Source: ThePrimediaDAO
The information explosion brings us not only fulfillment but also the need for discernment and choice. Through the sorting of information, we clarify the context, explore patterns and rules, and seek our foothold and observation post for the future. Only by reviewing the past can we look forward to the future; only with precise information can we grasp the future------we will launch a review of important news from the past week every Friday morning.

In the past week (6.22-6.29), the market has been turbulent, with many dynamics worth noting: In a context of strong regulation, several U.S. financial institutions submitted applications for spot Bitcoin ETFs, including the first leveraged Bitcoin ETF (BITX) which began trading; members of the European Central Bank's Executive Board are still discussing the limitations of crypto assets; the Ethereum team will launch a new testnet, Holešky, in September to replace Goerli, and Vitalik has already begun to pay attention to details, such as smart contract wallets, which aligns with our judgment in "Talking about 'Ethereum's Three Transformations': Vitalik's Offense and Defense"; 52% of the Fortune 100 companies have begun to implement crypto, blockchain, or Web3 plans; the founder of Compound has entered the RWA track; BG Trade, with its native crypto genes and genuine business deployment on public chains, can serve as a reference for China International Capital Corporation's RWA practices in Hong Kong; Morgan Creek's CEO believes the rebound has just begun, and a new bull market may last until next year; Matrixport predicts Bitcoin is expected to rebound to $35,000 in July; Hong Kong Web3.0 Association Chairman Chen Delin is calling for Hong Kong to become the leader in China's digital economy development, but the issues he discusses and focuses on represent Hong Kong's crypto narrative, and this road is still long; Triple A's latest data shows that as of 2023, there are an estimated 420 million cryptocurrency users globally, with most in Asia (260 million)……

------Editor's Note

Industry Layout:

The First Leveraged Bitcoin ETF in the U.S. Quietly Launches with Nearly $5.5 Million in Trading Volume on Its First Day

On June 27, New York time, the first leveraged Bitcoin ETF in the U.S. (ticker: BITX) began trading on the CBOE BZX exchange.

BITX is a 2x Bitcoin strategy ETF launched by Volatility Shares. According to the company's website, BITX does not directly hold Bitcoin and typically seeks to achieve twice the daily performance of the S&P CME Bitcoin Futures Daily Rolling Index (ticker: SPBTFDUE), aiming to benefit from daily price increases in Bitcoin futures contracts. The ETF has a management fee of 1.85%, significantly higher than the 0.95% charged by the first Bitcoin futures ETF in the U.S., BITO.

Volatility Shares stated in a release: "Now, cryptocurrency traders in the U.S. will be able to conveniently and liquidly gain leveraged Bitcoin exposure through traditional brokerage accounts, eliminating the need for cryptocurrency trading accounts during periods of legal uncertainty on such platforms."

According to Bloomberg data, within 15 minutes of BITX's launch, trading volume was approximately $500,000, with first-day trading volume around $5.5 million, making it one of the ETFs launched this year with the largest first-day trading volume.

Additionally, asset management giants such as BlackRock, WisdomTree, Invesco, and Valkyrie Funds have also submitted applications for spot Bitcoin ETFs.

Since 2020, 52% of Fortune 100 Companies Have Started Implementing Crypto, Blockchain, or Web3 Plans

The research team at The Block, in collaboration with Coinbase, studied trends in cryptocurrency and blockchain investments and product plans among the largest U.S. companies and well-known consumer brands. The report found that since the beginning of 2020, over half (52%) of Fortune 100 companies have begun implementing cryptocurrency, blockchain, or Web3 plans. About 60% of the reported Fortune 100 plans since early 2022 are in the pre-launch stage or have already launched.

Furthermore, since 2020, companies in the technology, financial services, and retail sectors have been leading in Web3 adoption rates. In the first half of 2023, the growth in retail adoption offset the decline in adoption rates among financial services companies. Business solutions such as crypto financial services and B2B blockchain-related services are the most invested categories, accounting for over 50% of all transactions. The number of private cryptocurrency investments from Citigroup Ventures, Google Ventures, Microsoft Ventures, and Goldman Sachs is equivalent to the total of all other Fortune 100 companies combined.

NFTs are the driving force behind the recent surge in Web3 plans in the retail sector, generating revenue. Major consumer brands have accumulated approximately $101.3 million in royalty revenue from over 118,000 consumers.

Crypto Exchange EDX Markets, Backed by Wall Street Giants, Begins Operations in the U.S.

