CoinDesk Report:
Weekly is a weekly blockchain industry summary column launched by CoinDesk, covering key news, market and contract data, mining information, project updates, technological advancements, and other industry dynamics. This article is the Project Weekly, providing an overview of mainstream and standout projects’ progress this week.
Bitcoin:
Transfer volume from short-term Bitcoin holders significantly decreased, indicating market stability
According to Glassnode data, since the 2024 halving, the transfer volume of Bitcoin from short-term holders to exchanges during losses has notably declined. In early 2024, this volume peaked at 90,000 BTC but has stabilized below 30,000 BTC since April. Historical data shows that short-term Bitcoin holders tend to increase transfer activity during major price declines, reflecting panic selling phenomena. This trend was particularly evident during the 2018 bear market and the March 2020 COVID-19 crash. However, post-2024 halving, the market has shown increased stability and investor confidence, leading to a decrease in panic transfers. Nonetheless, monitoring transfer volumes remains crucial as their peaks often precede significant price movements, potentially serving as indicators of market sentiment shifts.
Bit Digital and Iris Energy report declining Bitcoin production over the past three months
Bit Digital and Iris Energy have disclosed their Bitcoin (BTC) mining data for the last three months. Bit Digital mined 119.3 BTC in April, 63.3 BTC in May, and 61.7 BTC in June, whereas Iris Energy’s mining output during the same period was 358 BTC in April, 230 BTC in May, and 233 BTC in June. Despite increases in hash rates, both companies have experienced a decline in Bitcoin production since April.
German government retains over 40,000 BTC despite recent Bitcoin sales
According to blockchain intelligence firm Arkham Chain Analysis, the German government has been selling seized Bitcoins but still holds over 40,000 BTC, valued at more than $2.3 billion.
IntoTheBlock: Nearly 30,000 Bitcoins flowed into exchanges this week
IntoTheBlock data shows that nearly 30,000 Bitcoins (worth $1.73 billion) flowed into exchanges this week, indicating asset sales by panic sellers amidst price declines.
Financial Times: Trump’s potential election may trigger “second-half Bitcoin rebound”
Bitcoin Magazine reported on X platform that the Financial Times suggests a potential “second-half Bitcoin rebound” if Trump is elected.
Ethereum:
Vitalik’s EIP-7732 proposal aims to enhance Ethereum’s operational speed
Ethereum developers have introduced a new Ethereum Improvement Proposal, EIP-7732, aimed at overhauling the block validation process to accelerate blockchain operation speeds. The proposal separates block validation into consensus and execution parts, making significant modifications to enhance blockchain security and performance. EIP-7732 responds to Ethereum’s growing efficiency demands and aligns with Ethereum co-founder Vitalik Buterin’s push for faster transaction confirmation times.
Ethereum Foundation’s email compromised, hacker promotes Lido staking phishing scam
The Ethereum Foundation’s email account was hacked, sending phishing emails to 35,794 people, capturing email addresses of 81 subscribers. The emails falsely claimed a collaboration between the Foundation and LidoDAO, offering 6.8% Ethereum staking rewards. Clicking the link in the email and approving the transaction would result in wallet depletion. The Foundation swiftly halted the malicious emails, closed off the attack vector, and issued warnings to stakeholders. Investigations revealed that while attackers obtained some new email addresses, no funds were lost in this incident.
Galaxy Digital asset management director: Expected launch of Ethereum spot ETF by July
Galaxy Digital’s asset management director, Steve Kurz, anticipates SEC approval for a spot Ethereum ETF before the end of July and remains optimistic about more cryptocurrency ETFs. Kurz expects approval within weeks rather than days or months, highlighting Galaxy’s collaboration with the SEC and similarities between its upcoming spot Ethereum ETF and existing spot Bitcoin ETF (BTCO). Galaxy partnered with investment management firm Invesco to create both funds.
