Good morning! Welcome back to Distributed Ledger, our weekly crypto newsletter that arrives in your inbox every Thursday. I will explain to you what is happening in the current bear market.

As always, find me on Twitter at @FrancesYue_ to send feedback, or tell us what you think we should cover. You can also reach me via email to share your personal stories with crypto.

Crypto at a Glance

has lost 5.8% over the past seven days, trading at around $20,374 on Thursday, according to data from CoinDesk. Ether ETHUSD,
fell around 5.8% over the seven-day period to reach around $1,095. Dogecoin DOGEUSD Meme Token,
gained 7.9% while another dog-themed token, Shiba Inu SHIBUSD,
was up about 23.3% from seven days ago.

Cryptographic metrics
The biggest winners Price %return in 7 days




Synthetix Network



Celsius Network









Source: CoinGecko as of June 23
The biggest losers Price %return in 7 days
















Source: CoinGecko as of June 23

Over the past weekend, a selloff sent bitcoin to $17,601, before bouncing back to around $20,382 on Thursday. The drop was largely due to forced selling, according to Thomas Dunleavy, senior research analyst at Messari.

According to Financial Times. Investors were concerned about contagion risks – I wrote more about that here.

In recent sell-offs, bitcoin and ether have underperformed some smaller coins, which is “very unusual”, according to Dunleavy. Bitcoin and ether generally tend to outperform smaller coins during market downturns as investors shift into “flight to safety” mode.

The latest trend is “an indication that people are just selling what they had to meet all sorts of margin requirements,” according to Dunleavy.

Since then, the market has calmed down a bit, while “liquidity in terms of actual volumes climbing during the sell-off has also declined,” Dunleavy said. “I think the larger question right now is, as the contagion from the crypto market has kind of slowed down, if we’re going to pick up on the correlation with the stock market.”

“If the macro goes down, will Bitcoin see another leg down? Or are we going to kind of hold the water here? Dunleavy said.

The SBF bailout?

Crypto billionaire Sam Bankman-Fried is pumping money into two crypto companies that have been in the spotlight, after Celsius and Three Arrows showed signs of trouble.

Celsius rival BlockFi announced on Tuesday that it had received a $250 million revolving line of credit from crypto exchange FTX to help bolster its balance sheet. BlockFi announced last week that it would lay off 20% of its employees as the rapidly changing macroeconomic environment weighs on the company’s growth rate.

Meanwhile, crypto brokerage Voyager Digital Ltd said its subsidiary Voyager Digital Holdings has entered into a definitive agreement to raise a $200 million cash and USDC revolver and a 15,000 BTC revolver from Alameda Ventures, the venture capital arm of Bankman-Fried’s quantitative crypto trading firm Alameda. to research.

Voyager Digital Ltd. also disclosed its subsidiary Voyager Digital LLC’s exposure to Three Arrows, including 15,250 bitcoins, or about $310 million based on the crypto’s recent price, and $350 million from the USDC stablecoin. Voyager could issue a notice of default to Three Arrows for non-repayment of its loan, the company said.

ETF short bitcoin

ProShares launched its Short Bitcoin Strategy ETF, or BITI BITI, on Tuesday.
The first bitcoin-linked inverse exchange-traded fund in the United States came at a time when bitcoin was down about 70% from its all-time high.

BITI tracks the inverse of the daily performance of the S&P CME Bitcoin Futures Index, according to the fund’s datasheet.

“BITI makes it easy for investors to gain short exposure to bitcoin by buying an ETF in a traditional brokerage account,” ProShares chief executive Michael L. Sapir wrote in a statement Monday.

Yet, like other inverse ETFs, BITI is designed to track the opposite of the underlying index over a single day. Investors who hold the fund for more than one day may experience lower returns than expected, particularly when volatility is heightened in the market.

Crypto companies, funds

Shares of Coinbase Global Inc.. PIECE OF MONEY,
jumped 9.6% to $56.83 on Thursday, and they are up 11% over the past five trading sessions. by Michael Saylor MicroStrategy Inc.
gained 4.9% on Thursday to $179.20, and it is up 11% over the past five days.

mining company Riot Blockchain Inc.
shares rose 2.9% to $4.74 on Thursday and 4.6% in the past five days. Shares of Marathon Digital Holdings Inc.
edged down 0.1% to $6.74, with a 2.8% gain over the past five days. Another miner Ebang International Holdings Inc.. EBON,
fell 5.5% to $0.46 on Thursday, contributing to a 15.6% loss over the past five days. Inc.
+6.50%it is
the shares traded down 5.1% at $31.19. The shares gained 11.4% during the five-session period.

Shares of Block Inc.
formerly known as Square, rose 8.6% to $65.89, contributing to a 14.6% gain for the week. Tesla Inc.. TSLA,
shares fell 1.7% to $696.48, after being up 8.9% in the past five sessions.

PayPal Holdings Inc.
fell 0.3% to $72.78 and rose 2.2% over the five-session period. Nvidia Corp.
shares fell 1.9% to $160.46, a 2.8% gain over the past five trading days.

Advanced Micro Devices Inc.
shares fell 2.7% to $81.46 on Thursday and 0.7% from five trading days ago.

Among crypto funds, ProShares Bitcoin Strategy ETF
rose 1.3% to $12.63 on Thursday, while its Short Bitcoin Strategy ETF lost 1.4% to $40.73. Valkyrie Bitcoin Strategy ETF
edged up 1.3% to $7.85, while VanEck Bitcoin Strategy ETF
gained 0.7% to $19.75.

Grayscale Bitcoin Trust
rose 1.2% to $13.12.

Required readings