The new crypto exchange EDX Markets, backed by Citadel Securities, Fidelity Investments, and Charles Schwab, has begun operations. EDX operates on a non-custodial model, not directly handling customer assets, and plans to collaborate with third-party banks and cryptocurrency custodians. Unlike the issues faced by FTX and Binance, EDX is based on traditional financial markets, attracting brokers and investors concerned about fund security. The exchange will offer trading in Bitcoin, Ethereum, Litecoin, and Bitcoin Cash. This indicates that some Wall Street firms remain interested in cryptocurrencies despite regulatory pressures and market cooling.

On the same day, EDX Markets announced the completion of a new round of financing, with investors including Miami International Holdings, DV Crypto, GTS, and GSRMarkets LTD. EDX plans to launch EDX Clearing later this year to settle trades matched on EDX Markets.

Project Updates

Binance Cancels Plans to Delist Multiple Privacy Coins in Europe

On June 28, Binance announced that to comply with local regulations, the company has revised its classification method and decided to cancel plans to delist multiple privacy tokens in Europe. "After carefully considering feedback from our community and several projects, we have modified the classification of privacy coins on our platform to meet regulatory requirements across the EU."

Binance also commented that as it is a registered exchange in various jurisdictions within the EU, it is "obligated" to comply with local regulations, which require exchanges to "monitor token trading on their platforms."

At the end of May, Binance informed its French customers in an email that due to local regulatory requirements, it could no longer offer enhanced anonymity crypto assets (CAE) in several European countries. Starting June 26, Binance customers in France, Italy, Poland, and Spain would no longer be able to trade privacy tokens such as XMR and ZEC.

At that time, a Binance spokesperson stated that the new restrictions affected a total of 12 tokens. The affected tokens include Decred (DCR), Dash (DASH), Zcash (ZEC), Horizen (ZEN), PIVX (PIVX), Navcoin (NAV), Secret (SCRT), Verge (XVG), Firo (FIRO), BEAM (BEAM), Monero (XMR), and MobileCoin (MOB).

The Ethereum Team Will Launch a New Testnet, Holešky, in September to Replace Goerli

Blockchain validator and staking service provider Everstake announced that the Ethereum team is set to launch a new testnet called Holešky, with the team participating in the coordination call for the Holešky testnet release.

Currently, Ethereum has two public testnets: Sepolia allows developers to test contracts and applications; Goerli allows protocol developers to test network upgrades and stakeholders to test running validators. According to the newly proposed Ethereum testnet lifecycle plan, Goerli entered a long-term support phase in Q1 2023. After the lifecycle termination date (planned for Q4 this year), it will no longer receive support from the client teams. Therefore, the next testnet should launch by the end of 2023 in preparation for the shutdown of Goerli.

Holešky will replace Goerli as the testnet for staking, infrastructure, and protocol developers. Meanwhile, decentralized application (DApp) testing, smart contracts, and other EVM (Ethereum Virtual Machine) functionalities will be tested on the Sepolia testnet. The Holešky network is named after the Nádraží Holešovice train station located in Prague, Czech Republic (Goerli is also named after the Goerlitzer Bahnhof station in Berlin).

To replace Goerli by the end of this year, the Ethereum team proposed launching Holešky no later than September, with the genesis event tentatively scheduled for September 15, 2023, at 14:00 GMT.

Three Arrows Capital Founders Launch New Venture Capital Fund, 3AC Ventures

The bankrupt claims trading platform OPNX, co-founded by CoinFLEX executives and the founders of the now-defunct Three Arrows Capital, Su Zhu and Kyle Davies, announced that they have a new partner: the venture capital fund 3AC Ventures. OPNX stated on Twitter that this partnership will "invest in projects built within the OPNX ecosystem and is committed to achieving a decentralized future."

Davies commented on the announcement, saying, "3AC is dead, long live 3AC Ventures." The landing page of the company's official website indicates that 3AC Ventures focuses on unleveraged superior risk-adjusted returns. Davies stated, "3AC Ventures aims to support projects that build a decentralized future. We are eager to collaborate with those who bravely tackle the most significant challenges and create cutting-edge products."

OPNX launched in April this year, with an average daily trading volume reportedly exceeding $30 million. The exchange launched its native token OX on May 31, and as of the time of writing, the fully diluted market cap of the token exceeds $300 million.

