Daily News | Crypto Market Rebounded, Altcoins Generally Rose; Blast Airdrop to be Launched; Colosseum Raised $60M to Invest in Early-stage Projects

2024-06-26, 03:28

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## Crypto Daily Digest: The crypto market rebounded, while Altcoins generally rose; The Blast airdrop is to be launched; Colosseum raised $60 million to invest in early-stage projects; Paradigm led Conduit's $37 million financing
Firstly, let's examine the trading activities of <a href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> ETFs. According to Farside Investor data, on June 25, Grayscale Bitcoin spot ETFs (GBTC) experienced an outflow of $30.3 million in funds. Meanwhile, Fidelity Bitcoin spot ETF (FBTC) had an inflow of $48.8 million, Bitwise Bitcoin spot ETF (BITB) had an inflow of $15.2 million, and ARK 21Shares Bitcoin spot ETF (ARKB) experienced an outflow of $6.2 million. After a week of net outflows, the <a href="/price/flow-flow" target="_blank" class="blog_inner_link">Flow</a> of Bitcoin ETF trading funds has finally returned to positive.

**The Blast airdrop is to be launched, distributing 17% of the token supply to early users**
Layer 2 Network Blast has announced the details of its upcoming airdrop. The founder of Blast is also the founder of Blur in the NFT market, which is dedicated to creating native revenue models for <a href="/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a> and stablecoins. The mainnet was previously launched on February 29th.

According to social media announcements, the Blast Foundation, the governance organization of Blast, will distribute the first phase of 17 billion BLAST tokens at 10 am Eastern Time on June 26, 10 pm Hong Kong Time, and 4 pm Central European Time.

Of these 17 billion tokens, 7% will be allocated to users who help initiate protocol liquidity through bridging ETH or Blast's stablecoin USDB. According to Blast's token economics report, users who earn Blast Gold by participating in decentralized applications will receive an additional 7% of the initial airdrop, and the remaining 3% will be allocated to the Blur Foundation for retrospective and future airdrops.

Blast also revealed more details on token economics: the agreement allocates 50% of the total supply of 100 billion tokens to communities and plans for additional community airdrops over the next three years. The token economics report further points out that core contributors will receive 25.5% of the token supply, while investors and the Blast Foundation will receive 16.5% and 8% respectively.

**Colosseum, a startup accelerator focused on <a href="/price/solana-sol" target="_blank" class="blog_inner_link">Solana</a>, raised $60 million to invest in early-stage projects**
Colosseum is a startup accelerator focused on the Solana ecosystem, specifically organizing hackathons to drive innovation. The company has raised $60 million in funds for its early investment projects and plans to pre-invest in the winning team of Solana Hackathons.

Clay Robbins, co-founder of Colosseum, said, "The market clearly has a demand for innovative and professional entrepreneurial products in the crypto field. We are pleased to work with a diverse group of investors to achieve our vision for Colosseum, including ecosystem founders and alumni of the Black Marathon."

Earlier this year, Colosseum held its first Solana hackathon, attracting over 8,000 participants. Matty Taylor, co-founder of Colosseum and former head of development at the Solana Foundation, explained, "Our hackathon aims to provide a fair competitive environment for global developers to try crypto product development and launch on-chain startups." Robbins added that so far, Colosseum has provided $2.75 million in funding to 11 companies.

As the Bonk DAO of the Solana Committee, which manages $124 million worth of BONK tokens and consists of 12 key individuals, he plans to invest $500,000 in the fund.

**Paradigm and Haun Ventures jointly led Conduit's $37 million financing**
Conduit, a crypto infrastructure company, raised $37 million in its latest financing round to support the development of new blockchain-based products and services. Haun Ventures and Paradigm jointly led the A-round financing, with Robot Ventures, Credible Neutral, Coinbase Ventures, and Bankless Ventures also participating. Several angel investors also provided funding for this financing.

Conduit stated that with the improvement of transaction speed, the possibility of creating available on-chain products and services for a wide range of users has increased, providing many potential business opportunities for blockchain developers.

Conduit plans to use newly raised funds to launch products that help developers build "customizable and reliable" rollups, which or Layer 2 scalability solutions move transactions away from the underlying network, thereby reducing network congestion on their blockchain. Once these transaction backlogs are cleared, on-chain transactions (such as crypto payments) can be processed faster.

These measures may lay the foundation for developing new use cases for distributed ledger technology. Conduit stated in a blog post, "By making on-chain computing rich and affordable, these new extension solutions make unprecedented business models possible."

## Market Trends: Altcoins generally rose, while Meme coins such as MAGA led the entire market
BTC has rebounded from oversold and is currently consolidating around $62,000. Bitcoin spot ETFs have been net outflows for 7 consecutive days.

ETH performed better than BTC, breaking through $3,400 this morning. The next target may be $3,600.

