Preface:
Bitcoin and Ether rose by 6.08% and 13.86% respectively in the past 24 hours, with the ETH/BTC exchange rate returning to 0.05 for the first time since February. The cryptocurrency market’s fear and greed index indicates extreme greed.

Recent Spotlight

The recent top performer is PYTH. Pyth Network (PYTH) unlocked approximately 2.13 billion tokens on May 20th, accounting for 141.67% of the previous circulating supply, valued at around $943 million. Following the token unlock, the price surged above $0.5, with a 24-hour increase of 34.6%. Pyth Network, similar to a Solana version of Chainlink, offers price oracle and market data to blockchain projects. It provides “mission-critical” price data securely and with zero latency for various asset classes such as cryptocurrencies, forex, commodities, and stocks. It offers three core products: Price Feeds, Benchmarks, and Pyth Entropy. Pyth ensures the valuation of assets worth $550 billion and supports price information for cryptocurrencies, stocks, forex pairs, ETFs, and commodities across over 50 blockchains and 162 protocols.

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The Word on the Street

Optimism continues to rise as the U.S. Securities and Exchange Commission (SEC) undergoes a significant shift in attitude towards potentially approving a spot Ethereum ETF. The SEC has requested updates and modifications to existing application documents from Nasdaq, the Chicago Board Options Exchange (CBOE), and the New York Stock Exchange (NYSE) before the upcoming deadline. Following optimistic news from Bloomberg ETF analysts, the price of Ether surged 10% to $3,400, with the likelihood of the SEC approving a spot ETH ETF increasing from 25% to 75%.

Spot Bitcoin ETF Flows

Driven by substantial inflows into ETH ETFs, BTC remains stable above $70,000. Geoff Kendrick, Head of FX Research and Digital Asset Research at Standard Chartered Bank, forecasts Bitcoin to reach a new all-time high over the weekend, surpassing the March 14th level of $73,798. Institutions like Morgan Stanley and JPMorgan have disclosed significant holdings of Bitcoin ETFs, with a total inflow of $948.3 million in the past week, driving a strong overall uptrend in the cryptocurrency market.

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Airdrop tracking

The Ethereum Layer 2 network, Blast, announced a postponement of the BLAST token airdrop date, now scheduled for June 26th. To compensate for the delay, Blast will increase the airdrop allocation. The project plans to conduct two additional Blast Gold token distributions, rewarding developers of DApps on the platform and allowing them to send these tokens to their app users. The BLAST token airdrop program will allocate half of the tokens to developers and the other half to early users who bridged funds to the network before the mainnet launch in February. Known for its user incentive measures, the project provides 4% passive income for ETH and 5% for stablecoins. Additionally, the airdrop token mechanism significantly boosts publicity and engagement.

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