Maverick Ecosystem Incentive Program to Airdrop 30 Million MAV Before Season Kickoff, Claiming Opens at 16:00 on June 28

According to the official blog, DeFi infrastructure provider Maverick Protocol announced all the details of the Maverick ecosystem pre-season incentive program, with claiming set to go live at 16:00 Beijing time on June 28. The MAV token airdrop will take place on the Ethereum and zkSync Era chains. veMAV tokens will be available on the Ethereum and zkSync Era chains. Users can stake MAV during the claiming workflow to receive veMAV.

Regarding the total allocation details for the Maverick ecosystem pre-season incentive program, this airdrop allocates 30 million MAV, accounting for 1.5% of the total MAV supply (2 billion), and 4.9% of the total liquidity mining and airdrop allocation. A total of 26,155 Ethereum wallet addresses and 96,075 zkSync Era wallet addresses are eligible to claim MAV in the first airdrop. The snapshot of wallet addresses participating in the Maverick ecosystem pre-season was taken at 04:00 Beijing time on June 23.

Additionally, a governance incentive program will be launched within 30 days for all veMAV holders, who will receive governance bonus incentives. If MAV is staked to obtain veMAV, holders will be eligible for further voting incentives provided through the governance incentive program. The snapshot for the governance incentive program will be taken at 04:00 Beijing time on July 28. All veMAV holders at the time of the snapshot will proportionally receive 10 million MAV based on their veMAV balance, which will be automatically staked for 4 years, providing them with more veMAV.

BG Trade Provides Insights for Hong Kong's Crypto Economy Narrative

On June 26, the "New Trends in Dubai WEB3" themed forum was held at the Dubai Silicon Oasis Digital Industry Park, primarily exploring the practices and possibilities of RWA (Real World Assets). The forum analyzed how investors can enter RWA and implement global digital asset investment strategies based on discussions of the RWA track and emerging dark horses. BG Trade, with its more native crypto genes and genuine business deployment on public chains, is worth mentioning:

1. BG Trade reshapes the issuance and trading of real-world assets (RWA) through a platform built on the Ethereum Virtual Machine (EVM).

2. BG Trade brings together a multi-dimensional asset investment platform to create more efficient connection opportunities for RWA.

3. BG Trade's advantage lies in utilizing the Ethereum Virtual Machine to ensure seamless compatibility with the existing Ethereum ecosystem. By leveraging the functionality and security of the EVM, BG Trade establishes an on-chain environment for users to participate in RWA trading.

Autofarm Forced to Shut Down After "Barbarians at the Gate," Malicious Acquirers May Have Purchased Binance Shell Projects Multiple Times

On June 26, DeFi yield aggregator Autofarm announced on Twitter that it had been maliciously acquired and would shut down the project. Although Autofarm did not disclose the specific acquirer, it mentioned in a reply to a Twitter user that the acquirer is part of the same scam group as those who acquired Neblio and other projects. The acquirer and CEO of the project have had close ties with several controversial crypto projects, and the tokens of these projects have been delisted by exchanges.

Data from DefiLlama shows that shortly after its launch, Autofarm's TVL once exceeded $2 billion, but after May 2021, the locked amount began to decline rapidly, currently around $12.63 million, a drop of over 99.5%. Meanwhile, the price of Autofarm's token $AUTO has fallen from a peak of about $13,000 to around $17, a drop of 99.8%.

In April of this year, Binance announced the delisting of Autofarm's token $AUTO, explaining in the announcement that when a token no longer meets listing standards or there are significant industry changes, a thorough project review will be conducted, and it may be delisted.

Neblio is a distributed and high-performance blockchain platform established in 2017. Public information shows that Neblio (token NEBL) has two investment firms: ValueNet Capital and Dawnstar Capital.

Dawnstar Capital's publicly disclosed crypto project is the public chain QLC Chain (now renamed Kepple), which led a $15 million investment in September 2021. Before the financing, QLC's Twitter had not been updated for nearly six months, and the project received $15 million in financing despite having a market cap of $10 million, leading to external skepticism that the project sold its shell to Dawnstar Capital, a point indirectly confirmed by Binance founder CZ's tweet.

It is worth noting that QLC, NEBL, and AUTO are among the tokens delisted by Binance, suggesting that Binance may have already discovered that the institution was using the purchase of Binance-listed projects to create shells for speculation.

