Compiled by: Luan Peng ChainCatcher
Important Information:
Matrixport: U.S. presidential election years are usually good for stocks and Bitcoin
OSL partner products account for 88% of Hong Kong’s first batch of spot virtual asset ETF trading volume
Former Mt. Gox CEO: Glad to see Mt. Gox customers finally start receiving Bitcoin
Token and NFT startup platform Monad Pad announced the completion of $945,000 in seed round financing, with Sneaky Ventures and others participating
Several MT.GOX creditors said they have received repayments in BTC/BCH
Bloomberg ETF Analyst: Currently “Not Confident” About Launching Ethereum ETF Around July 15
Trailer for the documentary "Vitalik: The Ethereum Story" will be released on July 23 as Zora Mint
British media: British Prime Minister Sunak will announce his resignation early Friday morning local time
“What important events have occurred in the past 24 hours?”
Matrixport: U.S. presidential election years are usually good for stocks and Bitcoin
According to Matrixport, US presidential election years are usually good for stocks and Bitcoin. Last year, we showed Bitcoin's performance during the 2012, 2016, and 2020 US elections. As of July this year, Bitcoin is up 39% year-to-date, and although the average return of 192% for the whole year seems unattainable, Bitcoin is following the election year pattern. Ethereum and Bitcoin have returned 49% and 43% year-to-date respectively, far exceeding the Nasdaq (22%) and S&P 500 (16%). Despite the political and macroeconomic tailwinds, traders may choose high-interest tokens and wait for better re-entry opportunities. The Federal Reserve may signal its intention to start a rate cut cycle at its July 31 meeting.
OSL partner products account for 88% of Hong Kong’s first batch of spot virtual asset ETF trading volume
Since its launch in April 2024, the Hong Kong digital asset ETF market has shown significant growth, with both trading volume and assets under management (AUM) continuing to expand. As of the time of publication, the daily trading volume of the Bitcoin (BTC) spot ETF reached HK$114 million, while the daily trading volume of the Ethereum (ETH) spot ETF reached HK$33.76 million, fully demonstrating investors' interest in Hong Kong digital asset ETFs. Interest is growing and investment activity is increasing.
Among them, OSL Digital Securities Co., Ltd., as the leading licensed digital asset trading platform in Hong Kong under OSL Group (863.HK), was appointed as the virtual asset trading platform and sub-custodian of China Asset Management and Harvest Global's first Bitcoin and Ethereum spot ETFs. The first batch of spot Bitcoin and Ethereum ETFs launched by its issuer partners China Asset Management (Hong Kong) and Harvest Global (HGI) accounted for more than 88% of the total market trading share in the Hong Kong ETF market. "OSL is continuing to drive regulated digital asset innovation into the next stage, including pledge services and tokenized fund products." OSL Chairman and CEO Pan Zhiyong said that OSL's success as a leading ETF custody and trading platform reflects its strategic vision and operational excellence. As the market continues to grow, OSL is committed to pioneering new solutions and maintaining its position as a trusted partner for digital asset investment.
Former Mt. Gox CEO: Glad to see Mt. Gox customers finally start receiving Bitcoin
Former Mt. Gox CEO Mark Karpelès said on the X platform that Mt Gox customers have finally started receiving Bitcoin. He said: "After more than ten years, I was not sure if this would really happen, but we finally did it. It has been a long journey, and I am happy to see that we are finally close to our goal, with only a little distance left..."
Token and NFT startup platform Monad Pad announced the completion of $945,000 in seed round financing, with Sneaky Ventures and others participating
Monad Pad, a token and NFT startup platform, announced on X platform that it has completed a $945,000 seed round of financing, with participation from CMS, CSPDAO, CapitalZephyrus, vvvdotnet, FOMO, exnetworkcap, Sneaky Ventures, Legion Ventures and other institutions.
According to the Web3 asset data platform RootData, Monad Pad is a token and NFT launch platform built on Monad that empowers creators, investors, and collectors.
Several MT.GOX creditors said they have received repayments in BTC/BCH
Several MT.GOX creditors in Japan said they have received BTC/BCH repaid by MT.GOX, and the funds have entered the exchange accounts of Bitbank or Kraken, and the BCH in the Bitbank account is displayed as BCC. In addition, some people said they have received cash reimbursement sent by international wire transfer.
