Home/Guide/Market Insights/Others/MEXC Daily News (June 20) | Bitcoin Trading Volume Hits 18-Month Low – Is an Ethereum Bull Breakout on the Horizon?

MEXC Daily News (June 20) | Bitcoin Trading Volume Hits 18-Month Low – Is an Ethereum Bull Breakout on the Horizon?

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Jun 20, 2025MEXC

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1. Market Overview

According to MEXC data, ETH has risen by +1.51% over the past 24 hours and is currently trading at 2530.63 USDT.

Top 10 USDT-M perpetual contracts by trading volume on MEXC.

For more information on crypto prices and macroeconomic trends, please visit the MEXC Marketpage.

According to The Block, transaction activity on the Bitcoin network has fallen to its lowest level in 18 months. The 7-day moving average of transactions dipped to 316,000 last week and has since slightly rebounded to around 350,000. This is a sharp contrast to the daily 700,000 transactions seen during the mid-2024 peak of Bitcoin-native protocol usage.

The steep decline in volume reflects waning speculative interest in protocols like Runes and Ordinals, which once brought Ethereum-like functionality to the Bitcoin network. These protocols have gradually faded from the spotlight, as traders shift their focus to ecosystems that natively support such applications.

2.2 Largest Wave of Institutional Inflows in 2024 Boosts Bitcoin’s Macro Bullish Potential

Key Highlights:

Over the past 30 days, Bitcoin ETFs have seen net inflows totaling 128,000 BTC, marking the largest wave of institutional accumulation in 2024.
Binance whale deposits surged from $2.3 billion to $4.59 billion in a single day, indicating growing confidence among high-net-worth investors.
Bitcoin’s Stock-to-Flow (S2F) ratio has skyrocketed to 2.12 million, up 133.34%, reinforcing the narrative of BTC’s scarcity.
On-chain data shows that large transactions ($1M–$10M) increased by 5.35%, while micro-transactions ($1–$10) dropped by 38.26%, suggesting that whales are increasingly dominating market liquidity.
Bitcoin’s NVT (Network Value to Transactions) ratio climbed to 824, implying that market capitalization is growing faster than transaction volume. While this may signal short-term overheating, the combination of strong ETF inflows and whale accumulation suggests more of a strategic long-term positioning.
Short-term holder supply is declining, while long-term holder supply is rising, indicating a maturing and more resilient market structure.

Potential Impact:

The combination of institutional inflows, whale accumulation, supply tightening, and long-term holding behavior is reinforcing bullish momentum for Bitcoin.
While short-term overvaluation risks exist, structural factors point to a macro-driven rally.
According to SoSoValue, institutional capital could be the key catalyst behind Bitcoin’s sustained upward trend.

3. Industry Analyst Insights

3.1 Ethereum Open Interest Hits Record High — A Bitcoin-Like Bull Run Ahead?

Ethereum appears to be on the verge of a potential breakout, with open interest in derivatives reaching a record $34.8 billion, signaling heightened speculative activity and aggressive positioning from traders. Institutional inflows are also accelerating, with over $500 million in net inflows last week, reflecting growing confidence from both retail and institutional investors.

Analyst TedPillows notes that Ethereum’s current price trajectory closely mirrors Bitcoin’s 2017–2021 bull cycle. Following a significant correction, Ethereum could be primed for another explosive rally. If ETH breaks above the $4,000 resistance level, it may enter a new bull phase with potential gains comparable to Bitcoin’s 1,190% surge during its last major cycle.

Overall, technical indicators remain strong, and the market sentiment is cautiously optimistic.

4. Industry News

4.1 South Korea’s FSC Plans to Launch Spot Crypto ETFs in the Second Half of 2024

According to Fnnews, South Korea’s Financial Services Commission (FSC) has announced plans to introduce spot cryptocurrency exchange-traded funds (ETFs) in the second half of 2024, as part of the new government’s policy roadmap. The FSC aims to enhance regulatory frameworks for stablecoins while carefully assessing the risks posed by the interconnectedness of financial and crypto markets, potential impacts on the real economy, and investor interests.

