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The German government’s sale of approximately 50,000 bitcoins brought substantial supply pressure to the market, equivalent to about $3 billion in outflows. However, the market demonstrated an impressive absorption capacity. This sell-off did not lead to a market crash but helped establish a strong support level for Bitcoin in the near term.
Solana has been a standout performer in this bull market, with its ecosystem primarily driven by the meme token sector. The Pump.fun platform emerged as a winner, creating over 1.5 million meme tokens and generating 510,000 SOL in revenue. From on-chain data, Solana surpassed Ethereum in daily active users and daily transactions, and even overtook Ethereum in DEX trading volume for the first time in July, although some of this volume may be attributed to “wash trading.
Despite the challenges and volatility experienced in July, the cryptocurrency market, particularly Bitcoin, has demonstrated remarkable resilience and maturity. Strong ETF inflows, improving liquidity, and growing institutional interest paint a positive picture for Bitcoin. However, investors should remain vigilant of ongoing factors like the Mt. Gox distribution and broader economic trends.
CoinEx Research remains committed to providing in-depth analyses and insights into the evolving cryptocurrency market, helping investors navigate through the complexities and opportunities that lie ahead.A guest author represents the interests of the company he or she is promoting in his or her articles and is not part of U.Today’s editorial staff.Information in articles published by guest authors does not go through fact-checking procedures, so we kindly advise you to do your own research.
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