Bloomberg ETF Analyst: Currently “Not Confident” About Launching Ethereum ETF Around July 15
Bloomberg ETF analyst James Seyffart previously said that he and his colleagues believe that as the application process is improved, the spot Ethereum ETF may be launched around July 15, but now he said that he is "not confident" about launching the Ethereum ETF at this time. He also added that there is currently no official approval timetable and the U.S. Securities and Exchange Commission's Division of Corporate Finance is "taking its time" to approve each fund.
However, another Bloomberg ETF analyst, Eric Balchunas, believes that all signs indicate that "the Ethereum ETF will still be launched this month," for example, Bitwise has been able to modify its application earlier than the July 8 deadline expected by it and other applicants.
Trailer for the documentary "Vitalik: The Ethereum Story" will be released on July 23 as Zora Mint
Ethereum Stories co-producer Linda Xie posted on X: "The Ethereum Stories documentary has been in the works for more than 3 years and is about to be shared with the world. We will release the feature documentary "Vitalik: The Ethereum Story" and the "Ethereum Story" short film series. Thank you very much to our Mirror crowdfunding supporters for making this possible." In addition, it stated that before the documentary's mainstream debut on traditional streaming platforms, a complete crypto-native distribution will be launched, including on-chain tickets and more than 250 global IRL premieres.
The specific casting and release plan is as follows:
Phase 1: The documentary will be released in the form of Zora Mint on July 23. The top 20 creators will receive premiere tickets, end credits and other rewards;
Phase 2: Pre-sale of movie tickets will start on the Base chain on July 26;
Phase 3: Global launch on September 18;
Phase 4: Films continue to be shown until fall 2024;
Phase 5: Launch on major streaming platforms by the end of 2024 or 2025.
British media: British Prime Minister Sunak will announce his resignation early Friday morning local time
According to Jinshi, the Daily Mail and other British media reported that British Prime Minister Sunak will announce his resignation early Friday morning local time.
According to CCTV News, on the evening of the 4th local time, exit polls for the UK House of Commons election showed that the Labour Party led by Keir Starmer won more than half of the seats in the House of Commons and will become the ruling party in the UK.
Today's Crypto Fear and Greed Index is 29, a new low in nearly a year
According to alternative data, the Fear and Greed Index fell sharply today, from 44 points yesterday to 29 points, hitting a new low in nearly a year.
Vitalik: Setting up MEV with multiple proposers may lead to chain spam problems and bring more negative externalities
Max Resnick, head of research at SMG, posted on social media: “MEV is fundamentally about control. The proposer can control which transactions are included in the block and in what order they are included. In other words, MEV is about review and reordering. The good news is that it is possible to solve this problem.
The first step is to solve censorship resistance and set up multiple parallel proposers; the second step is to solve the reordering problem. Once there is a multi-proposer architecture, the proposers can reach consensus on a set of unordered transactions, and the execution layer is responsible for ordering them using deterministic rules. "
In response, Vitalik Buterin said: “Wouldn’t this lead to people collecting MEV by flooding the chain with transactions to maximize their chances of being first? So you still get the ‘MEV auction’ but with more negative externalities on the protocol.
We saw this during the ICO era in 2017 when some projects tried to ban transactions with gas fees above 50, and we received a lot of on-chain spam as a result.”
"What are the interesting articles worth reading in the past 24 hours?"
BTC fell about 10% in two days, and panic sentiment hit a new low in nearly a year. Where is the market bottom?
Multiple factors, including the huge compensation in Mentougou and the German government's reduction of BTC holdings, have caused the crypto market to fall all the way.
At noon today, BTC briefly fell below $54,000 (currently $54,300), and the lowest price was around $53,200, hitting a new low since February 26 this year, with the largest 24-hour drop exceeding 10%. Bitcoin also fell by about 10% in two days.
The entire altcoin market is also a major disaster. ETH fell to a minimum of $2,806, a 24-hour drop of more than 8%; SOL fell to a minimum of $120.65, a 24-hour drop of more than 5%.
PEPE and TON, which have been relatively strong during this period, also experienced a sharp decline. The 24-hour declines of PEPE and TON exceeded 15% and 7% respectively.
The bulls' psychological defenses were challenged again. Coinglass data showed that the total liquidation of the entire network exceeded $660 million in 24 hours, mainly long orders, with a liquidation amount of $565 million, of which BTC liquidation exceeded $212 million and ETH liquidation exceeded $167 million. The total Bitcoin contract holdings of the entire network continued to decline, with a drop of more than 10% in the past 24 hours.
