Daily News | Crypto Market Rebounds Sharply, Meme Sector is Strong; Trump-related PolitiFi Tokens Surged; Top VC Reveals $85 Million Investment in Sentient

2024-07-15, 04:20

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## Crypto Daily Digest: Last week, the net inflow of Bitcoin ETFs reached a new high; Trump related PolitiFi tokens surged; Top VC reveals $85 million investment in Sentient
First, let's examine the trading activity of the <a href="/vi/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> ETF. According to Farside Investor data, on July 12, Grayscale Bitcoin Spot ETF (GBTC) had a fund outflow of $23 million. Meanwhile, the iShares Trust Bitcoin Spot ETF (IBIT) received an inflow of $120 million; The Fidelity Bitcoin Spot ETF (FBTC) received an inflow of $115.1 million, the Bitwise Bitcoin Spot ETF (BITB) received an inflow of $28.4 million, and the ARK 21Shares Bitcoin Spot ETF (ARKB) received an inflow of $13 million.

Data shows that after six consecutive days of net inflows since July 5th, the cumulative net inflow of US spot Bitcoin exchange traded funds (ETFs) has reached a new high of $15.81 billion. The asset management scale of these funds has increased by over $1 billion during this period. Friday is the latest trading day and also the day with the highest net inflow since June 5th, with a net inflow of $310 million for spot Bitcoin ETFs on that day.

The inflow of funds mainly comes from BlackRock's IBIT, which is the largest spot Bitcoin ETF in terms of asset value. On Friday, the inflow of funds increased by $120 million. According to SoSoValue data, Fidelity's FBTC followed closely with an inflow of $115 million, while the majority of the remaining funds flowed into Grayscale's GBTC, Bitwise's BITB, and Ark Invest's ARKB funds.

The cumulative net inflow reached $15.81 billion, setting a record for the fund so far and slightly higher than the record of $15.69 billion set on June 7, 2024.

**After the shooting incident, PolitiFi tokens related to Trump skyrocketed**

According to traders in the crypto prediction market, the likelihood of former US President Donald Trump regaining control of the White House has significantly increased to a historic high after he was injured at a rally in Pennsylvania. According to Polymarket data, the probability of Trump winning the election has increased to 70%.

According to The New York Times, Trump was shot and injured at a rally in Pennsylvania, and a spokesperson for the <a href="/vi/price/secret-scrt" target="_blank" class="blog_inner_link">Secret</a> Service stated that he is currently "safe". A suspect gunman was killed, and an audience member also died in the incident.

After the incident, Polymarket's share of "yes" in the contract on whether Trump will win the presidential election increased by 10 cents to 70 cents. This means that the market now sees a 70% chance of Trump winning in November. If the prediction comes true, the earnings per share will be $1, otherwise it will be zero. These bets are incorporated into smart contracts on the <a href="/vi/price/polygon-matic" target="_blank" class="blog_inner_link">Polygon</a> blockchain and settled in USDC (a stablecoin), with a 1:1 exchange rate between USDC and the US dollar.

In addition, the "PoliFi" emoji token themed around Trump also saw a significant increase after the shooting incident. For example, according to CoinGecko's data, MAGA rose 34% to $8.38 within 24 hours, while the ironic TREMP rose 67% to $0.6471. On the contrary, BODEN (a joke asset named after Biden) fell about 15% to $0.0333115 within 24 hours.

The CoinDesk 20 Index represents the entire crypto market, rising 3.31% within 24 hours. Bitcoin, as the oldest and most valuable cryptocurrency in history, rose 3.26% to $59,735.17.

Trump expressed his wholehearted support for cryptocurrency during the campaign and will deliver a speech at the Bitcoin conference in Nashville this month. The Republican platform vows to prevent the Biden administration's "crackdown" on the industry.

Polymarket was founded four years ago by Shayne Coplan. Due to the enthusiasm for political gambling before the US election, trading volume surged in 2024. The total bet amount for the US presidential winner contract reached $252 million, setting a record for the company and all crypto-based prediction markets (if not all prediction markets).

**Top VC firms such as Pantera reveal investment of $85 million in AI crypto startup Sentient**

The most notable funding round in the past two weeks was Sentient, an artificial intelligence crypto startup that completed the largest seed funding round in the crypto industry this year, raising $85 million. This round of financing is led by three well-known investors: Peter Thiel's Founders Fund, Pantera Capital, and Framework Ventures, with other well-known supporters also participating.

The Sentient platform development is still in its early stages, but it has raised such a huge amount of funds in just three months. Founder Fund partner Joey Kruger said that Sentient's main advantage lies in the quality of the team. Hypersphere Ventures founder Jack Platts and Arrington Capital partner Kelly Callaghan also expressed confidence in the strength and vision of the Sentient team.

The startup aims to develop an open-source General Artificial Intelligence (AGI) platform built by a community, designed to perform any intellectual task that humans can do and potentially surpass human abilities in many fields. Sentient's goal is to compete with organizations such as OpenAI, but differs in its approach to building open-source, monetizable AGI through community contributions. Sentient aims to enable developers to collaborate in building AI models, monetize their models and data, and become key stakeholders in the open AGI economy.

Pantera Capital Managing Partner Paul Veradittakit stated that Sentient's open, monetizable, and loyal (OML) artificial intelligence model has enormous potential to disrupt the AI development industry. Brandon Potts, partner at Framework Ventures, also stated that Sentient's open and monetizable AI model will inject strong power into the open source community.

Sentient plans to launch a testnet by the end of this quarter. Investors are very optimistic about the team's ability to deliver on its promises, despite Sentient's challenging vision.