During the decline of BTC and ETH, Altcoins showed relatively strong performance and rebounded first. Altcoins generally rose, while Meme coins performed significantly better than other sectors.
### Macroeconomics
Despite the hawkish remarks made by the Federal Reserve, US stocks continued to rise after a brief adjustment.
### Market Hotspots:
Meme sectors such as PEPE, BRETT, MAGA, WIF, POPCAT, etc. led the gains. MAGA is a concept token for the US election, abbreviated as Trump's campaign slogan Make American Great Again. MAGA has risen by over 60% in the past two days. On the 27, there will be presidential debates between Trump and Biden, and both presidential candidates have expressed their support for the crypto industry. So, this debate will be a policy debate and a golden battlefield on social media, where both candidates will attempt to create a shining moment that can be widely disseminated in the crypto community.

Public Chain SOL: SOL rebounded after falling to $120 the day before yesterday and is currently consolidating around $140. Solana has launched the Blinks module, which allows users to directly use social media platforms such as X and Tiktok for functions such as trading, voting, and payment. The new module launched by Solana will have a profound impact on the promotion of cryptocurrencies.

Layer2 Project Blast: BLAST will conduct token airdrops tonight, with a total of 100 billion tokens and a current off exchange valuation of $3 billion. After the generally poor performance of Layer2 tokens on the market, it is worth looking forward to what kind of market BLAST will emerge from.

The current crypto market is performing actively, with various assets offering different investment opportunities. The trend of Bitcoin and Ethereum is relatively stable, while Memecoin and SOL public chain projects provide high-risk and high return opportunities, suitable for investors with higher risk tolerance to participate. The stability of the macroeconomic environment also provides good external support for the crypto market. Overall, the current term actively participates in high-quality trading time.

## Macro: The NASDAQ index closed higher due to the strengthening of technology stocks, the Dow Jones index fell, and the Asian market was volatile
On June 25, driven by strong gains in Nvidia and rising stock prices of other tech giants, the Nasdaq index rose 1.3% on Tuesday, while the Dow Jones index fell due to pressure on retail stock prices and investors waiting for key inflation data to be released this week.

Specific data: The Dow Jones fell 0.76%, the S&P rose 0.39%, and the Nasdaq rose 1.26%.

Artificial intelligence chip company Nvidia rose 6.8%, rebounding after three consecutive trading days of decline. The overall chip sector performed well, with the Philadelphia <a href="/how-to-buy/dogecoin-doge" target="_blank" class="blog_inner_link">buy doge</a>ductor Index increasing 1.8%. Chips are one of the main driving forces behind the S&P 500 technology index. Alphabet rose 2.7%, Meta Platforms rose 2.3%, driving the Communications Services Index sector up.

Due to concerns about the economic outlook, consumer confidence in the United States weakened in June, but households remain optimistic about the labor market and expect inflation to ease in the coming year. In June, the consumer confidence index declined to 100.4, and the labor market gap widened from 22.7 to 24.

**Investors remain cautious about US inflation data and Asian stock markets are in turmoil**
On Wednesday morning, Asian stock markets experienced significant volatility as the market prepared for key US inflation data, while the yen/dollar exchange rate hovered around 160. Traders were concerned that the Japanese authorities may take a new round of intervention measures.

The tough remarks of Federal Reserve officials have suppressed expectations of recent interest rate cuts, thereby boosting the US dollar and limiting risk sentiment.

The MSCI Asia Pacific stock index, excluding Japan, remained almost unchanged in volatile trading at 566.55, slightly lower than the two-year high of 573.38 hit last week. The index continued to rise by 3.5% in June and is expected to rise for the fifth consecutive month. The Nikkei Index of Japan rose 1.41%, while Taiwan stocks rose 0.69%, both of which were led by Nvidia and following the trend of tech giants.

The Chinese stock market has slightly declined, with blue chip stocks and the Shanghai Composite Index falling by 0.2% which is expected to decline by 4% this month. The Hang Seng Index in Hong Kong also fell 0.16%.

Fed Director Michelle Bauman reiterated her belief that maintaining policy interest rate stability for a period of time may be sufficient to control inflation. These comments, as well as data showing stability in the real estate market, have suppressed market expectations for when and how much the Federal Reserve will cut interest rates. The Chicago Mercantile Exchange's FedWatch tool shows that the market expects the Federal Reserve to cut interest rates by 47 basis points this year, with a 66% chance of a rate cut in September.

In terms of the currency market, the US dollar index, which measures the US dollar against six currencies, remained stable at 105.64, while the euro exchange rate against the US dollar was 1.0715. Data shows that the consumer price index accelerated to a six month high in May, reducing the possibility of another interest rate hike as early as August, leading to an increase in the Australian dollar. The Australian dollar rose 0.39% against the US dollar to $0.6674.

The current exchange rate of the Japanese yen against the US dollar is 159.79 and is trading within a narrow range, approaching the critical level of 160. Some traders have expressed that this level may trigger a new round of intervention.

Regarding commodities, oil prices remained almost unchanged during Asian trading hours, with Brent crude oil futures remaining unchanged at $85.02 per barrel and West Texas Intermediate crude oil futures in the United States at $80.9 per barrel.

The price of gold has fallen to $2,318 per ounce, but it has still risen by 12% so far this year.

<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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