Preface:
Bitcoin and Ethereum have dropped by 2.43% and 6.32% respectively in the past 24 hours, with the ETH/BTC rate holding at 0.05. The Crypto Market Fear & Greed Index has fallen to 70, indicating greed.

Recent Spotlight

The best performer recently is CVX, with a 24-hour increase of 55.84%, reaching a high price of $4.723 and a market cap of $371 million. CVX is the native token of Convex Finance, a decentralized finance platform aimed at optimizing liquidity mining yields. Curve Finance, launched in January 2020, uses an automated market maker model to facilitate stablecoin trading. It focuses on trading stablecoins pegged to the US dollar and Bitcoin, achieving minimal price fluctuations through different function curves set at various prices. The platform allows users to deposit Curve LP tokens into various pools to earn liquidity pool rewards and Convex native token CVX rewards. The platform’s founder, Michael Egorov, faced a $27 million liquidation when the price of CRV tokens plummeted to $0.219. As he repaid most of his debt, the CRV price rebounded to pre-crash levels, and CVX in the Curve ecosystem continued to rise driven by this momentum.

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The Word on the Street

Ethereum on-chain gas fees have hit a new low since 2016. Over the past three days, the average gas fee on Ethereum has not exceeded 10 Gwei, with hourly prices briefly reaching double digits Gwei and the lowest being 1 Gwei. This is the lowest since 2016. Gas fees reflect the current activity level of the network; during bear markets, Ethereum gas fees typically stay above 100 Gwei. Currently, the Ethereum network is in a lull, with the market awaiting the upcoming official trading of the Ethereum ETF. Bloomberg ETF analyst Eric Balchunas suggested that the Ethereum spot ETF might begin trading in the U.S. by July 2. Opinions on the ETF’s market impact vary among investors. Some expect a substantial influx of capital similar to the Bitcoin ETF, while others, like Fireblocks’ Stephen Richardson, warn that Ethereum’s value is harder to assess, and the ETF’s impact is uncertain.

Spot Bitcoin ETF Flows

The latest data as of June 18 shows a net outflow of $145 million for Bitcoin spot ETFs. Grayscale ETF GBTC saw a daily net outflow of $3 million, with a current asset value of $18.68 billion. The Fidelity ETF FBTC experienced the highest single-day net outflow at $92 million, followed by Ark Invest and 21Shares ETF ARKB with a net outflow of $50 million. Last week’s CPI data did not boost market sentiment, and the hawkish rate cut expectations conveyed by the Fed’s dot plot further weakened Bitcoin. The current market forecast for a rate cut in September stands at 61%. Federal Reserve officials are scheduled to speak on economic and monetary policy on Monday, Tuesday, Wednesday, and Friday, and investors will continue to monitor their statements and data updates. Bitcoin’s price movements are becoming increasingly tied to macroeconomic indicators.
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Airdrop Claim

StarkNet ecosystem decentralized finance (DeFi) platform Nostra Finance has announced the launch of its native token NSTR and has opened the airdrop claim. The claim window will close at 14:00 on September 13, 2024. Nostra Finance is a native lending protocol built on StarkNet. Its products include the lending market Nostra Lend, the over-collateralized stablecoin UNO, and the trading market Nostra Swap. The overall business of the product follows a general lending protocol, with tokenized positions for lenders and the introduction of a utilization parameter to control interest rates. The project is supported by well-known industry investment institutions such as Wintermute, JumpCapital, and GSR, and has raised $970,000 through Fjord Foundry’s Liquidity Bootstrapping Pool (LBP).

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