Complete Gate Post tasks to upgrade your rank

Credit Ranking

[//]:content-type-MARKDOWN-DONOT-DELETE
![](https://gimg2.gateimg.com/image/article/17204959281_7.png)
## Crypto Daily Digest: The German government transferred Bitcoin, Mt. Gox repayments begin, intensifying BTC selling pressure; VanEck and 21Shares plan to launch Solana-based ETFs; Blast launched the second phase of the reward program
First, let's examine the trading activities of <a href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> ETFs. According to Farside Investor data, on July 8, Grayscale Bitcoin spot ETFs (GBTC) received an inflow of $25.1 million in funds. Meanwhile, Fidelity Bitcoin spot ETF (FBTC) had an inflow of $61.5 million, Bitwise Bitcoin spot ETF (BITB) had an inflow of $11 million, and ARK 21Shares Bitcoin spot ETF (ARKB) had an inflow of $8.4 million.

**The German government transferred Bitcoin, and Mt. Gox repayments begin, intensifying BTC selling pressure**

The German government is selling Bitcoin again, with $900 million worth being transferred to centralized exchanges, indicating that the government plans to sell the remaining $1.3 billion in Bitcoin holdings. According to Arkham Intelligence, approximately 16,309 Bitcoins were transferred to wallets marked as German government-related, and on July 8, these Bitcoins were transferred multiple times to multiple external addresses. This is the maximum daily clearing of Bitcoin.

In addition, 700 Bitcoins (worth over $38.5 million) were sent to a wallet marked "139Po", which had previously received funding from the German government. The price of Bitcoin plummeted significantly after these transfers, dropping from a high of $58,200 to $54,278, a drop of up to 6.75%.

The German government has completed more than half of its selling actions. Since starting to sell digital assets in June, its holdings have decreased from 50,000 Bitcoins to 23,788 Bitcoins, valued at $1.3 billion. This has triggered a large-scale liquidation of the entire crypto market, with a total of $425 million in leveraged positions liquidated, including $216 million in long liquidation, according to Coinglass data.

Meanwhile, creditors of the bankrupt crypto exchange Mt. Gox have begun their long-awaited repayment process, which will be repaid in Bitcoin and Bitcoin cash. This has intensified the selling pressure on Bitcoin. Mr. Kobayashi, the trustee of the bankruptcy estate of Mt. Gox, stated that Bitcoin and Bitcoin cash have started to repay some creditors through several designated crypto transactions.

There are reports that Bitstamp, the crypto exchange, plans to quickly allocate its portion of Bitcoin repayments to Mt. Gox creditors, although it will have up to two months to complete this task after receiving Bitcoin. Arkham Intelligence, a blockchain analysis company, stated that a small amount of Bitcoin was previously transferred out of the wallet associated with Mt. Gox, of which $2.71 billion was transferred out of the exchange's cold wallet.

**VanEck and 21Shares plan to launch <a href="/price/solana-sol" target="_blank" class="blog_inner_link">Solana</a>-based ETFs**

The Chicago Board of Options (Cboe) has officially requested the Securities and Exchange Commission (SEC) to allow asset managers VanEck and 21Shares to bring Solana based exchange-traded funds (ETFs) to the market.

Cboe submitted two 19b-4 documents to the SEC on Monday, requesting these products be launched after obtaining regulatory approval. Once the SEC confirms receipt of documents, there will be a 240-day window during which regulatory agencies must make decisions on these products, and Solana (SOL) will support these ETFs.

Rob Marrocco, Global Head of ETP Listing at Cboe Global Markets, stated in a statement, "After successfully listing the first batch of US spot Bitcoin ETFs on our exchange and obtaining approval from the US Securities and Exchange Commission for our listing of spot <a href="/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a> ETF rules, we are currently addressing the growing interest of investors in Solana - the third most active cryptocurrency after Bitcoin and Ethereum."

Cboe will become the listed exchange for five spot Ethereum ETFs if these products are approved. Industry analysts predict that the SEC will approve the Ethereum ETF as early as this week, and many issuers have submitted revised S-1 forms on Friday and early Monday.

**Blast launched the second phase of the reward program**

On July 8, Blast announced the launch of the second phase of the reward program, allocating 10 billion BLAST to support mobile Dapps development and incentivizing users to use these Dapps through the Blast App. The reward is 5 billion BLAST each for Blast Points and Blast Gold. Users earn points through ETH, WETH, USDB, and BLAST balances, while Dapps earns Gold based on performance. The first Gold allocation will take place on July 8. Users who install the Blast App can receive Golden Tickets, improving their points and Gold acquisition speed.

