Weekly Market Insight: July Week 5

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Market Updates

30 Jul 2024

Headline News

- Ethereum spot ETFs launched last week with an average of $1 billion daily trading volume. However, Ethereum closed with an outflow of $341.8 million last week, where Grayscale's ETHE is the sole source of outflow amounting $1.5 billion. Ethereum prices decreased by 7.46% last week.
- On the other hand, Bitcoin prices rebounded quickly since last Thursday as the market anticipated Donald Trump's speech at the Bitcoin Conference in Nashville. Trump later stated he would fire SEC Chair Gary Gensler, pledged not to sell any Bitcoin US government holds and creating a national crypto stockpile.

- The durable goods orders in the US decreased by 6.6% in June, missing market expectation of a 0.3% increase. The decrement was driven by transportation equipment.
- The US had an annualised 2.8% advance estimated GDP in Q2, well above market 2% forecast.
- The US core PCE price index increased by 0.2% in June, slightly above expectation of a 0.1% increase. Meanwhile, personal income increased by 0.2% in June, below the estimation of 0.4%. Personal spending increased by 0.3% in June, matched with market expectations.
- The market estimates 95.9% probability the rate will remain unchanged in the FOMC meeting this Thursday.

- Tuesday, July 30th 10:00pm: US JOLTs Job Openings in June

- Thursday, August 1st 2:00am: FOMC meeting

- Thursday, August 1st 10:00pm: US ISM Manufacturing PMI in July

- Friday, August 2nd 8:30am: US Non-Farm Payrolls and Unemployment Rate in July

- Jersey City Pension Fund filed with the SEC to allocate a percentage of the fund to Bitcoin ETFs.
- Michigan Pension Fund reported owning $6.6 million in Bitcoin ETF.
- Bitstamp has started to distribute Bitcoin and Bitcoin Cash to Mt Gox creditors on its platform.
- US Senator Cynthia Lummis stated to introduce legislation for "strategic Bitcoin reserve" by buying 1 million Bitcoin over the course of five years at the Bitcoin Conference in Nashville.

- Avail has launched its token with $1.7 billion FDV. Deq.fi provides AVAIL liquid staking from day-one.
- CoreDAO, an EVM compatible Bitcoin Layer 2, introduced dual staking for BTC and CORE. Stakers are able to stake BTC or both assets (with boosted yield) to secure the network.
- BEVM announced the launch of SATS Chains, a Bitcoin Layer 2 that utilised SATS token as gas and governance by using BEVM Stack.
- Secret Network announced the integration of Confidential Computing Layer with Polygon. Dapps could now utilise Secret's Trusted Execution Environments (TEEs) technology to perform private computing such as private voting, encrypted data storage and more.
- Igloo, the parent company of Pudgy Penguins, raised undisclosed amounts from Founders Fund and others. They will be contributing to Abstract Chain, its consumer friendly Ethereum Layer 2.

- Jito announced Jito Restaking, which can be supported by any number of SPL tokens.
- Solend has rebranded as Save with a new logo and three new products, including SUSD (stablecoin with 0% interest borrowing against SOL), saveSOL (its LST) and dumpydotfun (platform for shorting memecoins).
- Renzo introduced new tokenomics by introducing ezGOV, where token holders will have power to propose and vote, and ezSTAKE, where REZ stakers are eligible to earn ezPoints.
- Ethena invites RWA or reward bearing asset issuers to pitch for Ethena's $45 million Reserve Fund and $250 million USDe liquid cash backing. Securitize is one of the early applicants.
- Atari announced to launch a series of retro games on Base, starting with Asteroids. Users could purchase NFT to get access and on-chain scoreboard.
- Maple Finance announced partnership with Jito by onboarding JitoSOL as part of the financing asset.
- Yearn Finance introduced Gimme, a user friendly yield vault on Polygon network.
- Skate announced to be launching Polymarket on TON by utilising its stateless app model.

- Sui started Mysticeti rollout in upcoming weeks, potentially reducing consensus time by 80% to reach sub-second finality.
- GMX passed the proposal to switch “Buyback ETH and Distribute ETH” model to “Buyback GMX and Distribute GMX”.
- pStake Finance is launching Babylon's Bitcoin liquid staking on July 29th with a 50 BTC cap.
- Elixir, the orderbook liquidity layer for Bluefin, Hyperliquid, Orderly and more, is expected to have major announcements on July 31st.
- Arbitrum's voting for Expansion Program, which allows projects to deploy Orbit chain on any chain. The voting will end on August 1st.
- Jupiter will conduct its 30% token supply reduction voting on August 1st.
- Thorchain is expected to launch RUNEPool this week, where deposited RUNE is redistributed across all Protocol Owned Liquidity-enabled pools, earning aggregated yield from all the pools.
- Aave proposed to activate the fee switch by using the excess revenue to buyback AAVE and distribute it to AAVE staker. The proposer also stated potential restaking of AAVE, sourcing revenues from third-party protocol.
- Drift Protocol, a perpetual DEX in Solana, announced it will launch prediction markets very soon. Polymarket, the popular crypto prediction market, has more than $340 million volume traded in July.
- Compound passed a suggested governance attack proposal to grant 500,000 COMP to Golden Boys' goldCOMP DeFi vault.

- AltLayer announced a 6-month vesting pause until January 25th, 2025.
- 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.
- IMX token unlocked on August 9th, amount representing 2.11% of the token supply.
- IO token unlocked on August 11th, amount representing 2.22% of the token supply.
- APT token unlocked on August 12th, amount representing 2.41% of the token supply.

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