Overview

The overall market continues to decline, with BTC falling below $57,000 and ETH below $3,100. Some individual cryptocurrencies are bucking the trend, mainly from the MEME and DePin sectors. The German government is believed to be a factor in this plunge. Analysts say that after the German government transferred over $50 million to cryptocurrency exchanges, it exacerbated the downward pressure on prices. The market is closely watching how the German government will handle the more than $2 billion worth of BTC it still holds.

Daily Macro

Bitcoin Market The overall market continues to decline sharply, with BTC falling below $57,000, experiencing a daily drop of over 5%. ETH has fallen below $3,100, with a daily drop of over 7%. According to statistics from the CoinEx website, out of all the cryptocurrencies listed, 1,020 are currently in decline, while only 87 are on the rise.

Bitcoin ETF Data shows that on July 3rd, Eastern Time, Bitcoin ETFs saw a net outflow of $20.5 million, marking the second consecutive day of net outflows.

Daily Focus

DePin-themed Tokens

Reason for Focus: The DePin sector has garnered significant attention this year, primarily due to media and institutional promotion as well as the introduction of new concepts. This sector is considered to have development potential, attracting the interest of investors. Additionally, DePin, as an emerging field, has sparked curiosity, especially regarding its composability with other ecosystems.

Performance of Related Tokens:

$NATIX: Up 20.44% in the past 24 hours, with a market cap of approximately $15.15 million.
$HONEY: Down 0.95% in the past 24 hours, with a market cap of approximately $150 million.
$SNS: Up 5.68% in the past 24 hours, with a market cap of approximately $8.1 million.
$ALEPH: Up 2.84% in the past 24 hours, with a market cap of approximately $50.78 million.

Market Outlook: The concept, operational mechanism, and economic model of DePin all indicate its potential for large-scale adoption in the Web3 domain. DePin is currently in a rapid development phase and is expected to become an important component of Web3 in the coming years.

Next Focus

How the German Government Handles Seized Bitcoin

Reason for Focus: The German government seized approximately 50,000 BTC earlier this year and has sold 10,000 BTC in the past half month. Analysts are observing whether the German government will switch to over-the-counter (OTC) transactions instead of selling BTC directly on centralized exchanges to minimize market impact.

Related Assets: The most directly affected asset in this event is BTC. Additionally, due to market volatility, other mainstream cryptocurrencies might also be indirectly affected.

How to Participate: Regular investors can continuously monitor the movements of the German government's Bitcoin wallets. Regular investors can engage in buying and selling BTC and other cryptocurrencies through exchanges like CoinEx to capitalize on opportunities arising from market fluctuations.

CoinEx Daily：BTC Falling Below $57,000 and ETH Below $3,100, The Depin Sector Attracts Attention