Crypto Assets Market Dynamics

Regulation and Macroeconomics

A South Korean lawmaker pointed out that a certain large exchange may face hefty fines due to KYC violations. According to a survey by the Financial Information Analysis Institute, the exchange has about 9.57 million violations, mainly involving customer identity verification issues. Operations have been suspended and personnel accountability has been implemented, but the specific amount of the fine has not yet been determined.

French lawmakers have proposed using surplus nuclear power to mine Bitcoin. According to data, utilizing 1 gigawatt of surplus power could generate an annual income of 100 to 150 million dollars for France. Lawmakers believe that this move can not only offset the maintenance costs of nuclear power plants but also prevent power waste and help balance the power grid. If the proposal is approved, a pilot program will be launched immediately.

Several MPs in the UK are calling for a ban on the use of Crypto Assets for political donations, expressing concerns about their traceability and the potential for foreign interference. The Minister for the Cabinet Office stated that existing legislation needs to be updated promptly to ensure transparency and trust in political financing. Previously, the Reform Party in the UK announced it would accept Bitcoin donations, which has drawn attention from various sectors. In addition to the UK, Ireland and some states in the US have also implemented bans on Crypto Assets political donations.

The Thai Securities and Exchange Commission and the central bank plan to launch a national crypto sandbox, allowing foreign tourists to use digital assets in Thailand.

Market Viewpoint

CryptoQuant analysts indicate that the MVRV metric for short-term Bitcoin holders shows there is still room for market growth. Currently, the metric stands at 1.15, which is still some distance from the key point of 1.35. Additionally, the average purchase cost for short-term holders has surpassed 100,000, suggesting that the market still has the potential to support further increases. Analysts believe that Bitcoin's price may have an upward potential of 20%-25%.

Project Dynamics

A well-known entrepreneur announced that the male partner of his AI platform would be named "Valentine," after which the market value of the token of the same name quickly surpassed 15 million dollars, soaring 86,000% within an hour. Meanwhile, tokens with other related names all saw significant declines, with drops ranging from 87% to 97%.

Users of the exchange with Alpha points greater than or equal to 213 can participate in the BAS project Pre-TGE event, which will consume 10 points. Please note that the pre-sale tokens will have a lock-up period and cannot be traded, transferred, or used temporarily. The unlocking period will be determined by the project party.

According to reports, the liquidity protocol Orca in the Solana ecosystem plans to launch a new token issuance platform by the end of July or early August. The platform's biggest highlight is the development of a new mechanism designed to allow real users to outperform automated bots when participating in new coin sales, enhancing fairness and user experience.

A large exchange has officially released a new application, upgrading its existing wallet into a "universal application" that integrates social features, mini-apps, trading, and USDC instant payments. The new platform is based on the Ethereum Layer 2 ecosystem, allowing users to view friends' transactions in real-time within social updates, directly exchange tokens, and realize income monetization for content creators through protocols.

Important Data

Ethereum spot ETF saw a net inflow of $727 million yesterday, setting a new historical high. The current net asset value of the ETF has reached $16.41 billion, accounting for 4.02% of ETH's market value.

The Bitcoin spot ETF saw a net inflow of $799 million yesterday, marking the 10th consecutive day of net inflows. Currently, the total net asset value of the ETF has reached $153.762 billion, accounting for 6.45% of the BTC market value, with a historical cumulative net inflow of $53.865 billion.

The current net circulation of USDT has reached 160.261 billion USD, setting a historical high. On the blockchain, Tron, Ethereum, and Solana dominate, with circulation amounts of 80.117 billion, 75.637 billion, and 18.864 billion USD, respectively.

An early Bitcoin whale has once again transferred 40,192 BTC( worth approximately $4.76 billion) to a new wallet. Two days ago, this whale transferred 40,009 BTC to an exchange when the Bitcoin price was around $117,685, and then it dropped to $115,967 within 12 hours.

Financing and Mergers & Acquisitions

The stablecoin payment and embedded financial services platform Kun KUN announced the completion of its Series A financing, with a total financing amount exceeding 50 million USD.

The crypto infrastructure company Talos announced the acquisition of the blockchain data provider Coin Metrics, with the transaction amount reportedly exceeding 100 million USD. This acquisition aims to integrate on-chain data services to provide institutional clients with a one-stop solution for digital asset trading and portfolio management.

Institutional Dynamics

World Liberty Fi spent $10 million USDC in the past 9 hours to purchase 3,007.4 Ethereum at a price of $3,325 per coin.

SharpLink Gaming has purchased an additional 20,279 ETH through the exchange in the past 4 hours, valued at approximately 68.38 million dollars. Since the beginning of June, SharpLink Gaming has accumulated a total of 321,000 ETH, with an average purchase price of about 2,745 dollars, and currently has an unrealized profit of 204 million dollars.

The US-listed company Windtree announced that it has signed a $60 million securities purchase agreement, with potential future subscriptions that could yield up to $140 million in total. The funds raised from this offering will primarily be used to initiate the BNB treasury strategy and acquire BNB.

Canadian listed company Matador Technologies Inc has approved a long-term Bitcoin acquisition strategy, planning to accumulate up to 6,000 coins by 2027 or earlier.

The UK listed company The Smarter Web Company disclosed that it has increased its holdings by 325 coins, currently owning a total of 1,600 coins.