Preface:
Bitcoin and Ethereum have risen by 0.52% and 0.07% 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, continuing to show signs of greed.

Recent Spotlight

The best performer recently is IO, with a 24-hour increase of 51.44%, reaching a high price of $6.1 and a market cap of $560 million. IO, established in 2022, is a decentralized GPU network designed for machine learning. It aggregates computing power from over one million GPUs sourced from independent cryptocurrency miners, Filecoin, Render, and other projects to process complex data-intensive models, providing low-cost, flexible computing resources for AI engineers. On March 6, the project secured $30 million in Series A funding led by Hack VC, with participation from Multicoin Capital, Solana Labs, Aptos Labs, Foresight, and other institutions. IO announced the Ignition Rewards plan on the 11th, allowing users to claim rewards from June 11, 2024, to June 18, 2024, on a designated website. Following this announcement, the token price continued to rise, peaking at $6.50.

Check Out the Latest Prices, Charts, and Data of IO/USDT Spot and IOUSDT Perp!

The Word on the Street

U.S. May CPI rose 3.3% year-over-year, below the expected 3.4%. On June 12, the U.S. Department of Labor released the May CPI index, which rose 3.3% year-over-year, below the expected 3.4%. This news initially boosted the market, with BTC seeing a short-term gain of over 5% and altcoins generally rising by 10%. However, subsequent announcements, including the dot plot and Jerome Powell’s press conference, quickly cooled the market. The dot plot is seen as the Fed’s quasi-forecast of monetary policy, providing investors with a crucial opportunity to capture different voices within the Federal Open Market Committee (FOMC). Contrary to the March Fed dot plot predicting three 25-basis point rate cuts in 2024, the current dot plot predicts only one 25-basis point rate cut. This weakened expectation for rate cuts dampened the enthusiasm of crypto investors. During Powell’s press conference, he stated, “The current data is not sufficient to support a rate cut by the Fed. The dot plot does not represent the final decision of the Fed on rate cuts, and more data is still needed.” In this cycle, the crypto market has become noticeably influenced by macroeconomic news, and investors are paying closer attention to the monthly release of key data.

Spot Bitcoin ETF Flows

The latest data as of June 13 shows Bitcoin spot ETFs returning to net inflows, totaling $109 million. Grayscale ETF GBTC had a net outflow of $0.00 for the day, with a historical net outflow of $18.093 billion. The Bitcoin spot ETF with the highest single-day net inflow was Fidelity ETF FBTC, with $50.623 million, followed by BlackRock ETF IBIT with $15.5789 million. Following the release of the lower-than-expected May CPI index by the U.S. Department of Labor, Bitcoin’s price rebounded above $70,000. However, after the Fed maintained its rate and hinted at only one rate cut this year, the price quickly retreated to $68,000. In terms of ETH ETFs, the Ethereum spot ETF jointly launched by Invesco and Galaxy has been successfully registered with the U.S. Depository Trust & Clearing Corporation (DTCC) and is trading under the code “QETH.”

Check Out the Latest Prices, Charts, and Data of BTC/USDT Spot and BTCUSDT Perp!

Airdrop Claim

The ZKsync Association will airdrop 3.6 billion ZK tokens to early users and contributors of ZKsync next week. A total of 695,232 eligible wallets will receive the airdrop. The snapshot date was March 24, and community members can check their airdrop eligibility on the official website and claim the airdrop from June 24, 2024, to January 3, 2025. This airdrop accounts for 17.5% of the total ZK token supply. Two types of ZKsync users are eligible for the 17.5% airdrop: the first category includes users who have conducted transactions on ZKsync and met the activity threshold, accounting for 89%. The second category includes individuals, developers, researchers, communities, and companies who have contributed to the ZKsync ecosystem and protocol through development, promotion, or education (not related to activity on ZKsync), accounting for 11%.