Bitwise: Ethereum is one of the world’s most exciting technology investments
Bitwise Chief Investment Officer Matt Hougan wrote “Why Ethereum ETP May Be More Successful Than You Think,” highlighting investor enthusiasm for technology and Ethereum’s status as one of the world’s most exciting technology investments. Hougan forecasts Ethereum ETPs accumulating $15 billion in net flows by the end of 2025, marking a significant achievement and potentially making it the most successful ETP launch to date. However, it falls short compared to Bitcoin ETP’s success, which attracted $14 billion in net inflows in less than six months. Hougan predicts Bitcoin ETP’s flows could surpass $50 billion by the end of 2025, buoyed by approvals from major platforms like Morgan Stanley and Merrill Lynch.
Ethereum core developers unveil EIP-7732
Ethereum core developers announced the launch of EIP-7732, a formal specification for Enshrined Proposer-Builder Separation (ePBS). EIP-7732 is a consensus-layer upgrade that separates execution verification from consensus validation, directly embedding PBS into Ethereum’s consensus layer. PBS refers to the separation of block proposers and builders. EIP-7732 includes modifications to beacon chains, fork selection rules, P2P communication, and allows validators to act as builders. Builders are complex participants who construct blocks to extract MEV. ePBS facilitates trustless exchanges between proposers and builders, enabling validators to effectively utilize CPUs. The implementation includes a Payload Timeliness Committee (PTC) within the validation committee to vote on timely payload releases by builders. EIP-7732’s design is also compatible with future upgrades, such as inclusive lists.
Other Projects:
Telegram Mini App developers can now convert Telegram Stars into TON tokens
Telegram Mini App developers can convert Telegram Stars into TON tokens or purchase Telegram ads at discounted rates. The announcement stated, “Bot developers offering digital goods and services and creators monetizing their channels through paid posts can now use their earned Telegram Stars to receive Toncoin rewards or purchase Telegram ads. Telegram does not charge any commission on Stars transactions, so users only need to pay taxes and payment system fees. When users transfer Stars to their Telegram ad account, Telegram offers a 30% discount to cover all third-party payment system fees.”
Ava Labs launches Avalanche Inter-Chain Token Transfer (ICTT) solution
Ava Labs announced the launch of Avalanche Inter-Chain Token Transfer (Avalanche ICTT) solution, utilizing Teleporter and Avalanche Warp Messaging underlying technologies to seamlessly support cross-chain tokens like USDC and BTC across various L1s (formerly called subnets) on Avalanche. Avalanche ICTT also allows developers to customize L1 with their ERC-20 as Gas tokens.
Bitcoin Layer Expansion Protocol QED completes $6 million seed funding round
Bitcoin Layer Expansion Protocol QED announced the completion of a $6 million seed funding round, with Blockchain Capital as the sole investor, valuing QED in the nine figures, at least $100 million. To date, QED has raised a total of $10.6 million, previously securing $3.25 million in seed funding from Arrington Capital, StarkWare, Draper Dragon, and $1.35 million in angel funding from Sparkle Ventures supported by Animoca Brands.
Riot: Plans to achieve 31 EH/s hash rate scale by year-end
Riot Platforms mined 255 Bitcoins in June, a 19% increase from the previous month. Although the company’s Bitcoin production is roughly half of last year’s figures, this aligns with expectations post-April’s Bitcoin halving event. Riot indicated exceeding its second-quarter 21.4 EH/s hash rate target, reaching 22.0 EH/s by the end of June. Riot also announced receiving a $6.2 million electricity subsidy from the Texas grid and plans to achieve a total self-mined hash rate of 31 EH/s by year-end.
ether.fi proposes deploying ETHFI staking contract on Ethereum mainnet
Re-staking protocol ether.fi has initiated a new proposal to deploy ETHFI staking contracts on the Ethereum mainnet. Users can stake ETHFI tokens to earn ether.fi loyalty points, with rewards increasing over time. The mechanism ties rewards to governance participation and effective balances, including future incentives and voting functions.