## Market Trends: The market has rebounded significantly, with the Meme sector leading the market
BTC broke through $61,500 this morning, up nearly 15% from last week's low. The market has fully digested the selling pressure from the German government.

ETH has risen for 8 consecutive days, up 16% from last week's low, and spot ETFs are about to be approved.

Altcoin market has generally rebounded, and the Meme sector remains the main narrative of this round of market trends.

Data Indicators:
AHR999 index: Today it is at 0.77, which has increased significantly compared to last week's price, but still far below the fixed investment index.

The Fear Greed Index is at 52, indicating a significant improvement in market sentiment.
### Macroeconomics
Last Friday, the three major US stock indices collectively closed higher.

Yesterday, US presidential candidate Trump was assassinated during a rally speech, only injuring his ear. After the assassination, Trump's chances of winning the election have greatly increased. Trump will attend the Bitcoin conference on the 27th of this month.
### Market Hotspots:
Politifi concept: Trump assassination: US presidential candidate Trump was assassinated at yesterday's rally, and related concept tokens such as MAGA, FIGHT, PEOPLE surged. MAGA surged over 50% within the day, but then fell sharply. The MAGA development team accuses the project founder of continuously shipping and announces the expulsion of the founder from the team. FIGHT is a slogan shouted by Trump to the public after his assassination, showcasing his calm and tough image in times of crisis. After the launch of Pumpfun, its token increased by over 400 times. Some communities believe that FIGHT may become Trump's new campaign slogan in this round of elections. FIGHT's current market value is $9 million.

Meme sector: POPCAT, BILLY, APU and other stocks surged, with the Meme sector leading the market. Meme tokens are almost entirely in circulation, with no new unlocking or selling pressure, and are more trusted by market participants.

New coin: <a href="/vi/price/solana-sol" target="_blank" class="blog_inner_link">Solana</a>'s ecosystem liquidity staking platform Sanctum will issue the token CLOUD on July 16.
### Token Unlocking
This week, tokens worth over $170 million will be unlocked, with mainstream Layer 2 unlocking being the main focus. The details of the large unlocking tokens are as follows:

OP: Approximately 10 million tokens were unlocked at 8am this morning, accounting for 0.89% of the current circulation and worth approximately $17 million.

STRK: Approximately 64 million tokens were unlocked at 8am Beijing time today, accounting for 4.92% of the current circulation and worth approximately $35.6 million.

AXS: About 2.45 million tokens will be unlocked at 9:10 pm Beijing time on July 16, accounting for 1.66% of the current circulation and worth approximately $13.4 million.

ARB: Approximately 92.65 million tokens will be unlocked at 9pm Beijing time on July 16, accounting for 2.87% of the current circulation and worth approximately $65 million.

APE: Approximately 15.6 million tokens will be unlocked at 8:00 am Beijing time on July 17, accounting for 2.31% of the current circulation and worth approximately $11.3 million.

Before and after unlocking huge tokens, there may be significant market fluctuations, please be aware of market risks.

The current market sentiment has significantly improved, with BTC and ETH both showing strong performance, and the Altcoin sector, especially the Meme sector, has also experienced a significant rebound. However, macroeconomic and market hot events such as the assassination of Trump have increased market uncertainty. Meanwhile, the large-scale unlocking of tokens this week may bring short-term fluctuations, and investors should remain vigilant and manage risks reasonably.

## Macro: The US political situation is eye-catching, the US dollar is strong, and the global market is facing turbulence
On July 12, last Friday, major stock indexes in the United States generally rose. The Dow Jones Industrial Average closed up 0.62% to 40,000.90 points; The S&P 500 index rose 30.81 points, or 0.55%, to 5,615.35 points; The Nasdaq Composite Index rose 0.63% to 18,398.45 points.

The inflation report data released last Thursday was mild, and this unexpected feedback consolidated the expectation of the Federal Reserve's recent interest rate cuts. Investors may shift their focus to market sectors that have underperformed this year, including small cap stocks, real estate, and industrial sectors that are economically sensitive.

This weekend's market trend indicates that the Nasdaq 100 index, which has a high proportion of technology stocks, suffered its biggest decline this year, while the small cap Russell 2,000 index performed well. Previously, the Nasdaq 100 index rose by about 21% this year, while the Russell 2,000 index only rose by 6%.

On July 15, the attack on Donald Trump, the US presidential candidate, increased the possibility of his victory. The US bond futures declined and the US dollar strengthened, thus injecting new political uncertainty into the market. In addition, this week the United States will release data on retail sales, industrial production, new housing starts, and weekly unemployment claims, which may further affect market expectations.

Due to the holiday in Japan, the trading situation was light, and the early trading trend was limited to a slight rise in the US dollar, while the US treasury bond bond futures fell. Investors often respond to Trump's prospect of winning by pushing up the yield of US treasury bond bonds, partly because they believe that Trump's economic policies will exacerbate inflation and debt.

The US dollar rose 0.3% against the Japanese yen to 158.05, but still far below the high of 161.96 reached after recent suspected intervention events. The euro fell slightly to 1.0887 against the US dollar, while the US dollar index rose slightly to 104.26. The exchange rate of RMB against USD is under pressure at 7.2608, and the Hang Seng Index in Hong Kong fell by 1%.

Regarding commodities, due to signs of progress in the ceasefire between Israel and Hamas, oil prices fell last Friday and then rose slightly. Brent crude oil rose 8 cents to $85.11 per barrel, while US crude oil rose 8 cents to $82.29 per barrel.

The gold price remained at $2,408 per ounce, slightly lower than last week's high of $2,424.

<div class="blog-details-info">
<div>Author:**Sherry S. & Icing**, Gate.io Researcher
<div>Translator:Joy Z.
<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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