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CoinDesk 20 Performance Update: ADA and XRP Lead

Half of the CoinDesk 20 assets traded higher in overnight action, though the index overall was modestly lower.

Jul 2, 2024, 1:55 p.m.
9am CoinDesk 20 Update for 2024-07-02

CoinDesk Indices presents its daily market update, highlighting the performance of leaders and laggards in the CoinDesk 20 Index.

The CoinDesk 20 is currently trading at 2161.29, down 0.2% (-3.87) since yesterday's close.

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Ten of 20 assets in the index are trading higher.

Leaders: ADA (+2.9%) and XRP (+2.1%).

9am CoinDesk 20 Update for 2024-07-02

Laggards: AVAX (-4.4%) and UNI (-3.7%).

9am CoinDesk 20 Update for 2024-07-02 - laggards

The CoinDesk 20 is a broad-based index traded on multiple platforms in multiple regions globally.

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Pudgy Penguins: A New Blueprint for Tokenized Culture

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Pudgy Penguins is building a multi-vertical consumer IP platform — combining phygital products, games, NFTs and PENGU to monetize culture at scale.

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Pudgy Penguins is emerging as one of the strongest NFT-native brands of this cycle, shifting from speculative “digital luxury goods” into a multi-vertical consumer IP platform. Its strategy is to acquire users through mainstream channels first; toys, retail partnerships and viral media, then onboard them into Web3 through games, NFTs and the PENGU token.

The ecosystem now spans phygital products (> $13M retail sales and >1M units sold), games and experiences (Pudgy Party surpassed 500k downloads in two weeks), and a widely distributed token (airdropped to 6M+ wallets). While the market is currently pricing Pudgy at a premium relative to traditional IP peers, sustained success depends on execution across retail expansion, gaming adoption and deeper token utility.

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U.S. listed bitcoin, ether ETFs bleed nearly $1 billion in a day

Outflows (Unsplash, modified by CoinDesk)

U.S.-listed spot bitcoin and ether ETFs saw one of their worst combined outflow days of 2026 as falling prices, rising volatility and macro uncertainty pushed investors to cut exposure.

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  • U.S.-listed spot bitcoin and ether ETFs saw nearly $1 billion in outflows in a single session, as crypto prices tumbled and risk appetite faded.
  • Bitcoin dropped below $85,000 and briefly neared $81,000, while ether fell more than 7%, prompting heavy redemptions from major ETFs run by BlackRock, Fidelity and Grayscale.
  • Analysts say the synchronized ETF selling reflects institutions cutting overall crypto exposure amid rising volatility, hawkish Federal Reserve expectations and forced unwinding of leveraged positions, though some see the move as a leverage shakeout rather than the start of a bear market.