Newsletter

The Bitcoin Bungalow | Issue 10 | June 4 2024

June 4, 2024

Christos Salaforis

3 minutes

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📈 General Bitcoin Market News

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Fear and Greed Index

  • ‍Current Value: 73
  • Change Since Last Week: +1
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Bitcoin Fear & Greed Index
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Bitcoin Price Update

  • ‍Current Price: $69,577.43
  • Weekly Percentage Change: +2.4%
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‍Market Sentiment

  • Bitcoin continues to hover in the range high despite the frustrating news of President Biden vetoing the resolution to overturn the SEC's controversial crypto regulations. U.S. lawmakers have intensified efforts to pass the landmark FIT21 Act.
  • US ETFs are netting a inflow of +$209.18M whilst HK are netting a modest inflow of +$28.53M bringing total net inflows across US and HK to around +$237.71M which seems to further modest optimism as the BTC price hovers in the range high: source‍
  • With net inflows looking somewhat positive, the price is somewhat stagnant in the range highs as people anxiously await an explosive move either way.
  • The federal funds rate (FFR) is steady at 5.25-5.5%.
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BTC Liquidations

  • Total Shorts Liquidated: $71.66M
  • Total Longs Liquidated: $84.72M

Source

🌐 Bitcoin Ecosystem Updates

  • BOB | Build on Bitcoin
    • Element NFT Marketplace integrates with BOB. Check out the latest NFTs on BOB, here.
    • API3 DAO's oracle stack is now live on BOB, enabling 170+ decentralized data feeds (dAPIs) with OEV Network for protocol MEV coming soon.
    • APRO Oracle deploys on BOB, providing support for 6+ new trading pairs.
    • BOB's Stargate proposal is live. Read it, here. This could effectively enhance liquidity, support key trading pairs and allow for seamless Bitcoin-Ethereum transfers.
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  • ‍B2 Network:‍
    • Announces partnership with Chakra Chain, a ZK-driven, trustless Bitcoin settlement network featuring a restaking protocol. By harnessing ZK-STARKs and a middleware chain, the Chakra network establishes a modular-native paradigm for the extended BTC ecosystem from day 1.
    • UniRouter hits $15M TVL within 2 weeks. Check it out, here.
    • A giveaway pool for B2 asset holders call B2 Honey is now live.
    • B2 joins Babylon Chain as a finality provider. Participants in B² PoS will be rewarded by B² Network and receive Babylon staking yields, thus enhancing the security of B² Hub and Bitcoin rollups. Join now.
    • B² Network will integrate Cobo's state-of-the-art MPC custody technology, ensuring funds remain non-custodial and secure.

We now have B2 Network data you can explore – Sign up

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  • Botanix Labs:
    • Owlto Finance's concise cross-rollup bridge has been integrated with Botanix tesnet, enabling bridging from BSC testnet to Botanix testnet.

We now have Botanix Testnet data you can explore – Sign up

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  • Merlin Chain:‍
    • Xverse integrates with Merlin, bringing wallet support for Bitcoin and layers built on top of it like Ordinals, Runes, BRC-20, Stacks, and more.
    • Skate Chain announce that they will bring universal apps to Merlin. Skate Chain enables apps to run on 1000s of chains with only one state.
    • Developer update, here.
    • Merlin Chain is now the the 3rd largest BTC hub with more than 190,000 BTC bridged, just behind Binance and Coinbase. Read more, here.

We now have Merlin data you can explore – Sign up

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  • Rootstock:
    • Arrowhead 6.2.0 release:
      • Added revert data to an eth_call response
      • Support input field in eth_call method requests
      • Load active peers from previous sessions at node start-up
      • Enable genesis block load from an external file‍
      • Read more.
    • Rootstock announce a ground breaking in-person distribution mechanism using ultrasound built by Tap 2 Pay at Consensus. With audible and in-audible sound waves their product can distribute tokens & NFTs to a live audience.

We now have Rootstock data you can explore – Sign up

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  • Stacks:
    • Zest Protocol enables stSTX borrowing on Stacks.
    • Stacks highlight Stacking DAO for:
      • Generating $560k in Stacking rewards in the last 2 cycles
      • Cultivating $30M worth of stSTX in DeFi
      • Achieving 53+ in STX locked
      • With 30k+ users.
  • Kiln announce integration with Stacks, to bring new reward opportunities to their customers while supporting the security and decentralization of the network.

Here's how easy it is to create a dashboard with
Stacks data on Ortege Studio:

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‍Closing Thoughts‍

In summary, the Bitcoin ecosystem continues to thrive with technological advancements and strategic collaborations. The market’s sentiment is cautiously optimistic, and the potential for significant movements remains a focal point for investors.
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