Daily News | Crypto Market is Generally Falling; Hashdex Plans to Issue a Combined Spot Bitcoin and Ethereum ETF; Arkham Offered a Reward of $15K to Search for DJT Token Pusher

2024-06-19, 03:47

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## Crypto Daily Digest: The crypto market continues to decline; Hashdex plans to issue a combined spot Bitcoin and Ethereum ETF; Arkham offered a reward of $150K to search for DJT token pusher; Ethereum Re-staking protocol Renzo Financing $17 million
Firstly, let's examine the trading activities of <a href="/ar/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> ETFs. According to Farside Investor data, on June 18, Grayscale Bitcoin spot ETFs (GBTC) continued to experience outflows of $62.3 million in funds. Meanwhile, Fidelity Bitcoin spot ETF (FBTC) experienced outflows of $83.1 million, Bitwise Bitcoin spot ETF (BITB) had an inflow of $7 million, and ARK 21Shares Bitcoin spot ETF (ARKB) had an inflow of $41.3 million.

On Monday, the crypto market plummeted, with its market value falling by 3.5% in the past 24 hours to $2.46 trillion. Some Altcoins have fallen by more than 10%, and no clear reason exists to explain this phenomenon. However, an industry analyst said that Bitcoin mining stocks have performed strongly in recent weeks and are making up for some of the losses caused by the halving event in April.

**Hashdex plans to issue a combined spot Bitcoin and <a href="/ar/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a> ETF**
Hashdex, a crypto asset management company, plans to launch an exchange traded fund (ETF) that owns physical Bitcoin and Ethereum. Hashdex's move comes after the US Securities and Exchange Commission (SEC) approved the spot Bitcoin ETF earlier and last month approved a series of 19b-4 forms for the spot Ethereum ETF. The SEC still needs to approve the registration declaration form for Ethereum products as part of the process.

Hashdex has decided not to advance its proposal for a spot Ethereum ETF, so it belongs to a group that has yet to obtain SEC approval for the 19b-4 form, including BlackRock and Fidelity. Sources stated last week that the SEC still needs to provide feedback on the first round of comments on these forms.

According to the 19b-4 table of the NASDAQ Crypto Index US ETF submitted by Hashdex, the ETF will also hold cash. Hashdex emphasizes that "the trust will not invest in cryptocurrencies, tokenized assets, or stablecoins." Apart from Bitcoin and Ethereum, it will not invest in other spot cryptocurrencies.

**Arkham offered a reward of $150,000 to find a pusher for the Trump-themed token DJT**
Recently, due to an unconfirmed report that former US President Donald Trump issued DJT tokens, the price of the tokens skyrocketed. According to GeckoTerminal data, as of 5:31 PM Eastern Time, the token's trading volume exceeded $472 million, rising more than 300% within 24 hours to $0.02185.

Arkham Intelligence released a statement on Tuesday offering a reward of $150,000 to search for clear evidence of who created the Trump-themed <a href="/ar/price/solana-sol" target="_blank" class="blog_inner_link">Solana</a> token.

This event is full of mystery, and many sources suggest that Trump himself may be the mastermind behind it. Martin Shkreli, a controversial executive who was imprisoned for securities fraud, claimed online that "Trump's team or family are actually behind the DJT token." He tweeted on Monday that DJT is Trump's official token. The information media "Pirate Wires" also claimed on X that Trump is pushing DJT.

ZachXBT, a famous blockchain detective, also commented on this event, "The source of information must be original, not from other places on the Internet. You can't receive this bonus by being the first person to <a href="/ar/price/link-ln" target="_blank" class="blog_inner_link">LINK</a> to news from other places."

**Ethereum Re-staking protocol Renzo financing $17 million**
Renzo raised $17 million from a round of financing led by Galaxy Ventures and another round of financing by Brevan Howard Digital Nova Fund under the re-staking protocol. This round of financing follows Renzo's $3.2 million seed round financing in January this year, led by Maven11 and supported by companies such as Segment Capital, SevenX Ventures, and IOSG Ventures.

Renzo is built on top of the Ethereum staking protocol EigenLayer, allowing individuals to re-stake Ethereum (ETH), package beacon Ethereum (wBETH), and stake Ethereum (stETH). Depositing these assets can provide users with EzETH or Renzo's liquid re-staked tokens (LRTs), which can be used on other DeFi platforms.

According to DeFiLlama's data, Renzo has accumulated a total lock-in value of nearly $3.6 billion and a market cap of $111.5 million. Renzo's uniqueness lies in its ability to accept both native ETH and liquid-staked tokens simultaneously. This ability enables Renzo to promote cooperation with existing market participants and ensure that participants enjoy a smooth staking process.

## Market Trends: The ETH exchange rate is strengthening again, and the ETH ecosystem may be the main focus of speculation in the next month
BTC: Currently in a low consolidation state, approaching $64,000 recently. This consolidation means the market is waiting for new drivers or news to determine the next direction. Investors should closely monitor trading volume and key support/resistance levels to determine the next trend.

