Daily News | Crypto Market Faces New Selling Concerns, BTC Failed to Hold $70,000; AVAX, W and Other August Tokens Will Unlock Nearly $1 Billion

2024-07-30, 04:13

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## Crypto Daily Digest: The market is facing new selling concerns, and BTC has failed to hold on to $70,000; AVAX, W and other August tokens will unlock nearly $1 billion; 21Shares' CETH Integrated Chainlink Reserve Proof
First, let's examine the trading activity of <a href="/fr/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> and <a href="/fr/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a> ETFs. According to Farside Investor data, on July 23, Grayscale Bitcoin Spot ETF (GBTC) had a fund outflow of $54.3 million. Meanwhile, the Fidelity Bitcoin Spot ETF (FBTC) experienced an outflow of $5.9 million, while the Bitwise Bitcoin Spot ETF (BITB) experienced an outflow of $21.3 million.

The net inflow of Bitwise Ethereum Spot ETF (ETHW) on the first day was temporarily reported at $204 million; Fidelity Ethereum Spot ETF (FETH) had a net inflow of $24.8 million on the first day; Grayscale Ethereum Spot ETF (ETHE) had a net inflow of $71.3 million on the first day.

**Market faces new selling concerns, BTC fails to hold $70,000**

Bitcoin (BTC) climbed to nearly $70,000 in early European trading, reaching its highest level since early June. This upward trend was driven by the positive market response following Donald Trump's attendance at BTC 2024 in Nashville. The Republican presidential candidate revealed that if elected in November, they will establish a strategic Bitcoin reserve. However, Bitcoin failed to hold its high of $70,000.

On July 29, after the opening of Wall Street, Bitcoin faced enormous selling pressure. According to Arkham Intelligence, a wallet labeled as belonging to the US government transferred $2 billion worth of Bitcoin to an unidentified wallet on Monday.

Approximately 28,000 Bitcoins, with a total value exceeding $2 billion, appear to be related to funds previously confiscated by the US Department of Justice from the dark web market (at the end of last year, a US appeals court ultimately ruled to confiscate 69,370 Bitcoins and other cryptocurrencies related to the network). Arkham Intelligence pointed out that about an hour after the transfer was completed, the US government split Bitcoin into two separate addresses, allocating 19,800 Bitcoins (approximately $1.3 billion) to one address and 10,000 Bitcoins (approximately $670 million) to another address.

This news may also have affected the changes in BTC prices. As of now, the price of Bitcoin is $66,234.78, a decrease of 4.8% within 24 hours.

**21Shares' <a href="/fr/price/ceth-ceth" target="_blank" class="blog_inner_link">CETH</a> Integration Chainlink Reserve Proof to Improve Transparency**

21Shares US LLC, a subsidiary of 21Shares AG, has integrated industry standard Chainlink reserve proofs on Ethereum, aimed at increasing transparency of Ethereum reserves supporting the 21Shares Core Ethereum ETF (stock code CETH).

According to the press release, 21Shares has chosen Chainlink as its preferred decentralized computing platform due to Chainlink's successful experience in achieving a total value of over $12 trillion in the on-chain market.

The press release states: “By integrating Chainlink's reserve proof solution, 21Shares can gain a clear understanding of CETH's underlying ETH reserves, providing investors with greater assurance and confidence that CETH is supported by underlying ETH holdings.”

In February of this year, 21Shares announced the integration of Chainlink Reserve Proof to enhance the transparency of Bitcoin reserves supporting the ARK 21Shares Bitcoin ETF. ARKB was launched in January and currently manages $3.2 billion in assets.

Johann Eid, Chief Business Officer of Chainlink Labs, said, “We are pleased to further collaborate with 21Shares and support an important milestone in our industry history by providing greater transparency to the 21Shares Core Ethereum ETF through Chainlink Reserve Proof. 21Shares plays a crucial role in supporting the adoption of digital assets, and the Chainlink platform is helping financial institutions achieve their vision of seamless tokenization on a global scale.”