On July 9, Blast announced that Phase 2 Gold Distribution 1 had been launched. In the initial Gold allocation, 10 million Gold will be allocated to Dapp, of which 9.5 million Gold will be reserved for existing Dapp and 500000 Gold will be reserved for newly launched Dapp. Add a category of "Predictive Market" with a weight of 4.

In addition, a new Big Bang competition will be launched in August, offering Gold rewards, cash grants, and joint marketing opportunities.

## Market Trends: Market-wide volatility index shows that the current BTC price is suitable for regular investment
BTC is consolidating around $56,500, showing a broad and volatile trend. Yesterday, Bitcoin's spot ETF saw a net inflow of $107 million, demonstrating the market's sustained interest and investment enthusiasm in Bitcoin.

ETH also showed a broad volatility trend, falling to around $2,820 yesterday and rebounding above $3000. The ETH/BTC exchange rate has strengthened. The market expects the ETH spot ETF to be approved on July 15, which may further boost Ethereum's price.

Altcoins have fluctuated, with the Meme sector performing more strongly.
### Market Indicators
The AHR999 index: Today, the AHR999 index is at 0.68, which is suitable for regular investment, indicating that the current BTC market has a certain investment value.

Fear and Greed Index: The current fear and greed index is at 37, and market sentiment has improved compared to yesterday, but it is still in the fear zone.
### Macroeconomics
The three major indexes of the US stock market are fluctuating, indicating market uncertainty.

Monetary Policy: The expectation of interest rate cuts in the United States is heating up. Federal Reserve Chairman Powell's remarks on monetary policy on Tuesday evening and Wednesday at 10:00 p.m., which may significantly impact the market.
### Market Hotspots:
Meme sector: Meme coins such as NOT, BILLT, BONK, and PEPE have rebounded significantly, and the Meme sector has performed more strongly in the rebound market.

Ethereum ecosystem: With the expectation that ETH spot ETFs will be approved next week, ETH/BTC will strengthen. ENS, TIA, DYM, XAI and other projects have rebounded significantly, indicating the market's continued attention to the Ethereum ecosystem. TIA is expected to unlock 120% of the current circulation of tokens in October, which may significantly impact the market.

Point airdrop: The data website Debank announced yesterday that it will airdrop the point xp, and there may be token airdrops in the future. Debank is an on-chain data website created by a Chinese team.
### Summary
The current market is characterized by broad fluctuations, with Bitcoin and Ethereum fluctuating between key support and resistance levels. The Meme sector and Ethereum ecosystem have performed outstandingly, and market sentiment has improved, but caution is still needed. On the macroeconomic front, the Federal Reserve's monetary policy statement may significantly impact the market and require close attention. Investors can develop reasonable investment strategies based on the AHR999 index and the fear and greed index, and market trends.

## Macro: The S&P 500 and Nasdaq hit historic highs, with investors focusing on inflation data and financial reporting season
On Monday, July 8, the S&P 500 and Nasdaq indexes closed at historic highs. Investors are focusing on new inflation data, Federal Reserve Chairman Jerome Powell comments and the upcoming quarterly financial reporting season.

The three major indexes are: the S&P 500 index rose 0.10%, the Nasdaq index rose 0.28%, and the Dow Jones index fell 0.08%.

Chip company stocks led the gains, with Nvidia up nearly 2%, Intel up over 6%, and AMD up 4%, driving the Philadelphia Semiconductor Index up 1.9%.

Traders will closely monitor the consumer price data released on Thursday and the producer price data released on Friday to evaluate the Federal Reserve's progress in fighting inflation. Investors are concerned that waiting too long for interest rate cuts may harm the labor market and plunge the economy into recession. Therefore, Powell's biannual testimony in the US Senate and House committees on Tuesday and Wednesday is crucial.

Citigroup, JPMorgan Chase, and Wells Fargo Bank will kick off the second quarter financial reporting season on Wall Street on Friday. Citigroup's stock price rose 1.1%, while Wells Fargo's stock price fell 1%.

On Tuesday, July 9, Asian stock markets opened higher with Wall Street as the market hoped that Federal Reserve Chairman Jerome Powell would make dovish comments on the easing outlook later that day, while the US dollar remained stable near a four-week low.

