flows

The International Monetary Fund (IMF) stated in its financial system stability assessment report released this month that Brazil's cross-border capital flows based on cryptocurrency have continued to grow since 2017, surpassing traditional capital flows. The report indicates that these capital flows are mostly driven by stablecoins, as businesses and retail investors use stablecoins for efficiency and tax-related reasons. The flow of stablecoins is related to international and local investment indicators such as the S&P 500, VIX, and Bitcoin prices, and is also influenced by exchange rates, interest rates, policy uncertainty, and changes in tax policies.The IMF noted that the Central Bank of Brazil has taken measures to regulate the virtual asset service provider (VASP) industry, but there are still shortcomings in areas such as customer legal protection and asset segregation. Comprehensive implementation of international standards such as the travel rule for anti-money laundering and combating the financing of terrorism (AML/CFT) is still needed. The report pointed out that Brazil's cryptocurrency system is connected to the traditional financial system, and regulators need to cooperate with domestic and international regulatory bodies to establish a more robust reporting mechanism. The Brazilian Congress is preparing to review Bill 4308/2024 to regulate the status of stablecoins.

According to SoSoValue data, yesterday (Eastern Time July 24), the total net outflow of Ethereum spot ETFs was $70.6179 million.The Ethereum spot ETF with the highest net inflow yesterday was Grayscale Ethereum Trust ETF ETH, with a net inflow of $9.9362 million, bringing the historical total net inflow of ETH to $1.810 billion.The Ethereum spot ETF with the highest net outflow yesterday was Blackrock ETF ETHA, with a net outflow of $52.7593 million, bringing the historical total net inflow of ETHA to $11.410 billion.As of the time of writing, the total net asset value of Ethereum spot ETFs is $10.167 billion, with an ETF net asset ratio (market value as a percentage of total Ethereum market value) of 4.53%, and the historical cumulative net inflow has reached $11.183 billion.

According to GMGN data, the top 5 tokens with net inflow of KOL in the past 24 hours are as follows:Jimothy (Ge87....ump): Net inflow of $7,000, with a 24-hour change of -32.7%, currently priced at $0.0248.SAKURA (EWiV....ump): Net inflow of $1,000, with a 24-hour change of 49.2%, currently priced at $0.0003.Terp (ALvN....ump): Net inflow of $807, with a 24-hour change of -65.5%, currently priced at $0.0001.Terp (G2rk....ump): Net inflow of $399, with a 24-hour change of 12.1%, currently priced at $0.0001.Lambocheesi (7W2q....ump): Net inflow of $252, with a 24-hour change of 1065.7%, currently priced at $0.0001.

Former Fox Business reporter Eleanor Terrett stated that the U.S. Hispanic Chamber of Commerce (USHCC), which claims to represent millions of Hispanic businesses across the country, sent a letter to Senate leaders this week expressing concerns similar to those of community banks that the Clarity Act could accelerate deposit outflows. The organization believes that the bill will reduce loans to Hispanic small businesses and weaken investments in underserved communities.

Social Capital founder Chamath Palihapitiya stated on the X platform that the current cryptocurrency market, especially Bitcoin bulls, is facing two major issues: first, marginal liquidity is more inclined to flow into prediction markets and stock markets; second, the marginal energy used for Bitcoin mining, if reallocated to serve AI token-related demands, could be valued 10 to 20 times higher. Chamath noted that these changes appear to be structural, but there is also a possibility of misjudgment.In response, Coinbase CEO Brian Armstrong said that the first point "seems more like a temporary phenomenon," while the second point may be more enduring. However, the computing power or energy flow used for Bitcoin mining does not directly determine Bitcoin prices, as the network difficulty will automatically adjust to maintain the same block production pace when miners exit. He also stated that, in the long run, Bitcoin prices reflect more of people's concerns about inflation, and there are no signs that the trend of democratic governments around the world continuing to expand fiscal deficits is coming to an end.

CryptoQuant analyst Darkfost stated that the outflow of stablecoins from Binance and Bybit in the past 30 days exceeded $2.3 billion, leading to a depletion of Bitcoin liquidity. Bitcoin has been testing the critical price level of $60,000 for nearly 165 days. Although it briefly broke through $80,000 in May, it failed to maintain or reignite the upward momentum of Bitcoin.One of the reasons for this situation is the lack of new liquidity flowing into the market. Whether through direct investment in Bitcoin or investment in the entire crypto market, new demand has been difficult to realize. Observing the changes in stablecoin reserves at exchanges, the situation has been particularly poor since the beginning of the year, with a nearly continuous decline, reflecting that outflows are significantly exceeding inflows. In just the past 30 days, Binance's stablecoin reserves have decreased by $1.55 billion, while Bybit lost $786 million during the same period. The decline in reserves sends a clear signal: demand and liquidity are shrinking, and investors seem inclined to withdraw stablecoins from exchanges or even exit the market entirely. Therefore, it is this still overly pessimistic overall market sentiment that continues to deprive Bitcoin of the resources needed to break through the current consolidation range.

