SCOOP’S TL;DR

📈 MARKET SENTIMENT - Review of the first half of the year

🔥 TRENDING NARRATIVE - Still Mixed, Choppy Market

🏋️ BARBELL’S WEEKLY PICK - $ANDY

🗞️ TOP STORIES

• Sony Crypto Exchange

• Circle Approval

• Polymarket Presidential success

Scoop Premium

2 X Tokens we think will rip + Smart money analysis

• Crypto Total Market Cap $2.46T - 24/hour change 2.4%

• Crypto Market Cap Total Volume $66B - 24/hour Change 1.4%

  • Majors - 24/Hour change

    • BTC - $60,471- 3%

    • ETH - $3337- 3%

    • SOL - $143 - 3.4%

Crypto Market Update - End of June / First half of year.

Bitcoin Movements

• Price Action:

  • Bitcoin revisited $58,400 for the first time since May, indicating a strong recovery phase.

  • It later retraced to above $62,500 by the week’s end, showcasing significant volatility.

• Liquidations:

  • The drawdown to $58,400 led to substantial liquidations amounting to $310 million in long positions across all trading pairs, reflecting high leverage in the market.

Solana Ecosystem

• Performance:

  • Despite a broader market decline, the Solana ecosystem emerged as an outlier.

  • SOL appreciated by 11% during the week, driven by renewed investor interest and positive developments.

• Influence of Spot ETF Applications:

  • The uptick was partly due to spot ETF applications by VanEck and 21Shares, which boosted investor confidence.

  • Other tokens in the Solana ecosystem, like JUP, BONK, and WIF, also saw notable gains.

MiCA Regulations in the European Economic Area (EEA)

• Regulatory Changes:

  • The Markets in Crypto Assets (MiCA) regulations are set to be implemented in early July, introducing a comprehensive regulatory framework for the crypto industry in the EEA.

  • These regulations aim to enhance transparency, market integrity, and consumer protection.

• Impact on Stablecoin Issuers:

  • Stablecoin issuers will face new requirements, including obtaining licenses, maintaining liquid reserves in EU banks, undergoing frequent audits, and providing regular financial disclosures.

Market Consolidation

• On-Chain Activity:

  • Both Ethereum and Bitcoin saw reduced on-chain activity, indicating a phase of market consolidation.

  • Ethereum recorded its lowest monthly on-chain trading volume of 2024 at $99 billion.

  • It also saw the second-lowest monthly on-chain transactions this year, with 32.9 million.

• Fee Accrual and Gas Prices:

  • Ethereum's weekly fee accrual hit its lowest point since October 2023 at $13 million.

  • This decline is partly attributed to the Dencun upgrade, which reduces the cost for Layer 2 (L2) blockchains to post data to Ethereum.

  • The median gas price dropped to 3 gwei, the lowest since 2020, making block space more affordable and potentially increasing demand and scalability.

Government Bitcoin Movements

• Transfers to Centralized Exchanges:

  • Over the last two weeks, the German and U.S. governments collectively transferred about $400 million worth of Bitcoin to centralized exchanges.

  • Such movements can often signal potential sell-offs, impacting market sentiment.

Mt. Gox Saga

• Asset Distribution:

  • The distribution of assets related to the Mt. Gox exchange collapse is set to begin in July.

  • This process could release about $9 billion worth of Bitcoin into the market, creating additional selling pressure.

• Market Impact:

  • The potential influx of Bitcoin from Mt. Gox repayments could negate over half of the total net ETF inflows, which currently stand at $14.5 billion.

  • This overhang may further dampen market sentiment and weaken buyer enthusiasm in the short term.

Market Sentiment and Outlook

• Current Sentiment:

  • The market is currently experiencing weakened buyer enthusiasm due to the ongoing sell pressure and regulatory uncertainties.

• Potential Recovery:

  • Once the market has absorbed the current sell pressure, there could be a significant recovery.

  • Factors such as a hot phase of the presidential election, lower interest rates, and the launch of spot ETH ETFs might contribute to a bullish phase.

  • The market could exit the consolidation zone and potentially enter a strong upward trend.

THE BEST OF ‘X’

• TON - Ecosystem deep dive

• Ansem on Solana price action

• Crypto Infrastructure

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🏋️ BARBELL’S WEEKLY PICK

In each issue, our Founder ‘Jack Barbell’ delivers a hot rising star crypto asset that is yet to explode.

