Daily Digest of the crypto world: Market drops, but MEW, WIF, and Solana memecoins surge; MonoSwap warns users not to deposit funds after being attacked by hackers; Fold plans to go public on Nasdaq through a $365 million SPAC deal.

Looking at the trading activity of BTC and ETH Spot ETFs, according to Farside Investor data, on July 24th, Grayscale BTCSpot ETF (GBTC) had a fund outflow of $26.2 million; at the same time, Fidelity BTCSpot ETF (FBTC) had an inflow of $1.4 million, Bitwise BTCSpot ETF (BITB) had a fund outflow of $70.3 million, and ARK 21Shares BTCSpot ETF (ARKB) had a fund outflow of $3.3 million.

Bitwise ETHW Spot ETF (ETHW) net inflows of $29.6 million; Fidelity ETHW Spot ETF (FETH) inflows of $74.5 million; VanEck ETHW Spot ETF (ETHV) inflows of $19.8 million; gray; Grayscale ETHW Spot ETF (ETHE) net outflows of $326.9 million;

With the increase of online activities, MEW, WIF, and Solana memecoin skyrocket.

In the Solana ecosystem, the Memecoin has achieved a significant rise in the past seven days, outperforming the broader cryptocurrency market. According to CoinGecko's data, the total market cap of Solana's on-chain memecoin has risen sharply in the past 7 days, reaching 9.2 billion USD as of July 24th.

Cat in Dogs World (MEW) had the highest increase in the past week, pumping by 82%, and pumping by 1.4% in the past 24 hours. Following closely behind is Gigachad (GIGA), which pumped by 45.5% in the past 7 days and 9% in the past 24 hours, achieving a double-digit increase.

Based on market capitalization, Dogwifhat (WIF), the largest meme token on Solana, rose by 1.8% in price on the day and 21.5% in the past week, reaching a market cap of $2.54 billion. It's worth noting that WIF accounts for nearly one-third of the total memecoin market cap on Solana. The bullish performance of Solana memecoins reflects investors’ broader sentiment towards the industry. According to a recent report by CoinGecko, this asset category has become one of the hottest topics in Q2 2024.

According to DefiLlama data, Solana's volume increased from $603.8 million on June 29 to $2.54 billion on July 19. The highest historical volume on this blockchain was $3.8 billion on March 15. The number of active addresses on the Solana network has increased rapidly in the past two weeks. On July 23, the number of active addresses exceeded 2 million, which is 72% higher than the 1.45 million on July 10.

MonoSwap was attacked by Hacker, and users are warned not to deposit funds

On July 24, 2024, Decentralized Exchange and stake platform MonoSwap announced that it had been maliciously attacked by a Hacker, and warned users not to stake or add extra funds at the moment. MonoSwap is investigating the incident. In the announcement, MonoSwap warned users to withdraw funds from the platform immediately to avoid losses, and not to interact with malicious links identified by the protocol in social media posts.

According to the platform, on July 23, 2024, one of its developers accidentally installed a malicious phishing application and was deceived by scammers pretending to be venture capitalists. During the call, the scammer installed malware on the developer's computer, giving them access to all Wallets and contracts on the platform. This allowed the Hacker to withdraw the majority of the Liquidity staked on the platform.

Since the warning issued by the co-founder of CoinGecko, there have been long noticeable Hacker attacks and exploits. Onchain detective ZackXBT recently issued an alert for the Compound Finance website, which redirected users to a phishing page. The Compound Finance team has since fixed this issue.

BTC reward application Fold plans to go public on Nasdaq through a $365 million SPAC transaction.

The BTC reward application Fold plans to go public on Nasdaq through a merger with special purpose acquisition company (SPAC) Emerald Acquisition Corp. (EMLD). After the transaction is completed, there will be over 1,000 BTC ($67 million) on the entity's balance sheet.

New York-based Fold has launched a cashback debit card that offers BTC rewards instead of traditional rewards. According to a Wednesday announcement, Fold's card has processed over $2 billion in volume and distributed over $45 million in rewards.

This transaction has been unanimously approved by the boards of both companies, with a pre-transaction equity valuation of $365 million. The post-transaction entity's balance sheet will also include over 1,000 BTC ($67 million). Fold has not yet disclosed the expected completion time for the merger or its trading code on NASDAQ.

Market Analysis: The overall market is down, but market sentiment remains optimistic.

Market Trend

BTC: Fall below $64,500 and cross below the weekly Bollinger Band midline. If BTC can rebound this week and reclaim the midline of the weekly Bollinger Band, the subsequent trend is still bullish. However, if the weekly close is below the midline of the Bollinger Band, it may continue to oscillate downward.

ETH: Falls below $3,200. The Grayscale Ethereum ETF continues to see large outflows. The ETF has long been at a negative premium of around -40%, making it more profitable for buyers to longdump, causing huge pressure on the market.

AltCoin: Generally falling, the Meme zone is also pulling back. At this time, you can consider buying in batches the previously strong Meme coins, which may yield additional returns in the future.

