Hotcoin Research | Market Insights: June 10, 2024 - June 16, 2024

Cryptocurrency Market Performance

Currently, the total market capitalization of cryptocurrencies is $2.4 trillion, with BTC accounting for 54.23%, or $1.3 trillion. The market cap of stablecoins is $15.298 billion.

This week, the net outflow of Bitcoin spot ETFs in the U.S. was $579.9 million. With this net outflow, the market showed a downward trend, with BTC briefly falling below $66,000, ETH dropping below $3,400, and BNB falling below $600. The market maintained a volatile trend over the weekend.

This week, altcoins also experienced a widespread decline, with a few standout projects: IO saw a maximum increase of 87% after launching on June 11, and the TVL of the TON chain reached a new high of $584.5 million, with its price also breaking a new high at $8.

The "Fear & Greed Index" is at 74, indicating greed for the past 7 days.

Understanding the Present

Weekly Major Events Review

1. The U.S. announced the May unadjusted CPI year-on-year rate at 3.3%, expected at 3.4%, and the previous value was 3.4%, which is lower than market expectations. The May unadjusted core CPI year-on-year rate is 3.4%, expected at 3.5%, and the previous value was 3.6%, marking the lowest level since April 2021;

2. Biden's campaign team is negotiating to accept cryptocurrency donations;

3. Trump: hopes that all remaining Bitcoin is made in the U.S.;

4. U.S. SEC Chairman: Approval of the ETH spot ETF S-1 may be completed before the end of this summer;

5. Ethereum founder Vitalik suggested addressing the phenomenon of memecoins continuing to dominate the narrative;

6. After opening user registrations for Chinese users, Bybit will relocate employees to Malaysia and Dubai;

7. Tether's investment department plans to invest over $1 billion in the next 12 months;

8. MicroStrategy announced plans to raise $500 million through a private placement to purchase Bitcoin;

9. Paradigm announced it has raised its third venture capital fund of $850 million.

Macroeconomics

1. On June 13, according to Reuters, Terraform Labs agreed to pay $4.47 billion in the case with the SEC;

2. On June 13, according to market news, SEC Chairman Gary Gensler expects the Ethereum spot ETF S-1 to be approved sometime this summer;

3. On June 13, the Federal Reserve maintained the benchmark interest rate in the range of 5.25%-5.50% for the seventh consecutive time, in line with market expectations;

4. On June 13, the Federal Reserve's dot plot indicated a 25 basis point rate cut in 2024 (with a projected 75 basis point cut in March).

ETF

According to statistics, from June 10 to 14, the net outflow of Bitcoin spot ETFs in the U.S. was $579.9 million; the Hong Kong Bitcoin spot ETF also experienced a net outflow this week (not accounted for here due to incomplete data); notably, the Hong Kong Ethereum spot ETF has seen zero inflow/outflow for nearly half a month.

As of June 14, GBTC had a total outflow of $18.207 billion; the total holdings of U.S. Bitcoin spot ETFs amounted to $15.108 billion; the total holdings of Hong Kong Bitcoin spot ETFs amounted to $260 million.

Looking Ahead

Upcoming Events

1. The submission deadline for EigenLayer's online hackathon AVS MicroHacks is June 18 at 7:59;

2. The first Solana Asia-Pacific Summit, Solana Summit APAC, will be held from June 20 to 22 in Kuala Lumpur, Malaysia, aimed at fostering forward-looking discussions and collaborations;

3. Space4Build will host the La Causathon hackathon in Lima, Peru, from June 20 to 23, focusing on solutions for game challenges within the Arbitrum ecosystem;

4. IVS2024 KYOTO will be held from July 4 to 6 in Kyoto, Japan, themed "Crossing Borders," gathering startups from Japan to showcase how Web2, Web3, and AI are shaping the world.

Project Progress

1. Notcoin users need to claim NOT by June 16; they can withdraw NOT to their wallets from the Notcoin bot, and stakers can also withdraw. The special staking offer has ended, and the "Levels" and "Explore" features will soon be available for new users. Some unclaimed NOT will be used for future development, while other tokens will be burned;

2. After the upgrade on June 17 to 18, Renzo will allow users to apply for asset cooling to EigenLayer, with a custody period of 7 days, after which users can apply for withdrawals;

3. The deadline for claiming Starknet token airdrops is June 20; unclaimed tokens will be returned to the pool and allocated in future rounds and/or plans;

4. BNB Chain will conduct a hard fork of the BSC mainnet Haber on June 20 at 14:05, and validators and node operators need to upgrade to the latest version before the hard fork. Haber only supports one BEP: BEP-381 (precompiled secp256r1 Curve support).

Important Events

1. The next hearing for Nigeria's lawsuit against Binance and its executives will be held on June 20.

Token Unlocking

1. Starknet will unlock 64 million STRK on June 15, valued at approximately $74.88 million, accounting for 4.92% of the circulating supply;

2. Arbitrum will unlock 92.63 million ARB on June 16, valued at approximately $86.53 million, accounting for 3.2% of the circulating supply;

3. Space ID will unlock 78.49 million ID on June 23, valued at approximately $44.73 million, accounting for 18.23% of the circulating supply.