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⬇️Crypto and Stock Markets Suffer Violent Sell-Off

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Crypto markets were brutalized as major stock indexes suffered heavy drawdowns. More than a quarter of a billion dollars was wiped from the combined cryptocurrency capitalization amid the bloodshed.

The steep bearish decline drove widespread liquidations, with leveraged traders losing $841 million to margin calls and $341 million in DeFi lending positions wiped out.

The profitability of Bitcoin miners is under threat as the price of BTC struggles to hold above $50,000. Coupled with the impact of April’s Bitcoin halving, BTC prices below $53,000 have rendered many ASIC operators unprofitable.

The pullback also appears to have scared off Jump Trading’s digital asset subsidiary, with Jump Crypto sending $277 million worth of cryptocurrency to exchanges over the past 10 days after redeeming ETH liquid staking tokens en masse.

Plus, Genesis Trading distributed $1.5 billion in crypto to creditors, fungible tokens dominate on-chain Bitcoin transaction volumes, and more than 98% of PumpFun memecoins fail.

✍️ In today’s newsletter:

  • Stock market crash sends crypto assets into freefall
  • Bearish markets drive wholesale DeFi liquidations
  • Low BTC prices threaten miners’ profitability
  • Jump Crypto appears to be offloading assets
  • Genesis Trading moves $1.5B in BTC and ETH
  • Runes account for 35% of Bitcoin transactions
  • PumpFun memecoins exhibit a 98.6% failure rate

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📉Crypto Gets Obliterated Amid Global Stock Market Sell-Off

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Digital assets suffered violent drawdowns as stock markets tumbled. Bitcoin and Ethereum are at their lowest level in six months after the combined crypto capitalization crashed $292 billion in 24 hours. Major Asian stock indexes posted their heaviest losses since the COVID pandemic, with Japan’s Nikkei 225 dropping 12.4%, South Korea’s KOSPI slumping 8.77%, and Taiwan’s Taiex crashing 8.35%.

️💥Crypto Crash Wipes Out DeFi Borrowers As All-Time Aave v3 Liquidations Double

The violent market action drove widespread crypto liquidations, with leverage traders losing more than $841 million to margin calls. DeFi lending protocol users suffered enormous losses of $341 million, with Aave v3’s all-time liquidations increasing by 59% in one day.

⛏️Bitcoin Miners Nurse Losses as BTC Struggles to Hold $50K

Many Bitcoin miners are also facing the threat of operating at a loss as the price of BTC struggles to hold above $50,000. Miners running popular ASICs, including the WhatsMiner M50S, Antminer S19j Pro+, and WhatsMiner M30S++, are now likely operating in the red.

🏷️Jump Crypto Appears to be Liquidating Millions in Crypto

It looks like Jump Crypto is rushing to exit crypto. Jump Trading’s digital asset subsidiary unwound enormous liquid staking positions and moved $277 million worth of crypto to exchanges over the past 10 days.

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💰️Genesis Moves $1.5 Billion in BTC and ETH, Fueling Market Fears

Genesis Trading, the insolvent crypto lender, moved more than $1.5 billion worth of BTC and ETH on-chain last week. Onlookers infer that the funds are earmarked for creditor distributions, potentially adding fuel to the sharp market sell-off.

🪙Bitcoin Memecoins Runes Make Up 35% of All the Chain's Transactions

Fungible tokens are dominating Bitcoin’s on-chain activity in 2024, with Runes and BRC-20 tokens accounting for 35% and 11% of on-chain transactions since the start of 2024. The impressive share of activity commanded by Runes comes despite the protocol launching in April.

️‍❌Almost 99% of Pump.fun Tokens Fail

Less than 1.5% of tokens created on the bubbling memecoin launchpad PumpFun have made it to market. Out of 1.58 million tokens, just 22,330 attracted sufficient liquidity to attain a listing on Raydium, the popular Solana-based decentralized exchange.

🌍 ELSEWHERE

  • Defi Giant Aave Rakes in $6M in Revenue as Crypto Market Plunges (CoinDesk)
  • Number of new Ethereum addresses plunges to lowest level this year (The Block)
  • Xapo Bank debuts interest-bearing Bitcoin, fiat accounts in the UK (Cointelegraph)

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