CETH is one of the nine Ethereum spot ETFs that went public last week. Eight of the new funds have a net inflow of over $1 billion, but the net outflow of ETHE under Grayscale is as high as $1.5 billion, far exceeding CETH.

**August token project plan to unlock: including popular tokens such as AVAX and W, worth nearly $1 billion**

After several months of airdrops, Wormhole's cross chain project will unlock one-third of its token circulation this month: 600 million tokens, currently worth approximately $180 million. However, it is far from the only project that unlocks a large number of tokens. ZetaChain will unlock nearly one-fifth of its circulating supply, and the unlocking value of tokens for several other projects will also reach $50 million or more.

**AVAX：August 20, $268 million**
Layer 1 blockchain <a href="/fr/price/avalanche-avax" target="_blank" class="blog_inner_link">Avalanche</a> will unlock its circulation of 2.42%: 9.5 million tokens, currently worth $268 million, on August 20.

**Wormhole：August 3, $180 million**
Wormhole will unlock 600 million tokens on August 3, equivalent to one-third of its circulating supply, worth over $180 million at current prices. Wormhole is the communication bridge between <a href="/fr/price/solana-sol" target="_blank" class="blog_inner_link">Solana</a> and other top DeFi projects with unicorn valuations. The project recently completed airdrops of over 670 million tokens in April.

**Sui：August 1, $50 million **
Layer 1 Network SUI will unlock tokens together with its competitor <a href="/fr/price/aptos-apt" target="_blank" class="blog_inner_link">Aptos</a> this month, unlocking 2.56% of its circulating supply on August 1: 64 million tokens, currently worth approximately $50 million. The network is about to go live for 15 months.

**Aptos：August 12, $80 million**
Aptos is one of two projects primarily composed of former members of the Facebook Libra currency project (the other being Sui), which will unlock an additional 2.41% of its circulating supply, or 11.31 million tokens, on August 12th, with a current value of approximately $80 million.

**ARB：August 16, $67 million**
Arbitrarum has recently become the first Layer 2 network on <a href="/fr/price/uniswap-uni" target="_blank" class="blog_inner_link">Uniswap</a> to reach a total transaction volume of $150 billion, and will unlock 2.8% of its circulation on August 16. These 92.6 million tokens are currently worth approximately $67 million.

**OP：July 31, $55 million **
Ethereum's Layer 2 network <a href="/fr/price/optimism-op" target="_blank" class="blog_inner_link">Optimism</a> will unlock 31.3 million tokens for core contributors and investors on July 31, accounting for nearly 2.8% of its circulating supply. The current value of these tokens is approximately $55 million. Optimism also supports the Layer 3 network on its' super chain '.

**ZetaChain：August 1, $35 million**
ZetaChain is a Layer 1 chain launched earlier this year with the goal of ultimately integrating many different blockchains into one platform after raising $27 million last year. On August 1, it will unlock 18.92% of its circulation. Based on current prices, nearly 54 million tokens are worth approximately $35 million.

## Market Trends: The overall market is declining, and there is a lack of sustained hotspots in the market
BTC: BTC fell sharply after briefly hitting $70,000 and is currently below $67,000, possibly due to the US government transferring $2 billion worth of BTC.

ETH: ETH performed relatively well, with a decrease of approximately $150 million compared to the previous days, despite a $200 million outflow from the Grayscale ETF.

Altcoins: There are no new hotspots in the market, and overall Altcoins are generally declining.
### Data Indicators
AHR999 Index: Today, the AHR999 Index is at 0.89, indicating a slight decline and still suitable for long-term investors to make regular investments.