According to GMGN data, the top 5 tokens with net inflow of KOL in the past 24 hours are as follows:ANSEM (9cRC....ump): Net inflow of $20,000, 24-hour price change -3.9%, currently priced at $0.169.ACCOUNT (5rnh....t1r): Net inflow of $1,000, 24-hour price change 697.8%, currently priced at $0.0001.Raj (5kD2....ump): Net inflow of $551, 24-hour price change 569.8%, currently priced at $0.0001.HODL (Hh3o....ump): Net inflow of $456, 24-hour price change -6.9%, currently priced at $0.0009.DUMP (9bmv....HDa): Net inflow of $383, 24-hour price change -10.7%, currently priced at $0.0008.

According to SoSoValue data, yesterday (Eastern Time July 14), the total net inflow of Ethereum spot ETFs was $58.3385 million. The Ethereum spot ETF with the highest single-day net inflow yesterday was the Blackrock ETF ETHA, with a single-day net inflow of $58.3385 million. Currently, the historical total net inflow of ETHA has reached $11.237 billion.As of the time of writing, the total net asset value of Ethereum spot ETFs is $10.091 billion, and the ETF net asset ratio (the market value compared to the total market value of Ethereum) is 4.46%. The historical cumulative net inflow has reached $11.016 billion.

According to the latest "Bitcoin Weekly Market Pulse" report published by glassnode, although BTC has rebounded after a recent sell-off, this round of increase is still closer to a "volume contraction recovery." The report shows that the weekly spot trading volume decreased by 21.5% to $4.1 billion, and the spot CVD turned from positive to negative at -$58.8 million, indicating that the breadth of market buying remains weak.In terms of institutional funds, the weekly net inflow of the US spot BTC ETF has recovered to $161.3 million, but ETF trading volume still decreased by 11.97% to $8.4 billion. On-chain data shows that the number of active addresses decreased by 7.6% to 599,000, on-chain transfer volume decreased by 16.1% to $4 billion, and total fees decreased by 13.9% to $168,400, indicating that on-chain activity continues to weaken.In terms of derivatives, the futures funding rate increased by 13.4% to $1.9 million, but the perpetual contract CVD plummeted by 81.7% to $83.9 million; at the same time, the options market 25-Delta Skew rose to 18.87%, indicating that investors still maintain strong demand for downside protection during the rebound process.

According to SoSoValue data, on July 9, Eastern Time, the total net outflow of Ethereum spot ETFs was $52.0804 million. The Ethereum spot ETF with the highest single-day net outflow yesterday was Fidelity ETF FETH, with a single-day net outflow of $33.9629 million. Currently, FETH has a historical total net inflow of $2.147 billion.The second was Blackrock ETF ETHA, with a single-day net outflow of $12.6671 million. Currently, ETHA has a historical total net inflow of $11.162 billion. As of the time of writing, the total net asset value of Ethereum spot ETFs is $9.345 billion, and the ETF net asset ratio (market value compared to the total market value of Ethereum) is 4.43%. The historical cumulative net inflow has reached $10.955 billion.

According to GMGN data, the top 5 tokens with net inflow of KOL in the past 24 hours are as follows:ANSEM (9cRC....ump): Net inflow of $130,000, 24-hour price change -25.5%, currently priced at $0.2163.TripleT (J8PS....ump): Net inflow of $7,000, 24-hour price change 82.4%, currently priced at $0.0227.Sped (2dAt....ump): Net inflow of $3,000, 24-hour price change 1961.5%, currently priced at $0.0001.NEIL (cvka....ump): Net inflow of $1,000, 24-hour price change -76.6%, currently priced at $0.0001.SPINY (9Hoc....ump): Net inflow of $938, 24-hour price change 3216.8%, currently priced at $0.0001.

