Headlines
Six Ethereum spot ETF applicants in the United States have submitted revised S-1 documents
Six Ethereum spot ETF applicants in the United States have submitted revised S-1 documents, including Fidelity, VanEck, Franklin Templeton, 21 Shares, Grayscale, and BlackRock.
VanEck said it would waive fees on its Ethereum spot ETF at the outset, while Franklin Templeton set its rate at 0.19%. Some issuers, such as BlackRock, have yet to set rates.
BlackRock BUIDL Fund Total Assets Reach $491 Million
According to IntoTheBlock data, BlackRock's BUIDL fund on the Ethereum network continues to attract new investors as the cryptocurrency market struggles. The fund has a minimum investment of $5 million and its total assets have now reached $491 million.
CEX returns over $200 million worth of Bitcoin to German government address, possibly due to failure to sell within target price range
According to Arkham monitoring, the German government address received a total of 3,673 bitcoins (worth over $200 million) early this morning, of which 3,623 bitcoins came from Coinbase, Kraken and Bitstamp, and 50 bitcoins came from the address starting with bc 1 qxw.
Steven Zheng, head of research at The Block, said that these exchanges are likely to return Bitcoin to the German government address because they cannot sell their Bitcoin within the target price range. Steven Zheng said: "Considering that some Bitcoin has been returned from Coinbase to the German government address, it can be assumed that they are unsold Bitcoins as part of the sales agreement between the cryptocurrency exchange and the country." Data shows that the German government address currently holds 27,461 Bitcoins, equivalent to about 1.56 billion US dollars.
The German government transferred a total of 16,038.7 BTC on July 8
According to on-chain analyst Ember, the German government transferred 16,038.7 BTC (US$915.3 million) to exchanges and market makers on July 8.
They have transferred a total of 26,071 BTC (US$1.5279 billion) since they started selling coins on June 19. As of the evening of July 8, there were still 23,788 BTC (US$1.32 billion) in the address.
Industry News
CoinShares: Total inflows into digital asset investment products reached $441 million last week
CoinShares’ latest weekly report shows that digital asset investment products saw total inflows of $441 million last week, with recent price weakness triggered by Mt Gox and selling pressure from the German government likely to be seen as a buying opportunity.
Bitcoin investment products saw inflows of $398 million, but this only accounted for 90% of total digital asset inflows as investors opted to invest in a wider range of altcoins. Blockchain stocks did not reflect the improvement in investor sentiment, with another $8 million in outflows last week.
Over $100 million bridged from other chains to Solana in the past 7 days
According to data shared by SolanaFloor, over $100 million was bridged from other chains to Solana in the past seven days, processed by deBridge and Wormhole.
Grayscale: ETHE will distribute 10% of its ETH to the Ethereum Mini Trust, with July 18 as the registration date
Grayscale announced that July 18, 2024 will be set as the registration date for the first creation and distribution of Grayscale Ethereum Mini Trust shares to Grayscale Ethereum Trust (ETHE) shareholders.
Grayscale plans to list the Ethereum Mini Trust on the New York Stock Exchange Arca under the ticker "ETH" after obtaining regulatory approval. In addition, in the first distribution, ETHE will contribute 10% of its Ethereum holdings at 16:00 Eastern Time on the record date to the ETH Mini Trust, and each holder of ETHE shares as of 16:00 Eastern Time on the record date will be entitled to receive Ethereum Mini Trust shares at a 1:1 ratio.
On July 8, 9 US Bitcoin spot ETFs increased their holdings by 2,394 BTC
According to Lookonchain monitoring, on July 8, 9 US Bitcoin spot ETFs increased their holdings by 2,394 BTC (US$135 million).
Among them, Fidelity increased its holdings by 2,077 BTC (US$177 million) and currently holds 170,764 BTC (US$9.2 billion); Grayscale reduced its holdings by 475 BTC (US$26.8 million) and currently holds 274,249 BTC (US$15.46 billion).
Canadian digital asset custodian Balance establishes special purpose trust subsidiary and injects $10 million
Canadian digital asset custodian Balance established Balance Trust Company as a special purpose trust under the Loan and Trust Corporations Act in Alberta this week.
