Binance Research: June Crypto Market Insights Report

Key Takeaways

• Market Downturn: The cryptocurrency market experienced a significant downturn in June, with total market capitalization dropping by 11.4%.
• BTC Pressure: Mt. Gox's announcement of repayments (140,000 BTC) and government BTC transfers to exchanges intensified negative sentiment.
• Miners Selling: Bitcoin miners have been net sellers since November 2023—the longest streak since 2017—due to reduced block rewards post-halving (6.25 BTC → 3.125 BTC).
• TON Growth: The TON ecosystem saw record activity, with daily active addresses peaking at 578K, driven by The Open League incentives and Binance’s USDT integration.
• BNB Performance: BNB outperformed exchange-related tokens, rising 86.4% YTD, supported by Binance’s Launchpool and Megadrop initiatives.

Crypto Market Performance

Overall Trends

June’s market downturn was fueled by:

1. Mt. Gox Repayments: Expected BTC redistribution raised fears of oversupply.
2. Government BTC Moves: Germany and the U.S. transferred BTC to exchanges, signaling potential sell-offs.
3. ETH Challenges: SEC lawsuits against Consensys’ MetaMask staking services added pressure.

Top 10 Tokens

• TON: +17.5% (ATH: $8.24), boosted by DeFi TVL hitting $700M.
• BNB: Volatile (-18.8% from ATH), but resilient YTD.
• BTC/ETH: Fell 10.9% and 10.0%, respectively.
• Memecoins: SHIB (-27.7%) and DOGE (-34.8%) underperformed.

👉 Why TON’s DeFi TVL surged

DeFi Landscape

TVL Trends

• Total DeFi TVL: Dropped 8.7% in June.

• Winners:

  • Bsquared (Bitcoin L2): +332% TVL.
  • TON: +109% TVL ($685.9M), fueled by The Open League rewards.

Notable Launches

• LayerZero: Sybil-reporting mechanism redistributed 85% of ZRO allocations.
• zkSync: Faced Sybil attacks; Binance launched compensatory airdrops.
• Blast: 17% of supply airdropped, with minimal allocation to Blur users.

NFT Market

Sales Slump

• Total Sales: $46M (-26.2% MoM).

• Top Collections:

  • DMarket: $18.9M (game items).
  • CryptoPunks: $16.1M (+29.9% volume).
• Chain Performance: Bitcoin (-48.2%) and Ethereum (-50.2%) NFTs fell sharply.

Charts of the Month

1. Miner Selling Streak

• Duration: Longest since 2017 (started Nov 2023).
• Cause: Post-halving revenue squeeze (block rewards halved).
• Impact: Miner balances at 14-year lows; M&A activity rising (e.g., CleanSpark’s $155M acquisition).

2. TON’s Active Addresses

• Peak: 578K daily addresses (June 14).

• Drivers:

  • USDT integration on TON.
  • The Open League’s $225M incentives.

3. BNB’s YTD Rally

• Returns: +86.4%.
• Catalysts: Launchpool, Megadrop, and HODLer Airdrops.

👉 How Binance Megadrop works

July 2024 Preview

Key Events

• EigenLayer Stage 2: Potential staking updates.
• Solana ETF Proposals: VanEck/21Shares filings may boost SOL.

Major Unlocks

• Top Tokens: $250M+ in unlocks expected.

FAQ

Q: Why did BTC drop in June?
A: Mt. Gox repayments and government BTC transfers triggered sell-off fears.

Q: What’s driving TON’s growth?
A: USDT integration, Binance support, and community incentives.

Q: How are miners impacting BTC’s price?
A: Extended selling (since Nov 2023) adds downward pressure.

Q: Is BNB’s rally sustainable?
A: Yes, if Binance continues utility-driven initiatives like Megadrop.