Highest net inflows

Good morning, Coin Discoverers!

CRYPTO

• BTC: $57,115.70 (-1.94%) YTD (+29.30%)

• ETH: $2,992.94 (-2.43%) YTD (+27.21%)

• BNB: $501.31 (-4.99%) YTD (+59.70%)

*Crypto numbers as of 5:00 am EST on July 7th

Bitcoin ETFs Achieve Record Net Inflows Over 30 Days Despite massive decline

Despite Bitcoin's recent drop to $54,000, a 25% decline from its March peak of over $73,000, spot Bitcoin ETFs saw their strongest inflow day in a month on July 5, gaining a total of $143 million.

Four of the top 11 spot Bitcoin ETFs collectively gained over 3,000 BTC, worth approximately $172 million at current prices. Around 80% of these inflows went to Fidelity's FBTC fund. Bitwise's BITB, Ark 21Shares' ARKB, and VanEck's HODL ETFs received the remaining inflows. In contrast, Grayscale's GBTC experienced an outflow of 500 BTC, valued at around $29 million.

Justin Sun teases gasless stablecoin on Tron

Tron founder Justin Sun announced on X plans to develop a stablecoin with no gas fees for transfers. According to Sun, the gas fees will be 'entirely covered by the stablecoins themselves.

Sun announced the stablecoin will launch on the Tron blockchain first, then expand to Ethereum and other EVM-compatible blockchains.

We expect to launch this service in Q4. I believe similar services will help large companies deploy stablecoin services on the blockchain, significantly advancing blockchain mass adoption," reads Sun's X post.

US House to vote next week on overriding Biden's veto of SAB 121

The U.S. House is set to vote next week on a controversial SEC accounting bulletin, following President Joe Biden's veto.

President Biden vetoed a resolution to overturn Staff Accounting Bulletin 121 (SAB 121) in May. The bulletin, which has sparked controversy in the crypto industry, raises concerns that it could hinder banks from securely managing digital assets. It mandates firms custodying crypto to list customer crypto holdings as liabilities on their balance sheets.

This Week on Crypto Twitter: Speculation on Biden’s Challenges

Despite widespread criticism among crypto users of Joe Biden’s approach to crypto, the president’s recent legitimacy crisis has sparked mixed reactions among traders, who prioritize profit above all else.

On Polymarket, users have wagered over $326 million on questions about the 2024 presidential election outcome and potential concerns regarding Biden's age and mental fitness.

STOCKS

• DOW: 39,375.87 (+0.17%) 

• S&P: 5,567.19 (+0.54%)

• NASDAQ: 18,352.76 (+0.90%)

*Stock numbers as of market close on July 5th

Meme Stock Frenzy Boosts Koss 25%

Koss Corp. shares surged for the second consecutive session on Friday, closing at $13.35 after peaking at $18.50, fueled by speculation from social media posts suggesting meme stock influencer Keith Gill's interest in the company.

Followers of Gill, known as 'Roaring Kitty' online, noticed cryptic images he posted in May featuring a microphone against a U.S. flag backdrop. This image appeared as an emoji at the end of a video.

Revolut CEO to Sell Portion of Stake in $500 Million Share Sale

Revolut's founder, Nikolay Storonsky, is set to sell some of his shares in a $500 million company stock sale.

Last month, the Financial Times reported that the digital finance app is collaborating with bankers on a share sale, including employee-held shares, potentially valuing the company at over $40 billion.

The size of Storonsky's stake in the company remains unclear, and any sale would depend on Revolut's valuation from new investors and final allocation decisions by the company, the report added.

REAL ESTATE

• 15-year: 6.43%

• 30-year: 7.04%

*Mortage rates via Mortgage News Daily

Bonds Rally with Emphasis on Data Dependence and Orderliness

Today's recap mirrors the morning commentary. The latest jobs report showed overall softness, despite nonfarm payrolls slightly exceeding expectations for the month. However, revisions suggest a shift from strong resilience to anticipated softening in the labor market trend.

This aligns with expectations under current interest rate conditions. The bond market calmly affirmed its adherence to the Fed's 'data dependent' stance with a well-managed, moderately sized rally. In summary, it was a reassuring day for the jobs report, setting the stage for next week's CPI data.

TECH

Taiwan's central bank provides no timeline for digital currency launch

Taiwan's central bank announced on Sunday that there is no set timeline for launching a digital currency, emphasizing the complexity of the process. However, it plans to conduct public hearings next year to educate the public on the matter.

Taiwan's central bank has been developing a pilot program for a government-backed digital currency, enabling digital wallet payments independent of debit or credit cards.

QUICK RECAP 

#1. Carlyle in exclusive talks to buy Baxter's $4 billion kidney care unit Vantive. Baxter stock up over 4%.

#2. KKR seeks $20 billion for its new North America fund, following its $20 billion fund from three years ago.

#3. Bosch is considering a bid for Whirlpool, valued at $4.8 billion, according to three sources.

#4. Hedge funds shorted Tesla (TSLA) heavily just before its numbers sparked a significant share-price rally.

#5. Israel's central bank plans to keep interest rates unchanged for the fourth consecutive time amid regional tensions.