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1. Market Index

All indices fell in June. The price, volume and volatility indices were negative at -9.26%, -20.07% and -10.43%, respectively.


2. Charts of the Month

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. 

Stablecoin issuers are now the 18th largest holders of US debt. Collectively, they hold over $120 billion in US Treasury notes. This makes stablecoin issuers larger holders of US debt than some major current account surplus nations like South Korea, Mexico, and Germany.

The largest stablecoin issuers holding US debt are Tether (USDT), with around $91 billion in Treasuries, and Circle (USDC), with $29 billion in short-dated US debt, according to the data from Tagus Capital.

The NFT market saw a 44% decline in sales volume in Q2 2024, dropping from $4.1 billion in Q1 to $2.3 billion. This downturn marks the lowest quarterly volume since Q3 2023. Despite the decline, Solana and Bitcoin-based NFTs achieved significant milestones, with Solana reaching $5.62 billion in sales volume and Bitcoin NFTs hitting $4.32 billion in all-time sales. They have both surpassed the Ronin blockchain – known for the popular blockchain game Axie Infinity. They now hold the second and third spots, respectively, behind Ethereum for the highest all-time NFT sales volume.


3. Monthly Feature Articles

Monthly Feature Report | Spot Ethereum ETFs

The US Securities and Exchange Commission (SEC) approved spot Bitcoin exchange-traded funds (ETFs) in early 2024, strengthening crypto assets’ legitimacy as an emerging asset class. In May 2024, the SEC approved eight spot Ether ETFs, which could launch in July 2024.

Spot Bitcoin and Ether ETFs track spot prices of the corresponding assets without direct holding of the assets. Although Ether ETFs offer potential staking rewards, new Ether ETFs have removed staking features to align with SEC regulations. The SEC’s approval of spot Ether ETFs is expected to significantly impact the Ethereum market. Ethereum’s upgrades, such as the Dencun upgrade, enhance its scalability and efficiency, making Ether ETFs more attractive for investment.

This report discusses US spot Ether ETFs and makes projections on some key metrics when they begin trading. Read it now: Spot Ethereum ETFs.

Key takeaways:

Read the full report

Monthly Feature Report | New Developments in GameFi

Play-to-airdrop and prediction markets are two trends that have recently dominated GameFi’s narrative. Both leverage social elements to gain significant traction and influence.

One popular form of play-to-airdrop is tap-to-earn, which is when players tap or click in the game to earn in-game currencies that can be redeemed in a future airdrop. Tap-to-earn games are a great way to drive crypto adoption, as they’re easy to play, hooking both newbies and crypto enthusiasts seeking rewards. Notcoin and Hamster Kombat are two examples of popular tap-to-earn games.

Prediction markets allow users to speculate on the results of diverse topics ranging from sports, business, and macro events. They contain the element of relevancy, as topics often reflect what’s top on the audience’s mind.

These two trends have blurred the boundaries between Web2 and Web3, and enhanced crypto adoption. Our latest report delves deeper into these two trends to examine new developments in GameFi. Read it now: New Developments in GameFi: Play-to-Airdrop and Prediction Markets.

Key takeaways:

Read the full report

Monthly Feature Report | New Layer-2s

Ethereum Layer-2 (L2) networks have surged in activity, now accounting for approximately 90% of all transactions on the Ethereum network, up from 77% before the Dencun upgrade.

The emergence of new L2 solutions brings innovative approaches to tackle common challenges faced in traditional Ethereum L2s, including centralisation, cross-chain interoperability, and complexities in security and trust. Common trends for these L2s are enhanced security, decentralisation, modularity, native yield generation, and improved liquidity. Overall, emerging L2 solutions like Cronos zkEVM not only enhance Ethereum’s scalability but also improve user and developer experiences, which can potentially boost the Ethereum ecosystem in the near future.

This report explores the new Ethereum L2 landscape by examining the following projects: Cronos zkEVM, Taiko, Morph, Blast, Reya and MegaETH. Read it now: New Ethereum Layer-2s.

Key takeaways:

Read the full report

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4. Alpha Navigator

This institutional-focused report dives into macro trends, market-neutral pairs, style-factor screens, and events. Read the full Alpha Navigator report here.


5. Crypto Conference & Economic Calendar from Market Pulse

Crypto Conferences Calendar

Economic Calendar

Read the full report

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Best regards,

Research & Insights Team

Research Roundup Newsletter [June 2024]

We present to you our latest issue of Research Roundup, featuring our deep dives into ETH ETFs, GameFi, and New Layer-2s.

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