The trust is linked to a Letters Patent issued by the Alberta Fiscal Board and Department of Finance (ATBF), with Balance committing $10 million in regulatory capital to the new wholly owned subsidiary to qualify as a qualified Canadian and U.S. custodian.
Tron chain 24H active address number reached 1.83 million, ranking first
According to Lookonchain monitoring, the top 10 chains ranked by the number of active addresses in 24 hours are shown in the figure, among which the top three are:
The number of active addresses on the Tron chain in 24 hours is 1.83 million; the number of active addresses on the Polygon chain in 24 hours is 1.18 million; the number of active addresses on the Solana chain in 24 hours is 829,800.
Project News
The number of users of the Telegram game of the new asset trading platform Tomarket has exceeded 700,000, and the official version of the game has been launched
Tomarket, a decentralized new asset trading platform, announced that the official version of its Telegram Mini Game has been launched. The Beta version of the game was launched on July 4, and the number of users has exceeded 700,000 so far. Players can accumulate TOMATO points in the game by planting, dropping games, inviting friends, etc. Tomarket hopes to bring more users into the Crypto and trading market through games.
Tomarket is a decentralized new asset trading platform built by developers from well-known companies such as Binance and Microsoft, serving the trading of new assets such as RWA, Crypto bond rates, points, Pre-TGE assets, etc. Last month, Tomarket announced that it had received investment from Bitget Wallet and Foresight X.
Story Protocol: Important news about intellectual property rights in the AIxCrypto field will be released soon
Story Protocol officially announced on the X platform that it will release important information tomorrow. Please stay tuned. According to the promotional video it released, it should be information related to intellectual property rights in the AIxCrypto field.
Trader Joe’s: BOOST Incentives Now Available, Users Can Earn AVAX Rewards
Trader Joe’s posted on X that BOOST incentives are now live and users can earn AVAX rewards by participating in 13 Liquidity Book Pools.
Golem Network team responds to ETH sale: part of previously announced staking test plan
Jrag.eth posted on X that when community users asked Golem Network in the Discord channel about the reason for the recent large-scale sale of ETH, the team responded that these were staking tests.
According to the official announcement cited by it, Golem Network announced in mid-June that it had used a small portion of its reserves to launch an ETH staking test to support the future growth and development of the project. Officials said that they plan to pledge part of the ETH reserves to generate income to support operational activities. On July 8, according to Lookonchain monitoring, Golem Network sold 24,400 ETH (about US$72 million) on Binance, Coinbase and Bitfinex platforms in the past 3 days, and currently holds 127,634 ETH (about US$372 million).
Wormhole introduces native USDT transfer function
According to official news, Wormhole announced the introduction of native USDT transfer function, supporting Ethereum, Arbitrum, Base, Optimism, Polygon, BNB Chain and Avalanche.
This new system combines the cross-chain capabilities of Wormhole with the centralized liquidity pools of PancakeSwap and Uniswap v3.
Arbitrum’s stablecoin market cap exceeds $4 billion
According to data shared by growthepie.xyz on X, despite market volatility, the market value of stablecoins on L2 remains stable, with the market value of stablecoins on Arbitrum exceeding US$4 billion.
Liquidity staking platform Stacking DAO partners with custody service provider Copper
According to official news, the liquidity staking platform Stacking DAO has established a partnership with crypto custody service provider Copper. By integrating stSTX custody into Copper's platform, the partnership aims to provide a secure and seamless experience for managing digital assets, providing institutional clients with greater efficiency and a more secure way to participate.
EOS Network Launches 250 Million EOS Staking Rewards Program
According to official news, the EOS network announced the launch of a 250 million EOS staking reward program as part of the network’s improved token economics plan.
Under the new rewards program, 85,600 EOS are distributed to stakers every day. The improved EOS staking program rewards early participants with an initial APY of over 60%. Over 31 million EOS tokens are distributed to stakers each year.
ETH staked on SSV Network exceeds 1 million
SSV Network announced on X that the number of ETH staked on the platform exceeded 1 million.
DeBank has opened the initial DeBank XP airdrop
DeBank announced on X that the DeBank XP snapshot was completed at 8 : 00 on July 4, and all active addresses have the opportunity to claim the initial XP airdrop. The XP claim page is now open and the claim window will last for one month.