Fear & Greed Index: Currently it is at 67, market greed sentiment has slightly cooled down as the overall market declines.
### Macro News
The three major indexes of the US stock market have fluctuated, with the benchmark 10-year US Treasury yield at 4.17% and the 2-year Treasury yield, which is most sensitive to the Federal Reserve policy rate, at 4.36%. The risk market is waiting for the Federal Reserve's interest rate decision at 2:00 am on Thursday.
### Market Hotspots:
Meme section: NEIRO, NEIRO is the name of a new pet adopted by Doge owners, which gained market popularity over the weekend with a short-term market value exceeding $100 million. However, it has since fallen back and is difficult to become a long-term hotspot. BOME and MOG are both fully tradable tokens with an increase of over 10%. BOME has started the Meme craze on the Solana chain this year, while MOG has attracted Meme enthusiasts on the Ethereum chain with its iconic colored sunglasses.

AI sector: AI tokens such as WLD, FET, and IO have all experienced a decline. In this year's market, the AI sector once led the market with the Meme sector, but with the large-scale unlocking of the leading WLD, the AI sector urgently needs new leaders to emerge.
### Conclusion
The current market sentiment is relatively optimistic, but slightly cooled down. BTC has returned to below $67,000, while ETH has performed relatively well. Altcoins are generally declining, and the market lacks new hotspots. Meme tokens such as NEIRO, BOME, and MOG have shown outstanding performance, but their sustainability remains to be observed. The AI sector is facing pressure to unlock large amounts of tokens and requires the emergence of new leading tokens. Investors need to closely monitor the policy movements of the Federal Reserve and the impact of the upcoming unlocking of tokens on the market.

## Macro: Minutes of Federal Reserve and Bank of Japan meetings released, leading to a decline in Asian stock markets; Investors are waiting for key data
**Investors wait for key performance, employment data, and Federal Reserve meeting, S&P 500 index rises slightly**

On July 29, the S&P 500 index rose slightly after volatile trading as investors awaited the release of performance reports from major tech companies this week, the Federal Reserve's decision to cut interest rates, and key US employment data.

The highlights of this week include Wednesday's Federal Reserve meeting and Friday's employment report. In addition, there are quarterly financial reports from large tech companies such as Microsoft, Amazon, and Apple, which will provide investors with clues to determine whether tech stocks are facing fragility or can continue their recent gains.

The stock index performance is as follows: the Dow Jones Index fell 0.12%, the S&P Index rose 0.08%, and the Nasdaq Index rose 0.07%.

**Minutes of Federal Reserve and Bank of Japan meetings released, oil prices fall, Asian stock markets plummet**

On Monday, July 30, bond, currency, and stock markets were trading cautiously ahead of the US and Japan central bank meetings and a series of major corporate earnings reports.

The market generally expects that the United States will not cut interest rates this week, but fully expects a 25 basis point reduction in the federal funds rate in September, so policymakers are expected to make dovish remarks. In Japan, the market expects the possibility of the Bank of Japan raising interest rates by 10 basis points to be close to 60%, and looks forward to the Bank of Japan announcing how to exit its large-scale bond buying program.

The Nikkei index in Japan fell nearly 6% last week and fell another 0.7% in early trading. The MSCI Asia Pacific stock index fell by 0.7%.

In the foreign exchange market, the US dollar and Japanese yen remain within a relatively tight range, taking a breather after the recent breakthrough trend. The exchange rate of the Japanese yen against the US dollar has rebounded significantly from the 38 year low of 161.96 reached in early July and is currently hovering at 153.95. The euro to US dollar exchange rate is 1.0851, while the Australian dollar to US dollar exchange rate is facing slight pressure. Due to the decline in commodity prices, the Australian dollar to US dollar exchange rate has fallen from 0.68 three weeks ago to 0.6536 currently.

In the commodity market, due to weak demand prospects, oil prices fell to a seven week low on Tuesday, with Brent crude futures hitting $79.36 overnight and turning into a seller's market.

On Tuesday, the price of gold struggled to find momentum as investors searched for more clues about when the US central bank would cut interest rates during this week's policy meetings and data releases. Spot gold fell 0.1% to $2,380.31 per ounce, while US gold futures prices remained almost unchanged at $2,377.30 per ounce.

<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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