TL;DR

• Bitcoin sees a short-term rebound with a daily increase of 3.5%, while altcoins perform even better.
• Ethereum’s performance is underwhelming post-spot ETF approval, lagging behind Bitcoin.
• Three funding activities today, two of which are for native protocols parallel to EVM Monad.
• ETH gas fees remain low, around 3 gwei.
• Grayscale’s continued selling may cause ETH’s short-term trend to mirror Bitcoin’s pattern after the BTC ETF launch in January this year.

Market Analysis

• BTC: A 24-hour increase of 3.5%, currently priced around $66.5K. After briefly dipping below the 120-day moving average (MA 120), it quickly rebounded and stabilized above this line. Currently, the price remains above the MA 120 on 15-minute, 1-hour, and 4-hour charts, indicating that the MA 120 provides some price protection.
• ETH: A 24-hour increase of 1.6%, currently priced around $3232. Despite the approval of the ETH ETH,Following the ETH ETF approval, which was seen as peak positive news, a peak of good news, it dropped from $3562 to a low of $3100. Currently, ETH is only above the MA 120 on the 15-minute chart and is still 4% away from the daily level of $3360.
• BTC ETF Inflow/Outflow: Today’s net inflow for the BTC ETF is $44 million, with a total net inflow of $17.5 billion. The daily trading volume is $1.5 billion, and the net asset value of the ETF accounts for 4.61% of BTC’s market value.

• ETH ETF Inflow/Outflow: Today, ETH ETFs experienced a net outflow of $152 million, bringing the total net outflow to $175 million.The daily trading volume is $950 million, and the ETF’s net asset value accounts for 2.36% of ETH’s market value. As of July 26, according to Table 2, Grayscale’s Ethereum Trust (ETHE) shows significant net outflows in institutional ETF holdings data, with outflows increasing over time. On Thursday, only four institutions reported net inflows, indicating a general trend of continuous net outflows.

Top Performers

The Altcoins indicator OTHERS recently rose by 3%, outperforming Bitcoin’s 1.8% increase. Top altcoin performers today, according to Gate.io, include:

SATS —— A BRC-20 token named after Bitcoin’s smallest unit, satoshi, as a tribute to Bitcoin’s founder, Satoshi Nakamoto. Recently chosen as the gas token for BTC L2’s Fractal Bitcoin project, SATS has practical utility in the blockchain ecosystem. SATS saw a remarkable daily increase of 19.9%, with its market cap soaring to $691 million and a 24-hour trading volume of $116 million, drawing significant market attention.

PYTH —— PYTH, as an innovative price oracle solution on the Solana blockchain, ~~is ~~dedicated to providing on-chain financial market data to projects, protocols, and a wide range of users. The PYTH network aggregates firsthand price information from over 70 trusted data providers, offering valuable data support for smart contracts and other on-chain or off-chain applications. PYTH achieved a +13.6% increase in a single day’s trading, with an overall market capitalization reaching $1.386 billion and a 24-hour trading volume of $134 million. This performance highlights its strong momentum and broad recognition in the market.

POPCAT —— POPCAT, a meme coin born on the Solana blockchain, has quickly gained popularity with its iconic big-mouthed cat image, inspired by a widely popular web click game. POPCAT has not only become a classic meme in the Web2 space but has also secured a place in the cryptocurrency market. In recent trading days, POPCAT’s market capitalization increased by +11.6%, reaching $841 million, with a 24-hour trading volume of $78.96 million. This performance reflects the market’s high interest in and positive response to this unique concept.

Spotlight Analysis

Past 24-Hour Hot Events:

1. Jersey City, New Jersey Retirement Fund Plans Partial Investment in Bitcoin ETF
Event Overview: Steven Fulop, the mayor of Jersey City, New Jersey, announced that the city’s retirement fund will partially invest in a Bitcoin ETF. He mentioned that Jersey City is updating documents with the U.S. Securities and Exchange Commission (SEC), with the process expected to be completed by the end of summer. Fulop stated, “The question on whether Crypto/Bitcoin is here to stay is largely over + crypto/Bitcoin won.

The question on whether Crypto/Bitcoin is here to stay is largely over + crypto/Bitcoin won. I’ve been a long time believer (through ups/downs) in crypto but Broadly, beyond crypto i do believe blockchain is amongst the most important new technology innovations since the internet.

Event Impact: Since the approval of the Bitcoin spot ETF in mid-January this year, Bitcoin has transitioned from a fringe asset to a mainstream one, gaining acceptance from more government agencies. With over $4 trillion in capital held by U.S. retirement funds, even a small portfolio allocation to Bitcoin would channel significant funds into the market. Therefore, this event is a long-term positive for the overall cryptocurrency market.

2. Jito Launches Next-Generation Staking Infrastructure Platform Jito Resttaking
Event Overview: Jito has launched a next-generation staking infrastructure platform called Jito Resttaking. This platform supports hybrid staking, restaking, and LRT (Liquid Restaking Token) modules, allowing the creation and management of staked assets and LRT. Its Active Validation Service (AVS) will provide users with flexible and scalable infrastructure.

Event Impact: Currently, Jito is the largest node operator on Solana. This update will undoubtedly strengthen Jito’s position within the Solana ecosystem. The JTO token can be seen as a leveraged version of SOL, further enhancing its value proposition.

