Crypto markets picked up in June as the ‘institutions are coming’ narrative drove performance. Specifically, several notable traditional finance firms have filed for a spot Bitcoin ETF, fueling positive sentiment.
Bitcoin dominance reached 58% of the total crypto market, marking its highest level since April 2021. Recent regulatory developments in the US, alongside the surge of Bitcoin spot ETF filings, have likely contributed to this move.
USDT’s depegging event in June has not harmed its dominance. USDT’s market share has even increased on a month-on-month (“MoM”) basis, hitting a high of 65.1%.
zkSync Era made remarkable strides in June by establishing several record highs, including an 88.9% MoM surge in TVL and surpassing its “Optimistic” competitors in Ethereum mainnet data publishing fees, thereby accentuating its influence in the Layer-2 (“L2”) sector.
Cumulative TVL in top LSDfi protocols crossed the US$600M mark and has increased over 66% on an MoM basis. The potential for staked ETH growth and the relatively low penetration of LSDfi serve as structural tailwinds for the sector.
Monthly Market Insights - July 2023
Binance Research (JieXuan Chua, CFA, Moulik Nagesh, Shivam Sharma, Colin Chan)
Jul 7th, 2023