CMC Market Pulse delivers actionable market insights, giving you all the key narratives and developments you need in under 5 minutes.
Market Overview 📉
Bitcoin (BTC) closed the week 0.73% up, while Ethereum (ETH) continued its comeback run, ending the week up 15.8% from the week prior. Total crypto market cap inched up another 2.5% from $3.341T to close the week at $3.426T.
Despite a strong market, the volatility still resulted in large liquidations, predominantly on the long side. Funding rates fell slightly after a bearish move to close to week, with most cryptocurrency majors hovering around the low single digits range.
📌 Michael Saylor’s Strategy has acquired 13,390 BTC for $1.34B at an average price of $99,856 per Bitcoin. - Link
📌 Healthcare services company, KindlyMD, merges with Bitcoin-native holding company, Nakamoto Holdings, to establish a Bitcoin treasury strategy. - Link
📌 Tether has acquired 4,812 BTC for $459M as part of their deal with Cantor Equity Partners for Twenty One Capital. - Link
Why does it matter?
Although both the crypto and traditional markets have seen tremendous runups from the April lows, the crypto market seems to be losing a bit of steam, with Bitcoin stalling out in the 103-105K range. The traditional market continues its run, with the S&P 500 closing up 4.19% over the past week and the Nasdaq up 5.89% in the same period.
Notable altcoin outperformers primarily included memecoins such as Moo Deng (MOODENG), Neiro (NEIRO), Peanut the Squirrel (PNUT), and Dogwifhat (WIF).
Narrative of the Week 📰
Internet Capital Markets are the main meta for the week, temporarily reviving the trenches.
📌 The narrative forms around “Internet Capital Markets”, a mix of crowdfunding and community building for fresh startups on the blockchain. - Link
📌 Critics label the entire narrative as just a wave of repackaged memecoins. - Link
Why does it matter?
Internet Capital Markets form a new narrative for degens to latch onto, while also driving a new possible use case for the industry for fundamental investors.
Major Project Updates 🗓️
📌 Securitize launched VBILL, the first tokenized US Treasury Bill fund by VanEck. VBILL will be available across Solana, Avalanche, Ethereum and BNB Chain. - Link
📌 Ethereum introduces the Trillion Dollar Security Initiative (1TS), a collective effort to improve Ethereum’s security to facilitate mass adoption. - Link
📌 EigenLayer introduces Redistribution, enabling slashed funds to be redistributed by their respective AVSs. - Link
📌 AI agent launchpad, Virtuals Protocol, enable ve-tokenomics for the VIRTUAL token, redirecting 20% of VIrgen Points to veVIRTUAL holders instead of VIRTUAL holders. - Link
Why does it matter?
RWAs and tokenized assets continue to form a major narrative for the crypto space as one of the legitimate use cases for blockchain technology with traditional finance institutions leading the charge.
DeFi Brief 🏦
📌 Anchorage Digital acquires Mountain Protocol, the project behind the USDM stablecoin. USDM will be wound down as part of the acquisition. - Link
📌 Yield platform, Exponential, introduces Yield Optimizer (YO), a multichain auto-rebalancing DeFi yield platform which taps on yields across Base, Ethereum and Solana. - Link
📌 Synthetix proposes a $27M token swap to acquire options trading platform, Derive (formerly Lyra). - Link
Why does it matter?
Acquisitions take center stage for crypto companies as the industry continues to expand and consolidate among leaders.
Meme Coins 🚀
📌 Launchpads battle it out as two identical memecoins launch on Pump.fun and Bonk’s bonk.fun. The same ticker later also launched on the Believe app and Boop.fun. - Link
📌 Pump.fun introduces creator revenue sharing, sharing 50% of PumpSwap revenue with coin creators. - Link
Fundraises 💰
📌 Monad-based perp DEX, Perpl, raises $9.25M in a funding round led by Dragonfly and Ergonia, with participation from Mirana Ventures, Hashkey, Brevan Howard Digital and more. - Link
📌 Web3 ticketing platform, KYD Labs, raises $7M in a funding round led by a16z crypto CSX, with other investors including Finality Capital Partners, Ambush, Techstars and selected angels. - Link
📌 Liquidity distribution protocol, Turtle Club, raises $6.2M in a seed round led by Theia Research, with other investors including ConsenSys, Laser Digital, Chorus One and more. - Link
📌 Blockchain cloud solution, Nirvana Labs, raises $6M in a seed funding round led by Crucible and Jump Crypto, with support from Castle Island Ventures, Hash3 and RW3 Ventures. - Link
Airdrops Abound 🎁
📌 Solana Name Service (SNS) launches their SNS token airdrop, which will be claimable for three months until 11th August. - Link
📌 NFT project, Doodles, launches their DOOD token airdrop, airdropping DOOD tokens directly to eligible recipients. - Link
Tweet of the Week 📝
Source: @Curious_J
We are definitely a very serious industry.
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