Welcome, Crypto enthusiasts!

Bitcoin Whales are spoofing liquidity causing a cascading long squeeze and bringing significant damage to longs.

In Today’s Blockstreet Journal:

• Bitcoin Whale Games Starting

• BTC Cascading Long Squeeze

• Market Rundown

• Top Gainers & Losers

• Airdrops & More News

Latest News

BITCOIN
🐳 Bitcoin Whale Games Starting 

Word On The Street: Material Indicators revealed a classic scenario playing out repeatedly across exchange order books. Whales, it warned, were manipulating liquidity to influence price momentum.

The details:

• Material Indicators referred to upcoming United States macroeconomic data releases and noted that liquidity “spoofing” by whales was visible.

• Long liquidations for the 24 hours leading up to the time of writing topped $136.5 million.

• Others compared the current pullback to previous ones since the beginning of the latest Bitcoin bull market at the start of 2023.

Why it matters: Bitcoin’s RSI is reaching the Oversold mark indicating the current dips bottom could be priced in.

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BITCOIN
🍋 BTC Cascading Long Squeeze 

Word On The Street: A “cascading long squeeze” could explain Bitcoin's recent drop to 53-day lows, as miners continue to sell.

The details:

• A long squeeze occurs when a large number of investors with long positions start selling their holdings as the price falls to cut their losses.

• This triggers further price declines, leading to a cascading effect on other long-position holders.

• The Crypto Fear and Greed Index recently plummeted to its lowest score in nearly 18 months.

Why it matters: According to CoinGlass data, a dip below $60,000, such as the one on June 24 when Bitcoin fell below $59,000, would wipe out $1.16 billion in long positions.

Market Rundown

Fear & Greed Index

The global crypto market cap is $2.27T, a 1.38% increase over the last day.

The total crypto market volume over the last 24 hours is $86.12B, which makes a 15.18% increase. The total volume in DeFi is currently $5.57B, 6.47% of the total crypto market 24-hour volume. The volume of all stable coins is now $79.8B, which is 92.66% of the total crypto market 24-hour volume.

Bitcoin’s dominance is currently 53.29%, a decrease of 0.56% over the day.

Global Market Metrics

As of today, the current state of the cryptocurrency market is as follows:

- Total Market Capitalization: $2.27T

- Total 24h Trading Volume: $86.72B

- Active Cryptocurrencies: 10,120

- Active Market Pairs: 83,715

- Active Exchanges: 783

Dominance:

- Bitcoin (BTC): 53.29%

- Ethereum (ETH): 18.00%

Market Segments:

- DeFi Market Capitalization: $74.72B

- DeFi 24h Volume: $5.57B

- Stablecoin Market Capitalization: $155.43B

- Stablecoin 24h Volume: $79.8B

- Derivatives 24h Volume: $726.63B

Top Gainers & Losers

🚀 Top Gainers

💩 Top Losers 

Airdrops & More News

DAILY AIRDROP
📦️ Kinetix Finance Airdrop

Kinetix Finance is airdropping 3% of the total supply of KFI tokens to early users. Users who have engaged with Kinetix Finance through swaps, providing liquidity, farming, or trading perpetuals are eligible for the airdrop.

Step-by-Step Guide:

1. Visit the Kinetix Finance airdrop claim page.

2. Connect your wallet and change the network to Kava.

3. If you’re eligible, you will see the number of tokens you can claim.

4. You will need some KAVA to pay for gas.

5. Users who’ve interacted with Kinetix Finance by making swaps, LPing, farming, or trading perps are eligible for the airdrop.

6. A total of 3% of the total supply has been allocated for the airdrop.

7. All unclaimed KAI will be re-distributed to users who have elected to hold onto the KAI they received.

8. For more information regarding the airdrop, see this Medium article.

Other News

Solana-Focused Startup Accelerator Colosseum Raises $60M to Invest in Early-Stage Projects. Colosseum will focus on investing in selected teams from winners in Solana hackathons and so far deployed $250k to eleven companies.

Bybit surpasses Coinbase in market share after Binance's decline. Bybit became the world’s second-largest crypto exchange, while the leading exchange, Binance, has lost some market share due to regulatory issues.

German Government Entity Moves $24M Bitcoin to Kraken, Coinbase: Arkham. Tuesday’s movements come days after the entity shifted $425 million among wallets, with some bitcoin transferred to exchanges.

54% of institutional investors in Japan plan to invest in crypto. 54% of Japanese institutional investors plan to invest in crypto over the next three years, citing portfolio diversification and high return potential as key drivers.

🫡 Thanks For Reading

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