BNB breaks through the $700 mark

According to BlockBeats, on July 8th, Sentora (formerly IntoTheBlock) announced that the proportion of Bitcoin miners trading on the chain is at its lowest level in years. Currently, Bitcoin miners account for approximately 3.3% of on chain transactions, the lowest level since November 2022. A decrease in the proportion of miner transactions usually means that they are more inclined to hoard Bitcoin rather than frequent transactions, choosing to reduce selling to wait for the price to rise. November 2022 is currently at a low point in the cryptocurrency market (during the FTX crash period), and the current low proportion may suggest more wait-and-see sentiment.

According to the latest data, Bonk.fun has surpassed Pump.fun to become the leading token issuance platform within the Solana ecosystem, with a market share of 55.2%. Since its launch in January 2024, Pump.fun has dominated the market for two years, with a cumulative trading volume exceeding $8 million. However, Bonk.fun surpassed Pump.fun in just two months with deeper incentive mechanisms and rapid user growth. Bonk.fun's unique rate structure has become the key to its rapid rise. 58% of the platform's revenue is used to purchase and destroy BONK tokens, of which 50% is used for direct destruction and 8% is used as reserves. According to statistics, Bonk.fun has an average daily trading volume of over 1 million US dollars, with an average daily purchase and disposal amount of 500000 US dollars used for BONK. As of now, Bonk.fun has completed 175000 token issuances with a total trading volume of $540 million and generated approximately $34 million in fees, far exceeding Pump.fun's $341 million trading volume and 34.9% market share. In addition, the USELESS token issued by Bonk.fun has quickly become popular, with a market value exceeding $100 million. If Bonk.fun maintains its current growth rate, it is expected that the annualized purchase amount of BONK tokens will reach hundreds of millions of dollars, further tightening the market supply. At the same time, other Solana ecosystem distribution platforms, such as Believe, Jup Studio, and Moonshot, have market shares of 3.8%, 2.1%, and 1.7%, respectively, showing a significant performance gap compared to Bonk.fun.

According to Foresight News, zerolore, co-founder of USDT0, tweeted that the issuance of USDT0 deployment on Unichain has exceeded 200 million for the first time, and Unichain is also the third largest chain in terms of inbound and outbound volume in the USDT0 network (after Ethereum and Arbitrarum deployment).

Odaily Planet Daily News: CryptoQuant analyst Axel Adler Jr analyzed in an article that the current market is experiencing a typical Bollinger Bands squeeze phenomenon, and the range between the upper and lower tracks has dropped to 7.7%, which is one of the lowest values in this bull market cycle. Analysts say that this decrease in volatility indicates that the market is accumulating energy and prices are ready to enter the upward phase. In an upward trend environment, the likelihood of an upward breakthrough is significantly higher. Axel pointed out that there have been six significant instances of Bollinger Bands squeezing during this bull market cycle. After four squeezes, there was an immediate increase in prices, while the other two experienced slight adjustments before recovering growth. Based on these experiences, the current squeeze state is likely to indicate another wave of upward momentum, although there may be slight consolidation before that.

KuCoin CEO BC Wong stated that he discussed the development of RWA and stablecoins with multiple founders. He emphasized that building trust relies on rules and regulations, and cited BCG's prediction that by 2030, the scale of tokenized RWAs may reach $16 trillion. But he pointed out that if the infrastructure such as stablecoins is not stable enough, this potential may not be realized. At the same time, he believes that the industry is still in its early stages and needs to be developed in the right way. However, on chain detective ZachXBT questioned this, stating that KuCoin had repeatedly ignored formal requests from law enforcement agencies and did not take freezing measures when stolen funds were transferred to its exchange in major incidents, questioning its statement of "building trust through compliance".