But beneath the surface, a different story is unfolding. Steady inflows into Ethereum-based Spot ETFs have been keeping the mood green. According to on-chain analytics platform Lookonchain, US-based Ethereum ETFs recorded a net inflow of 36,439 ETH on July 4, valued at approximately $92.19 million. This builds on a solid showing the day prior on July 3, when daily net inflows into the ETFs totaled $148.57 million.
If you were looking for enterprise-grade excitement, Ripple delivered just that on July 3rd. In an announcement that no doubt triggered a thousand fintech PowerPoint slides, Ripple joined hands with Tenity—a global fintech incubator best known for its mysterious Swiss efficiency and, one must assume, robust coffee habits. Together, they’re hatching an accelerator program designed to unshackle entrepreneurs building on the XRP Ledger (XRPL), presumably because “unshackling” sounds much cooler than “supporting.”
Ethereum is expected to remain more subdued, with most bets backing a move to $2,700, which has attracted the highest confidence at 60%. The chances of ETH hitting $2,900 stand at 34%, while a push to $4,000 is viewed as highly unlikely, sitting at just 1%. 😴
This purchase is a step in the right direction for Ondo. The company has intentions to introduce additional financial products in the blockchain. According to Nathan Allman, CEO of Ondo Finance, this is a step in the direction to open the next chapter of tokenized finance 📚. He thinks it will assist the development of Ondo in creating a tokenized secure system of trading securities. Such securities represent real-life stocks and bonds that are transformed to take the form of tokens in a blockchain. Sounds like a whole lotta mumbo-jumbo, but we’ll take his word for it!
Ripple Labs caught the market off guard on July 4 with the release of 500 million XRP, just days after its standard July 1 unlock of the same amount. It’s like they’re playing a game of hide-and-seek with their tokens! 🎉 Rather than sticking to its typical pattern of releasing 1 billion XRP in one go, Ripple opted for a staggered release—signaling a move toward more responsive and demand-based token management. Ah, the plot thickens! 📚
One look at the short-term chart for $BTC, and you’ll spot a “fakeout” that would make even the most accomplished stage magician proud. Thursday’s escapade saw prices flirting with the $110,000 level. The bulls—those lovable optimists—were likely clinking glasses and making holiday plans. Alas, dear reader, BTC was breathing the rarefied air of “overboughtness,” and after an initial, rousing confirmation of the breakout, it fell back with all the conviction of a soufflé gone wrong. The bulls promptly lost their trousers (metaphorically speaking), and back into the bull flag the price tumbled.
The Monetary Authority of Singapore (MAS), that most noble and revered institution, has confirmed the penalties, naming the likes of Credit Suisse, UBS, Citibank, UOB, Julius Baer, LGT Bank, and asset manager Blue Ocean among the guilty parties. One can only imagine the stern faces of the MAS officials as they handed down the verdicts. 😒
The Great Crypto Letdown 🤕
As part of the newly elected president’s Web3 advisory team, I found myself in a room full of suits, led by National Assembly member Min Byung-duk. I mean, talk about a room full of people who probably don’t know the difference between a blockchain and a block party. 🤣
Blockchain tracking firm Lookonchain, those intrepid detectives of the digital realm, report that the two Bitcoin addresses, each containing 10,000 BTC, were emptied within minutes of each other on the 4th of July. One wonders if the owners, in a burst of patriotic fervor, decided to celebrate Independence Day by declaring their independence from the shackles of dormancy.