Market Updates
Weekly Market Insight: June week 2
11 Jun 2024

Headline News

  • - Last week, the price of Bitcoin increased by 2.78%, while the price of Ethereum declined by 1.96%, indicating a lack of significant optimism for Ethereum despite the upcoming ETF launch. Market sentiment was buoyed by the expectation of a Federal Reserve rate cut, following similar actions by the European Central Bank (ECB) and the Bank of Canada (BOC). Bitcoin ETFs saw the largest weekly inflow of $1.828 billion since March 2024. However, the jobs report released last Friday revealed stronger-than-expected job growth and accelerated wage increases in May, causing the market to reassess the anticipated timing of the Federal Reserve's rate cut.


  • - Both Bank of Canada and ECB reduced key interest rates by 25bps, inline with market expectation.
  • - The US ISM Manufacturing PMI edged to 48.7 in May, below forecasts of 49.6. On the other hand, ISM Services PMI in the US soared to 53.8 in May, well above forecast of 50.8.
  • - Non Farm Payroll in the US increased 272 thousand in May, higher than market expectation of 185 thousand. While the unemployment rate rose to 4% in May compared to the market estimation of 3.9%.
Upcoming Economic Calendar including,
  • - Wednesday, June 12th 8:30pm: The US inflation rate in May
  • - Thursday, June 13th 2:00am: The US FOMC meeting
  • - Thursday, June 13th 8:30am: The US PPI in May
  • - Friday, June 14th 10:00pm: The University of Michigan Consumer Sentiment for the US


  • - Robinhood announced to acquire Bitstamp for about $200 million in cash.
  • - The US CFTC has named Mo Shaikh, co-founder and CEO of Aptos Labs, as its Digital Asset Subcommittee.
  • - Deutsche Bank and cryptocurrency broker Bitpanda partner to provide real-time payment solutions Bitpanda customers in Germany.

  Layer 1 and Layer 2s

  • - Coinbase launched its Smart Wallet, enabling easy access to Coinbase balances, easy onboarding with passkey, sponsored gas and other friendly UX integration.
  • - Starkware announced vision to scale Bitcoin via a potential Bitcoin upgrade, OP_CAT, which is expected within the next 6 months. OP_CAT could facilitate the creation of more complex data structures and more advanced smart contracts.
  • - IOTA launched an EVM-compatible Layer 2 with parallel processing and MEV resistance measure. The chain is a significant step for IOTA towards integrating DeFi with RWA.
  • - Mantra Chain partners with Ondo to launch USDY vault. Mantra also signed MOU with Zand Bank to define a clear framework for RWA compliance with Dubai VARA.

  Fund Raises

  • - Avail raised $43 million in Series A funding led by Founders Fund, Dragonfly and Cyber Fund, making $75 million in total funding.
  • - The Sandbox raised $20 million of convertible promissory notes with a $1 billion valuation cap.
  • - DWF Labs purchased $12 million in FLOKI to support Valhalla metaverse mainnet.
  • - Nubit, Bitcoin Data Availability Layer, raised $12 million, led by Polychain.
  • - Mountain Protocol raised $8 million in Series A Funding led by Multicoin. The protocol introduced yield-bearing stablecoin and is regulated by the Bermuda Monetary Authority (BMA).


  • - Arweave announced acquisition of Odysee, a Web3 social app for its Permaweb vision.
  • - Ankr announced to support Fleuntbase stack as part of its RaaS suite.
  • - Phantom is integrated Solana native liquid staking powered by Jito. Additionally, Phantom wallet is now supporting the Bitcoin network.
  • - Connext rebranded to Everclear, aiming to solve liquidity fragmentation between chains to achieve its vision for chain abstraction.
  • - Sushiswap is live on Bitcoin sidechain Rootstock.
  • - Wormhole governance staking is now live.
  • - Hyperlane integrates Zetachain into its ecosystem, enables enhanced interoperability.
  • - Pandora has released ERC404 Beta launchpad, in which 5% of token launched will be airdropped to PANDORA holders.
  • - IntentX launched INTX its token and subsequently initiated buyback and injecting them into Backing Rewards and Protocol Owned Liquidity.
  • - Credbull announced to tokenize their onchain credit fund on Centrifuge with a $10 million allocation from Plume Network.

Upcoming Alpha and Governance

  • - Aethir announced to airdrop 6% of ATH tokens to the community in 3 phases. ATH will be available to trade in multiple major exchanges such as OKX and Bybit on June 12th.
  • - Klaytn and Finschia's integrated mainnet Kaia testnet is expected on June 13th.
  • - Sanctum introduced CLOUD token and its tokenomics. 18% of the total supply will be unlocked at launch, 10% will be given in the initial airdrop and 8% will be used to seed liquidity in Jupiter's LFG launchpool.

   Token Unlock

  • - 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.
  • - STRK token unlocked on June 15th, amount representing 4.92% of the token supply.
  • - ARB token unlocked on June 16th, amount representing 3.2% of the token supply.
  • - APE token unlocked on June 17th, amount representing 2.48% of the token supply.
  • - MANTA token unlocked on June 18th, amount representing 2.05% of the token supply.
  • - ALT token unlocked on June 25th, amount representing 6.92% of the token supply.
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