Daily News | BTC and ETFs Oscillate, Altcoins Plunge; Solana Cracks Down on Validator Sandwich Attacks; Fidelity Tokenises Money Market Funds on JPMorgan Chase Blockchain

2024-06-11, 03:59

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## Crypto Daily Digest: BTC Flows $2 Billion, ETH Institutional Buying Highest Since March; Solana Cracks Down on Validator Sandwich Attacks; Fidelity Tokenises Money Market Funds on JP Morgan Blockchain

Firstly, let's examine the trading activities of <a href="/vi/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> ETFs, according to Farside Investor data, the Grayscale Bitcoin Spot ETF (GBTC) saw sustained outflows of $39.5 million on June 10, while the Fidelity Bitcoin Spot ETF (FBTC) saw outflows of $3.0 million, the Bitwise Bitcoin Spot ETF (BITB) saw inflows of $7.6 million, and the Invesco Galaxy Bitcoin ETF (BITB) saw inflows of $7.6 million. (BITB) inflows of $7.6 million and Invesco Galaxy Bitcoin Spot ETF (BTCO) outflows of $20.5 million.

Asset management firm CoinShares said in a report on Monday that crypto investment products attracted nearly $2 billion in inflows last week, driving the crypto investment market higher for the fifth consecutive week. Total inflows were more than $4.3 billion.

### Solana Cracks Down on Validator Sandwich Attacks

A group of <a href="/vi/price/solana-sol" target="_blank" class="blog_inner_link">Solana</a> (SOL) verifiers is facing financial penalties for allegedly facilitating financial attacks against cryptocurrency traders. Sources said more than 30 validators were removed from the Solana Foundation's delegation programme over the weekend, sources said. While they remain verifiers on the network, they are no longer eligible for rewards for verifying Solana blockchain transactions.

Sandwich attacks involve placing one order before a transaction and another immediately after the transaction. Attackers will set the first pending transaction between simultaneous front-end and back-end transactions to manipulate the asset's price and profit from the difference. Tim Garcia, head of verifier relations at Solana, announced on Discord that he would remove verifiers, stating that “participation in a private pool of memory to sandwich attack transactions or otherwise compromise the integrity of Solana users will not be delegated."

A Jito Foundation governance post published on Sunday revealed that 10% of the JitoSOL pool is delegated to validators running private memory pools. The Jito Foundation is proposing to impose further financial penalties on these validators by restricting more pledged SOLs.

### Fidelity Tokenizes Money Market Funds on JP Morgan Blockchain

UK fund manager Fidelity International has joined JPMorgan's Tokenized Collateral Network (TCN) and partnered with Onyx Digital Assets to pilot the tokenization of its money market funds (MMFs). The connection between the fund's transfer agent and the Tokenized Collateral Network enabled almost instantaneous tokenization.

Tokenization refers to the creation of a virtual investment vehicle on the blockchain that represents real-world assets such as real estate, precious metals, and collectibles. It also applies to stocks and bonds. Tokenization of traditional financial assets has become a top priority for banks, and JP Morgan has been working on this for years.

Fidelity International has a long history in the digital asset space, most recently partnering with Swiss bank Sygnum on a tokenization project in March. Last October, JPMorgan Chase conducted the first real-time blockchain-based collateral settlement transaction involving tokenized shares of the BlackRock Money Market Fund. These shares were transferred to Barclays as collateral for an OTC derivatives trade. BlackRock has embraced tokenization through its public-facing BUIDL project with tokenization services company Securitize.

Stephen Whyman, Head of Debt Capital Markets at Fidelity International, said in an email interview, “Tokenizing our money market fund shares for use as collateral is an important and natural first step in expanding our adoption of this technology. The benefits to our clients and the wider financial system are clear; in particular, increased efficiency in meeting margin requirements and reduced transaction costs and operational risk.”

## Market Trends: BTC oscillates at high levels as Altcoins generally fall

**BTC**: After breaking above $70,000 early this morning, there was a pullback, and it is now consolidating at around $69,400. In the short term, it will probably oscillate in the $68,000-$70,000 range, waiting for this week's CPI data to choose a new market movement.
**ETH**: Currently oscillating around $3,660 with a relatively stable trend. It will likely fluctuate in the short termis likey to fluctuate in the $3,600-3,700 range.
**Altcoins**: generally down, the market sentiment is relatively cold. Investors must choose carefully and pay attention to market hotspots and individual strong coins.