ETH: ETH has shown relatively strong performance, with the ETH/BTC exchange rate strengthening again. After falling to around $3,350 yesterday, ETH rebounded above $3,500, indicating strong buying support. This relative strength may be related to the upcoming ETH spot ETF, and investors can center on the progress of this event.

Altcoins: Altcoins rebounded after yesterday's general decline, but they remain weak overall. Investors should focus on the market's overall trend and the fundamental situation of specific projects to determine whether they are suitable for intervention.

Macroeconomics: US stocks continue to rise and reach historic highs, and the rebound of the US dollar index may put some pressure on the crypto market. Investors need to monitor its subsequent performance.
### Market Hotspots:
**ETH ecosystem:**
With the strengthening of ETH/BTC exchange rates, ETH ecosystem tokens have performed better than other public chain ecosystems.

The rise of tokens such as ENS, LDO, RPL, PENDLE, CVX, and others indicates an increase in market confidence in the ETH ecosystem.

The ETH spot ETF, which will be passed on July 2nd, may become the main market driver for the next month.

**Bankruptcy concept token:**
FTT, USTC and other tokens have surged by over 20%, and it is rumored that FTX's $8 billion assets may be directly returned to platform users. If this news is true, it will greatly boost market confidence, especially for these Bankruptcy concept tokens.

**Meme sector:**
PEPE, MOG, MANEKI, MAGA and other tokens have rebounded significantly from yesterday's lows.

MANEKI may announce the launch of the Tier1 exchange today, which could further drive up its prices.

MAGA is a concept token for the US presidential election. The market generally believes that during the June 27 presidential debate, both presidential candidates Trump and Biden will announce their support for cryptocurrencies, which is also good news for the sector.
### Prospect Analysis:
BTC and ETH: investors can continue to monitor key support and resistance levels, especially the progress of ETH spot ETFs.

Due to Altcoins' overall weakness, it is recommended that investors operate with caution and wait for clearer market signals.

Hotspot tokens: For ETH ecosystem tokens, Bankruptcy concept tokens, and Meme sector tokens, you can monitor relevant news and seize short-term opportunities in a timely manner.

In summary, the market is relatively uncertain, and investors need to remain cautious and closely monitor market trends and the progress of key events.

## Macro: Artificial intelligence continued to lead the S&P 500 and Nasdaq to new highs, while the Asian market continued to rise in sync
On June 18, the S&P 500 and Nasdaq indexes hit historic highs, driven by the continuous surge in Nvidia's stock price. Due to lower-than-expected retail sales data in the United States, the Dow Jones index rose slightly in pre-holiday trading.

Nvidia has become the world's largest company by market value, with a closing market value of $3.22 trillion. Other chip stocks have continued their recent gains, driving the Philadelphia Stock Exchange Semiconductor Index to a historic high. The market's growth is driven by expectations of multiple interest rate cuts, enthusiasm for AI-related companies, and strong profits from technology companies, with gains concentrated in a few heavyweight stocks.

Technology stocks, especially those related to artificial intelligence, have performed particularly strongly. The performance of the US market has also been influenced by macroeconomic data, especially retail sales data, which reflect the health of consumer spending and overall economic activity.

The US market will be closed on Wednesday due to the June holiday.

On June 19, the Asian market opened higher, driven by the rise of technology stocks, and the Asian stock market rose to its highest level in three weeks. Meanwhile, due to weak retail sales data in the United States, market expectations for the Federal Reserve's interest rate cut later this year have been strengthened, causing fluctuations in the US dollar. The trade data between Japan and Indonesia, the current account data of New Zealand, and Japan's short-term business survey were highlighted on this week's economic calendar.

The Nikkei Index in Japan rose 0.59%, Chinese blue chip stocks fell 0.42%, and the Hang Seng Index in Hong Kong rose 1.3%. The data released on Tuesday showed that retail sales in the United States showed almost no growth in May, while last month's data was significantly lowered, indicating that economic activity remained sluggish in the second quarter.

The pound remained unchanged at $1.2704 in early trading, with market attention on the UK inflation data released later today. This data will lay the foundation for the Bank of England's (BoE) policy decision on Thursday, and the central bank is expected to maintain interest rates unchanged. The inflation report is expected to show that the UK inflation rate has fallen from 2.3% in April to the Bank of England's target of 2%.

Regarding commodities, oil prices have slightly increased as concerns about escalating conflicts in Europe and the Middle East offset demand concerns following an unexpected increase in US crude oil inventories. Brent crude oil futures for delivery in August rose 6 cents to $85.39 per barrel; In June, West Texas Intermediate crude oil futures in the United States rose 10 cents to $81.67 per barrel.

<div class="blog-details-info">
<div>Author:**Sherry S. & Icing**, Gate.io Researcher
<div>Translator:Joy Z.
<div class="info-tips">\*This article represents only the views of the researcher and does not constitute any investment suggestions.
<div>\*Gate.io reserves all rights to this article. Reposting of the article will be permitted provided Gate.io is referenced. In all cases, legal action will be taken due to copyright infringement.
</div>

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