The information explosion brings us not only enrichment and satisfaction, but also the need to discern and choose. By organizing information, clarifying the origins and exploring the patterns, we can find our foundation and vantage point for the future. It is only by looking back at the past that we can look forward to the future, and only with accurate information can we grasp the future. We will release a weekly recap of important news from the past week every Friday morning.
In the past week (6.22-6.29), the market has been turbulent, and there are many dynamic developments worth noting: in the context of strict regulation, several financial institutions in the United States have submitted applications for physically-backed Bitcoin ETFs, among which the first leveraged Bitcoin ETF in the United States (BITX) started trading. Members of the European Central Bank Executive Board are also discussing the limitations of crypto assets. The Ethereum team plans to launch a new testnet called Holešky in September to replace Goerli. Vitalik Buterin has started to pay attention to details such as smart contract wallets, which is consistent with our analysis in the article "From the Three Transformations of Ethereum: Vitalik Buterin's Offense and Defense". 52% of the Fortune 100 companies have started implementing crypto, blockchain, or Web 3.0 plans. The founder of Compound has entered the RWA track. BG Trade, a company with native crypto genes and a truly decentralized public chain deployment, can provide insights for China CITIC Bank's RWA practice in Hong Kong. The CEO of Morgan Creek believes that the rebound has just begun, and the new bull market may continue until next year. Matrixport predicts that Bitcoin is expected to rebound to $35,000 in July. Chen Delin, the chairman of the Hong Kong Web 3.0 Association, is calling for Hong Kong to become a leader in China's digital economic development. However, he also acknowledges that there is still a long way to go for Hong Kong to be fully involved in the crypto narrative. According to the latest data from Triple A, it is estimated that there will be over 420 million cryptocurrency users worldwide by 2023, with the majority in Asia (260 million)...
- Editor
Industry Layout
First leveraged Bitcoin ETF in the US quietly starts trading, with a first-day trading volume of nearly $5.5 million
On June 27, New York time, the first leveraged Bitcoin ETF in the US (stock code: BITX) started 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 but generally seeks to provide twice the daily performance of the S&P CME Bitcoin Futures Rolling Index (ticker: SPBTFDUE), aiming to benefit from daily price increases of Bitcoin futures contracts. The management fee for this ETF is 1.85%, significantly higher than the 0.95% charged by the first Bitcoin futures ETF in the US, BITO.
Volatility Shares stated in a declaration: "Now, cryptocurrency traders in the US will be able to conveniently and fluidly access leveraged Bitcoin exposure through traditional brokerage accounts, eliminating the need for cryptocurrency trading accounts during periods of legal uncertainty on these platforms."
According to Bloomberg's data, the trading volume of BITX was approximately $500,000 within the first 15 minutes of launch, and the first-day trading volume reached approximately $5.5 million, making it one of the ETFs with the highest first-day trading volume among products launched this year.
In addition, several financial institutions, including asset management giant BlackRock, WisdomTree, Invesco, and Valkyrie Funds, have also submitted applications for physically-backed Bitcoin ETFs.
Since 2020, 52% of the Fortune 100 companies have begun implementing crypto, blockchain, or web 3 initiatives
The Block's research team collaborated with Coinbase to study the trends in cryptocurrency and blockchain investments and product plans among the largest US companies and well-known consumer brands. The report found that over half (52%) of the Fortune 100 companies have started implementing crypto, blockchain, or web 3 initiatives since early 2020. As of early 2022, about 60% of the plans reported in the Fortune 100 list were in the pre-launch phase or already launched.
In addition, since 2020, companies in the technology, financial services, and retail sectors have been leading in web 3 adoption. The growth in retail adoption rate in the first half of 2023 offset the decline in adoption rate among financial services companies. Enterprise solutions such as cryptocurrency financial services and B2B blockchain-related services are the most commonly invested category, accounting for over 50% of all transactions. The amount of cryptocurrency private investments by Citigroup Ventures, Google Ventures, Microsoft Ventures, and Goldman Sachs is equivalent to the sum of all other Fortune 100 companies.
NFTs are the driving force behind the recent surge in web 3 initiatives in the retail industry and are generating revenue. The largest consumer brands have accumulated a total of approximately $101.3 million in licensing fees from over 118,000 consumers.
