Interoperability protocol ZKM has announced plans for a new Bitcoin Layer 2 solution named GOAT Network. It aims to be the first decentralized Bitcoin Layer 2 with shared network ownership. You've probably never heard of Layer 2 solutions of this kind, and yet it is set to launch in Q3 this year Kevin Liu, GOAT Network Core Contributor and ZKM co-founder, stated, "GOAT Network's launch of a Bitcoin L2 is a powerful first step in ZKM's quest to unite the fragmented Web3 universe." Liu emphasized their commitment to decentralization and shared ownership. GOAT Network will employ a decentralized sequencer model. This approach differs from other Bitcoin Layer 2s. Sequencer node operators will secure the network. They will earn yield on their bitcoin and fees for various activities. The project claims to be unique in its approach. "GOAT Network is the first Bitcoin L2 to share network ownership and fees, by decentralizing its sequencer," the team told The Block. They added that small holders can also participate in earning sustainable yield. ZKM's proving service will handle the ZK prover side. The team acknowledged that the decentralization of the Proof Network depends on ZKM's progress. GOAT Network boasts Ethereum Virtual Machine compatibility. This feature enables smart contract functionality. It sets the project apart from Bitcoin's existing Layer 2, the Lightning Network. The network has secured commitments of 5,000 BTC from five institutional node operators. It plans to launch with seven operators, expanding over time. The authors claim that yield will come from various sources, including gas fees and mining rewards. So it's going to be a kind of a mixed bag, if you will. The project will utilize ZKM's Entangled Rollup technology. This provides native security from Bitcoin's Layer 1. GOAT Network aims to become a "Universal Layer 2," integrating with multiple ecosystems. GOAT Network has outlined its tokenomics. 42% of the GOAT token supply is reserved for mining activities. 6% is allocated for airdrops and 1% for influencers. The total supply will be 1 billion tokens.

On-chain data reveals significant selling activity by Bitcoin whales. This movement potentially contributed to BTC's recent bearish trend, at least that seem to be the most plausible explanation. Analyst Ali highlighted the trend on social media platform X. He referenced Santiment's "Supply Distribution" metric. This indicator tracks Bitcoin holdings across various wallet groups, focusing on wallets holding between 1,000 and 10,000 BTC. That's the guys we usually call the whales. At current rates, these holdings range from $55.4 million to $554 million. Such large positions can significantly influence market dynamics. The data shows a downward trend in whale holdings over the past month. These investors reduced their positions by 30,000 BTC. A whopping amount of money to say the least, because it equates to over $1.65 billion at current prices. The sell-off intensified in recent days. And this accelerated selling coincides with Bitcoin's recent price drop. It suggests whale activity may be partially responsible for the market downturn. Simply put, whales sell because they suddenly turned bearish, and thus the market is getting a strong bearish sentiment. Whether this selling trend will continue remains uncertain. More whales could potentially sell if market sentiment remains negative. Conversely, a reversal in whale behavior could signal a potential market bottom. This would indicate whales view current prices as attractive entry points. Bitcoin's price has fallen over 10% in the past week. It now trades around $55,000, a level not seen since late February.

Recent Bitcoin investors are exiting the market as prices stagnate. This trend is evident in the latest downturn. Novice investors are not familiar with market traditions and sentiments, so they are selling the dip instead of buying it. On-chain data shows significant selling from investors who entered the market this year, now, as the price fell to $55,000 on Friday, they panic and succumb to the wish to exit. CryptoQuant analyst Cauê Oliveira reported major network activity. "$2.4 billion worth of Bitcoin aged between three and six months moved during the drop," he wrote. This data supports a theory among analysts. Recently acquired coins are more likely to move during price fluctuations. Oliveira explained these sellers' behavior. "They can be classified as 'long-term' holders, but are possibly behaving like short-term investors." Many buyers likely entered during the Bitcoin spot ETF launch in January. These funds saw $13 billion in net inflows initially. ETF performance and Bitcoin prices have since plateaued. This has led to investor disappointment. Especially if we are talking of rookie investors, not familiar with previous Bitcoin market cycles, bull runs and candles. Longer-term holders show more resilience. Oliveira noted that entities "older than one year" haven't shown heavy selling. LookIntoBitcoin data provides context. The short-term holder realized price is $64,614, 10% above the current market price. This figure represents the average purchase price for recent entrants. It may indicate a threshold for panic selling among new Bitcoin investors.

Finance analyst Jacob King warns of potential Bitcoin price pressure. He predicts most Mt. Gox creditors will sell their repaid Bitcoin. King estimates $8.2 billion in additional selling pressure. On-chain movements suggest creditors have already begun selling. "No Bitcoiner will say this out loud, but the majority of the $8.2 Billion in $BTC that is set to be distributed back to ex-clients are going to be sold off," King stated on July 4. Mt. Gox announced the commencement of Bitcoin and Bitcoin Cash repayments on July 5. This news raises concerns about Bitcoin's price stability. Bitcoin has struggled recently. It traded above $60,000 but fell 18% in Q2 2024. King predicts further decline. "I understand this is controversial, but based on the current low demand volume, this will easily send BTC back into a harsh bear market," he said. Bitcoin's price dropped 3.9% to $55,250 in 24 hours as of 10:17 am UTC on July 5. It's down over 10% week-on-week. Despite market concerns, the repayments are positive for creditors. Mark Karpelès, former Mt. Gox CEO, expressed relief on social media. "Mt. Gox customers have finally started receiving Bitcoins! After over 10 years I wasn't sure anymore if it'd finally happen, but here we are finally!!" Karpelès wrote. Approximately 127,000 Mt. Gox creditors are owed $9.4 billion. Bitcoin's 8,500% price increase over the past decade may incentivize profit-taking. King expects 99% of creditors to sell. "Imagine billions worth of Bitcoin all being dumped gradually over the next several weeks. There is no way to spin this to be bullish," he concluded.

Speculation about cryptocurrency integration in Grand Theft Auto 6 continues to circulate. These rumors have been ongoing for over a year. Now we've got yet another confirmation. Or have we? A recent tweet reignited the discussion. A Twitter influencer known as Gordon claimed Bitcoin support was "confirmed" in GTA 6. The post quickly gained traction, unsurprisingly. Gordon's tweet stated, "GTA 6 will enable cryptocurrency payments." It specifically mentioned Bitcoin, Ethereum, and USDT. The post included a fabricated game trailer. Despite the viral nature of the tweet, no official confirmation exists. Rockstar Games and Take-Two have made no announcements regarding cryptocurrency in GTA 6. The official trailers and statements contain no mention of crypto inclusion. Previous rumors from May 2023 remain unsubstantiated. The first official GTA 6 trailer, released in December, sparked further speculation. A leaked version featured a "BUY BTC" stamp, likely added by the leaker. The game's planned 2025 release leaves room for potential crypto integration. Such a move could significantly impact cryptocurrency adoption in mainstream gaming, many analysts think, as the game is immensely popular among children and youth. However, all claims of confirmed cryptocurrency features in GTA 6 remain unverified. Official announcements from Rockstar Games or Take-Two are still pending. And it's no wonder, as these guys are never quick to respond. And, honestly, never feel obliged to comment any rumors.