Preface:
Bitcoin and Ethereum have seen declines of 0.26% and 1.01% respectively in the past 24 hours, with the ETH/BTC rate stable at 0.05. The Crypto Fear & Greed Index has improved to 51, indicating a neutral sentiment.

Recent Spotlight

The most recent performer is ZRO, with a 24-hour increase of 9.4%, now priced at $3.82, and a market cap of $950 million. LayerZero is an omnichain interoperability protocol focusing on cross-chain data messaging. Its architecture, supported by relays and oracles, ensures efficient and secure transaction execution. LayerZero has raised $263 million in two funding rounds led by a16z, with an estimated valuation of over $3 billion. On June 19, LayerZero announced the launch of its airdrop, and on June 20, it officially went live. The ZRO token experienced initial price drops due to airdrop selling and negative news but has since rebounded to the $3.8 range and briefly surpassed $4 as selling pressure decreased and circulation adjusted.

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The Word on the Street

On July 2, CryptoQuant data indicated that the Bitcoin network’s hash rate had dropped to its lowest level since December 2022, when the FTX collapse triggered a bear market. The current real Bitcoin hash rate has fallen by 7.6%, a negative reading typically seen at local price bottoms, indicating potential subsequent price increases. Other indicators, such as Bitcoin exchange reserves, the Miner Position Index (MPI), and Bitcoin miner reserves, also show low selling pressure, supporting the market bottoming view. Capriole founder Charles Edwards noted that the Bitcoin hash ribbon indicator has signaled a buy, reflecting a slowdown in network computing power. Market analyst Will Woo stated that the market won’t reach new highs until weaker miners are forced out of operation. Recently, Bitcoin miners’ withdrawal volume has dropped by 90% post-halving, further indicating reduced selling pressure and potential for Bitcoin price increases.

Spot Bitcoin ETF Flows

The US spot Bitcoin ETFs have recently seen a rebound, maintaining a net inflow trend since June 25, with notable inflows into Fidelity’s FBTC and Bitwise’s Bitcoin ETF. Since their launch in January 2024, these ETFs have accumulated over $14.6 billion in net inflows, contributing significantly to Bitcoin’s market growth. This trend is also rising, with an increase in crypto ETFs in the Asia-Pacific region, led by Australia and Hong Kong. Following Hong Kong’s launch of six Bitcoin and Ethereum ETFs, Australia has also introduced two Bitcoin ETFs. The surge in Bitcoin spot ETFs and the recent recovery in BTC prices may indicate a bullish trend, with market sentiment heating up.

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Airdrop Claim

On July 2, Ronin announced a major update for the blockchain game Pixels. Pixels CMO Heidi stated, “We aim to create a new type of game that will change the way most games are played. We want to make the play-to-earn model work.” Pixels will make frequent updates as needed until it reaches optimal status. The game recently implemented a task board update to incentivize higher-level players. Pixels founder Luke Barwikowski will publish an article tomorrow, providing more details on Pixels’ updates and plans.

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