EDX Markets, a crypto exchange supported by Wall Street giants, begins operations in the US
The new cryptocurrency exchange EDX Markets, which is supported by Citadel Securities, Fidelity Investments, and Charles Schwab, has started operating. EDX operates in a non-custodial mode, not directly handling client assets, and plans to collaborate with third-party banks and cryptocurrency custodians. Unlike FTX and Binance, EDX is based on traditional financial markets, attracting brokers and investors concerned about fund security. The exchange will offer trading for Bitcoin, Ethereum, Litecoin, and Bitcoin Cash. This shows that some Wall Street companies are still interested in cryptocurrencies despite regulatory pressure and a cooling market.
On the same day, EDX Markets announced the completion of a new round of financing, with investors including Miami International Holdings, DV Crypto, GTS, GSRMarkets LTD, among others. EDX will launch EDX Clearing later this year to settle trades matched on EDX Markets.
Project Updates
Binance cancels plan to delist multiple privacy coins in Europe
On June 28, Binance announced that it has modified its categorization in order to comply with local regulations and decided to cancel the plan to delist multiple privacy tokens in Europe. "After careful consideration of feedback from our community and several projects, we have updated the categorization of privacy coins on our platform to comply with regulatory requirements within the European Union."
Binance further commented that as an exchange registered in various jurisdictions within the European Union, it has an "obligation" to comply with local regulations that require exchanges to "monitor the token transactions listed on the platform."
In late May, Binance sent an email to its French customers stating that it is no longer able to offer confidential, anonymous, or enhanced privacy assets (CAE) in several European countries due to local regulatory requirements. Starting from June 26, Binance customers from France, Italy, Poland, and Spain will 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).
Ethereum team to launch new testnet "Holešky" in September to replace Goerli
The blockchain validator and staking service provider Everstake announced that the Ethereum team is about to launch a new testnet called Holešky. Their team participated in the Holešky testnet release coordination call.
Currently, Ethereum has two public testnets: Sepolia allows developers to test contracts and applications, while Goerli allows protocol developers to test network upgrades and stakeholders to test running validators. According to the proposed Ethereum testnet lifecycle plan, Goerli will enter the long-term support phase in the first quarter of 2023. After the lifecycle termination date (planned for the fourth quarter of this year), it will no longer receive support from client teams. Therefore, the next testnet should be launched by the end of 2023 to prepare for the shutdown of Goerli.
Holešky will replace Goerli as the testnet for staking, infrastructure, and protocol developers. At the same time, decentralized applications (DApps), smart contracts, and other Ethereum Virtual Machine (EVM) functionalities can be tested on the Sepolia testnet. The Holešky network is named after Nádraží Holešovice train station located in Prague, Czech Republic (Goerli is also named after Goerlitzer Bahnhof station in Berlin).
In order to replace Goerli by the end of this year, the Ethereum team proposes to launch Holešky no later than September. The genesis event is tentatively scheduled for September 15, 2023, at 14:00 GMT.
3 AC Ventures, a new venture capital fund, launched by the founder of Three Arrows Capital
OPNX, the bankrupt claim trading platform co-founded by Su Zhu and Kyle Davies, executives of CoinFLEX and founders of dissolved Three Arrows Capital, announced that they have a new partner: the venture capital fund 3 AC Ventures. OPNX stated on Twitter that this partner will "invest in projects built within the OPNX ecosystem and is committed to realizing a decentralized future."
Davies commented on the announcement, saying, " 3 AC is dead, long live 3 AC Ventures." The login page of the company's official website displays that 3 AC Ventures focuses on leverage-free excellent risk-adjusted returns. Davies said, " 3 AC Ventures aims to support projects that are building a decentralized future. We are enthusiastic about working with those who bravely tackle the most significant challenges and create cutting-edge products."
OPNX was launched in April this year, with a daily trading volume reportedly exceeding 30 million US dollars. The exchange launched its native token OX on May 31st, and as of this writing, the token has a fully diluted market value of over 300 million US dollars.
