Paypal's PYUSD stablecoin doubles in supply in just 1 year ❗️

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📅 Today

🔍️ Market Outlook

• Overall Bias - Bearish ⚠️ 

• BTC has now closed a weekly candle below it’s 200 Daily Moving Average & the 20 Weekly Moving Average, which is a bearish sign.

• Moving forward, the medium term outlook for BTC depends upon how quickly the price is able to reclaim these moving averages.

• Until the prices shoot up above $60,000 and hold steady above those levels, the outlook remains bearish.

• From a longer term perspective, once the price surges above $64,900 and we get a weekly close above that level, we can then expect the second leg of the bull-market to start and for the prices to start moving aggressively higher.

𝗣𝗮𝘆𝗣𝗮𝗹’𝘀 𝘀𝘁𝗮𝗯𝗹𝗲𝗰𝗼𝗶𝗻 𝗱𝗼𝘂𝗯𝗹𝗲s𝗶𝗻 𝘀𝘂𝗽𝗽𝗹𝘆 in 1 𝘆𝗲𝗮𝗿 📈 

Paypal’s native PYUSD's stablecoin has doubled in supply since last year, and has now surged past half a billion tokens, jumping from 270 million to over 533 million in the past month.

Over the past week, the supply of the token on Solana has surged by 69%, while its supply on Ethereum has decreased by 7%.

PYUSD's growth has helped bring the Solana stablecoin marketcap up to $3.08 Billion.

BlackRock’s BUIDL Fund surpasses $500 Million in AUM 💰️ 

BlackRock's $BUIDL Fund has now surpassed $500 million in tokenized treasuries.

While the crypto market struggles, BlackRock's $BUIDL fund, operating on the Ethereum network, continues to attract new investors. The fund has reached a $500 million market cap — making it the first tokenized treasury fund to reach the milestone

The fund requires a minimum entry of $5 million, and its total assets have now reached $502 million.

It is now the treasury product with the highest total assets under management. $BUIDL currently has 16 holders, as compared to $FOBXX's 444 & $USDY's 3992 holders, including notable names like Ondo & Circle.

📕 Educational

Some top-notch insights on the Q2, 2024 Financial Statements of leading Layer 1's, including :

• Ethereum

• Avalanche

• Solana

• BNB

• Tron

Ethereum 🔍

• Transactions: 106M in Q2

• New Addresses: 10.9M

• Growth: Significant YoY in TVL and net flow

• Top TVL Protocols: EigenLayer, AAVE, MakerDAO

• Stablecoins Growth: USDT and DAI

Avalanche 🔍

• Fees/Revenue: $3.5M

• Transactions: 101M

• New Addresses: 2.3M; Total: 21M (+92% YoY)

• TVL: $710M

• NFT Sales Volume: $28.3M (10x YoY)

Solana 🔍

• Fees/Revenue: $26M (42x YoY)

• Trading Volume: $292B (7x YoY)

• Transactions: 15.3B (vote + non-vote)

• TVL: $3.4B (10x YoY)

• New NFTs: 98M (54x YoY)

• USDC Market Cap: $2.15B (~70% of total)

BNB 🔍

• Circulating MCap: +50% QoQ, +95% YoY

• Active Addresses: 1M+ daily

• Transactions: 339M

• New Addresses: 23.5M in Q2

• TVL: +41% YoY

• New NFTs: 6.6M

Tron 🔍

• Transactions: 569M (+29% QoQ)

• New Addresses: 19.5M (+41% YoY)

• TRX Supply: -580M (lower inflation)

• TVL: $7.7B (+36% YoY)

• Stablecoin Market Cap: +$4.9B QoQ (+32% YoY)

Source : Coin98 Analytics 

📊 Stats

📈 Chart of the day

• In a worst-case scenario dip, the monthly close of BTC should be above $48,265 for the bull-run to remain continue.

• If Bitcoin closes any month below this level, then there will be a very high possibility of a longer term bear market, like we saw in 2022.

• This price level is the monthly super-trend support, which has historically acted as a primary distinguisher between a bull and bear market.

• As long as we are above that level, the up-trend on the higher time frames is still intact, and any dips to these levels can be buying opportunities.

• Note that it is possible for BTC to wick below these levels on the daily and weekly time frames, however, it is imperative that the monthly close happens above $48,265 for a sustained bull-run to happen.

• Source : Cointraction 

• Note : None of the content mentioned in the newsletter is financial advise. This is for educational purposes only.

🤣 Meme of the day

Accurate 🤣 

That concludes our update for today!

We appreciate you joining us for the latest news. Our aim is to provide insights and highlights that keep you well-informed and ready. Remember to follow us on social media for additional updates and giveaways. Happy Hodling, and see you next time!

Disclaimer : None of the content shared in the newsletter is financial advise. Always do your own research before investing.