According to CoinDesk, in just the month of June, the U.S. spot Bitcoin ETF saw a net outflow of $4 billion, led by BlackRock's IBIT, as funds shifted towards opportunities in AI trading and the SpaceX IPO. Bitcoin fell about 14% in the second quarter, dropping below $60,000, marking its third consecutive quarter of losses. However, this outflow pales in comparison to the $2 trillion private credit market. Redemption requests in private credit reached $15.6 billion in the second quarter, with 10 out of 16 business development companies exceeding the 5% quarterly cap, and most investors receiving only partial payouts. Fitch expects redemptions to continue in the coming months, and unmet requests will keep several companies under pressure.Bitcoin ETFs have strong liquidity, and outflows directly impact BTC prices; in contrast, private credit BDCs are illiquid long-term instruments. The simultaneous redemptions of both reflect widespread market concerns about liquidity and risk. The energy market is also sending signals of risk aversion, with the U.S. Strategic Petroleum Reserve at its lowest level since 1983. QCP Capital summarized: "Different sectors, same pattern: the market's buffer space is narrowing." It pointed out that the Strategic Petroleum Reserve has bottomed out, Strategy has sold BTC for the first time to pay dividends, and private credit redemptions have surpassed thresholds, all indicating that risk assets face a more challenging environment.

CryptoQuant posted on platform X that Binance's stablecoins are experiencing structural outflows. Over the past 30 days, USDC holdings have decreased from $5.75 billion to $4.6 billion, a drop of about 21.6%; USDT-ETH saw significant withdrawals of nearly $1 billion and $838 million on June 26 and July 7, respectively. Last week, Binance's stablecoin had an average daily net outflow of $115 million.The report states that stablecoins are a key liquidity reserve for the market to absorb selling pressure, and simultaneous outflows typically indicate a conservative capital trend, with liquidity shifting towards cold wallets, DeFi protocols, or over-the-counter trading. The current environment is different from the previous phase where capital circulated among stablecoins, showing a simultaneous decoupling. After over $1 billion in liquidity has flowed out, the market's ability to buffer volatility is declining. CryptoQuant warns that if exchanges lack sufficient cash to cope with structural sell-offs, the market will be more sensitive to sudden fluctuations, and a sustainable bottom will require waiting for new inflows of stablecoin funds.

Glassnode's latest weekly report points out that Bitcoin has been continuously operating below the real market average and the cost basis of short-term holders for the past five months, remaining in a deep value range. This indicates that while the market bottoming process is progressing, it has not yet been completed.On-chain data shows that long-term holders' realized losses account for 43% of the total realized value, with the recent daily average realized loss peak rising to $280 million, the highest level since December 2022, indicating that selling pressure has not significantly eased.

According to SoSoValue data, during this week's trading days (Eastern Time June 29 to July 3), the Ethereum spot ETF had a net outflow of 13.67 million USD.The Ethereum spot ETF with the highest net outflow this week was Blackrock ETF ETHB, with a weekly net outflow of 39.216 million USD, and the historical total net inflow for ETHB has reached 519 million USD. The second highest was Grayscale Ethereum Trust ETH, with a weekly net outflow of 24.1797 million USD, and the historical total net inflow for ETH has reached 1.810 billion USD. The Ethereum spot ETF with the highest net inflow this week was Blackrock ETF ETHA, with a weekly net inflow of 44.6504 million USD, and the historical total net inflow for ETHA has reached 11.120 billion USD.As of the time of writing, the total net asset value of Ethereum spot ETFs is 9.020 billion USD, and the ETF net asset ratio (market value compared to total market value of Ethereum) is 4.38%, with a historical cumulative net inflow of 10.890 billion USD.

According to SoSoValue data, during this week's trading days (Eastern Time June 29 to July 2), Bitcoin spot ETFs experienced a net outflow of $527 million. The Bitcoin spot ETF with the highest net outflow this week was BlackRock ETF IBIT, with a weekly net outflow of $773 million, and the historical total net inflow for IBIT currently stands at $59.99 billion.The second highest was Grayscale Bitcoin Trust GBTC, with a weekly net outflow of $27.6866 million, and the historical total net outflow for GBTC currently stands at $27.17 billion. The Bitcoin spot ETF with the highest net inflow this week was Ark & 21 Shares ETF ARKB, with a weekly net inflow of $10.2 million, and the historical total net inflow for ARKB currently stands at $1.26 billion.As of the time of writing, the total net asset value of Bitcoin spot ETFs is $74.37 billion, with an ETF net asset ratio (market value compared to total Bitcoin market value) of 6.02%, and the historical cumulative net inflow has reached $51.08 billion.

According to monitoring by Lookonchain, the BlackRock ETF address has recorded a net outflow of Bitcoin for 10 consecutive trading days, totaling 35,980 BTC (approximately 2.24 billion USD).