💸 US spot Bitcoin ETFs recorded the highest net inflow in a single month on 5 July; Fidelity and Sygnum partner with Chainlink to bring NAV data on-chain

US spot Bitcoin ETFs recorded the highest net inflow in a single month on 5 July; Fidelity and Sygnum partner with Chainlink to bring NAV data on-chain; Mt Gox began repayment in BTC and BCH on 5 July

Jul 08, 2024
Crypto Market Pulse

Quick Take

  • US spot Bitcoin ETFs recorded the highest net inflow in a single month on 5 July; Fidelity and Sygnum partner with Chainlink to bring NAV data on-chain; Mt Gox began repayment in BTC and BCH on 5 July
  • US spot Bitcoin ETFs had a weekly net inflow of US$311 million last week (past five trading days), compared to a net outflow of $37 million the week before. Grayscale Bitcoin Trust ETF’s (GBTC) weekly net outflow settled at $115 million. 
  • On the macro side, Fed Chair Powell said the US is back on a ‘disinflationary path’ but would need more data before lowering interest rates. Nonfarm payrolls increased by 206,000 jobs in June, a slowdown in job growth compared to May but still higher than expected. Unemployment rate increased to 4.1%, a 2.5-year high, suggesting a cooling labour market. ECB President Largarde said the ECB needs more time to conclude that the inflation trajectory is back to the 2% target before lowering interest rates further. The latest CME FedWatch Tool shows a 72% probability of a September rate cut. 
  • Notable updates: Cosmos (ATOM) released Gaia v17.3.0; Artificial Superintelligence Alliance (FET)  launched phase 1 of its token merger; Ronin (RON) activated two hard forks, Aaron and Trippp
  • Notable events in the coming week: Fed Chair Powell Testimony, US Consumer Price Index and Producer Price Index

Weekly Market Index

Price index decreased by -8.87% last week, while the volume and volatility indices increased by +26.67% and +0.42%, respectively. Price drop coincided with Mt. Gox commencing repayments in Bitcoin and Bitcoin Cash, as well as reports of US and German governments sending Bitcoin to exchanges.


Chart of the Week

Bitcoin’s price declined below the 200-day simple moving average line for four consecutive days since 4 July. This was amid volatile Bitcoin price action recently, with BTC falling to $54,000 level on 5 July, the lowest since February.

This coincided with Mt. Gox commencing repayments to customers in Bitcoin and Bitcoin Cash on 5 July, sending over 47,288 BTC ($2.7 billion) from cold storage to an unidentified wallet. US and German governments have also sent $738 million worth of Bitcoin to exchanges over the last two weeks.

At the same time, US spot Bitcoin ETFs recorded the highest net inflow in a single month (from 7 June to 5 July) of $143 million on 5 July, according to data from Farside Investors. This is largely contributed by a $117 million net inflow to Fidelity’s FBTC. Blackrock’s IBIT recorded zero net flow, while Grayscale’s GBTC recorded a net outflow of $29 million. The record net inflow potentially suggests that institutional investors are using the recent dip to accumulate Bitcoin. 


Weekly Performance

BTC and ETH decreased by -7.6% and -12.2%, respectively, in the past seven days. The price action for other selected top market cap tokens was all down, where LDO (-19.5%) led the drop.

Key categories were all down in terms of market capitalisation changes in the past seven days, with the L-2 category leading the drop.


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News Highlights

Regulations

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  • New Developments in GameFi: Play-to-Airdrop and Prediction Markets: Both play-to-airdrop and prediction markets have blurred the boundaries between Web2 and Web3. Our latest report looks into new developments in GameFi by delving deeper into these two trends.
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Research and Insights Team

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