### Macroeconomics
**U.S. Stocks Higher**: Investors are waiting for the release of CPI data on Wednesday, which is expected to have a big impact on the market.
**CPI data**: CPI data is an important economic indicator that may affect the market's expectations of inflation and monetary policy, thus affecting the trend of the crypto market.

### Market Hotspots:
**MOTHER**: This coin rallied 20% during the day as Iggy announced that MOTHER can be used to pay phone bills in the future, which increases the application scenarios and raises the market's attention.
**BRETT**: Meme coin on Base chain, market cap exceeded $1.6 billion, strong performance.
**BZZ**: One of the leading tokens in the storage sector of the last bull market, with intraday gains of up to more than 50%. With a current circulating market capitalization of $32 million and a market capitalization ranking of 950, it showsg strong rebound momentum.

### Token unlocked:
**STRK**: Ethernet Layer2 network token will unlock $80 million tokens this week. The unlocking of a huge amount of tokens may lead to market volatility, and investors should pay close attention to the market movements before and after the unlocking.

### Risk Warning:
The crypto market is volatile, investors need to be cautious and avoid chasing highs.
Pay close attention to macroeconomic data, such as CPI data, which may impact the market moret.
Pay attention to changes in market sentiment and adjust investment strategies in a timely manner.

## Macro: S&P 500 and Nasdaq hit new closing highs; Fed meeting and CPI coming soon

On Monday, June 10, Reuters reported the S&P 500 and the Nasdaq still hit new closing highs on Monday despite investor caution ahead of this week's upcoming Consumer Price Index (CPI) report and the Federal Reserve's policy statement.

Regarding specific indexes, the Dow Jones rose 0.2 percent, the S&P 500 index rose 0.3 percent and the Nasdaq rose 0.4 percent.

Nvidia, which drove the Nasdaq and S&P 500 up, closed up 0.7 percent after a ten-share stock split. Some investors believe the chipmaker will likely be included in the Dow Jones blue chips.

May's Consumer Price Index report will be released on Wednesday when the Federal Reserve's two-day policy meeting concludes. The Fed will release its latest economic and policy projections and is expected to leave interest rates unchanged. Investors will watch for clues as to when the Fed will start cutting rates.

On Tuesday, June 11, Asian markets look set to continue to be restrained by rising bond yields, political turmoil in Europe, a stronger US dollar, and caution ahead of the Federal Reserve's policy decision later in the week.

Nonetheless, Japan's economy started the week on a strong note, boosted byf higher-than-expected revisions to first-quarter GDP and an overalld decline in the yen for Japanese government bond yields.

Tuesday's economic data mainly consists of South Korean current account data, Philippine trade data, and Australian business confidence data.

On Monday, Japan's revised GDP data  boosted market confidence in the Japanese economy and increased expectations that the Bank of Japan will push ahead with policy normalization at its policy meeting later in the week. Japan's 10-year government bond yield rose 4.5 basis points on Monday, the biggest gain in two months and enough to reverse half of last week's decline.

Record closing highs on Wall Street and strong U.S. Treasury yields should continue to support the U.S. dollar, but this combinationt could put more pressure on emerging market assets.

On Friday, the CSI 300 blue-chip index and the Shanghai Composite Index fell to their lowest points in six weeks. With Chinese stocks closed on Monday, Tuesday's opening could see sharp volatility as investors catch up on gains over two global trading days.

Regarding commodities, oil prices rose on Tuesday, extending the previous day's gains on expectations of increased seasonal fuel demand and the possibility of U.S. crude purchases to replenish its oil reserves. Gains were limited by a stronger dollar. Brent crude futures were up 28 cents to $81.91 a barrel, while U.S. West Texas Intermediate crude futures were up 31 cents to $78.05 a barrel.

Oil prices rose about 3 percent to a one-week high on Monday, driven by expectations of higher demand for fuel this summer, despite a stronger dollar on expectations that the Federal Reserve will keep interest rates higher.

Gold was just above one-month lows at $2,306 an ounce.

<div class="blog-details-info">
<div>Author:** Sherry S. & Icing. **, Gate.io Researcher
<div class="info-tips">\*This article represents only the views of the researcher and does not constitute any investment suggestions.
<div>\*Gate.io reserves all rights to this article. Reposting of the article will be permitted provided Gate.io is referenced. In all cases, legal action will be taken due to copyright infringement.
</div>

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