The FSC is working on establishing standards for spot ETF adoption, including infrastructure for fund creation, custody, operation, valuation, and investor protection mechanisms. Additionally, the commission is advancing the second phase of virtual asset legislation, which focuses on disclosure rules, business operations, and enforcement measures targeting misconduct. These efforts are also expected to cover stablecoin-specific regulations to safeguard user rights.

A report by the Cybernews research team revealed that over 16 billion login credentials tied to major online platforms—including Apple, Google, and Facebook—have been leaked. One of the largest single databases contains over 3.5 billion records.

The data was exposed mainly through unsecured Elasticsearch and object storage instances, and includes access tokens, session cookies, and account metadata stolen by information-stealing malware. While the identity of the original data holders remains unclear, researchers believe that some of the databases may belong to cybercriminal organizations.

Experts warn that the leaked credentials could be used for targeted account takeovers, especially for custodial wallets or crypto-linked email accounts. Users are strongly advised to immediately update passwords, enable two-factor authentication (2FA), and avoid storing seed phrases or recovery codes in insecure digital environments.

5. Market Highlights

5.1 Visa Expands Stablecoin Operations to Europe, Middle East, and Africa

According to CoinDesk, payment giant Visa has expanded its stablecoin settlement services to Central and Eastern Europe (CEE), the Middle East, and Africa (MEA). As part of this expansion, Visa has formed a strategic partnership with African crypto exchange Yellow Card. Back in May, Visa also invested in BVNK, a company specializing in stablecoin-based payments.

5.2 Arkham: BlackRock Has Purchased Over $750M Worth of ETH in June

Blockchain intelligence platform Arkham posted on X (formerly Twitter) that BlackRock has purchased over $750 million worth of ETH so far in June — with no signs of selling.

5.3 Arizona Senate Passes Bitcoin Reserve Bill HB 2324

According to Cointelegraph, Arizona’s Bitcoin Reserve Bill HB 2324 has passed the Senate in a 16–14 vote after a motion for reconsideration. The bill now heads to the House. If enacted, it would allow the state to establish a digital asset reserve using crypto assets seized through criminal forfeiture.

5.4 Vitalik Amplifies Ethereum Bull Case in Collaboration with Etherealize

Ethereum co-founder Vitalik Buterin shared a post on social media titled "The Ethereum Bull Case: Digital Oil, Store of Value, and the Global Reserve of the Digital Economy." The post was originally created by Etherealize, a business development and marketing firm focused on the Ethereum ecosystem. Vitalik added a personal touch by replacing the “digital oil” image in the original graphic with an “Ethereum bull” illustration.

6. Project Updates

1）io.net has launched its Total Network Earnings module.

2）Aster: Phase 1 of Spectra has ended; point distribution will stop on June 22.

3）Alchemy Pay plans to launch Alchemy Chain and issue its own stablecoin in Q4 2024.

4）X CEO announced that users will soon be able to invest and trade directly on the X platform, positioning it as a future super app.

5）Hyperwave has launched a yield-bearing token called hwHLP.

6）DeFiTuna will conduct its TGE in July; airdrop snapshot has already been taken.

7）Arbitrum has officially deployed the Pectra upgrade.

8）The Fetch Foundation will repurchase $50 million worth of FET tokens.

9）DragonSwap is preparing to launch its DRG token, with annualized trading volume exceeding $1 billion.

10）The Magic Newton Foundation will release NEWT tokenomics and disclosures next week.

7. Project Funding Updates

1）Project Eleven has raised $6 million in a funding round co-led by Variant Fund and Quantonation.

2）Units Network, a modular blockchain ecosystem, secured $10 million in funding, led by Nimbus Capital.