You can Follow Jack Barbell on X - @thebarbell_

$ANDY - Mid risk

Price $0.0001543

Mcap - $154 Million

$ANDY, like $PEPE, $BRETT & $WOLF is a member of Matt Furies ‘Boys Club’.

Following the original success of $PEPE, all of the boys club memes have performed very well with $BRETT on base in 2nd position behind $PEPE.

$ANDY looks to be consolidating around a major support zone as shown in the image above. $ANDY’s retracement from ATH offers investors a clear 2X just to reclaim ATH.

We have also noticed that smart money has begun to take a real interest in this token having accumulated it over the last week and now holding over a $1M worth of the token.

From a community & holder perspective, holders continue to grow day by day now exceeding 20k holders of which are well distributed.

Based on the success of PEPE and BRETT, it looks like the crypto community has high hopes for the mid to long-term outlook of Matt Furie’s boy’s club characters.

We feel this is a solid entry for either a short-term trade or to accumulate for a long-term hold.

Short Term - 2X

Long term - 5X

🔥 SCOOP PREMIUM

🔥 SMART MONEY ANALYSIS

🔥 2 TOKENS WE THINK WILL RALLY HARD

🔥 THE TRENDING NARRATIVE

More of the same, narratives remain mixed with no clear winner.

Memes remain the dominant force, whilst we see certain tokens, both utility and memes having small short-lived runs, depending on which influencer is shilling what & what utility tokens may be released updates or news.

Overall the market is displaying a sideways chop. Notice how everyone was bearish just 3 weeks ago, then they turned bullish shouting out that the bottom is in? And now, we have flipped back bearish.

This is what we call a sideways chop or a crab market, subsequently, this kind of price action causes people’s emotions to flip up & down or bullish to bearish quickly.

Until we see some real trending price action to the upside it may be difficult for a dominant narrative to show itself.

All in all, memes remain dominant, but do note that when we see pumps in tokens, it is due to liquidity flowing out of others.

We expect an influx in liquidity and a rise in the total market cap over the coming weeks & months with a super solid & Q4 leading into 2025.

Sony Crypto Exchange - Almost 1 Year in the Pipeline

At a glance 🔎

• A subsidiary of the Sony Group is restarting the Crypto exchange Whalefin.

• The Sony Group purchased Whalefin from Crypto lender the Amber Group in July 2023.

• They plan to restart the exchange Whalefin with a new app and a refresh of the user interface.

🕵️ Scoops take: 

Sony is too big a giant globally to be sleeping on this sector.

Sitting on a $100bn market valuation it is no surprise they want to diversify and grow even further.

This is where the Degenz come in, we are the components that make these exchanges successful so look out for the luxuries on offer.

If it is easier than getting a PS5 when they first launched then we might just be in business.

Circle Approval - A 1st of Its Kind.

At a glance 🔎

• Circle will be the first global stablecoin issuer to comply with the new MiCA.

• They secured an Electronic Money Institution (EMI) Licence, which is required to offer dollar and euro pegged tokens in the European Union.

• Circle’s stablecoin USDC is the 2nd largest stablecoin behind Tether’s USDT.

🕵️ Scoops take: 

To get market share you need to grow and what better way to grow than being the first to tap into a market?

The European Union spans 27 Countries and roughly 450 million people so they are certainly grabbing the lion’s share in the region.

There wasn’t much change in the price movement following the news but it is fair to say they are continually moving forward.

Allez!

Polymarket Presidential Success - MSM Go Wild

At a glance 🔎

• Polymarket has hit $111m in volume for June which is their highest month ever.

• They have also onboarded 35k new users.

• They have been operating a prediction market for the upcoming election in November.

• This prediction market is being credited as a true accurate picture of the sentiment regarding the election due to the free market and free speech inputs.

• The mainstream media is constantly referring to the probabilities markets operating on the platform.

🕵️Scoop’s take:

No media bias here, this is just the result of a platform spitting out the truth.

The election is crazy for volatility, they make meme coins look normal! but those who have used the Polymarket platform will be well aware of for example a potential replacement of the Democratic candidate.

There is no tailored agenda or bit-part information, this is the real deal.

Feast your eyes on the delights, surprises & Alpha below.

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