Preface:
Bitcoin and Ethereum have risen by 1.94% and 1.51% respectively over the past 24 hours, with the ETH/BTC exchange rate holding steady at 0.05. The Crypto Fear & Greed Index has warmed up to 31, indicating a state of fear.

Market Trending

After recovering half of its recent losses, BTC prices fell again over the weekend. Last week, BTC spot ETFs experienced two days of net inflows and three days of net outflows, with a general lack of market hotspots. ETH on-chain gas fees dropped below 1 gwei, reflecting low overall activity on the ETH network. Historically, such gas fee lows have coincided with mid-term price bottoms. While the gas fee drop is partly related to the Dencun upgrade introducing blob-based transactions, the decline in ETH on-chain activity is also noticeable. Although there is a possibility of another market dip, two data points are noteworthy for long-term holders: (1) BTC reserves on centralized exchanges have dropped to their lowest level since November 19, 2018; (2) Long-term BTC holders purchased over 180,000 BTC during the recent market correction. This may lay the groundwork for a future upward trend.

Spot Bitcoin ETF Flows

Yesterday, U.S. Bitcoin spot ETFs saw a net inflow of $28 million, with ARKB gaining $35.4 million, IBIT gaining $13.6 million, BITB losing $17 million, and GBTC losing $11.8 million. After a quiet weekend, the crypto market finally saw some movement on Monday. Bitcoin displayed an M-shaped pattern, initially dropping close to $58,000 before rebounding, only to pull back again after the U.S. stock market opened. The ongoing volatility in Bitcoin’s price highlights the current high level of market uncertainty, with fierce competition between bulls and bears.

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Daily Spotlight

Today’s hot project is SUI, with a 24h increase of 13.7%, currently priced at $1.0149 and a market cap of $2.53 billion. Sui Network (SUI) launched on May 3, 2023, is a Layer 1 blockchain designed by Mysten Labs to enhance web3 capabilities and scalability, focusing on smart contract efficiency and NFT game development. The project is led by former Meta executives from the Novi digital wallet team. After SuiNS transitioned to decentralized governance through the community-driven $NS token, the price surged. SuiNS, the main name service in the Sui ecosystem, is transitioning to a decentralized model managed by its community via the $NS token. This initiative aims to improve user experience by replacing complex Sui addresses with simple, memorable names, facilitating easier interaction within the ecosystem. Decentralization involves distributing $NS tokens for governance and discounted name purchases: 57% to the treasury for operations, 28% to contributors and early supporters, 10% to active community members, and 5% for future governance rewards. This transition not only enhances accessibility and security but also aligns SuiNS with community-driven public interest principles.

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The Word on the Street

Elon Musk to play a significant role in Trump’s second term. According to Bloomberg, in a live conversation on Elon Musk’s X platform, Musk stated that he would play a role in cutting federal spending during Donald Trump’s second administration, showing that the world’s richest man is increasingly involved in U.S. politics. On Monday, Musk called for the establishment of a government commission to ensure the effective use of taxpayer funds and volunteered to play a key role in that commission. “I would be happy to contribute to such a commission—if it is formed, I would be very glad to help,” Musk said. Trump praised the idea, calling Musk “the greatest cost-cutter.”

Airdrop Tracking

Fractal Bitcoin by Unisat is the only scaling solution using the Bitcoin Core code, itself recursively scaling infinite layers on top of the world’s most secure and highest-held blockchain. The Fractal Bitcoin testnet is now live, allowing interactions like BRC-20 deployments, minting, buying, and selling just like on the mainnet.

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