Compound Founder Enters RWA Track, New Company "Superstate" Aims to Tokenize U.S. Treasury Bonds on Ethereum

As a leading DeFi lending protocol, Compound founder Robert Leshner seems unwilling to remain idle and has embarked on a new entrepreneurial journey, targeting the current hot narrative------the tokenization of real-world assets (RWA).

On June 29, Robert Leshner announced the birth of his new company, Superstate, on Twitter. "Today, I am excited to announce the establishment of a new company, Superstate, whose mission is to create regulated financial products that connect traditional markets and the blockchain ecosystem. The main limiting factor of DeFi is that crypto-native assets are the only interoperable assets. But ultimately, trillions of 'off-chain' assets will enter the blockchain, and we plan to facilitate this migration. On Monday, we submitted a preliminary prospectus for Superstate's short-term government bond fund to the U.S. Securities and Exchange Commission, marking the first step in the long journey of upgrading financial markets."

Market Regulation

ECB Executive Board Member Fabio Panetta: Cryptocurrencies Have Become Speculative Assets and Means to Evade Capital Controls

Fabio Panetta, a member of the Executive Board of the European Central Bank (ECB), stated during a panel on the future of cryptocurrencies at the 22nd International Bank for Settlements annual meeting that the core promise of cryptocurrencies is to replace trust with technology, believing that the concept of "code is law" will allow for the emergence of self-regulating systems, free from human judgment and error. This, in turn, enables currencies and finance to operate without trusted intermediaries. However, this narrative often confuses reality. Unsupported cryptocurrencies have not encroached on the traditional roles of money; they have gradually deviated from their original decentralized goals, increasingly relying on centralized solutions and market structures. They have become speculative assets and means to evade capital controls, sanctions, or financial regulation.

Fabio Panetta stated that due to their limitations, cryptocurrencies have not evolved into an innovative and robust form of finance but have instead morphed into a harmful financial form. The crypto ecosystem is rife with market failures and negative externalities, and unless appropriate regulatory safeguards are implemented, it will inevitably experience further market turmoil.

Prime Trust Suspends Fiat and Cryptocurrency Deposits and Withdrawals

Prime Trust shut down all fiat and cryptocurrency deposits and withdrawals on June 22 under the order of Nevada's financial regulators. TrueUSD stated that the TUSD stablecoin was not affected, as it no longer uses Prime Trust to mint or redeem TUSD and maintains "multiple dollar channels" elsewhere. BitGo announced it has terminated its acquisition of Prime Trust.

Regulators stated that Prime Trust is "operating with a massive deficit" and may even be insolvent, currently unable to meet customer withdrawal demands. Prime Trust can request a hearing within 30 days after the order is issued. If no request is made, the stop order will be considered a final order.

Japan's Financial Services Agency to Participate in Singapore's Monetary Authority Digital Asset Initiative "Project Guardian"

Japan's Financial Services Agency announced on its official website that it will participate as an observer in Singapore's Monetary Authority's public-private partnership initiative for digital assets, "Project Guardian." The head of the Financial Services Agency's Comprehensive Policy Bureau stated, "The decentralized financial system continues to develop in a complex manner. While it is important to address risks, blockchain technology, including Web 3.0, has the potential to become a source of innovation in the medium to long term. We hope to further enhance our knowledge in this field through collaboration with the Monetary Authority and financial institutions."

Previously, in May of last year, it was reported that the Monetary Authority of Singapore (MAS) was testing the feasibility of asset tokenization and DeFi applications through Project Guardian while striving to manage financial stability and integrity risks. The project aims to develop and pilot use cases in areas such as open, interoperable networks, trust anchors, and institutional-grade DeFi protocols.

Canadian Legislators Propose a Series of Recommendations to Support Blockchain and Crypto Industries to the Government

According to Cryptoslate, the Canadian House of Commons Standing Committee on Industry and Technology released a comprehensive report on blockchain technology, which includes a series of recommendations to the Canadian government to support and nurture the blockchain and cryptocurrency industry.

The report emphasizes the potential of blockchain technology to digitize untapped economic sectors and trigger unprecedented value creation. Given this potential, the committee's first recommendation urges the government to recognize blockchain as an emerging industry with significant economic and employment prospects and to establish a resilient regulatory framework.

Russian Government Plans to Strictly Regulate Cryptocurrencies After Legalization

According to Bitcoin.com, Anatoly Aksakov, chairman of the Financial Market Committee of the State Duma of the Russian Federation, stated that the Russian government intends to impose "strict" controls on cryptocurrencies after their legalization. Aksakov also mentioned that cryptocurrency users are looking forward to this legalization to use assets for international settlements. They are prepared to work within the legal framework, as foreign banks sometimes remain cautious about interactions with Russian banks and settlements with Russia.