Market Sentiment：The AHR999 index today is 0.87, indicating that the current BTC price is suitable for long-term Auto-Invest. The Fear Greed Index is 68, and the market sentiment has been greedy for four consecutive days. Despite the general decline in the market, the market sentiment has not fallen into panic.

Macroeconomics

• US Stock Performance: The three major US stock indexes fell together, with AI giants such as Nvidia and Broadcom leading the decline. The index of the 'Seven Giants of US Stocks' fell by 5.9%.
• Bond Market: The yield on 30-year US Treasury bonds exceeds that of 5-year Treasury bonds, reaching the highest level since May 2023.
• Policy Expectations: After Biden's withdrawal, the market is in a state of macroeconomic instability as the expectation of a rate cut by the Federal Reserve in September has decreased.

Market Hotspots

Solana 生态系统:

• SOL/ETH Performance: SOL/ETH continues to show strength, with SOL breaking through $180 yesterday. This strong performance is expected to continue in future market trends.
• on-chain Meme coin: Solana's on-chain Memecoin has performed well in this round of pump market. Meme coins like POPCAT, MEW, and others have all broken historical highs, and the Meme coin MANEKI has achieved over 100% increase from the bottom.
• Investment Strategy:

Conclusion

The current encryption market presents a complex and turbulent situation, with major encryption assets such as BTC and ETH facing downward pressure, but market sentiment remains relatively optimistic. In the downturn, users should prioritize the incremental and batch-wise purchase of strong Tokens on strong public chains. Considering the uncertainty of the macro economy and the changing market hotspots, investors should remain cautious, diversify risks, and prioritize investing in strong assets.

Macro: Technology stocks' big dump hits the stock market, both Wall Street and Asian markets are severely hit.

On July 24th, the S&P 500 and Nasdaq indices fell to multi-week lows at the close of Wednesday's trading, as Alphabet and TSL's earnings were lower than expected, weakening investor confidence in large-cap stocks.

Investors have been waiting for the first company among the 'Seven Giants' to announce its quarterly results, in order to judge whether the high valuation is reasonable. The performance of these seven companies has a significant impact on the market and will inevitably have a wide range of chain reactions on the overall market.

The main index performance is as follows: the Dow Jones Industrial Average fell 1.25%, the S&P 500 fell 2.31%, and the Nasdaq Composite fell 3.64%.

On July 25th, Asian stock markets suffered heavy losses in early trading on Thursday due to the performance of technology stocks. Investors have turned to lower-risk assets, including short-term bonds, the yen, and the Swiss franc.

The most widely followed stock index in the Asia-Pacific region, the MSCI, fell by 0.7%, the Japanese Nikkei index big dump2.9%, and the South Korean KOSPI index fell by 2%. The Taiwan market remained closed due to the impact of the typhoon. Chinese Blue-Chip Stocks reduced their earlier losses, falling by 0.1%, with the Shanghai Composite Index falling by 0.3%, reaching a five-month low. The Hang Seng Index in Hong Kong fell by 0.6%, despite the latest easing measures taken by Beijing, which did not provide enough support.

Wall Street's fear index rose to a three-month high. Investors are seeking safe cash and ultra-liquid short-term debt, and the yield on U.S. two-year bonds fell to its lowest level in nearly six months on Wednesday.

The yen, as a safe-haven currency, surged by 0.6%, reaching its highest level in two and a half months. The overnight yen soared by 1.1%, and its momentum remains strong before the Central Bank meeting in Japan next week, where policymakers will discuss whether to raise interest rates. The Swiss franc also rose by 0.7% overnight.

China's Central Bank unexpectedly lowered the long-term Interest Rate and increased the intensity of recent stimulus measures, but the Chinese stock market did not receive much support.

The fall in the stock market has led to increased bets on global interest rate cuts by investors. The futures market shows a 100% possibility of a Fed rate cut in September. The surge in market volatility has significantly reduced arbitrage trading, causing the USD/JPY to fall by 0.6% to 152.85 on Thursday.

In the face of the dominance of the stock market crash, the market has re-evaluated the profit prospects of the artificially intelligent and the seven giant stock that have been widely speculated. Alphabet and TSL's big dump has triggered a collapse on Wall Street. In addition, concerns about the rise of the Chinese and global economy have brought enormous pressure on commodity-linked currencies, and the safe-haven sentiment in the Chinese and Japanese markets will continue.

In terms of commodities, due to concerns about the slowing Chinese economy suppressing demand, oil prices edged lower and remained near six-week lows. Brent crude futures fell 0.4% to $81.81 a barrel, while U.S. West Texas Intermediate (WTI) futures also dropped 0.3% to $77.33 a barrel.

Gold fell 0.9% to $2375.92 per ounce.

Author: Sherry S. & Icing. This article represents only the author's point of view and does not constitute any trading advice. This article is original, and the copyright belongs to Gate.io. Please indicate the author and source if you need to reprint, otherwise legal responsibilities will be pursued.