Today's news tips:
Hong Kong Securities and Futures Commission CEO: 11 virtual asset platforms that are deemed to be licensed are expected to be licensed in batches before the end of the year
US Department of Homeland Security: $4.3 billion worth of crypto has been seized in the past three years
Standard Chartered to use HKMA sandbox to launch fully functional stablecoin
Multiple Len Sassaman-related MEME coins are being hyped, possibly stimulated by HBO Bitcoin documentary
Analysis: The current number of EIGEN staked is higher than the circulation, because investorsâ âlockedâ tokens can be staked
CoinShares: Digital asset investment products saw a net outflow of $147 million last week
Data: APT, EIGEN, NEON and other tokens are unlocked this week, of which APT unlocks about $100 million
ZachXBT slams crypto influencer Ansem, accusing him of manipulating low-market-cap MEME coins for âpump and dumpâ
Regulatory News
Hong Kong Securities and Futures Commission CEO: 11 virtual asset platforms that are deemed to be licensed are expected to be licensed in batches before the end of the year
According to Hong Kong 01, the Chief Executive Officer of the Hong Kong Securities and Futures Commission, Leung Fung-yee, said in the latest interview that under the premise of maintaining market fairness, the development of the regulatory system for virtual asset trading platforms will be promoted, traditional products will be supported to be tokenized, and blockchain and Web3 basic technologies will be used to promote the establishment of a responsible and secure financial technology ecosystem. "The entire framework will be completed at least next year." In order to lead the transformation of the financial market, Leung Fung-yee said that it is necessary to embrace financial innovation and promote the development of the regulatory system for virtual asset trading platforms. The Securities and Futures Commission has issued the third license, and another 11 platforms are considered as licensed applicants. The first phase of on-site review has been carried out, and requirements have been put forward for these applicants to make rectifications. The goal is to have new progress before the end of the year, including batches of licensing. Applicants who do not meet the requirements will lose the qualification to be licensed, and applicants who meet the requirements will be conditionally licensed. In terms of cryptocurrency over-the-counter (OTC) services, Leung Fung-yee pointed out that the Hong Kong Securities and Futures Commission has solicited industry opinions on the formulation of a new licensing system for cryptocurrency over-the-counter trading services and cryptocurrency custody services, and will also promote the development of the regulatory system for virtual asset trading platforms.
US Department of Homeland Security: $4.3 billion worth of crypto has been seized in the past three years
According to Cointelegraph, Mike Prado, deputy director of the U.S. Department of Homeland Security's Cyber ââCrime Center, said that the department has thwarted 537 ransomware attacks since its establishment in 2021, and tracked and seized $4.3 billion worth of cryptocurrencies on exchanges and hacker devices that were stolen through ransom payments.
Project News
Standard Chartered to use HKMA sandbox to launch fully functional stablecoin
According to Hong Kong media Sing Tao Daily, the Hong Kong Monetary Authority announced the list of participants in the stablecoin issuer sandbox in July this year, and Standard Chartered was one of them. Dominic Maffei, the bank's head of digital assets and financial technology, said that Standard Chartered's research direction is to launch a "universal stablecoin", that is, a coin that can be linked to different application scenarios to expand future development potential.
Bitget: Full compensation will be paid to users who suffered losses due to abnormal fluctuations in BGB within 72 hours
Bitget officially issued an announcement regarding the price fluctuation of the platform currency BGB today, stating that at 10:53 am on October 7, 2024, the price of BGB experienced a sharp fluctuation that lasted for ten minutes, and the market quickly returned to stability. Bitget will fully compensate for the asset losses caused by this, and provide a compensation plan within 24 hours and complete the compensation within 72 hours.
Japanese listed company Metaplanet once again increased its holdings by more than 108 bitcoins at an average price of $61,863
Metaplanet, a Japanese listed company, announced that it had purchased 108,786 bitcoins worth 1 billion yen at an average price of 9,192,359 yen per bitcoin (about 61,863 U.S. dollars). As of October 7, Metaplanet held a total of about 639,503 bitcoins, with a total purchase amount of 5.965 billion yen (about 40 million U.S. dollars), and an average price of 9,326,856 yen per bitcoin (about 62,768 U.S. dollars).
Matrixport: Ethereum revenue is picking up, ETH may rebound
Matrixport tweeted that Ethereum blockchain revenue has fallen sharply since the Dencun upgrade in March. Historical data shows that ETH prices are closely related to revenue fluctuations, and some analysts even divide annual revenue by Ethereum market value to calculate the rate of return. The sharp drop in revenue suggests that ETH may be in for a pullback. However, from August to September, Ethereum revenue has doubled, indicating that the worst of the decline may be over. If this trend continues, ETH may rebound.
