Animoca launched a token
German governments have completely finished selling in public wallets
We’re in the most bullish macro environment in 3+ years and here is what you need to know about it 👇🧵
Macro Pulse Update 13.07.2024, covering the following topics:
1️⃣ Macro events for the week
2️⃣ Bitcoin Buzz Indicator
3️⃣ Market overview
4️⃣ Key Economic Metrics
5️⃣ Europe Spotlight
1️⃣ Macro events for the week
Last Week
Next week
2️⃣ Bitcoin Buzz Indicator
Regulatory and Institutional Developments
SEC Concludes Investigation Into Paxos, No Enforcement Action
Goldman Sachs to Launch Three Tokenization Projects
Blockchain and Partnership Initiatives
TON and Polygon Launch TON Applications Chain
Worldcoin Launches World Chain Developer Preview
Crypto ETFs and Market Listings
Cboe Files to List VanEck, 21Shares' Solana ETFs
Company and Financial Restructuring
Terraform Labs to Sell Subsidiaries Amid Bankruptcy
Security Incidents in DeFi
Multiple DeFi Platforms Hit by DNS Hijacking
Market Performance and Challenges
Arbitrum Faces Challenges Despite Recent Gains
Staking and Data Integration
Starknet to Introduce Staking by End of 2024
Whale Activity and Market Trends
Chainlink Sees Significant Whale Accumulation
Pre-Market and New Listings
Bybit Lists Hamster Kombat for Pre-Market Trading
Upbit and Bithumb List New Cryptocurrencies
NFT and Token Launches
Animoca Brands Launches MOCA Token
Altcoins
Crypto whale deposited 1.1M PENDLE to Binance.
Nuklai and Filecoin decentralized data for training AI models.
Pancake Bunny hacker siphoned $2.9M Ether through Tornado Cash.
Binance ceased trading BOND, DOCK, MDX, POLS on July 22.
Astar Network burned 350M ASTR tokens after community vote.
EOS Network announced a new staking rewards program.
Pink Drainer was scammed by an address poisoning attack.
Ronin Network integrated PHPC stablecoin on its platform.
SSV Network reached 1 million ETH staked.
Coinbase Ventures invested in Ampleforth's flatcoin, SPOT launched on Base.
Doja Cat's X account was hacked, pushing scam token DOJA on Solana.
MetaMask Developer Consensys released a new toolkit for seamless onboarding.
Multichain Foundation paid $2.1M to Fantom for losses.
Decentralized crypto exchange WOOFi used gaming-style NFTs to boost DeFi.
BONK price climbed after a proposal to burn 84 billion tokens.
USDC led regulated stablecoins with $23 billion volume.
Storj acquired cloud computing firm Valdi; terms undisclosed.
API3 launched OEV Network for DeFi projects.
Stellar Network brought DeFi to the unbanked with a smart contract platform.
Animoca Brands reported a 72% increase in bookings for Q1 2024 over Q1 2023.
Messi-promoted memecoin faced backlash over hefty insider allocations.
Curve Finance users locked record amounts of CRV tokens in the DEX.
Bitwise faced a multi-million dollar lawsuit for fraud, negligence, and a ‘pump and dump’ scheme.
Donald Trump to join Bitcoin 2024 Conference
Microsoft and Apple renounced OpenAI board membership.
Elliptic exposed an $11B scam network via Huione Guarantee.
SD token price soared as Coinbase listed Stader in asset roadmap.
Nomic and Osmosis waived BTC bridging fees in a landmark DAO-to-DAO partnership.
SingularityNET and Filecoin partnered for AI and DePIN.
Jack Dorsey’s Block supplied 3nm mining ASICs to Core Scientific.
Notcoin, 1inch, and Sign launched an accelerator for Telegram and TON ecosystems.
Skale Labs unveiled a 'huge technical upgrade' for blockchain popular with web3 video games.
Crypto VC Hypersphere opened a $130 million liquid fund, seeking $75 million for a new VC fund.
6.57 trillion Shiba Inu (SHIB) whale withdrawals stunned crypto exchanges.
Lyra Finance offered leveraged exposure to ETH through Ethena.
CFTC chair reiterated BTC and ETH are commodities in testimony.
PYUSD saw a dramatic 61% surge on Solana.
Inferno Drainer failed to launder ETH and was ‘not welcome’ in Railgun.
Tanzania fintech startup Nala secured $40 million via Series A round.
BitMEX expected ‘no further fines’ for an ‘old’ AML violation in the US.
EigenLayer was threatened by a Sybill attack with up to 50% fake delegations.
Coinbase Ventures bought 4.7 million tokens of Aerodrome Finance (AERO).
Binance finalized the sale of a majority stake in Gopax.
Illegal crypto miners in Malaysia stole $723M worth of electricity since 2018.
Asset manager DWS planned to release the first EUR stablecoin by 2025.
Render got Binance support for a token swap and rebranding.
OPSEC crypto plummeted amid a security breach.
Portal introduced ‘PortalPay’ interoperability for blockchain gaming.
Coinbase launched a ‘one-stop’ app for managing crypto, NFTs, and DeFi positions.
Whale withdrew Uniswap (UNI) and Aave tokens from Kraken.
Large ETHFI deposit to Binance sparked questions on the token’s dynamics.
Morgan Creek Digital raised up to $500M for a new web3 venture capital fund.
Machi Big Brother sold all his BLUR holdings, losing $3.16M.
MakerDAO launched a $1B tokenization competition for real-world assets.
Partior raised $60M in a Series B round.
SEC accepted SAB 121 exceptions to crypto accounting rules for banks and brokerages.
Celo unveiled Dango L2 Testnet to scale Ethereum.