The Maverick ecosystem incentive program preseason will airdrop 30 million MAV, applications open at 16:00 on the 28th day
According to the official blog, DeFi infrastructure provider Maverick Protocol announced all the details of the Maverick ecosystem preseason incentive program, and applications will go live at 16:00 Beijing time on June 28th. 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 and receive veMAV in the application process.
Regarding the total allocation details of the Maverick ecosystem incentive program preseason, a total of 30 million MAV tokens were airdropped, accounting for 1.5% of the total MAV supply (2 billion tokens), 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 receive MAV in the first airdrop. The snapshot of wallet addresses participating in the Maverick ecosystem preseason was taken at 04:00 Beijing time on June 23rd.
In addition, a governance incentive plan will be launched within 30 days for all veMAV holders, who will be eligible for governance bonus incentives. If MAV is staked to obtain veMAV, they will also be eligible for further voting incentives provided through the governance incentive plan. The snapshot of the governance incentive plan will be taken on July 28th at 04:00 Beijing time. All veMAV holders at the time of the snapshot will receive a proportional distribution of 10 million MAV based on their veMAV balance, which will be automatically staked for 4 years and provide them with more veMAV.
BG Trade provides a reference for the narrative of the Hong Kong crypto economy center
The "Dubai WEB 3 New Trends" forum was held on June 26th at the Dubai Silicon Valley Digital Industry Park, mainly exploring the practice and potential of RWA (Real World Assets). "Dubai WEB 3 New Trends" analyzes how investors can enter the RWA and implement a global digital asset dollar-cost averaging strategy based on discussions about the RWA track and emerging dark horses. Among them, BG Trade is worth mentioning because of its more native crypto genes and the deployment of business on public chains in a true sense:
1. BG Trade reshapes the issuance and trading of real-world assets (RWA) by building a platform on the Ethereum Virtual Machine (EVM).
2. BGTrade gathers multi-dimensional asset investment platforms to create more efficient connection opportunities for RWA.
3. BG Trade leverages the Ethereum Virtual Machine to ensure seamless compatibility with the existing Ethereum ecosystem. By utilizing the functionality and security of the EVM, BG Trade establishes an on-chain environment for users to participate in RWA transactions.
Autofarm forced to shut down after being targeted by "barbarians at the gate," malicious acquirer may have multiple Binance Smart Chain projects
On June 26th, DeFi yield aggregator Autofarm announced on Twitter that it has been maliciously acquired and will shut down the project. Although Autofarm did not disclose the specific acquirer, in response to a Twitter user, they mentioned that the acquirer is the same fraud group as the one behind the acquisition of Neblio and other projects. The acquirer of this project and its CEO have close ties to multiple controversial crypto projects, and the tokens of these projects have been delisted by exchanges.
DefiLlama data shows that Autofarm had a TVL of over $2 billion shortly after its launch, but since May 2021, the locked amount has rapidly declined and is currently only around $12.63 million, a decrease of over 99.5%. At the same time, the price of Autofarm token $AUTO has dropped from a peak of about $13,000 to around $17, a decrease of up to 99.8%.
In April this year, Binance announced the delisting of Autofarm token $AUTO and explained in a statement that a thorough project review will be conducted when the token no longer meets the listing criteria or when there are significant industry changes, and it may be delisted.
Neblio is a blockchain platform founded in 2017 that focuses on distributed and high-performance applications. Public information shows that Neblio token (NEBL) has two investment institutions, ValueNet Capital and Dawnstar Capital.
Dawnstar Capital openly invested in the blockchain project QLC Chain (now renamed Kepple), leading the project with a $15 million investment in September 2021. Prior to the fundraising, QLC's Twitter had no updates for nearly six months, and the project, with a market value of $10 million, was able to raise $15 million, raising suspicions that the project was sold to Dawnstar Capital. Tweets by Binance founder CZ indirectly confirmed this.
It is worth mentioning that QLC, NEBL, and AUTO are tokens that were delisted by Binance at the same time. Perhaps Binance had already discovered that this institution was using projects listed on Binance for speculation.
Compound founder enters the RWA race, new company "Superstate" aims to tokenize US government bonds on Ethereum.
