Preface:
Bitcoin and Ethereum have risen by 0.43% and 0.58% respectively in the past 24 hours, with the ETH/BTC exchange rate remaining at 0.05. The Crypto Market Fear & Greed Index has dropped to 60, indicating a state of greed.

Recent Spotlight

The most recent performer is ENS, with a 24-hour increase of 21.1%, now priced at $26.19 and a market cap of $834 million. ENS is a decentralized domain name system on the Ethereum chain that maps human-readable names (such as website domains) to Ethereum addresses, similar to DNS. This makes Ethereum addresses easier to remember and share, improving the usability of the Ethereum network. On May 28, ENS Labs announced the proposal of ENSv2, a comprehensive upgrade to the Ethereum Name Service, involving the migration of services to Layer 2 networks. According to ENS Labs, ENSv2 aims to enhance scalability and reduce gas fees by moving core functions from the Ethereum mainnet to Layer 2 blockchains. The team has already begun evaluating different Layer 2 solutions and is starting to develop a phased migration plan and timeline. These announcements conveyed the sustainability and practicality of the project to the market, resulting in a significant price increase in its token despite the overall bearish market trend.

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The Word on the Street

Ethereum developer Consensys posted on X, “The SEC’s enforcement division has notified us that the investigation into Ethereum 2.0 has concluded. This means the SEC will not charge that Ethereum sales are securities transactions.” Consensys sued the SEC in April of this year to block the regulation of Ethereum. While Bitcoin is considered a commodity, the SEC views most other tokens as unregistered securities that should be subject to its oversight. SEC Chairman Gary Gensler has been ambiguous about whether Ethereum is considered a security. Cryptocurrency investors have been concerned that Ethereum and potential projects could be subject to stringent regulation by the agency. With the SEC concluding its investigation into Ethereum 2.0, ETH sales will not be considered securities transactions, which will benefit the subsequent official listing of the ETH ETF. The ETF Store president also posted, “Still believe the spot Ethereum ETF will be launched before July 4th,” indicating that the market sentiment for Ethereum is gradually brewing, and investors’ attention may return to Ethereum.

Spot Bitcoin ETF Flows

Last week, following a hawkish Fed meeting, the US spot Bitcoin ETF experienced a net outflow of $580.6 million, ending a four-week upward trend. The largest outflows were from Grayscale’s GBTC, Ark Invest’s ARKB, and Fidelity’s FBTC, while BlackRock’s IBIT saw a small inflow. IBIT, launched in January, has assets exceeding $20 billion and has become the world’s largest Bitcoin ETF. On the first trading day of the first spot Bitcoin ETF listed on the Australian Securities Exchange (ASX), the trading volume reached $1.3 million. VanEck Bitcoin ETF (VBTC) issuer VanEck Investment Company stated that although the market size differs, the product is expected to achieve similar growth to US spot Bitcoin ETFs. The recent spot Bitcoin ETF has been affected by the overall crypto market trend, with significant fluctuations in fund inflows and outflows. However, market acceptance and breadth are steadily increasing, and Bitcoin is becoming a mature investment product.
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Airdrop Claim

On June 19, the LayerZero Foundation announced on X the launch of the airdrop qualification query page. LayerZero Labs CEO Bryan Pellegrino stated on X that there are a total of 1.28 million eligible addresses, with early interaction transactions enjoying triple the weight and low-value transactions reducing weight by 80%. The airdrop qualification query site will add witch hunter addresses next week, recovering approximately 10 million tokens, which will be returned to real users. After announcing the completion of the first snapshot on May 2, LayerZero initiated the witch purge campaign, divided into three rounds: self-explosion, trial, and mutual inspection, considered the largest witch check activity in the crypto market to date.

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