The official previously supported identifying cryptocurrency holders in Russia to "determine the tax obligations and certain rights of cryptocurrency owners" and to provide protections in these markets.

Shanghai: To Improve the Circulation Mechanism of Industry Data Resources Using Blockchain and Other Technologies

On June 26, Shanghai's Deputy Mayor Gong Zheng presided over a regular meeting of the municipal government, which principle approved the "Action Plan for Promoting Innovative Development of Data Element Industry Based on the New Digital Economy Track (2023-2025)" and pointed out the need to actively track the development trends of the digital economy and promote high-quality development of the data element industry. The focus should be on enhancing "efficiency" to create a new high ground for industrial development, continuously making efforts in product supply, scenario applications, and data business development. There should be a strong emphasis on "empowerment," vigorously promoting public data sharing and co-governance. The top priority is to accelerate the release of data dividends, improve tiered and classified guidelines, and encourage enterprises to participate in open applications; leveraging blockchain and other technologies to improve the circulation mechanism of industry data resources. Additionally, there should be a focus on enhancing "potential," continuously optimizing the industrial development environment, aligning with high-standard international trade rules, strengthening data standardization construction, advancing tiered and classified management of data, and improving personal information protection mechanisms.

Opinions

Morgan Creek CEO: The Rebound Has Just Begun, and a New Bull Market May Last Until Next Year

Mark Yusko, founder, CEO, and CIO of Morgan Creek Capital, stated in an interview with CNBC that Bitcoin and the crypto market are in the early stages of a new bull market, which may last until next year when Bitcoin will experience its next halving.

He said, "I believe the rebound has just begun. We have just entered what is called the crypto summer. The Bitcoin halving will lead to a period of accumulation. The halving event is expected to occur in April next year. After the halving event, there is usually speculative frenzy topping, followed by an overreaction to the downward trend, known as crypto winter."

Mark Yusko also reiterated what he believes is Bitcoin's most important use case, which is that Bitcoin is expected to replace gold as the foundational layer of currency. He said, "Bitcoin is a permanent, immutable ledger that will become the foundational layer of new currency in the future. We will build the future financial system on this foundation. Other things, like Ethereum or some other applications of blockchain technology, may also play a role. I think Ethereum is more like a substitute for fiat currency."

Federal Reserve Governor Bowman: Bank Regulation is Preferable to Capital Rules

Federal Reserve Governor Michelle Bowman stated at an event in Austria that the U.S. banking industry needs stronger regulatory measures, not just increased capital requirements, as the latter may hinder lending and competition. Bowman pointed out that we need to assess whether examiners have the appropriate tools and support to identify significant issues and take corrective actions immediately. Increasing capital requirements does not address concerns about the effectiveness of regulation. Bowman also called for the establishment of an independent third-party agency to investigate the recent bank failures in the U.S.

Vitalik: MPC-Based EOA Has Fundamental Flaws, Smart Contract Wallets Are the Only Choice

Ethereum co-founder Vitalik Buterin held an AMA on Twitter addressing "How to Enhance the Relationship Between Ethereum and Bitcoin Holders?" Buterin stated that an important area for potential coordination is to work harder to jointly support non-blockchain-native + privacy tools, such as end-to-end messaging, internet anonymity, end-to-end collaboration tools, secure operating systems, and open hardware.

In response to "What are the pros and cons of MPC-based (EOA) wallets versus smart contract wallets?" Buterin stated that MPC-based EOAs have fundamental flaws because they cannot revoke keys (re-sharing does not count, as old holders can still recover the keys), and smart contract wallets are the only choice. When users questioned that smart wallets also have flaws, Buterin replied, "1. Yes, BTC needs to upgrade its technology. We have known this for over 5 years. 2. That is because L1 is overall expensive. Therefore, L2 and smart contract wallets are needed to gain more protocol-level support."

Hong Kong Web3.0 Association Chairman Chen Delin: Hong Kong is Well-Positioned to Become the Leader in China's Digital Economy Development

In an exclusive interview, Chen Delin stated that Hong Kong is well-positioned to become the leader in China's digital economy development. The former financial regulator repeatedly mentioned in the interview that in the era of technological transformation, Hong Kong needs to actively embrace the digital economy to maintain its leading position as an international financial center.

