So, There's a Bitcoin-Powered SPA

GM Readers!📪 It's BitDegree Insider, and let's shake this Web3 smoothie up.

⭐️Today's selection:

• 😎Cool Fact Derby
• 👌Selected Meme of The Day
• 📰Bite-Sized News

COOL FACT DERBY

It's time to drop some facts. Cool Facts.

FACT #1Bitcoin-powered SPA

So… Apparently, there's a SPA in NYC that heats water through Bitcoin mining.

But, not everyone likes that.

Brooklyn SPA BATHHOUSE has come under criticism following an Instagram post.

They revealed that they are using the energy from Bitcoin mining to heat their pools.

According to the video, the SPA extracts energy from mining rigs and then converts it through heat exchangers to heat the water.

"Enjoy a hot pool while supporting the Bitcoin network," is their slogan.

Some haters left angry comments. They write standard accusations that mining is harmful to the environment.

The situation was clarified by BATHHOUSE co-founder Jason Goodman:

"Instead of using electricity for a pool heater, we use electricity to run miners. In the end, we are essentially energy neutral because we supply the miners with energy that we already needed to buy to heat our pools. This way, we can 'double use' this electricity in a sense... We can offset most of our energy costs, support the Bitcoin network and engage in a fun engineering project."

On Twitter, the crypto community supported the SPA.

Many are making fun of the haters, calling their claims senseless. After all, the company is reusing energy, and this helps conserve resources.

TL;DR: Brooklyn SPA BATHHOUSE faces criticism for using energy from Bitcoin mining to heat their pools, but they argue that they are essentially energy neutral by repurposing electricity already used for pool heating, receiving support from the crypto community.

FACT #2Some Cool Stats

The analytical portal Kaiko published a report showing the correlation between Bitcoin's price and the Nasdaq 100 index has reached a three-year low.

As of today, the correlation is at about 3%. Meanwhile, since May, the index has only increased by 3%, while Bitcoin's price has increased by 14%.

For comparison, last year the correlation level was 60%. The change is clearly visible on this chart.

So, in summary:

• Bitcoin's correlation with the Nasdaq 100 fell to 3% in June, reaching its lowest level in almost three years.
• This month, Bitcoin outperformed tech stocks, jumping nearly 14%, while the Nasdaq 100 only grew by 3%.
• Overall, Bitcoin's correlation with traditional risk assets has steadily decreased this year: in 2022, it averaged 60%.

This could be due to regulatory shifts and the emergence of new derivative exchange products.

The Bitcoin Leverage Futures ETF will be launched today.

It seems to be a positive development.

However, if we plot all the important events associated with such high-profile launches, the picture becomes a bit ambiguous.

The statistics are not great, but it's worth understanding that this is not a panacea.

Just the need to keep that in mind.

Glassnode reports that following the COVID-19 crisis, the proportion of Bitcoin held in exchange addresses has been on a steady decline, currently at 11.7% (2.27 million Bitcoin).

This is the lowest it's been since December 21, 2017.

In addition, Glassnode data reveals a consistent decline in the number of Bitcoin whales (individuals or entities holding ≥1,000 Bitcoin).

After peaking at 2,169 during the 2021 bull market, the count has now dropped to 1,672, marking a decrease of 497 whales, or 23%.

Certainly, the dispersion of Bitcoin ownership introduces more individuals to the market, possibly through purchases from whales leading to a more distributed ownership structure.

However, a secondary factor to consider is the growing trend towards security through diversification - it's increasingly common to distribute crypto assets across multiple wallets for increased safety.

And finally:

Over the past two weeks, the total DeFi market capitalization has increased by 15%, from $41.5 billion to $47.8 billion.

TL;DR: Bitcoin's correlation with the Nasdaq 100 hits a three-year low at 3%, while Bitcoin outperforms tech stocks with a 14% price increase compared to the Nasdaq's 3% growth. Meanwhile, the proportion of Bitcoin held in exchange addresses declines to 11.7%, the lowest since December 2017, and the number of Bitcoin whales decreases by 23%. Additionally, the total market capitalization of the DeFi sector rises by 15% in two weeks, reaching $47.8 billion.

SELECTED MEME OF THE DAY

BITE-SIZED NEWS

• Swiss National Bank Gears Up for Real Transaction Testing of Wholesale CBDC. At the time of writing, it is unclear when the SNB wholesale CBDC pilot will be launched.
• Binance Australia Reportedly had Only 12 Hours Before It was Debanked. Binance Australia's regional manager claims the firm's operations were not affected by the sudden debanking.
• Robinhood Markets to Make Significant Layoffs Amidst Revenue Declines. Robinhood is allegedly preparing to fire some of its full-time employees.