As a leading DeFi lending protocol, Compound founder Robert Leshner seems to have started a new entrepreneurial journey, targeting the current hot topic of tokenizing real-world assets (RWA) on the Ethereum platform.
On June 29th, 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 constraint of DeFi is that native cryptographic assets are the only interoperable assets. However, ultimately, trillions of "off-chain" assets will enter the blockchain, and we plan to facilitate this migration. On Monday, we submitted the preliminary prospectus for Superstate's short-term government bond fund to the U.S. Securities and Exchange Commission, which is the first step in the journey of upgrading the financial market."
Market Regulation
Fabio Panetta, member of the Executive Board of the European Central Bank: Cryptocurrencies have become speculative assets and means to circumvent capital controls
Fabio Panetta, a member of the Executive Board of the European Central Bank (ECB), expressed in a panel on the future of cryptocurrencies at the 22nd Annual General Meeting of the Bank for International Settlements that the core promise of cryptocurrencies is to replace trust with technology. He believes that the concept of "code is law" will allow the emergence of a self-regulatory system that is not influenced by human judgment and errors. This, in turn, enables currency and finance to operate without trusted intermediaries. However, this narrative often confuses reality. Unsupported cryptocurrencies have not invaded the traditional role of money; instead, they have gradually deviated from their original decentralized goal and become increasingly reliant on centralized solutions and market structures. They have become speculative assets and means to circumvent capital controls, sanctions, or financial regulations.
Fabio Panetta stated that due to their limitations, cryptocurrencies have not developed into an innovative and powerful form of finance but have evolved into a harmful form of finance. The cryptocurrency ecosystem is full of market failures and negative externalities, and unless appropriate regulatory safeguards are taken, it will inevitably experience further market turmoil.
Prime Trust suspends fiat and cryptocurrency deposits and withdrawals
Prime Trust has closed all fiat and cryptocurrency deposits and withdrawals under the order of Nevada's financial regulatory agency on June 22nd. TrueUSD, represented by the TUSD stablecoin, has not been affected and is no longer using Prime Trust for minting or redeeming TUSD and maintaining "multiple dollar channels" elsewhere. BitGo announced that it has terminated its acquisition of Prime Trust.
Regulatory agencies state that Prime Trust is operating at a significant deficit and may even be insolvent, making it unable to meet customers' withdrawal demands. Prime Trust has a 30-day window to request a hearing after the order is issued. If no application is filed, the cease and desist order will be deemed final.
The Japanese Ministry of Finance will participate in the Monetary Authority of Singapore's digital asset project "Project Guardian"
The Ministry of Finance of Japan announced on its official website that the agency will participate in the "Project Guardian" digital asset public-private collaboration program by the Monetary Authority of Singapore as an observer. The head of the Integrated Policy Bureau of the Ministry of Finance of Japan stated, "The decentralized financial system continues to develop in a complex manner. Although it is important to address risks, blockchain technology, including Web 3.0, has the potential to be a source of long-term innovation. We hope to further enhance our knowledge in this field through cooperation with the Monetary Authority of Singapore and financial institutions."
Previously, in May last year, Project Guardian, a collaboration between the Monetary Authority of Singapore (MAS) and the financial industry, aimed to test the feasibility of asset tokenization and DeFi applications, and simultaneously manage financial stability and integrity risks. The project aims to develop and pilot use cases in areas such as open and interoperable networks, trusted anchors, and institutional-grade DeFi protocols.
Canadian legislators propose a series of recommendations to support the blockchain and crypto industry to the government
According to Cryptoslate, the Canadian House of Commons Standing Committee on Industry and Technology has released a comprehensive report on blockchain technology, which includes a series of recommendations to support and nurture the blockchain and cryptocurrency industry to the Canadian government.
The report emphasizes the potential of blockchain technology in digitalizing untapped sectors of the economy and triggering unprecedented value creation. Given this potential, the committee's first recommendation urges the government to recognize that blockchain is an emerging industry with significant economic and employment prospects and the need to establish a flexible regulatory framework.
The Russian government plans to strictly regulate cryptocurrency after its 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 exercise "strict" control over cryptocurrency after its legalization. Aksakov also mentioned that cryptocurrency users are looking forward to this legalization in order to use assets for international settlements. They are ready to work in the legal field as foreign banks sometimes remain cautious about interaction with Russian banks and settlements with Russia.
