CoinEx Daily：Bitcoin market is weak today; The Blast airdrop will launch on June 26

Overview

The cryptocurrency market is experiencing weakness, with Bitcoin falling below $63,000 amid low sentiment and reduced activity. Ethereum-related projects like PENDLE, ENS, LDO, and SSV are also down, and Bitcoin's open interest has dropped to $33.81 billion. Last week's Bitcoin ETF outflows of $540 million indicate waning investor confidence. The BRC-20 token $RATS surged over 70% due to anti-VC themes but has since declined by 9.91%, with $ORDI and $SATS also falling. Speculative sentiment is driving these movements, which may not be sustainable. Looking ahead, the Blast airdrop on June 26 is expected to attract significant attention and support, potentially boosting related tokens. Investors should stay updated on official announcements for participation details.

Daily Macro

Bitcoin Market：Today, the Bitcoin market shows significant weakness, with prices falling below the $63,000 threshold amid general market malaise. Although Ethereum (ETH) remains relatively stable, key projects within its ecosystem such as PENDLE, ENS, LDO, and SSV are experiencing declines. Furthermore, the total open interest in Bitcoin contracts has decreased to $33.81 billion, and Bitcoin's volatility has reached a historical low, indicating markedly reduced market activity.

Bitcoin ETF：According to the latest data, Bitcoin ETFs experienced an outflow of $540 million last week. This trend reflects a weakening in investor confidence, which may further exacerbate the current market weakness.

Macroeconomic Data：Data from the CME Watch Tool indicates that the market expects an 89.7% probability for the target interest rate to remain between 525-550 basis points at the Federal Reserve meeting on July 31, 2024. This suggests that the market generally anticipates the Fed will maintain current interest rates.

Daily Focus

BRC-20 Token $RATS

Reasons for Surge: Over the weekend, the BRC-20 token $RATS saw a significant rise, driven by its anti-VC, anti-establishment, and anti-rug-pull themes, gaining over 70%. However, in the past 24 hours, the token has declined by 9.91%, with its current market capitalization at approximately $110 million.

Performance of Related Tokens:

$ORDI: Down 6.89% in the past 24 hours, with a market capitalization of approximately $810 million.

$SATS: Down 14.02% in the past 24 hours, with a market capitalization of approximately $360 million.

Outlook: The recent price surge is primarily driven by speculative sentiment on the anti-VC theme. However, this market sentiment is likely to change quickly, and we believe that such price impacts are unsustainable. Investors should cautiously consider short-term market trends and potential risks.

Next Focus

Blast Airdrop

Potential Reasons: The upcoming Blast airdrop is expected to attract a large number of early participants, significantly impacting market attention. According to Blast's official data, it has already accumulated over 1.5 million users. This robust user base will provide strong support for the airdrop event, further enhancing market focus and participation.

Related Assets: The Blast airdrop is likely to boost the performance of other tokens within the Blast ecosystem. The $BLAST token is expected to exhibit significant volatility upon its launch, and investors should closely monitor its market dynamics.

How to Participate: If you are a user and your EOA (Externally Owned Account) holds Points or Gold, you must have logged into your Blast dashboard with that EOA at least once (either by receiving an invite or linking it to an existing account) to be included in the airdrop calculations. Please refer to Blast's official website and community announcements for the latest participation rules and requirements.