DeBank said that XP has been distributed to addresses holding assets greater than 0 and meeting any of the following conditions: 1. Active addresses on the chain in 2024 (at least one transaction has been initiated); 2. Active addresses on DeBank in 2024: The initial XP of each address will be confirmed by its on-chain assets, credit, and Web3 social ranking on DeBank.
Investment and Financing
Coinbase Ventures makes $1 million strategic investment in Ampleforth’s flatcoin SPOT
Fragments, the developer of the Ampleforth protocol, announced that Coinbase Ventures has made a strategic investment of $1 million in SPOT, a decentralized low-volatility commodity currency (flatcoin) under the Ampleforth Foundation.
As part of the deal, SPOT, which is currently available on Ethereum, will be launched on Base, with the Base on-chain DEX Aerodrome Finance also set to launch new markets on Monday.
Auros Ventures plans to invest more than $50 million in early-stage digital asset companies over the next two years
Cryptocurrency trading firm and market maker Auros said in an interview that its newly launched venture capital arm, Auros Ventures, plans to invest more than $50 million of its own capital in early-stage digital asset businesses over the next two years.
To lead the investment work, the company appointed Julien Auchecorne as the head of Auros Ventures. Auchecorne previously held positions at crypto and traditional investment companies such as hedge fund Brevan Howard and digital asset service platform XBTO International. Auros CEO Ben Roth revealed that in the past few quarters, the company has invested "nearly $20 million" in several projects such as Pyth and Berachain. (
AI company Hebbia completes $130 million in financing, led by a16z
Artificial intelligence startup Hebbia has completed a $130 million financing round led by a16z, with participation from Index Ventures, Google Ventures and billionaire Peter Thiel.
The New York-based company is currently valued at about $700 million, according to a person familiar with the matter. Hebbia plans to use the funds from this round of financing to conduct research and hire more software engineers, said George Sivulka, founder and CEO of Hebbia. It is reported that Hebbia was founded in 2020 and uses artificial intelligence technology to help companies screen various documents to answer complex questions. Its customers include the US Air Force, asset management companies and legal services companies.
Regulatory trends
The US Republican Party expressed support for a number of crypto policy measures in its official 2024 party platform
The Republican National Committee of the United States has expressed support for a number of crypto policy measures that are beneficial to digital asset companies and holders in its official party platform for the 2024 US election. According to the official document released by the campaign team of Republican presidential candidate Donald Trump on Monday, the Republican Party's "Make America Great Again" platform vows to end the "illegal and un-American crackdown" on the US cryptocurrency industry. The platform also promises to "defend the right to mine Bitcoin" and allow cryptocurrency holders to keep their tokens themselves, in addition to opposing the creation of central bank digital currencies (CBDCs). "We will defend the right to trade free from government surveillance and control," the document reads.
Character Voice
Waterdrip Capital Investment Director: Since last year, we have started to develop the TON ecosystem and have invested in more than 6 projects
Elaine Yang, investment director of Waterdrip Capital, posted on the X platform that European and American institutions have invested less in the TON ecosystem due to compliance and position issues, but Telegram traffic cannot be ignored. Asian institutions pay attention to the TON ecosystem, but they have made fewer investments. Waterdrip Capital Fund has been planning and optimistic about the TON ecosystem since last year, and has invested in more than 6 projects. However, many projects last year were limited by the TON chain infrastructure, so there were not many. The project party made TG Bot very quickly, but it was not closely related to the TON public chain.
Elaine Yang suggested that entrepreneurs should pay attention to Telegram traffic. The cost of obtaining natural traffic is low, but the quality of users needs to be further screened. The cost of subsequent traffic will definitely increase. She is optimistic about DeFi, transaction and payment-related projects on the TON chain, and foresees that more Meme assets of TON ecological games will be launched.
Fairlead Strategies founder: I strongly agree to add Bitcoin to the investment portfolio
The founder of portfolio manager Fairlead Strategies told CNBC that he is a big believer in adding Bitcoin to his portfolio.