This official previously supported the identification of cryptocurrency holders in Russia to "determine the tax and certain rights of cryptocurrency owners" and provide protection in these markets.
Shanghai aims to improve the circulation mechanism of industry data resources with the help of technologies such as blockchain
On June 26th, Shanghai Deputy Party Secretary and Mayor Gong Zheng presided over the executive meeting of the Municipal Government. The meeting agreed in principle to the "Action Plan for Promoting Innovation and Development of Data Elements Industry based on the New Track of Digital Economy (2023-2025)". It was pointed out that it is necessary to actively track the development trend of the digital economy and promote high-quality development of the data elements industry. It is necessary to improve efficiency and build a new high ground for industrial development, continue to exert efforts in terms of product supply, application scenarios, and development of data business. It is necessary to empower and vigorously promote the sharing and governance of public data. The top priority is to accelerate the release of data dividends, improve hierarchical classification guidelines, and encourage enterprises to participate in open applications. It is necessary to improve the circulation mechanism of industry data resources by leveraging technologies such as blockchain. It is necessary to increase potentials, continuously optimize the development environment of the industry, benchmark against high-standard international economic and trade rules, strengthen the construction of data standards and specifications, promote the classification and management of data hierarchies, and improve mechanisms for the protection of personal information.
Opinion
Morgan Creek CEO: The rebound has just begun, and the new bull market may continue until next year
Mark Yusko, Founder and CEO&CIO of Morgan Creek Capital, stated in an interview with CNBC that Bitcoin and the cryptocurrency market are in the early stages of a new bull market that may continue until next year, when Bitcoin will undergo its next halving.
He said, "I believe the rebound has just begun. We have just entered the so-called crypto summer. The halving of Bitcoin will lead to an accumulation period. The halving event is expected to occur in April next year. Speculative frenzy usually occurs after the halving event, followed by an excessive reaction to the downward trend, known as the crypto winter."
Mark Yusko also reiterated that he believes the most important use case for Bitcoin is its potential to replace gold as the base layer of currency. He said, "Bitcoin is a permanent, immutable ledger that will become the base layer for the currency of the future. We will build the future financial system on this foundation. Other things, such as Ethereum or other applications of blockchain technology, may also play a role. I think Ethereum is more like an alternative to fiat currency."
Fed Governor Bowman: Bank supervision is more desirable than capital rules
Federal Reserve Governor Michelle Bowman said at an event in Austria that the U.S. banking industry needs stronger regulatory measures beyond just raising capital requirements, as the latter may hinder lending and competition. Bowman pointed out that we need to assess whether examiners have the necessary tools and support to detect significant problems and take corrective actions immediately. Raising capital requirements cannot address people's concerns about the effectiveness of regulation. Bowman also called for the establishment of an independent third-party institution to investigate recent bank failures in the United States.
Vitalik: Smart contract wallets are the only choice due to fundamental flaws in MPC-based EOA
Ethereum co-founder Vitalik Buterin held an AMA on Twitter addressing the question of "how to enhance the relationship between Ethereum and Bitcoin holders?" Buterin stated that a key area of potential coordination is to collectively support non-blockchain freedom+privacy tools such as end-to-end messaging, internet anonymity, end-to-end collaboration tools, secure operating systems, and open hardware.
Regarding the question of "the advantages and disadvantages of wallets based on MPC (EOA) and smart contract wallets," Buterin noted that MPC-based EOAs have fundamental flaws because they cannot revoke keys (excluding re-sharing, where the old owner can still recover the key), and smart contract wallets are the only choice. When asked about the flaws of smart wallets, Buterin replied, "1. Yes, BTC needs to upgrade its technology. We've known this for over 5 years. 2. That's because L1 is generally expensive. Hence the need for L2 and smart contract wallets to get more on-chain support."
