Preface:
Bitcoin and Ethereum have dropped by 4.61% and 2.00% respectively over the past 24 hours, with the ETH/BTC rate holding at 0.05. The crypto market’s Fear & Greed Index has fallen to 30, indicating fear.

Recent Spotlight

The most recent performer is FET, with a 24-hour increase of 21.49%, currently priced at $1.692 and a market cap of $4.28 billion. Fetch.AI is a blockchain-based decentralized machine learning platform that utilizes AI and automation technologies to build infrastructure for modern, decentralized, and peer-to-peer applications. The project introduces a new concept—Autonomous Economic Agents (AEA), where various digital agents (such as data providers, service providers, and consumers) can automatically interact and transact. The FET token is issued by the Fetch.AI platform, used for finding, creating, deploying, and training autonomous economic agents, and plays an important role in the interactions of smart contracts and oracles. Recently, Fetch.AI, SingularityNET, and Ocean Protocol announced the establishment of a Decentralized Artificial Intelligence Alliance, merging their tokens FET, AGIX, and OCEAN into ASI. This move has caused the prices of all three tokens to rise, with FET performing the best, rebounding strongly to the $1.7 range after a month of continuous decline.
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The Word on the Street

MT GOX initially started as an online platform for trading cards, later transformed by its founder Mark Karpeles into a Bitcoin exchange. At its peak, the platform handled 70% of the world’s Bitcoin transactions. However, in early 2014, MT GOX announced a suspension of Bitcoin withdrawals due to “transaction malleability” issues. Subsequently, the platform admitted to losing approximately 850,000 Bitcoins, worth about $450 million. This incident led to MT GOX filing for bankruptcy in February 2014. Following the announcement by the Mt.Gox bankruptcy trustee that Bitcoin (BTC) and Bitcoin Cash (BCH) would begin to be returned to creditors in July, the crypto market faced significant sell-off pressure, with Bitcoin briefly dropping below $59,000, causing some panic in the market. However, many experts pointed out that the sell-off pressure from Mt.Gox might be smaller than expected. Crypto trader Pat believes that FUD and corrections related to Mt. Gox are nothing new to the crypto market, as similar corrections occurred the last three times this event made headlines, but Bitcoin ultimately rose each time.

Spot Bitcoin ETF Flows

Bitcoin spot ETFs saw a total net outflow of $174 million, with continuous net outflows for 7 days. Grayscale’s ETF GBTC saw a single-day net outflow of $90.429 million, with a historical net outflow of $18.450 billion. The total net asset value of Bitcoin spot ETFs is $51.53 billion, with an ETF net asset ratio (market cap to total Bitcoin market cap) of 4.39%. The BTC market is currently in a sluggish state, near broad timeframe lows on daily, weekly, and monthly charts, while lower timeframes (one-minute to 15-minute charts) also show a downward trend, maintaining a net outflow state for BTC ETFs. Macro-economic factors and the upcoming
Mt.Gox’s repayment event will affect subsequent price trends. Although BTC’s total market cap is declining, such volatility typically signals the emergence of local lows, presenting potential buying opportunities that traders should closely monitor.
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Airdrop Claim

Blast announced that its airdrop will start on June 26, alongside the launch of the Blast Foundation, as part of the transition to a decentralized governance structure. The project’s Twitter, website, and governance of the Blast protocol are transitioning to foundation control. Blast is a layer-2 network launched by Blur based on Optimistic Rollups technology, compatible with Ethereum. The project adopts a points-based airdrop method, with a corresponding points ranking (Blast Points) allowing users to view points and rankings. Blast completed a $20 million funding round with participation from Paradigm and Standard Crypto, with a total maximum token supply of 175,553,096,633,449. The airdrop will be distributed in two parts: 50% to early members and 50% to developers.

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