the weekend, with VMPX leading a rebound in the BRC 20 sector

2. Popular Projects

The hottest projects this week (06.12-06.16) include:

• ORDI (token): The BTC Ordinals ecosystem maintains its innovative enthusiasm. Recently, Ordinals' chief maintainer Raph merged the recursive inscription update from Ordinals creator Rodarmor into the Ordinals codebase on GitHub. ORDI, as the core asset of Ordinals BRC 20, currently shows a stronger price trend compared to the overall market, with good trading activity, a 24-hour trading volume of $36 million, making it one of the most actively traded assets in its sector.
• VMPX (BRC-20 Token): Jack, the founder of XEN, released the Litepaper for the X 1 blockchain on June 4. As a Layer 1 EVM, it aims to connect Bitcoin and the EVM ecosystem, enabling trustless exchanges between any BRC-20/Ordinals and ERC-20/721/1155 assets. VMPX will serve as the bridge token for the X 1 blockchain and also as a token bridge for BRC 20; in the future, 33% of the token distribution on the X 1 network will be allocated to VMPX holders. VMPX has been on a continuous rise.
• Tether (token): Tether issued an additional 250 million USDT on the Ethereum network last night, aiming to balance the liquidity of USDT across different chains. Tether also stated that the FUD related to USDT or the quarterly report obtained by CoinDesk is outdated and does not accurately reflect its reserve status. Currently, the price of USDT remains stable, with no significant de-pegging.
• RAPTOR (token): A meme coin based on the Raptor Jesus concept, which has shown strong performance since its launch three days ago. Today, the project capitalized on the popularity of raptor images posted by Elon Musk, causing the price to rise again to a new high. The current market cap of the token is $8.35 million, with a 24-hour trading volume of $14 million and 2,407 holding addresses.
• REVIVE (token): A meme coin themed around resurrection, which has maintained good popularity. Today, it rose to a previous high, with a current market cap of $1.18 million, a 24-hour trading volume of $8.82 million, a high turnover rate, and 1,154 holding addresses.
• BoringPunks (NFT): 10,000 BoringPunks aim to pay tribute to the legendary NFT - CryptoPunks, which was minted on the Ethereum blockchain on June 9, 2017, and is now celebrating its 6th anniversary. Currently, the project has 2,483 holders and a floor price of 0.06 ETH, with some popularity on social media.
• Mint.fun Turns One (NFT): The well-known NFT primary sale platform Mint.fun celebrates its one-year anniversary by issuing this series of NFTs. Community participation is high, but trading significance is low.
• Companions (NFT): Land NFTs for an open metaverse platform, allowing for 3D modeling. The total number of NFTs is 5,000, with a total transaction volume of 119 ETH and 2,201 holders, showing some activity.
• Binance US (Dapp): Binance.US and the SEC have agreed to a deal to avoid freezing the total assets of the cryptocurrency trading platform. In response to the SEC's asset freeze request, Binance proposed a compromise that includes transferring U.S. customers' crypto assets to new wallets with new private keys, which will be controlled solely by Binance.US.
• Holograph (Dapp): A full-chain NFT protocol that allows NFTs to be seamlessly transferred between blockchains without wrapping. LayerZero will support Holograph as its cross-chain messaging solution. Recently, it opened a limited-time free multi-chain minting event for Building NFTs. Reportedly, Building is created by artist Amber Vittoria and can be minted for free on Ethereum, Polygon, Avalanche, BNB Chain, and Optimism for a limited time of 48 hours.

3. Hot Searches

The hottest topics this week (06.12-06.16) include:

• FOMC (Event): After a two-day meeting, the Federal Reserve announced that it would maintain the federal funds target rate range at 5% to 5.25%. This is the first pause in rate hikes after ten consecutive increases. However, the Fed still expects borrowing costs to rise by half a percentage point by the end of the year, indicating that authorities may raise rates twice more before year-end, each by 0.25%. Hawkish statements have led to significant corrections in blue-chip assets.
• BTC (Token): Asset management giant BlackRock's subsidiary iShares has submitted a filing for a spot Bitcoin ETF to the SEC, named "iShares Bitcoin Trust," with assets primarily held in Bitcoin by the trust's custodian. The filing states that the custodian will use the cryptocurrency exchange platform Coinbase (COIN) for custody.
• UNI (Token): Uniswap has released a draft of the Uniswap v4 code and invited community feedback. It introduces "Hooks" - a plugin that allows customization of how "pool, swap, fees, and LP positions" interact. Developers can innovate on top of Uniswap's liquidity and security by creating custom AMM pools integrated with v4 smart contracts.
• MATIC (Token): The SEC has classified MATIC as a security, causing a significant drop in its price. It has been delisted by Robinhood and classified as an asset prohibited for investment by U.S. users on eToro. However, Polygon's official actions and responses to supporters have been relatively positive. On June 11, Polygon Labs stated that the project is developed and deployed outside the U.S. and is working to make MATIC widely available without targeting the U.S. On June 13, Polygon announced that it would release its version 2.0 blueprint in the coming weeks, covering the future of the Polygon PoS chain, the utility and evolution of the native token, and granting the community greater governance rights over the protocol and funds.