Andy Chun, Chairman of Hong Kong Web 3.0 Association: Hong Kong has the potential to lead China's digital economy development
In an interview, Andy Chun expressed that Hong Kong has the potential to lead 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 an entrepreneur's perspective, Chun hopes that web 3.0 enterprises can solve real-world problems such as enterprise identity authentication and the exchange rate risk faced by small and medium-sized businesses in Asia. "The evolution of the digital world is an inevitable trend. Those who do it well will enter the digital world first, and the slow ones will inevitably lose out. From a macro perspective, the government has made its stance, with the country releasing the plan for digital China development, and the Hong Kong SAR government issuing a declaration on virtual assets, explicitly stating that it will embrace the digital economy."
Chun stated that for Hong Kong to lead internationally in the digital economy and digital finance fields, it needs to focus on three aspects: digitalization of industries, industrialization of digital technologies, and digitization of assets.
Biden: Commits to target crypto traders and push all billionaires to pay more taxes
According to the Daily Mail, President Joe Biden delivered a significant economic policy speech in Chicago on Wednesday, pledging to target crypto traders and hedge fund managers to push all billionaires to pay more taxes to fund economic growth.
This speech is being promoted as his attempt to provide a plan for the prosperity of the American middle class. The "Bidenomics" plan, as reported, involves taxing the wealthiest individuals to invest in critical areas such as semiconductors for national security; educating workers to expand the middle class; and promoting economic competition to lower costs.
Gemini co-founder: Met with Hong Kong Securities and Futures Commission, Hong Kong ready to lead the way in the cryptocurrency field
Gemini co-founder Tyler Winklevoss tweeted, "Hong Kong is ready to lead the way in the cryptocurrency field. During Gemini's global tour, we had a great meeting with the Hong Kong Securities and Futures Commission. They have a clear and comprehensive vision, which is very encouraging. Many significant industry participants have chosen Hong Kong as their home and are building a vibrant ecosystem here."
According to Bitcoin Magazine 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 worldwide, with 260 million in Asia
On June 21, Triple A data showed that by 2023, the estimated global cryptocurrency ownership rate will average 4.2%, with over 420 million cryptocurrency users worldwide. Most of these users are in Asia (260 million), followed by North America (54 million), Africa (38 million), and South America (33 million).
$6.8 billion worth of Bitcoin and Ethereum options set to expire this Friday
According to CoinDesk, this Friday (June 30), the Deribit exchange will witness the expiration of approximately 150,633 Bitcoin options contracts worth $4.57 billion and 1.23 million Ethereum contracts worth $2.3 billion. Amberdata's data shows that the expiring Bitcoin contracts account for 43% of the total open interest in contracts.
DeFi hacks and frauds in the second quarter resulted in losses exceeding $204 million
According to the report released by De.Fi, a portfolio application of Web 3 investments, decentralized finance (DeFi) hacks and frauds caused over $204 million in losses in the second quarter of 2023. The report shows that compared to the same period last year, the number of DeFi hacking incidents in the second quarter has increased by nearly 7 times, with a total of 117 incidents. The main reasons are "access control issues" and vulnerabilities, resulting in a total loss of $131.1 million. However, compared to the first quarter, the losses from DeFi hacks and frauds have decreased.
NFT lending protocol Blend's cumulative transaction volume has surpassed $1 billion
On June 26th, data from Dune shows that Blend, an NFT lending protocol under Blur, has surpassed $1 billion in cumulative transaction volume, reaching $1,005,809,756. Additionally, Blend has facilitated over 70,453 loan transactions, with a total of 2,760 active NFT loan transactions and a total loan amount of 14,932 ETH.
Matrixport: Bitcoin expected to bounce back to $35,000 in July
Cryptocurrency service provider Matrixport stated in a report on Wednesday that bullish investors are preparing for a "seasonal surge" as Bitcoin tends to rebound in July. Over the past decade, Bitcoin has experienced an average increase of over 11% in July, with positive returns in 7 out of 10 months. The returns in July for the past three years were around 27%, 20%, and 24% respectively.
Research director Markus Thielen stated that while the summer is typically a consolidation period for Bitcoin, July tends to be strong, August is mediocre, and September is a sell-off. Matrixport predicts that Bitcoin will rebound to $35,000, then sell off and fall back to $30,000. Additionally, it forecasts a year-end target of $45,000 for Bitcoin.
