Welcome, Crypto enthusiasts!

The lag of the Ethereum ETF has caused ETH bears to jump into action as they attempt to push the price below $3,500.

In Today’s Blockstreet Journal:

• Ethereum Bears Wage War

• BTC ETF Outflows Continue

• Market Rundown

• Top Gainers & Losers

• Airdrops & More News

Latest News

ETHEREUM
🐻 Ethereum Bears Wage War 

Word On The Street: ETH bulls got blindsided by the delay between the approval of a ETH ETF and its actual trading start, so naturally bears struck.

The details:

• The 0.62 put-to-call ratio indicates an imbalance between the $2.2 billion call (buy) open interest and the $1.3 billion put (sell) options.

• If Ether's price stays around $3,500 at 8:00 am UTC on June 28, only $257 million worth of these put options will be relevant.

• This discrepancy occurs because the right to sell Ether at $3,300 or $3,400 becomes irrelevant if ETH trades above these levels at expiry.

Why it matters: Unless there is an unexpected approval of a spot ETF before June 28, the likelihood supports a balanced result around $3,500.

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BITCOIN
🫣 BTC ETF Outflows Continue 

Word On The Street: Bitcoin's price decline today comes after several days of outflows from U.S.-based spot ETFs.

The details:

• Notably, these investment vehicles have seen nearly $500 million in withdrawals since June 10.

• These ETF outflows are occurring alongside a strengthening U.S. dollar against a basket of top foreign currencies.

• Higher interest rates reduce the opportunity cost of holding riskier assets like cryptocurrencies.

Why it matters: Bitcoin's bias remains skewed to the upside. A breakout above the flag's upper trendline at around $72,000 could target approximately $88,000 by July or August, if the technical pattern unfolds as expected.

Market Rundown

Fear & Greed Index

The global crypto market cap is $2.34T, a 0.99% decrease over the last day.

The total crypto market volume over the last 24 hours is $68.05B, which makes a 3.71% increase. The total volume in DeFi is currently $4.74B, 6.97% of the total crypto market 24-hour volume. The volume of all stable coins is now $63.66B, which is 93.55% of the total crypto market 24-hour volume.

Bitcoin’s dominance is currently 53.92%, a decrease of 0.28% over the day.

Global Market Metrics

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

- Total Market Capitalization: $2.34T

- Total 24-hour Volume: $68.05B

- Active Cryptocurrencies: 10,129

- Active Exchanges: 783

- Bitcoin Dominance: 53.92%

- Ethereum Dominance: 18.31%

- DeFi Market Capitalization: $75.51B

- DeFi 24-hour Volume: $4.74B

- Stablecoin Market Capitalization: $155.37B

- Stablecoin 24-hour Volume: $63.66B

- Derivatives 24-hour Volume: $569.05B

Top Gainers & Losers

🚀 Top Gainers

 💩 Top Losers

Airdrops & More News

DAILY AIRDROP
📦️ Koi Finance Airdrop

Koi Finance received an allocation of 5,664,020 ZK tokens and they’ve confirmed that all of these tokens will be distributed to users of their platform.

Step-by-Step Guide:

1. Visit Koi Finance’s dApp and connect your wallet.

2. Perform swaps on a regular basis.

3. Add liquidity to the available pools.

4. To earn additional yield, participate in farming by staking your liquidity position tokens.

5. Purchase some KOI tokens and lock them for anywhere between 7 to 728 days to receive veKOI. veKOI holders enjoy a boost for their farming rewards and get to vote on which liquidity pools to direct KOI rewards to.

6. Turn on notifications for Koi Finance’s X account for further updates.

Other News

Fantom allocates $120M in FTM tokens for Sonic migration. The fund will be used for native application grants, strategic grants to decentralized applications, and the development of infrastructure tools for developers and users.

Standard Chartered Is Building a Spot BTC, ETH Trading Desk. The new London-based desk will start operations soon and be part of the bank's FX trading unit.

Bitcoin reclaims blockchain dominance post-BTC halving. Bitcoin’s blockchain bandwidth usage surpasses 90% post-halving, driven by new token standards and increased transaction volume.

Bitcoin Options Market Isn't Buying BTC Price Weakness, Shows Bias for $100K Calls. Demand for BTC calls at $100K suggests traders preparing for a renewed rally into 2025, according to one trading firm.

🫡 Thanks For Reading

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