Crypto bloodbath continues while Justin Sun offers to buy $2B in bitcoin from Germany

GM anon ☕🐺

In today’s Alpha Bytes👇

The crypto market saw $665M in daily liquidations as Bitcoin dropped below $55K, driven by Germany-related FUD. Justin Sun offered to buy $2B in bitcoin from Germany to reduce selling pressure. Meanwhile, Mt. Gox moved $2.7B in bitcoin ahead of its $9B payout, adding to the volatility.

Bitcoin drops below the 200-day average, bringing the bull market trendline into focus.

BTC $54,311 (-7.18%), ETH $2,869 (-10.10%), SOL $125.64 (-6.59%)

Crypto News 📰

• Labour Landslide Sets Up Starmer as UK Prime Minister With Unstated Crypto Plans

• Coinbase argues Gary Gensler’s email is ‘appropriate source of discovery’ in SEC lawsuit

• Biden’s reelection odds brush single digits on Polymarket

• SlowMist reports $20.66M in stolen funds in Q2

• US spot bitcoin ETFs see $20M net outflows while most funds record zero flows

• EigenLayer competitor Symbiotic crosses $1B in deposits in under a month

• Bitcoin miners are showing signs of capitulation

• South Korean government to launch crypto transaction monitoring system

• SEC wants retailer’s crypto suit tossed as it’s based on ‘phantom’ policy

• Vitalik Buterin opts for faster Ethereum, EIP-7732 gives hope

• Insider trading allegations hit Khamzat Chimaev’s Smash token

• Bittensor identifies vulnerability behind $8M exploit in post-mortem

Project Updates 🔥 

• Grass used to open source over 600M reddit posts and comments

• Aevo Strategies

• Friendtech update

• Binance led the UniSat Pre-A round

• YieldNest and Origin announce merger of primeETH to ynLSD

• Worldcoin jumps 9%, tops market with former Google and Apple hires

• MANTRA (OM) outperforms top altcoins as price soars 11%

• Blast network surges following big airdrop

Threads 🧵 

• Extensive guide on market making for founders

• Some reasons to be bullish right now

• Coordinating intelligence

• Methamorphosis season 1

• Restaking is one new meta in this cycle

Launches 🚀 

• Announce the launch of Preon V2

• Orbs launches liquidity hub on Fenix Finance

• Aptos launches keyless wallets that use ZK-proofs to verify identities

Fundraise 💰

• @blockchaincap led the $6M Seed round of @QEDProtocol

• Compute Labs announces a $3M Pre-Seed funding round

• Protocol Village: DWF launches a $20M fund for Web3 projects in Chinese-speaking regions

Airdrops 🪂

• $ALLO with a huge airdrop

• Introducing Karak Network by Lightning X Drop

• Rainbow launches Week #1 of Rainbow ETH Rewards for the top 1K active users

Calendar 🗓️

• 2 July : $EGLD - Vega Patch 3

• 3 July : $RON - Goda Upgrade

• 3 July : $ETHFI - Cash Card (Pre-order)

• 4 July : $DESO - Revolution PoS

• 4 July : Tabi - Early Bird Node Ticket Sale

• 5 July : $ZIG - Tokenomics Upgrade Proposal

• 5 July : $MAVIA - Phase 2 Rollout

That's a wrap for today!

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