Crypto Assets Market Dynamics and Project Progress

Important News

The Cardano community has approved a core development budget of $71 million, a decision that is expected to boost the development prospects of ADA.

Last week, Bitcoin spot ETF had a net outflow of $643 million, ending a seven-week streak of net inflows.

The daily token issuance on the Base chain surpasses Solana, mainly due to the promotion of the "creator token" model by the decentralized social platform Zora.

Lido co-founder announces a reduction in the contributor team size, with about 15% of employees affected. This decision aims to ensure the long-term sustainability of the project.

YGG established Onchain Guild and allocated 50 million YGG coins to the ecological fund pool to explore new yield generation opportunities.

Market Analysis

CoinShares reports show that digital asset investment products experienced a net outflow for the first time in 15 weeks, with a $404 million outflow from Bitcoin during the week. However, the net inflow for Bitcoin year-to-date remains at $20 billion, reflecting its high sensitivity to changes in monetary policy.

CryptoQuant analysts point out that the Bitcoin bull market has entered the later stages, and investors' risk appetite is gradually declining. Nevertheless, he predicts that there will be two more rebounds during this cycle, after which it may enter a correction phase.

Another CryptoQuant analyst noted that long-term Bitcoin holders are still in a solid profit zone, demonstrating strong holding confidence. Currently, the Bitcoin price is close to the 104,000 USD range, and the overall trend remains bullish, but short-term holders may exert pressure for a phase correction.

Matrixport analysis believes that Bitcoin's drop below the key technical support level of $112,000 is mainly influenced by the downward revision of labor market data and seasonal weakness in August. Risk assets may continue to perform poorly until there is an improvement in the economic and market fundamentals.

Project Updates

Binance Alpha will launch the Fireverse (FIR) token on August 6th. Eligible users can claim the airdrop after trading begins.

Users holding at least 200 Binance Alpha points can apply for airdrop of 1000 DarkStar (DARK) tokens, first come first served.

Binance announces that the BNSOL Super Staking will launch the twelfth project SIGN (SIGN), a multi-chain certification protocol.

A report released by Ripple shows that traditional banks have invested over $100 billion in blockchain since 2020, primarily focusing on areas such as payments, custody, tokenization, and on-chain foreign exchange trading.

Institutional Dynamics

CACEIS, a subsidiary of Crédit Agricole, has acquired a minority stake in Kriptown to support the launch of the blockchain exchange Lise. Lise aims to become the first blockchain-based tokenized exchange in Europe.

Japanese nail salon chain Convano Inc plans to hold 21,000 bitcoins by the end of March 2027 and has recently raised approximately $13.54 million to acquire more bitcoins.

The Japanese listed company Metaplanet invested approximately $53.7 million to increase its holdings of 463 coins, currently holding a total of 17,595 coins, with a total acquisition cost of about $1.78 billion.