3. Trump Raises Over $4 Million in Campaign Funds Through Crypto Assets
Event Overview: Trump’s campaign aides revealed that as the Republican presidential candidate, Trump has raised over $4 million from various digital tokens. According to a Federal Election Commission document, donors have contributed Bitcoin, Ethereum, Ripple’s XRP tokens, stablecoin USDC, and various meme coins. The document indicates that at least 19 donors have contributed over $2.15 million in Bitcoin to the committee.

Event Impact: With approximately 51 million crypto users in the United States, this number surpasses the total population of African Americans (41.1 million) and is second only to Hispanic Americans (approximately 57 million). Thus, crypto users have become a crucial demographic in the upcoming U.S. presidential election. Trump has expressed plans to implement a series of crypto-friendly policies if elected and is scheduled to speak at a Bitcoin conference. If he is elected, it would be a long-term positive development for the cryptocurrency industry.

Funding Information
According to RootData, three projects received funding yesterday, ranging from $2 million to $8 million, primarily in seed round financing. Here are the details:

aPriori —— aPriori is an MEV (Miner Extractable Value) infrastructure and liquidity staking protocol designed for the parallel execution. Built on Monad, it aims to bring innovation to the DeFi (Decentralized Finance) and LSD (Liquid Staking Derivatives) sectors. In the seed round, aPriori successfully attracted $8 million in investment, led by Pantera Capital, with strong support from notable investment institutions such as ConsenSys, OKX Ventures, and CMS Holdings. This funding will help aPriori further develop its technology, providing users with a more efficient and secure DeFi experience.

Kuru —— Kuru is an on-chain order book DEX (Decentralized Exchange) on Monad, offering users an integrated platform for comprehensive search, research, and trading of on-chain spot assets. In the seed round, Kuru received $2 million in funding, led by Electric Capital, with participation from CMS Holdings, Brevan Howard Digital, and other investment firms. This funding will help Kuru expand its platform features, providing users with a richer and more convenient trading experience.

Multiple Network —— Multiple Network is a Web3 DePIN (Decentralized Physical Infrastructure Network) project utilizing SD-WAN (Software-Defined Wide Area Network) technology. It focuses on optimizing bandwidth by creating multiple parallel channels for high-speed transmission of digital assets and data, meeting the high data transmission speed requirements of AI models. In the seed round, Multiple Network secured $2 million in investment from OKX Ventures, Youbi Capital, and other capital firms. This funding will provide a solid financial foundation for Multiple Network’s technological innovation and market expansion.

Data Highlights

Ethereum Gas Fee

On-chain activity has been relatively low, and Gas Fees remain at a relatively low level, averaging around 3 gwei.

Market Opportunity

The growth of Total Value Locked (TVL) indicates positive market sentiment and increased liquidity within protocols. Adequate liquidity suggests that a protocol is relatively safe and reliable, attracting more significant investments, thereby initiating a positive flywheel effect. For projects with existing tokens, an increase in TVL may lead to a rise in token prices. For projects without tokens, increased TVL could potentially raise valuations in future funding rounds. Based on DeFiLlama data, we have identified the three fastest-growing projects with a TVL exceeding $10 million:

• Dinari：Dinari is a Web3 company equity trading platform aimed at becoming a trusted standard for real-world asset-backed tokens. Dinari is launching a trading platform called dShare, which matches tokens 1:1 with underlying securities, allowing users to obtain company equity.

• Associated Blockchains: Arbitrum (Arb), Kinto, Ethereum (ETH), Blast,Sector Tag: Real-World Assets (RWA),Current TVL: $10.98 million,Single-Day TVL Growth: 88%

• Pell Network：Pell Network aims to create a decentralized token economy security leasing platform for the Bitcoin ecosystem. By constructing a network that aggregates native BTC Stake and LSD Restake services, it allows stakers to choose to validate new software modules built on Pell Network ecosystem. Stakers opt-in by granting Pell Network smart contracts the ability to impose additional reduction conditions to their staked assets, thereby enhancing crypto-economic security.
• Associated Blockchain: Bitcoin Ecosystem,Sector Tag: Restaking,Current TVL: $180 million,Single-Day TVL Growth: 42%
• Dinero：Dinero is a DeFi protocol that aims to integrate ETH staking, block creation, RPC, and other functionalities into a single synergistic protocol. Dinero consists of Pirex ETH, Redacted Relayer RPC, and the DINERO stablecoin.
• Associated Blockchains: Ethereum (ETH), Arbitrum (ARB), Optimism (OP),Sector Tag: DeFi Current TVL: $113 million,Single-Day TVL Growth: 34%

Researcher Commentary: Market Rebound, Short-Term ETH Still Needs Observation
Recently, Bitcoin experienced a sharp drop from a high of $68.4K to a low of $63.5K, but it quickly rebounded and is now performing strongly, surpassing Ethereum (ETH). Although ETH has benefited from the approval of ETFs, the sell-off by Grayscale and the market sentiment and distribution of tokens have limited its short-term upside potential. The approval of ETFs indicates an influx of external funds and policy support, which are favorable factors for the market’s long-term development.

Reference：
1.Gate.io，https://www.gate.io/price/bitcoin-btc
2.SOSOVALUE：https://sosovalue.xyz/
3.OTHERS Performance：https://tw.tradingview.com/symbols/OTHERS.D/
4.Rootdata：https://www.rootdata.com/zh
5.DeFiLlama：https://defillama.com
6.Milkroad：https://milkroad.com/ethereum/gas/

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