Morgan Stanley strategist: U.S. stocks are very likely to pull back 10%
Morgan Stanley strategist Mike Wilson said traders should prepare for a correction in U.S. stocks as uncertainty grows around the U.S. presidential election, corporate earnings and Federal Reserve policy. "I think there's a good chance of a 10% correction at some point between now and the U.S. election," Wilson said in an interview on Monday. "The third quarter is going to be volatile," and companies are losing pricing power and need rate cuts.
Goldman Sachs' Scott Rubner said Monday that he expects a painful two weeks for stocks starting in August if corporate earnings miss expectations. Andrew Tyler of JPMorgan Chase & Co.'s trading desk said he remains bullish but that recent weak economic data has made him "a little less confident." Citigroup's Scott Chronert warned of a potential pullback. Morgan Stanley's Wilson said "the probability of higher stock prices between now and the end of the year is very low, much lower than normal." Wilson isn't particularly worried about a pullback, though. Instead, he said it could create opportunities for investors because valuations are "lackluster" following the S&P 500's double-digit gains this year. He said the best way to invest in the stock market right now is through individual stocks, not indexes.
JPMorgan Chase: Total cryptocurrency market value fell 8% in June, stablecoins outperformed other sectors
The total cryptocurrency market value fell 8% in June to around $2.25 trillion, reversing most of its gains in May, JPMorgan Chase & Co. said in a research note on Monday.
"Tokens, DeFi, and NFTs all saw their market caps pull back in June," analyst Kenneth Worthington wrote. Data showed that daily spot crypto trading volume fell 18% from the previous month, and "March 2024 is the peak of the crypto ecosystem in the current cycle from a valuation and volume perspective." The bank noted that this trend is in stark contrast to traditional markets, with the S&P 500 up 4% and the tech-heavy Nasdaq up 6% that month. However, the report added that stablecoins outperformed other crypto sectors in June, mainly driven by USDT. In addition, the total market value of listed Bitcoin mining companies also increased by 19%, and these companies benefited from the gains brought by "power use cases related to artificial intelligence." JPMorgan also said that the spot Bitcoin ETF had its second-worst month of traffic since its launch, and estimated that 10 U.S. spot ETFs had sales of $662 million during the month.
Bitbank analyst: Mt.Gox compensation is expected to have little impact on the market, and its impact has been over-digested
Bitbank, a cryptocurrency exchange that supports the Mt.Gox compensation effort, said it expects changes in Mt.Gox wallet balances to have less impact on the market. Yuya Hasegawa, a crypto market analyst at Bitbank, said: "When the Mt.Gox trustee officially announced that they had begun repayments, Bitcoin was already fluctuating around $54,000. After the announcement, the price of Bitcoin rebounded and briefly recovered to $58,000 last weekend."
The market had already overpriced in the impact of Mt. Gox before it started paying, and then reacted to last Friday’s (U.S.) jobs report, which was released after Mt. Gox started paying back, Hasegawa added. “This suggests that market concerns about the Mt. Gox repayment are starting to wane, and their focus is shifting back to the Fed’s policy decision.”
CryptoQuant analyst: This is the largest long order liquidation in the past year
CryptoQuant analyst SignalQuant wrote that the recent BTC price plunge has dealt a severe blow to long position holders.
The scale of this long liquidation is the largest in the past year, and we estimate that this long squeeze is also quite significant. However, we cannot easily conclude that the market will rebound after experiencing a large-scale multi-order liquidation. Because between August and October 2023, prices experienced several months of correction before rebounding. Therefore, it recommends that investors maintain a "temporarily less greedy and more conservative" mentality when investing.
Dragonfly partner Haseeb: Even in a bull market, issuing coins still needs to go through the test of a bear market
Dragonfly managing partner Haseeb posted on the X platform that many founders tried to launch tokens during the bull market, but these tokens still had to go through a bear market in the end. Haseeb was skeptical about the impact of market cycles on the long-term value of tokens, and believed that this suggested that some tokens systematically performed poorly due to the market cycle at the time of issuance, which was unlikely.
Haseeb added that while tokens issued in a bull market may have more funds for growth, market competition is relative. If the market falls by 50%, the native token ecosystem fund will also fall by 50%, and the market share will remain relatively unchanged. Haseeb emphasized that the timing of fundraising activities is indeed important, but he was discussing token issuance (TGE), which is more similar to direct listing than fundraising activities.