The continued decline has caused the cryptocurrency panic sentiment to hit a new low in nearly a year. According to Alternative data, today's cryptocurrency panic and greed index is 29 (yesterday's was 44).
Locked-up “paper wealth”, VCs encountering a “hell difficulty” cycle
Retail investors attributed the reason for losing money to the token issuance strategy of "high FDV (future discounted value), low circulation", believing that VCs and project parties conspired to unlock a large number of tokens, which impacted the crypto market.
VCs are "crying out for injustice", defining the primary market of this cycle as "hellish difficulty". Li Xi, partner of LD Capital, said that this year's books are all profitable, but it's all paper value, because the shares belonging to VCs are still unlocked at 0. Except for the VCs who "assembled the market", most VCs are "big leeks" who took over.
ChainCatcher interviewed several representatives from the VC industry, trying to find out the current survival status of VC.
Many VCs said that there are six major reasons why VCs are facing exit difficulties. Some VCs said that in the current market environment, not investing has become the best strategy.
Second quarter DApp report: usage rate increased by 40% to a new high, and the social field performed well
The dapp industry has performed extremely well in the second quarter of 2024. Since the beginning of the year, it has witnessed a series of positive developments and is experiencing a bullish trend that shows no signs of slowing down. However, this bullish sentiment is reflected in fundamental indicators and user engagement rather than token prices. Since the end of the first quarter of 2024, Bitcoin has fallen by 12%. This article does not focus on token prices, but rather analyzes the broader landscape and understands user behavior and trends within the ecosystem.
Mt.Gox crash hits, BTC drops 10% in 24 hours to below $54,000, where is the bottom?
At noon today, Bitcoin briefly fell below 54,000 USDT, reaching a low of 53,269 USDT, a new low since February 26 this year. The maximum 24-hour drop was over 10%. As of press time, it has rebounded to 64,600 USDT. The altcoins were even more "terrible", with an average drop of about 10%. The real-time market of OKX is as follows:
ETH once fell to 2806 USDT, and is currently reported at 2881.61 USDT, with a 24-hour drop of 8.01%;
SOL once fell to 120.65 USDT, and is currently reported at 126.74 USDT, a 24-hour drop of 6.38%;
PEPE once fell to 0.000008221 USDT, and is currently reported at 0.000008326 USDT, with a 24-hour drop of 12.58%;
OP fell to as low as 1.22 USDT, and is currently reported at 1.3232 USDT, with a 24-hour drop of 13.36%;
STRK once fell to 0.4488 USDT, and is currently reported at 0.4951 USDT, with a 24-hour drop of 15.76%;
CoinGecko data shows that due to the overall market decline, the total market value of cryptocurrencies has shrunk to US$2.08 trillion, a 24-hour drop of 9%.
In terms of derivatives trading, Coinglass data shows that in the past 24 hours, the total amount of liquidation in the entire network has reached 678 million US dollars, most of which are long orders, amounting to 588 million US dollars. Among them, BTC liquidation amounted to 226 million US dollars and ETH liquidation amounted to 166 million.
How to survive the garbage time in the cryptocurrency world?
There is a very popular article recently, titled "How to Spend History's Garbage Time."
What is historical garbage time?
In short, it is the moment when a certain period of history violates the laws of economics, and it is difficult for individuals to reverse the situation, and the overall trend seems doomed to fail.
For example, Japan's economy has stagnated for three decades since the bursting of the bubble in the 1990s. Young people have no opportunities, and the development of the country and individuals has hit a ceiling.
For example, during the Great Stagnation in the United States from 1970 to 1982, high inflation, high unemployment and low economic growth coexisted.
For example, the Soviet Union from 1979 to 1989, and even Russia which continues to this day.
A speck of dust from the times becomes a mountain when it falls on a person's head.
In the face of the general trend, individuals are always insignificant. Buffett became the "God of Stocks" because he was born in the United States and invested in U.S. stocks; the rise of China's wealthy class is riding on the east wind of China's reform and opening up over the past 40 years; some people get dozens of times or even higher returns by investing in altcoins/MEME coins because the rise of Bitcoin has driven market sentiment and brought in incremental funds...
But if the entire market or country is facing headwinds, no matter how hard an individual tries, it will be of no avail.
In the investment market, "junk time" is particularly vivid.
Taking Bitcoin as an example, most of the gains are concentrated in a few months, and the gains in those months are concentrated in a few days.
