Market Updates
Weekly Market Insight: June Week 1
04 Jun 2024

Headline News

  • - Bitcoin and Ethereum prices decreased by 1.09% and 1.19% respectively last week. The market calmed down after the optimistic sentiment from the spot Ethereum ETF 19b-4 form approval the week before. Despite the price actions mentioned, the spot Bitcoin ETFs still experienced a positive net inflow of $170.91 million last week.


  • - The US Q1 GDP was revised downward to 1.3%, which is inline with market forecast and below 1.6% advance estimate mainly due to slow consumer spending. The US core PCE price index increased by 0.2% in April, lower than market expectation of 0.3%. The US personal income in April increased by 0.3% after a 0.5% increase in March, inline with market expectation . While personal spending in April increased by 0.2% after a 0.7% increase in March, lower than market expectation of 0.3%.
  • - The market estimation of having a 50bps rate-cut in 2024 increased from 39.6% to 45.5%. The June 12th FOMC meeting is expected to keep the rate unchanged with probability of 99.9% according to the CME Fed Funds futures.
Upcoming Economic Calendar including,
  • - Monday, June 3rd 10:00pm: US ISM Manufacturing PMI in May
  • - Tuesday, June 4th 10:00pm: US JOLTs Job Openings in April
  • - Wednesday, June 5th 10:00pm: US ISM Services PMI in May
  • - Friday, June 8th 8:30pm: US Non Farm Payrolls and Unemployment Rate in May


  • - The US President Joe Biden vetoed the congressional disapproval of the SEC's Staff Accounting Bulletin 121 (SAB 121).
  • - Singapore DBS bank was reported to own over 173K ETH. The holding is potentially customer's assets, as the bank spokesman replied "DBS does not have this position on the bank's books".
  • - Semler Scientific, a public company on Nasdaq, announced adoption of Bitcoin as its primary treasury reserve asset. The company had purchased 581 Bitcoin when the announcement was made.
  • - Mt. Gox addresses were seen transferring Bitcoin to other addresses. Mt. Gox issued a notice clarifying that the Rehabilitation Trustee is preparing to make repayment for the portion of cryptocurrency rehabilitation claims. No actual repayment nor sales of Bitcoin and Bitcoin Cash have been made at this time.

  Layer 1s and Layer 2s

  • - Paypal USD, PYUSD, announced it is now available on Solana blockchain.
  • - LayerZero is now live on Solana blockchain.
  • - Solana approved to allocate 100% of priority fees to validators, removing the 50% burning on priority fees.
  • - Base increased gas target from 5 Mgas/s to 7.5 Mgas/s, significantly reducing users' onchain gas fees. The team plans to increase the target to 1Ggas/s.
  • - Fantom announced a partnership with Google Cloud to become a validator on Fantom and offer $200K credits to dApps that are receiving funding from the Foundation to transition to the new Sonic chain.
  • - Aptos joined the Chainlink SCALE program, integrating Chainlink Data Feeds and CCIP to promote dapps development in its MOVE-based blockchain.
  • - Galxe announced to launch Gravity, a new layer 1 with features such as intent-based transactions, gas abstraction, omnichain loyalty points and balance abstraction with yield built-in. The Alpha mainnet powered by Arbitrum Nitro stack is expected to launch in June, followed by the Gravity mainnet in Q2 2025 with restaking security from Babylon and EigenLayer.
  • - Ripple announced the intention to launch its stablecoin during Currency LDN 2024 event.
  • - Bitcoin "restaking" project, Babylon, raised $70 million led by Paradigm.


  • - Uniswap postponed the voting for the activation of fees switch due to "immutable nature and sensitivity of the proposed upgrade", any changes will be updated in the future.
  • - Ethereum Name Service announced ENSv2, extending ENS protocols to Layer 2s.
  • - Stargate v2 is now live.
  • - API3 raised $4 million in a strategic round led by DWF Labs.
  • - UMA announced Oval integration to Morpho, enabling the lending market to capture any OEV from liquidations in the deployed markets.

Upcoming Alpha:

  • - Flare Network teased potential update details for its cross-chain solution for tokens from non-smart contract networks to Flare Network, FAssets, this week.
  • - Maple Finance introduced Syrup Finance, a new protocol for institutional yield. MPL holders will be able to migrate to SYRUP 1:1 basis. More details on roadmap are expected to be revealed on June 4th.
  • - Mina is expected to have Berkeley upgrade on June 4th, enabling ZK smart contracts on Mina blockchain.
  • - Taiko is expected to have its token launched on June 5th.
  • - Coinbase Smart Wallet is expected to launch on June 5th, enabling easy access to Coinbase balances, easy onboarding with passkey, sponsored gas and other friendly UX integration.
  • - The US House Financial Services Committee and the House Agriculture Committee will hold a joint hearing on June 6th to discuss the future of crypto regulation, titled "The Future of Digital Assets: Providing Clarity for the Digital Asset Ecosystem".
  • - Arweave announced to launch AO token on June 13th. 100% of the token will be distributed to assets bridged into AO Computer, AR holders and builders.
  • - FET token will be renamed to ASI and FET migration will be opened on June 11th, then AGIX and OCEAN will be opened for migration on June 13th.
  • - GMX is expected to receive 5.4 million ARB tokens from Arbitrum STIP-Bridge as ecosystem incentives. Other protocols which are expected to receive more than 1 million ARB as incentives, including Vertex, Camelot, Pendle, Radiant, Jones, MUX and Gains Network.
  • - EigenLayer is expected to launch phase 2 stakedrop in mid-June.

   Token Unlock

  • - GAL token unlocked on June 5th, amount representing 1.76% of the token supply.
  • - APT token unlocked on June 12th, amount representing 2.59% of the token supply.
  • - IMX token unlocked on June 14th, amount representing 1.72% of the token supply.
  • - CYBER token unlocked on June 14th, amount representing 3.96% of the token supply.
Contact ChainUp Investment
First Name
Last Name
Email Address
Your Mobile Phone Number
no data
Company Name
Job Title