Quick Look at Binance Market Report for June: ETFs Expected to Boost Bitcoin, NFTs Suffer Heavy Blow

For the cryptocurrency market in June, you only need to know these 8 key points.

By MooMs

Translated by Luffy, Foresight News

Binance released their June cryptocurrency market report, and crypto analyst MooMs summarized the 8 main points of the report. Foresight News compiled the content as follows:

BlackRock submits Bitcoin ETF application

After BlackRock submitted a spot Bitcoin ETF application to the SEC, the phrase “institutions are about to enter” once again attracted attention, and Bitcoin and Ethereum performed better than the market average.

In addition, institutions such as Fidelity Investments, Wisdom Tree, Invesco, and VanEck also participated in the application for ETFs.

Altcoins collapse

On the other hand, after the SEC sued Binance and Coinbase, altcoins began to collapse. Because the SEC classified specific tokens as securities in the lawsuit, these tokens include SOL, ADA, and MATIC. Robinhood removed them from the exchange due to regulatory issues.

DeFi market declines

The DeFi market size fell by 7.7% month-on-month to US$44.2 billion. The three public chains with the most locked assets are:

  • Ethereum 57.4%

  • Tron 12.6%

  • BNB Chain 7.4%

Liquidity has shifted to on-chain protocols such as staking and lending. For example, in the past month, Lido Finance’s TVL has grown by 11.0%, and Aave has grown by 8.8%.

NFTs suffer heavy losses

As industry activity decreased, NFT trading volume hit a new low.

Especially after the Azuki Elementals series was minted, Azuki’s trading volume decreased significantly. Due to issues such as the new series having patterns similar to the original series, the community united to demand that the team refund the $38 million received from minting, ultimately leading to legal conflicts.

In addition, with the sale of more than 50 Bored Apes by the whale “Machi Big Brother”, the floor price of BAYC NFT has fallen below 30 ETH.

Rise in Bitcoin Dominance

Last week, Bitcoin’s dominance rose to its highest level since April 2021.

This is one of the best times to build up your favorite project.

USDT Unpegged

USDT experienced a 0.4% decoupling on June 15, with a low point of 0.996 USD in intraday trading. Tether’s Chief Technology Officer, Blockingolo Ardoino, said on Twitter that the event was “a good stress test.”

USDT has since re-established its peg and its weight in the Curve 3pool has returned to historical normal levels. In addition, USDT’s market dominance has grown, with a market share of up to 65.1%.

zkSync Era Ecological Development

The total value locked in zkSync Era has increased to US$675 million, an increase of 88.9% compared to less than US$360 million at the beginning of June.

The average daily active addresses of zkSync Era exceed 15,000, currently the third largest Rollup in terms of TVL, second only to Arbitrum and Optimism.

At the same time, the independent wallet addresses of the network increased by 51.1% month-on-month, with a total of more than 1 million.

LSDFi Emerges

Benefiting from the adoption of liquidity mining, the TVL of LSDFi protocol continued to grow rapidly.

The cumulative TVL of the top LSDFi protocols has exceeded US$600 million, an increase of more than 66% month-on-month.

Lybra is the market leader of LSDFi, and its growth rate is amazing considering it just launched on the mainnet in April.

Finally, below is a list of the main projects that will unlock tokens in July:

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