Analysis: The current number of EIGEN staked is higher than the circulation, because investorsâ âlockedâ tokens can be staked
DeFi researcher Ignas wrote that an interesting fact is that there are more EIGENs currently in pledge than in circulation, with 242 million pledged and 186 million in circulation (CMC and Coingecko data). This is because EigenLayer allows investors to stake their tokens in a "locked" state. Ignas added that this is a common problem in the industry, and TIA seems to have similar problems, which dilutes the staking rewards available to real users and limits the token's value-added potential, because the lower APY is not enough to attract people to buy these tokens from the market.
ZachXBT slams crypto influencer Ansem, accusing him of manipulating low-market-cap MEME coins for âpump and dumpâ
According to Cointelegraph, on-chain detective ZachXBT slammed crypto KOL "Ansem" (Zion Thomas), accusing him of facilitating the "pump and dump" of a series of MEME tokens. The article pointed out that MEME supporter Murad Mahmudov first mentioned Ansem during his "Memecoin Super Cycle" speech at the Token 2049 conference, accusing him of promoting tokens to followers instead of having a real advantage in the market. Mahmudov was the chief investment officer of Adaptive Capital, a crypto hedge fund that collapsed in March 2020 due to market declines.
ZachXBT criticized that if you promote new low-cap Memecoins to your followers every few days, it means you have no market advantage and can only take advantage of your followers. Ansem has more than 507,000 followers on X, and his influence on small-cap tokens is too large, which may cause many followers to lose money by chasing the hype of Memecoin. He accused Ansem of promoting hundreds of low-cap tokens, including BODEN, HOBBES, ZEUS and WYNN, such as President Biden's theme BODEN, which has fallen 99% since its all-time high in April, and other tokens such as HOBBES, ZEUS and WYNN have also fallen by about 98%.
Ansem responded by asking why talking about low-cap coins - referring to Memecoins with smaller market capitalizations as "frauds" that have captured 90% of retail attention in the past year. He also recommended WIF to followers when it was worth $100,000, and the token later peaked at $4.8 billion in March this year, which was "much better" than promoting utility-based tokens like Chainlink (LINK), which has fallen 90% against Bitcoin since the beginning of the year.
Multiple Len Sassaman-related MEME coins are being hyped, possibly stimulated by HBO Bitcoin documentary
According to Coindesk, the upcoming HBO documentary (Money Electric: The Bitcoin Mystery) has sparked significant interest and speculation in the crypto community about the identity of Bitcoin founder Satoshi Nakamoto. In anticipation of the documentary, various themed MEME coins surrounding cryptographer Len Sassaman and his cats Sasha and ODIN have emerged on the Solana, Ethereum, and Bitcoin networks. It is reported that the HBO documentary (Money Electric: The Bitcoin Mystery) is currently scheduled to air on October 8. Among them, candidate Len Sassaman has the highest probability in the prediction market, and Hal Finney and Adam Back are also in the competition.
Important data
Data: Bitcoin spot ETFs had a net outflow of more than $300 million last week, with ARKB having the largest outflow
According to SoSoValue data, Bitcoin spot ETFs had a net outflow of $301 million last week. Among them, ARK 21Shares Bitcoin ETF ARKB had a net outflow of up to $206 million in a single week, with a total net inflow of $2.52 billion in history; Grayscale ETF GBTC had a net outflow of $47.12 million in a single week, with a net outflow of $20.14 billion in history. BlackRock ETF IBIT had the largest net inflow last week, with a net inflow of $135 million and a total net inflow of $21.56 billion in history; followed by Invesco Galaxy Bitcoin ETF BTCO, with a weekly net inflow of $2.44 million and a total net inflow of $373 million in history. As of press time, the total net asset value of Bitcoin spot ETFs was $57.734 billion, and the ETF net asset ratio (market value to Bitcoin's total market value) reached 4.68%, with a cumulative net inflow of $18.499 billion in history.