Hashkey revealed Ethereum Layer 2 mainnet launch timeline.
3️⃣ Market overview
In June, the US labor market and inflation showed signs of cooling, with the unemployment rate rising to 4.1% and core CPI increasing by 3.3% year-over-year. The US House failed to override President Biden’s veto of a resolution to overturn an SEC bulletin affecting crypto custody firms. The Labour Party’s election victory in the UK ended 14 years of Conservative rule, leaving crypto regulation uncertain.
Bitcoin ETFs saw record inflows of nearly $300 million, led by BlackRock and Fidelity. VanEck and 21Shares updated their SEC filings for spot Ethereum ETFs, expected to begin trading later this summer. Doja Cat’s Twitter was hacked to promote a Solana-based meme coin, generating over $2 million in transactions.
US Labor Market and Inflation Cooling: In June, the US labor market showed signs of slowing, with the unemployment rate rising to 4.1%, the highest since November 2021. Core CPI, a measure of inflation excluding gas and food prices, increased by 3.3% year-over-year, indicating easing inflation pressures.
Biden Veto Stands on Crypto Accounting: The US House of Representatives failed to override President Biden’s veto of a resolution aiming to overturn SEC Bulletin No. 121. This bulletin requires entities that custody crypto assets to list them as liabilities, adding pressure on crypto firms.
Labour Victory in UK Elections: The Labour Party won a decisive victory in the UK general election, ending 14 years of Conservative rule. This change leaves the future of crypto regulation uncertain, though Labour supports the Bank of England’s digital pound initiative.
Record Inflows for Bitcoin ETFs: Spot bitcoin ETFs saw nearly $300 million in net inflows on Monday, the highest since early June. The inflows were led by BlackRock’s IBIT ($180 million) and Fidelity’s FBTC, amidst market pressures from Mt. Gox repayments and a significant bitcoin sale by the German government.
Spot Ethereum ETFs Near Approval: VanEck and 21Shares have updated their S-1 registrations with the SEC for spot Ethereum ETFs. Trading is expected to begin shortly after approval, anticipated later this summer. These ETFs follow the SEC’s recent approval of spot Bitcoin ETF shares.
Doja Cat’s Twitter Hacked for Meme Coin Promotion: Doja Cat’s Twitter account was compromised to promote a Solana-based meme coin named $DOJA. The hack resulted in over $2 million in transactions from fewer than 15,000 activities. The singer alerted her Instagram followers that the tweets were unauthorized.
4️⃣ Key Economic Metrics
🔴 US job market signals possible recession
Sahm Rule Activation: The Sahm Rule, indicating a recession, has been triggered with June’s unemployment rate at 4.1%, the three-month moving average at 4%, and the lowest rate in the past 12 months at 3.5%.
Caution from Claudia Sahm: Claudia Sahm cautions that the rule is not infallible and suggests the Federal Reserve consider cutting interest rates to avoid an unnecessary recession.
June Jobs Report: The establishment survey reported 206,000 new jobs in June, indicating slowing but strong job growth, with gains concentrated in construction, healthcare, and government.
Wage Growth: Average hourly earnings increased by 3.9% in June, the smallest increase since June 2021, suggesting easing job market tightness and potential continued inflation deceleration.
Labor Force Participation: The labor force grew faster than the working-age population, increasing the participation rate, but employment grew more slowly, raising the unemployment rate from 4% in May to 4.1% in June.
Federal Reserve Considerations: The Fed may consider the Sahm Rule’s activation, slowing job growth, and decelerating wage inflation, potentially leading to an easing of monetary policy depending on upcoming inflation data.
🟡 The BIS cautions against premature monetary easing, highlighting persistent service inflation and the risk of reigniting inflationary pressures, which could undermine central bank credibility.
Service vs. Goods Prices: The BIS notes that the service-to-goods price ratio remains below pre-pandemic levels, suggesting high service inflation is part of a trend to restore traditional price relationships.
Fiscal Risks: The BIS warns of risks from high fiscal deficits and commercial property market troubles, noting that current fiscal trajectories in major economies are unsustainable and could destabilize financial markets.
🔴 The global PMI for manufacturing in June was nearly unchanged at 50.9, indicating modest growth with slower output and new order growth, but increased employment and pricing pressures. India, Russia, Vietnam, Greece, and Taiwan had the highest manufacturing PMIs, while Germany, Austria, Poland, and Czechia had the lowest. Asia and the US showed strong growth, whereas Europe (excluding the UK) saw a decline.
Inflation Concerns: The acceleration in input and output pricing raises questions about potential inflationary trends, especially with consumer goods showing higher PMIs compared to capital goods.
German Manufacturing: Germany’s manufacturing PMI fell to 43.5 in June, indicating a rapid decline due to sharp drops in new and export orders, though improved sentiment suggests some optimism for future recovery.
Taiwan’s Surge: Taiwan’s PMI rose sharply to 53.2 in June, driven by increased demand for IT products and AI investment, with significant labor productivity improvements allowing output boosts without increased employment.
Vietnam’s Growth: Vietnam’s PMI surged to 54.7 in June, reflecting an acceleration in supply chain shifts from China to Southeast Asia, indicating strong growth momentum.
5️⃣ Europe Spotlight🔴
Inflation in the Eurozone remains above the ECB’s 2% target, with headline inflation at 2.5% and core inflation stabilizing at 2.9%, indicating ongoing challenges for the ECB.
Inflation Drivers: Low energy inflation at 0.2% contrasts with higher food prices at 2.5% and persistent service inflation at 4.1%, driven by tight labor markets and high wage increases.
ECB Monitoring: The ECB is closely watching labor market dynamics, labor productivity, and migration, with ECB President Lagarde indicating that it will take time to determine the policy direction.