Crypto Pulse-Computing power of the Bitcoin network hits a low point, market slightly recovers

Preface:
Bitcoin and Ethereum fell by 0.26% and 1.01% respectively in the past 24 hours, with the ETH/BTC exchange rate remaining at 0.05. The fear & greed index for the crypto market has rebounded to 51, indicating a neutral sentiment.

Best performance recently

ZRO has performed the best recently. It has increased by 9.4% in the past 24 hours, with the current price at $3.82, and a market cap of $950 million.
LayerZero is an interchain interoperability protocol focused on data message transmission between chains. The architecture of LayerZero revolves around the ULN that handles off-chain transaction verification, supported by relayers for proof transmission and supported by oracles for data validation. This simplified process ensures efficient and secure transaction execution. LayerZero has completed two rounds of financing led by a16z, with a total financing amount of 263 million US dollars and an estimated market value of over 3 billion US dollars. On June 19th, LayerZero's official website announced the start of airdrop claiming and officially launched on June 20th. After the ZRO token went online, it was affected by airdrop sell-offs and negative news, and the price continued to decline to $2.468. With the weakening impact of sell-offs and adjustments to the circulating supply by the project team, the ZRO token price rebounded to the $3.8 price range and briefly exceeded $4.

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Market sentiment

On July 2nd, according to data from CryptoQuant, the computing power of the Bitcoin network has dropped to a level not seen since December 2022, when the FTX crash triggered a bear market. The current real Bitcoin computing power drop is -7.6%, and such negative readings usually appear at local price bottoms, indicating subsequent upward movement. Other indicators such as Bitcoin exchange reserves, Miner Position Index (MPI), and Bitcoin miner reserves also show low selling pressure, supporting the view of a market bottom.
Capriole founder Charles Edwards pointed out that the Bitcoin computing power ratio index has issued a buy signal, reflecting a slowdown in network computing power. Market analyst Will Woo said that the market will not reach a new high until weaker miners are forced to shut down operations. Recently, the withdrawal amount of Bitcoin miners has decreased by 90% after the halving, further indicating a reduction in selling pressure, and the Bitcoin price is expected to continue to rise.

Bitcoin spot ETF fund flow

The US spot Bitcoin ETF has recently rebounded, maintaining a net inflow trend since June 25th, with significant inflows in Fidelity's FBTC and Bitwise's Bitcoin ETF. As of now, since their launch in January 2024, these ETFs have cumulatively net inflows of over 14.6 billion US dollars, making a huge contribution to the growth of the Bitcoin market. This trend is also increasingly on the rise, with the number of cryptocurrency ETFs in the Asia-Pacific region increasing, led by Australia and Hong Kong. Following the launch of six Bitcoin and Ethereum ETFs in Hong Kong, Australia has also launched two Bitcoin ETFs. The surge in the number of Bitcoin spot ETFs and yesterday's rebound in BTC prices may indicate an upward trend in the market, and market sentiment is heating up.

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Project Upgrade

On July 2nd, Ronin officially announced that the blockchain game Pixels is about to launch a major update. Pixels' CMO Heidi stated, "We want to create a new type of game that will permanently change the way most games are played. We want to make the play-to-earn game mode effective." Pixels will make changes as frequently as needed until it reaches the optimal state. Pixels has just implemented a mission board update to provide incentives to more advanced players.
Pixels founder Luke Barwikowski will release an article tomorrow to provide a more in-depth introduction to the updates and plans for Pixels.

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