From the perspective of entrepreneurs, Chen Delin hopes that Web3 companies can solve real-world problems, such as corporate identity verification and the exchange rate risks faced by small and medium-sized enterprises in Asia. "The evolution of the digital world is an inevitable trend; those who do well will enter the digital world first, while those who are slow will inevitably suffer losses. From a macro perspective, the government has expressed its stance, and the country has released a digital China development plan. The Hong Kong SAR government has issued a virtual asset declaration, clearly stating its intention to embrace the digital economy."

Chen Delin stated that for Hong Kong to be at the international forefront of digital economy and digital finance, efforts need to be made in three areas: first, industrial digitalization; second, digital industrialization; third, asset digitalization.

Biden: Committed to Targeting Crypto Traders and Others to Push for Higher Taxes on All Billionaires

According to the Daily Mail, U.S. President Joe Biden delivered an important economic policy speech in Chicago on Wednesday, committing to targeting crypto traders and hedge fund managers to push for higher taxes on all billionaires to fund economic growth.

This speech was promoted as his attempt to provide a plan for the prosperity of the American middle class. Reports indicate that "Bidenomics" is a new buzzword, which taxes the wealthiest to invest in sectors critical to national security, such as semiconductors; educating workers to expand the middle class, and encouraging economic competition to lower costs.

Gemini Co-Founder: Hong Kong is Ready to Lead in the Crypto Space

Gemini co-founder Tyler Winklevoss tweeted, "Hong Kong is ready to lead in the cryptocurrency space. During Gemini's global tour, we had a great meeting with the Hong Kong Securities and Futures Commission. Their thinking is clear and comprehensive, which is very encouraging. Many important industry players have chosen Hong Kong as their home and will build a vibrant ecosystem here."

According to Bitcoin Magazine's disclosure on social media, the Hong Kong Securities and Futures Commission has met with Gemini co-founders Tyler Winklevoss and Cameron Winklevoss to discuss regulatory approaches to Bitcoin and cryptocurrencies.

Data

Over 420 Million Cryptocurrency Users Globally, with 260 Million in Asia

On June 21, Triple A reported that as of 2023, the estimated global cryptocurrency ownership rate averages 4.2%, with over 420 million cryptocurrency users worldwide, most of whom are in Asia (260 million), followed by North America (54 million), Africa (38 million), and South America (33 million).

$6.8 Billion in Bitcoin and Ethereum Options Set to Expire This Friday

According to CoinDesk, approximately 150,633 Bitcoin options contracts worth a total of $4.57 billion and 1.23 million Ethereum contracts worth a total of $2.3 billion will expire on Friday (June 30) at the Deribit exchange. Data from Amberdata shows that expiring Bitcoin contracts account for 43% of the total open interest.

DeFi Hacks and Fraud in Q2 Resulted in Over $204 Million in Losses

According to a report released on June 27 by the Web3 portfolio application De.Fi, decentralized finance (DeFi) hacks and fraud in the second quarter of 2023 resulted in over $204 million in losses. The report shows that the number of DeFi hacks in Q2 increased nearly sevenfold compared to the same period last year, with a total of 117 incidents. The main causes were "access control issues" and vulnerabilities, leading to a total loss of $131.1 million. However, compared to Q1, losses from DeFi hacks and fraud decreased in Q2.

NFT Lending Protocol Blend Surpasses $1 Billion in Total Trading Volume

On June 26, Dune data showed that the NFT lending protocol Blend, under Blur, has surpassed $1 billion in total trading volume, currently at $1,005,809,756. Additionally, Blend has facilitated over 70,453 loan transactions, with the total active NFT loan transactions amounting to 2,760 and the total active loan amount being 14,932 ETH.

Matrixport: Bitcoin Expected to Rebound to $35,000 in July

Crypto service provider Matrixport stated in a report on Wednesday that bullish Bitcoin investors are preparing for a "seasonal surge," as Bitcoin tends to rebound in July. Over the past decade, Bitcoin's average increase in July has exceeded 11%, with positive returns in 7 out of 10 months. The return rates for July in the past three years were approximately 27%, 20%, and 24%. Research director Markus Thielen stated that while summer is often a consolidation period for Bitcoin, July tends to be strong, August is mediocre, and September is a sell-off. Matrixport predicts Bitcoin will rebound to $35,000 before selling off and dropping back to $30,000. Additionally, it forecasts Bitcoin's year-end target to be $45,000.