Weekly Market Insight: July week 4

English

Market Updates

23 Jul 2024

Headline News

- The market's reaction to the attempted assassination of Donald Trump has led to an increased belief in his chances of winning the 2024 U.S. election. Despite Polymarket currently prices Trump's victory at 64%, institutional polls from sources like FiveThirtyEight, The Economist, and Ipsos indicate that Trump holds only an average lead of 2.73% over Biden in recent polls. However, these poll results would face significant changes as Biden announced to drop out of the 2024 presidential race on July 22nd at 1:46 AM SGT.
- Overall, Bitcoin's price surged by 12%, and Bitcoin ETFs experienced their 10th consecutive day of net inflows, totaling $814.17 million last week.
- Looking ahead, the Ethereum spot ETF launch is anticipated on July 23rd, and there are rumors that Trump will announce a Bitcoin reserve strategy at the Bitcoin Conference on July 28th at 3 AM SGT.

- Retail sales in the US stalled in June from May, matched with market expectations.
- The market estimates 95% probability the rate remains unchanged for the July 31st FOMC meeting. Furthermore, the market expects a 93.9% chance of a 50bps cut and 49.9% chance of a 75bps cut by the end of 2024.

- Thursday, July 25th 8:30pm: US Durable Goods Orders in June and Advance Estimate Q2 GDP

- Friday, July 26th 8:30pm: US PCE Price Index, Personal Income and Personal Spending in June

- Binance.US received judge approval to invest customers' assets in US Treasury bills.
- Grayscale launched a new Decentralized AI Fund, where NEAR, FIL and RNDR together make up 87% of the fund. The fund has $570K worth of assets under management as of July 19th, 2 days after the announcement.
- 21Shares launched Injective Staking ETP, AINJ. The fund has $133,027 assets under management as of July 19th.
- SEC Commissioner Hester Peirce said staking and in-kind creation/redemption for Ethereum and Bitcoin ETFs are open for reconsideration.
- SEC dropped investigation of Stacks and Hiro System according to filing.

- TON Foundation introduced store for Mini Apps, supporting seamless app launches, direct advertising, tailored push notification and crypto/fiat payment integration. The foundation also announced the launch of TON Teleport BTC, permissionlessly pegged in BTC onto TON network later this year.
- IOTX introduced 2.0, upgrading its L1 blockchain into open Modular Infrastructure for DePIN protocols.
- ZetaChain introduces Gateway and Localnet, enabling protocols built on top of Zetachain to enjoy native connections to any blockchain, including the Bitcoin network.
- Chromia Mainnet is live. The network is powered by CHR token and enabling dapps such as blockchain games to be deployed with real-time indexing, gasless transactions and efficient on-chain data management.

- Chainlink has launched the Digital Assets Sandbox (DAS) to onboard institutional investors with initial focus on tokenised bond workflows including issuance, auction, primary market allocation on atomic DvP basis, CLOB, OTC trading, settlement, custody and more.
- Uniswap Labs launched its wallet browser extension to the public, featuring a sidebar interface and a better swapping experience.
- Sanctum had launched its CLOUD token with a FDV of $303 million. The team also highlighted the project roadmap to be the launchpad for businesses and protocols, which users enjoy certain protocol benefits or gated content via staking. The team also plans to launch Sanctum Pay, a debit card together with Basedapp.
- Cetus, the largest DEX in Sui Network based on TVL, introduced Cetus Plus, its new swap aggregator.

- Avail mainnet is expected to be launched on July 23rd.
- Illuvium is expected to officially launch the Illuvium Universe on July 25th.
- Ripple is expected to announce a settlement deal with SEC this week, according to Bloomberg.
- Polygon announced MATIC to POL token migration will happen on September 4th, replacing as the Polygon PoS gas and staking token.
- Theta announced the release of Theta Edge Node for Android devices on September 15th, which consists of video object detection AI models and provides mobile computation for TFUEL as rewards.
- ApeCoin DAO proposed opening an Ape theme hotel in Bangkok. ApeCoin DAO will obtain 50% of the room revenue within one year, and the current voting approval rate is 89%.
- MakerDAO proposed activating NewGovToken, where 1 MKR for 24,000 NewGovToken. NewGovToken will receive 15% of SPK token emission or 10% of total protocol stablecoin surplus in its Sealed Activation or LockStaking.
- Worldcoin announced the 80% unlocking schedule for TFH investors and team members will be extended from 3 years to 5 years by lowering 40% of the daily unlocking.

- ALT token unlocked on July 25th, amount representing 42.08% of the token supply.
- OP token unlocked on July 31st, amount representing 2.79% of the token supply.
- DYDX token unlocked on August 1st, amount representing 3.65% of the token supply.
- ZETA token unlocked on August 1st, amount representing 18.95% of the token supply.
- W token unlocked on August 3rd, amount representing 33.33% of the token supply.
- MODE token unlocked on August 5th, amount representing 14.25% of the token supply.

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