The MSCI Asia Pacific stock index rose 0.3%, slightly below its highest point in two years. The Nikkei Index of Japan rose 1%, reaching a historic high; Chinese blue chip stocks fell by 0.85%; The Hang Seng Index in Hong Kong fell by 0.57%.

The US dollar remained stable at a four-week low of 104.98 in the currency market against a basket of currencies. The heavily damaged Japanese yen and Chinese yuan were able to breathe a sigh of relief, with the yen/US dollar exchange rate remaining at 160.84. Last week, it fell to a 38-year low of 161.96; The offshore RMB/USD exchange rate hovered at 7.2874, after rising for four consecutive trading days, breaking away from a seven-and-a-half-month low.

The euro regained some lost ground, causing significant fluctuations in the French stock market. As investors digested the shocking election results of the French Parliament, the risk premium of French bonds to German bonds narrowed.

Regarding commodities, the hurricane hit an important oil production center in Texas, USA, but the losses were smaller than expected, and oil prices remained almost unchanged.

The price of gold rose 0.2% to $2,363.31 per ounce, and fell 1.4% overnight.



<div class="blog-details-info">
<div>Author:**Sherry S. & Icing**, Gate.io Researcher
<div>Translator:Joy Z.
<div class="info-tips">\*This article represents only the views of the researcher and does not constitute any investment suggestions.
<div>\*Gate.io reserves all rights to this article. Reposting of the article will be permitted provided Gate.io is referenced. In all cases, legal action will be taken due to copyright infringement.
</div>

简体中文

English

Tiếng Việt

Español

Русский язык

Français

ภาษาไทย

日本語

Indonesia

Deutsch

عربي

Português (Portugal]

Português (Brasil]

繁體中文

Українська

The crypto market is volatile, the German government transferred Bitcoin, and Mt. Gox_s repayments begin. BTC still faces huge selling pressure.

福利中心

小红花-Learn & Explore-博客

小红花-Learn & Explore-快讯

币圈-币圈-未来事件

小红花-Learn & Explore-聊天室

小红花-Learn & Explore-直播

小红花-Learn & Explore-动态

币圈

Gate OTC

芝麻金融-更多-财富管理

机构-APIs

机构-大宗交易服务

机构-经纪商项目

全球做市商计划

机构-托管和资产管理

机构借贷

机构-做市商项目

小红花-Promotions-机构和VIP服务

量化基金

机构-基础架构

机构-交易

机构-金融

结构化产品

机构-主页

衍生品-统一账户

芝麻金融-更多-抵押借币

vip服务

机构

策略跟单

现货跟单

交易-合约跟单

跟单

量化策略-探索

量化策略-进阶

量化策略-基础

交易-机器人广场

创建机器人

探索机器人

杠杆网格

无限网格

期现套利

组合指标策略

智能调仓

现货马丁格尔

合约网格

现货网格

交易机器人

芝麻金融-更多-ETH2.0挖矿

芝麻金融-更多-法币理财

链上赚币

芝麻金融-理财-双币宝

芝麻金融-理财-定期理财(屯币)

芝麻金融-理财-结构性理财

芝麻金融-理财-理财宝

芝麻金融-理财-余币宝

GT挖矿

芝麻金融-更多（理财产品）

芝麻金融-理财（打新）

launchpool

launchpad

赚币-HODLer Airdrop

candy_drop

web3 Airdrop

赚币

模拟交易

衍生品-期权

衍生品-交割合约

衍生品-永续合约

合约入门

合约活动

衍生品

交易-杠杆ETF

交易-杠杆交易

交易-闪兑

交易-现货交易

交易-创新交易

交易-交易工具

交易-交易类型

交易-盘前交易

交易

行情

买币-gateCard

卖币

买币-快捷交易

买币

买币-paywith

法币定投

小红花-推广

新手指南

活动中心

小红花-Learn & Explore-学院

小红花-Exchange-最新公告

小红花-Exchange-帮助中心

gate商店

小红花-Promotions-邀请计划

小红花-promotions-代理商

储备金

合作伙伴

cextg小程序

小红花

web3

Daily News | Market is Volatile; BTC Still Faces Huge Selling Pressure; VanEck and 21Shares Plan to Launch Solana ETFs; Blast Launched the 2nd Phase of the Reward Plan