Data: Ethereum spot ETF had a net outflow of 30.69 million US dollars last week
According to SoSoValue data, the Ethereum spot ETF had a net outflow of 30.69 million US dollars last week. Among them, Grayscale Ethereum Trust ETF ETHE had a weekly net outflow of 66.74 million US dollars, and its historical net outflow was 2.96 billion US dollars. The Ethereum spot ETF with the largest weekly net inflow last week was Blackrock Ethereum ETF ETHA, with a weekly net inflow of 55.83 million US dollars, and its historical total net inflow reached 1.19 billion US dollars; followed by VanEck Ethereum ETF ETHV, with a weekly net inflow of 2.74 million US dollars, and the current historical total net inflow reached 68.98 million US dollars. As of press time, the total net asset value of Ethereum spot ETF was 6.66 billion US dollars, and the ETF net asset ratio (market value to the total market value of Ethereum) reached 2.28%, and the historical cumulative net outflow has reached 554 million US dollars.
Data: APT, EIGEN, NEON and other tokens are unlocked this week, of which APT unlocks about $100 million
According to Token Unlocks data, APT, EIGEN and other tokens will be unlocked in large amounts this week, with a total value of over $200 million. Among them:
Aptos (APT) will unlock approximately 11.31 million tokens at 3:59 am Beijing time on October 12, accounting for 2.25% of the current circulation and worth approximately US$103 million;
Eigenlayer (EIGEN) will unlock approximately 9.93 million tokens at 3:00 a.m. Beijing time on October 9, accounting for 5.32% of the current circulation, with a value of approximately US$35.8 million;
Neon (NEON) will unlock approximately 53.91 million tokens at 8:00 a.m. Beijing time on October 7, accounting for 93.43% of the current circulation, with a value of approximately US$18.7 million;
Cardano (ADA) will unlock approximately 18.53 million tokens at 8:00 a.m. Beijing time on October 7, accounting for 0.05% of the current circulation, worth approximately $6.5 million.
Xai (XAI) will unlock approximately 35.88 million tokens at 5:30 pm Beijing time on October 9, accounting for 6.20% of the current circulation, with a value of approximately US$7.2 million;
Mode (MODE) will unlock 500,000 tokens at 8:00 am on October 7th, Beijing time, accounting for 38.64% of the current circulation, with a value of approximately US$5.6 million;
io.net (IO) will unlock approximately 2.11 million tokens at 8:00 pm Beijing time on October 11, accounting for 2.22% of the current circulation, with a value of approximately US$3.7 million;
Ethena (ENA) will unlock approximately 12.86 million tokens at 3:00 pm Beijing time on October 9, accounting for 0.47% of the current circulation, worth approximately US$4 million;
Hashflow (HFT) will unlock approximately 13.62 million tokens at 8:00 am Beijing time on October 7, accounting for 2.99% of the current circulation, with a value of approximately US$2 million;
Moonbeam (GLMR) will unlock approximately 3.04 million tokens at 8:00 a.m. Beijing time on October 11, accounting for 0.34% of the current circulation and worth approximately US$500,000.
Ether.fi staking whale deposited 3,117 ETH to CEX, and would lose $4.45 million if sold
According to ai_9684xtpa data monitoring, the ether.fi staking whale 0x549...9eBC5 withdrew 3,117 ETH (about $7.58 million) three hours ago and then recharged it to Binance, suspected of selling. The whale pledged this part of ETH to ether.fi seven months ago, when the price was $3,869. If all of it is sold this time, it will lose $4.45 million. During this period, a total of 166,000 ETHFI airdrops were obtained, worth $380,000.
CoinShares: Digital asset investment products saw a net outflow of $147 million last week
According to the latest weekly data from CoinShares, digital asset investment products saw a small outflow last week, totaling $147 million. Last week's economic data was higher than expected, and the possibility of a sharp interest rate cut was reduced, which may be the reason for the low investor sentiment. The trading volume of ETP investment products rose slightly by 15% this week, while the trading volume of the broader cryptocurrency market declined. From a regional perspective, Canada and Switzerland both showed an upward trend, attracting inflows of $43 million and $35 million, respectively. The United States, Germany, and Hong Kong saw outflows of $209 million, $8.3 million, and $7.3 million, respectively. Investors focused on Bitcoin, with outflows reaching $159 million, while Bitcoin shorts attracted inflows of $2.8 million. Ethereum was not immune to this negative trend, with outflows of $29 million last week, and investor interest in the asset remained sluggish. Multi-asset investment products (multiple cryptocurrencies) attracted inflows of $29 million, which was the 16th consecutive week of inflows. The total inflows in these weeks reached $431 million, accounting for 10% of assets under management. Since June, multi-asset products have been gaining favor among investors, who prefer to invest in a diversified portfolio of assets rather than a single asset.
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