📉 Bitcoin monthly active addresses dropped to lowest point since 2019; VanEck and 21Shares filed for Solana ETFs with the U.S. SEC

Bitcoin monthly active addresses dropped to lowest point since 2019; U.S. SEC requested S-1 resubmissions of U.S. Spot Ethereum ETFs by 8 July; VanEck and 21Shares filed for Solana ETFs with the U.S. SEC.

Jul 02, 2024
Crypto Market Pulse

Quick Take

  • Bitcoin monthly active addresses dropped to lowest point since 2019; U.S. SEC requested S-1 resubmissions of U.S. Spot Ethereum ETFs by 8 July; VanEck and 21Shares filed for Solana ETFs with the U.S. SEC.
  • U.S. Spot Bitcoin ETFs had a third consecutive week of net outflows (past five trading days) totaling US$37 million last week, compared to $544 million net outflows the week before. Grayscale Bitcoin Trust ETF’s (GBTC) weekly net outflow settled at $155 million. 
  • On the macro side, the U.S. Personal Consumption Expenditures Price Index (PCE) was flat in May month-on-month, and up 2.6% on a year-on-year basis. This is the first time in six months in which the PCE inflation remained unchanged on a monthly basis. Latest CME FedWatch Tool shows a 63% probability for a September rate cut. 
  • Notable updates: Near (NEAR) is expected to upgrade to Protocol version 67; Tether (USDT) will halt minting of USDT on EOS and Algorand starting 24 June 2024; Crypto.com App listed Popcat (POPCAT), Ponke (PONKE), and Neuron (NRN).
  • Notable events in the coming week: Speeches by ECB President Lagarde and Fed Chairman Powell, U.S. FOMC Minutes and Nonfarm Payrolls.

Weekly Market Index

Price and volume indices decreased by -3.11%and -4.21% last week, while the volatility index increased by +86.81%. Volatility changes were led by SOL (+110.97%), which coincided with two filings from VanEck and 21Shares for Solana ETFs with the U.S. SEC.


Chart of the Week

Bitcoin monthly active addresses dropped to their lowest since 2019, recording 11.7 million monthly active addresses in June 2024, representing a 6% month-on-month and 34% year-on-year drop. A decline in active addresses generally indicates a lack of trading activities among Bitcoin holders, which potentially coincides with a phase of market consolidation.


Weekly Performance

BTC and ETH increased by +3.8% and +2.5%, respectively, in the past seven days. The price action for other selected top market cap tokens was mixed, AVAX (+16.0%) led the increase and LDO (-16.1%) led the drop.

Key categories showed mix performances in terms of market capitalisation changes in the past seven days, with the meme category leading the increase.


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Research and Insights Team

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