Bitcoin (BTC) ended the week 1.37% up, while
Ethereum (ETH) underperformed slightly, closing the week up 0.85%. Total crypto market cap dropped 2.03% from $3.442T to finish the week at $3.372T.
This week’s
liquidations remained relatively flat, with a large long liquidation event on Tuesday taking out $320M in long positions.
Funding rates in general continue to remain relatively flat, with some increases across cryptocurrency majors, reflecting an increase in leverage in the system.
📌 Michael Saylor’s Strategy acquires 10,100 BTC for $1.05B at an average price of $104,080 per Bitcoin. –
Link📌 SharpLink Gaming acquires 176,271 ETH for a total of $463M, making them the largest public holder of ETH. –
Link📌 Solana treasury company, DeFi Development Corp, secures a $5B equity line to accelerate their acquisition of SOL for their treasury. –
LinkWhy does it matter?
Despite an escalation in the conflict between Israel and Iran, markets held relatively strong, with both crypto and traditional markets drifting downwards over the week. This could signal current optimism in the conflict, with many expecting the US to diffuse the situation eventually. The S&P 500 is down 0.42% over the week while the Nasdaq ended the week down only 0.36%.
Stablecoins continue to hold the spotlight as the GENIUS Act passes, with large institutional players entering the stablecoin space.
📌 JP Morgan launches JPMD, a USD deposit token for institutional clients on the Base L2. The token is designed to facilitate 24/7, secure transfers via the blockchain. –
Link📌 China’s largest retailer, JD, applies for global stablecoin licenses, seeking to reduce transaction costs on cross-border payments via stablecoin rails. –
Link📌 The GENIUS Act governing stablecoins passes in the US Senate, with Treasury Secretary, Scott Bessent, expecting the stablecoin market to grow to $3.7T by the end of the decade. –
LinkWhy does it matter?
Interest in stablecoins from outside of crypto natives continues to grow, with even retail merchants like JD, Amazon and Walmart exploring the use of stablecoins to reduce fees.
📌 Mantle introduces UR, a crypto-based, borderless neobank, allowing users to spend, on and off-ramp easily via a linked multi-currency fiat account. –
Link📌 EigenLayer introduces EigenCloud, a platform for verifiable apps, services and AI, secured by the EIGEN token. –
Link📌 Kraken L2, Ink, announces its upcoming token, INK, which will be utilized to support and promote usage of DeFi within the Ink ecosystem. –
LinkWhy does it matter?
New neobanks continue to attempt to bridge the gap between crypto and traditional finance, tackling one of the biggest hurdles for mainstream adoption.
📌 ByBit introduces ByReal, a Solana-based liquidity network bringing together CEX-grade liquidity and DEX transparency. ByReal will also support its own launchpad and yield vaults. –
Link📌 Leading lending protocol, Aave, introduces their V4 architecture, which combines all assets into a unified liquidity hub, rather than in silo as they are now. –
Link📌 Solana liquidity protocol, Meteora, introduces Rate Limiter, an upgrade to tax snipers purchasing large amounts of a token on launch, while leaving smaller transactions unaffected. –
Link📌 CoWSwap introduces Fair Combinatorial Batch Auctions (FCBAs), bringing higher throughput, fairer trades and gas savings to the protocol and its users. –
LinkWhy does it matter?
Bybit’s exploration into a CEX-DEX integration highlights the existing gap between CEX and DEX functions, with CEXes well-positioned to support the liquidity gap on DEXes with their own deployments.
📌 Crypto-powered AI startup, Yupp, raises $33M in a seed funding round led by a16z crypto, with participation from more than 45 angels and investors from Google, Coinbase and more. –
Link📌 Solana AI protocol, Gradient Network, raises $10M in a seed round led by Pantera Capital and Multicoin Capital, with support from HSG Capital, among other investors. –
Link📌 Modular blockchain infrastructure, Units Network, raises $10M in funding from Nimbus Capital. –
Link📌 ETH restaking layer, EigenLayer, raises $70M via an OTC token sale to a16z crypto, to support the launch of their latest feature, EigenCloud. –
Link📌 Spark, by MakerDAO, announces their SPK token airdrop, which will be claimable until 22nd July. –
LinkThe choice is clear, we have no choice but to keep buying the dips.
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