Rhythm Evening News | Important encryption industry information overview on July 12th

Cycle Capital analyzes the BTC selling pressure in Mentougou: The actual selling pressure has not yet entered the market, and its distribution to CEX may cause panic selling.

BlockBeats news, on July 12th, Cycle Capital published a comprehensive analysis of the selling pressure of BTC on Mt. Gox. The data shows that as of July 12th, there are still 138,000 BTC in Mt. Gox’s accountAddress, indicating that the selling pressure from Mt. Gox has not yet entered the market. The decline on July 5th was a partial realization of the expected decline due to Mt. Gox’s selling pressure.

The article analysis claims that Cycle Capital believes that Mt. Gox creditors will sell a portion of BTC, but not all. If Mt. Gox’s compensation is sold out within a month, the market will face selling pressure with a high similarity to the German government’s sales, in terms of the quantity and timing of the sales. According to the current demand for ETFs, it may not provide sufficient support, and the price of BTC may further decline.

If the compensation from Mt. Gox lasts longer (2-3 months), the daily influx of BTC into the market will not be particularly large, and it will not cause a one-time decline. However, due to the expectation of continued selling pressure, there may be a period of volatility to absorb the selling pressure. This also means that it is difficult to see a major uptrend in the short term.

Currently, only 1545 Tokens have been transferred from Mt. Gox to the exchange, and the remaining Tokens are still in Mt. Gox’s account, so it can be considered that the actual selling pressure has not entered the market. When Mt. Gox distributes a large amount of BTC to addresses on several trading platforms, it may cause a significant panic sell-off, forming a big dump. When individuals sell, the dispersion and difficulty of tracking and observing may not necessarily cause a significant drop in prices.

Yesterday, the net inflow of SpotBTCETF in the United States was approximately 79.2 million USD, with net inflows for 5 consecutive days.

BlockBeats news, on July 12, the net inflow of SpotBTC ETF in the United States was about 79.20 million US dollars yesterday, realizing a net inflow for 5 consecutive trading days, including:

IBIT net inflows of $72.4 million;

GBTC net outflow of 37.7 million US dollars;

FBTC net inflow of $32.7 million;

Net inflows of $7.5 million for BITB;

ARKB net inflow of $4.3 million.

Cryptocurrency panic and greed index reach 25, market panic sentiment hits a new low in a year

BlockBeats news, on July 12th, according to Alternative data, today’s Cryptocurrency Fear and Greed Index is 25 (yesterday was 29), market fear sentiment hits a new low within a year.

Note: The panic index threshold is 0-100, including indicators: volatility (25%) + market volume (25%) + social media popularity (15%) + market survey (15%) + BTC’s proportion in the entire market (10%) + Google hot word analysis (10%).

SingularityNET: CEO X account has been stolen, users should not click on related links.

BlockBeats news, on July 12th, the official account of SingularityNET announced on social media that its CEO Ben Goertzel’s X account has been stolen. Users should not click on related links. SingularityNET currently has no AGIX Airdrop plan.

Scytale Digital will launch a new Polkadot ecosystem fund in October.

BlockBeats news, on July 12th, Fabian Gompf, CEO of Web3 Foundation, announced at the Polkadot Decoded Summit that Scytale Digital will launch a new Polkadot ecosystem fund in October, and the specific size of the fund has not yet been disclosed.

ApeX proTokenAPEX third burn is now completed, Token total supply reduced to 6 billion

BlockBeats News, on July 12th, according to official sources, the third round of token burning for ApeX pro Token APEX has been completed, reducing the total token supply to 600 million. This is an important measure to achieve the strategic goal of reducing APEX Token supply by 50%.

According to reports, ApeX Protocol recently released Omni, which adopts modular design and zklink engine, and achieves efficient order book derivatives trading with Decentralization. In addition, ApeX Omni has launched a points activity, where participants can earn points through trading and exchange them for encryption assets or physical rewards.

Founder, CEO, and other team members of Compound announced their resignation and founded a new project, Legend.

BlockBeats News, on July 12th, Compound CEO @jaysonhobby announced on social media that he and Compound founder Geoffrey Hayes, and former Compound member Mykel Pereira, have resigned from the Compound team and will jointly establish a new project called Legend.

It is reported that Legend aims to enhance user experience by building the best Decentralized Finance interface in the world and bring 100 million new users on-chain.

Solend Season 2 will Airdrop 1.1 million SLND rewards, open for application on July 15th

BlockBeats news, on July 12th, according to official sources, Solend will Airdrop 1.1 million SLND as rewards for the second season, and it will be open for claiming on July 15th.

Polyhedra Network announced the launch of Layer 1 Block chain ZKJ Chain

BlockBeats News, on July 12th, Polyhedra Network officially announced that it will launch ZKJ Chain, a new Layer-1 blockchain based on zero-knowledge (ZK) collaborative computing.

Decentralized AI network Bittensor has resumed block production

BlockBeats news, on July 12th, according to the blockchain browser, Decentralization AI network Bittensor has resumed block production.

Bittensor officials stated that normal operation will resume at 5:00 p.m. Eastern Time on July 12th.

The built-in Telegram Stars purchase feature in the Meme project DOGS has sparked community questions.

BlockBeats news, on July 12th, the native Meme project DOGS on Telegram has now integrated the purchase function of Telegram Stars, with an exchange ratio of 1:1, while Telegram Stars can be directly purchased with Fiat Currency.

According to reports, Telegram Stars are virtual items that allow users to purchase digital goods and services from robots and mini-programs within the Telegram ecosystem, and give gifts to content creators on the Telegram platform.

This has sparked widespread discussion in the encryption community, suggesting that this may be an official selling behavior, while the total amount of Tokens can be issued indefinitely, prompting community doubts.

Morgan Creek Digital will raise $500 million for a new Web3 venture capital fund.

BlockBeats news, on July 12, according to Coindesk, Morgan Creek Digital plans to raise as much as $500 million for a new fund, focusing on early opportunities in artificial intelligence (AI), blockchain technology, chips, and data fields.

Morgan Creek Digital has stated that it is in talks with sovereign and institutional investors, corporate executives and industry experts in Europe, the Middle East and Africa (EMEA) as well as the Asia-Pacific region (APC) to expand its regional influence. In addition, the company is also in talks with US investors and partners.