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After two straight months of relentless outflows, institutional players are flipping bullish on $BTC ETFs. Even the looming threat of a return to all-out conflict between the U.S. and Iran hasn’t been able to keep enthusiasm down, with markets bouncing back swiftly after the initial shock wore off.
Onchain, it’s been a mixed week for Solana. The Solana dApp Store’s best and brightest are enjoying their time in sunshine during Seeker Summer, but a clumsy governance blunder may have cost BonkDAO over $21M in treasury losses.
And after $ANSEM united the memecoiners and bestowed the trenches with a long-overdue $400M PvE runner, traders have wasted no time casting it aside to chase shiny new memes on Robinhood chain.
Here’s everything you need to know 👇
Bitcoin ETFs flows have been nothing but horrendous over the last two months, with institutional players pulling millions out of $BTC for weeks on end. Fortunately, it looks like things might be on the turn, with weekly $BTC ETF flows flipping positive for the first time since May 8.
On an even more optimistic note, $BTC’s 5% rise this week comes in the face of the heaviest selling we’ve ever seen from our good friend Michael Saylor. In the past week, Strategy clipped 3,588 $BTC, worth $216M, back into markets, which were completely unaffected by sell pressure from one of Bitcoin’s biggest holders.
This begs the question: if Saylor’s not buying, then who is? And what does it mean for the next few months of price action?
Bust out those crypto phones because Seeker Summer is here. Over the next eight weeks, Seeker holders can access another slew of exclusive rewards, boosts, and benefits across a curated selection of some of the Seeker ecosystem’s best apps.
Seeker Summer kicks off with a juicy promo in collaboration with Collector Crypto, Solana’s fastest-growing consumer app, which gifts a free $50 gacha card pull to anyone who buys a Seeker using $SKR (which also includes a 20% discount).
Tune into the next episode of Shipped, SolanaFloor’s Seeker-centric livestream, on July 14th, to hear directly from the founders and builders shaping the future of the Seeker ecosystem.
BonkDAO, the decentralized custodians of Solana’s most iconic culture coin, have lost over 4.4T $BONK tokens (valued at ~$20M) because no one was keeping track of a public governance proposal.
BonkDAO is pursuing legal action, but it’s unclear whether or not the decentralized entity actually has a case against the “attacker”. Commentators have argued that this blunder is simply a sad example of DAO governance operating as intended, with an opportunist taking advantage of voter apathy to enrich themselves.
Sanctum’s new mobile app is off to a cracking start, netting over 9,000 users and 14k $SOL in deposits in its first week alone. The drawcard is a fixed 6% APY of staking rewards, which gives users a competitive edge over the network average.
Beyond the pure economics, Sanctum’s mobile app is breathing some much-needed playfulness and whimsy to consumer Defi. On top of watching their rewards grow, users are rewarded with unique cosmetics and furniture pieces to decorate the home and garden of Albus, our nebulous cloud companion.
Courtesy of a recent surge in demand for blockspace (thanks Ansem), Solana is once again leading all blockchains in Real Economic Value, a Blockworks metric used to measure network value accrual from user activity.
While prices languish in the chilly depths of crypto winter, Solana has fundamentally never looked better. The network recorded over 1B non-vote transactions last week, a new all-time high, and continues to lead top CEXs like ByBit, Kraken, and Coinbase in daily spot trading volume.
Robinhood CEO Vlad Tenev sucked the liquidity from Solana’s memecoin economy in a single tweet, causing degens to bridge over to the TradFi firm’s newly launched L2. Tenev’s claim that the chain was “great for memes” sent $CASHCAT, its flagship coin, on a blistering path to a $140M market cap, with traders exiting their positions on Solana memes like $ANSEM.
Despite Robinhood chain’s current popularity, the network is still witnessing less DEX volume across all categories than what Solana’s memecoin sees in a typical day. This isn’t the first time that memecoin traders have temporarily left the network they call home, though history suggests they’ll come flooding back in a matter of days.
Last year’s BNB season saw a similar outcome, with traders rotating capital back to Solana after topblasting another chain’s memes.
Honorable Mentions
Phoenix Trade introduces splines, enabling more efficient liquidity repositioning
Alvarez & Marsel accepted its first client payment in $USDC, on Solana
Velocity Exchange, formerly Drift, has enabled insurance fund withdrawals
Claynosaurz’s HEEBOO Studio unveils $HEEBOO token ICO - powered by Metaplex
Kintara hits 30,000 monthly players
World.xyz prediction market tops $1M daily volume on Solana as DAUs surpass 3,000
New to Solana? Check out Solana Learn, a series of guides and videos to supercharge your crypto journey.
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