Cycle Capital analysis indicates that the compensation in Mentougou may lead to a difficulty in the short-term arrival of the main uptrend, as the market faces selling pressure similar to that of the German government. If the compensation in Mentougou is sold out within a month, the price of BTC may further decline. Compound's founder and CEO Jayson Hobby announced his resignation and launched a new DeFi protocol, Legend, with two other executives. Genesis Trading has transferred a total of 12 thousand BTC, worth approximately 760 million US dollars, to Coinbase in the past month, suspected to be in the process of bankruptcy liquidation. The German Government transferred a total of 5748 BTC to multiple addresses today. Huang Licheng has sold all of his holdings of BLUR, resulting in a loss of approximately 3.16 million US dollars.

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Cycle capital: The compensation in Mentougou may lead to the difficulty of the short-term main uptrend coming. Cycle Capital analysis points out that if the compensation in Mentougou is sold out within a month, the market faces selling pressure similar to that of the German government, with a considerable similarity in the amount and timing of the sales. According to the current demand for ETFs, which cannot provide sufficient support, the price of BTC may further decline. If the compensation in Mentougou lasts longer (2-3 months), the daily amount of BTC entering the market will not be particularly large, not causing a one-time decline, but the main uptrend may be difficult to arrive in the short term. As of July 12th, 138 thousand BTC are still in Mentougou's account address, indicating that the selling pressure from Mentougou has not actually entered the market.

Compound CEO resigns, founding a new DeFi protocol: Legend
Compound CEO Jayson Hobby announced his resignation and launched a new DeFi protocol, Legend, along with two other Compound Labs executives. The other two executives include Compound founder and CTO Geoffery Hayes and Compound Vice President of Product Mykel Pereira.

Genesis Trading address accumulated 12 thousand BTC transferred to Coinbase in the past month, worth approximately 760 million USD
An address marked as 'Genesis Trading' by Arkham has accumulated 12 thousand BTC transferred to Coinbase in the past month, worth approximately 760 million USD. It is suspected to be executing bankruptcy liquidation procedures and currently holds around 33 thousand BTC, worth 1.90 billion USD. Genesis Trading is a subsidiary of the crypto lending platform Genesis Global responsible for crypto trading, which filed for bankruptcy protection in January 2023. According to legal documents from May, Genesis Global was approved to liquidate and distribute assets under its bankruptcy reorganization plan, with an expected exit from bankruptcy proceedings in July.

German Government transferred a total of 5,748 BTC to Kraken and other addresses today
The German Government transferred a total of 1,200 BTC (400 BTC each) to Bitstamp, Kraken, and Coinbase today at 15:02 UTC+8, worth approximately 68.70 million USD. They also transferred 1,000 BTC to a suspected B2C2 Group address, valued at around 57.26 million USD, and 500 BTC to an unmarked address, valued at approximately 28.63 million USD. Additionally, at 17:26 UTC+8, the German Government transferred 748.251 BTC to Cumberland DRW. Further transfers include 1,000 BTC to a suspected B2C2 Group address at 21:34 UTC+8, 800 BTC to Kraken, and 500 BTC to an unmarked address at 21:44 UTC+8.

Huang Licheng sells all BLUR, incurring a loss of 3.16 million USD
'Huang Licheng,' known as 'Big Brother,' has sold all his BLUR holdings, incurring a loss of approximately 3.16 million USD. In the past 24 hours, he deposited all 18.40 million BLUR into Binance, causing a market price drop. Additionally, his other token holdings are performing poorly, with holdings of approximately 275 million BLAST (around 4.45 million USD) expected to lose 1.50 million USD, and 8.80 million FRIEND (approximately 1.71 million USD) expected to lose 13.80 million USD.

Cryptocurrency Market Update: Mentougou Compensation Impact, New DeFi Protocol, Large BTC Transfer, and Individual Sell-Off