Daily Quotes (2024-06-29 19:00)
ChainDD's market data on June 29 shows that the combined DD index and CoinMarketCap quotes are:
BTC was at $60,951.20, down about 0.71% in 24 hours;
ETH was at $3,387.73, down about 1.55% in 24 hours;
BNB was at $571.52, down about 0.49% in 24 hours;
DOGE was at $0.1243, down about 2.77% in 24 hours;
DOT was trading at $6.12, down about 3.75% in 24 hours.
Chain Circle Dynamics
136th Ethereum ACDC Meeting: Pectra Devnet 1 is almost ready
Galaxy Vice President of Research Christine Kim published a post summarizing the main content of the 136th ACDC conference call, involving new research on client diversity data collection and multi-client block verification.
Nethermind researcher Jorge Arce-Garro has shared his team’s latest work on improving how node operators report client diversity data. The research, funded by EF, presents three different approaches to facilitate validator node operators communicating client types, evaluating each approach based on complexity, security, and ability to protect node operators’ anonymity. Arce-Garro has asked for feedback on his team’s research, which has been published on Ethresearch.
The developers also shared an update on the Pectra upgrade, noting that Pectra Devnet 1 is almost ready and the EF Development Operations (DevOps) team is waiting for the Execution Layer (EL) client to be ready.
Teku developer Mikhail Kalinin shared an update on the EIP 6110 specification; PeerDAS Devnet 1 is live with support for three different CL client deployments. Work on SSZ code changes was also discussed, with EIP 7688 and EIP 6493 in the works, although the developers have not yet decided whether these two additional EIPs will be included in Pectra.
Cryptocurrency News
Bloomberg analyst: Ethereum spot ETF approval is expected to be postponed until after July 8
Bloomberg ETF analyst Eric Balchunas wrote on X that he expects that according to the information currently known, everything will have to wait until after the holiday on July 8, when the approval process will resume and the ETF will be approved for launch shortly thereafter.
It is reported that Eric Balchunas had previously expected to be approved as early as July 2.
The U.S. Treasury Department released the 2025 crypto tax system, and the rules related to DeFi and non-custodial wallet providers were temporarily shelved
The U.S. Treasury Department's Internal Revenue Service released the 2025 cryptocurrency transaction tax system, which aims to establish filing rules for digital asset brokers, but the relevant rules for DeFi and non-custodial wallets have been temporarily shelved. The agency believes that mainstream crypto platforms that handle the "vast majority" of transactions can no longer wait for the rules, but other issues require more research and will formulate corresponding rules "later this year."
The newly released tax rules will take effect for transactions starting in 2025 and require brokers to closely monitor the cost basis of customer tokens starting in 2026. The new rules for cryptocurrency brokers require trading platforms, custodial wallet services, and digital asset exchange platforms to submit disclosures about changes in customer assets and gains. These assets will also include (in very limited circumstances) stablecoins such as USDT, USDC, and high-value NFTs, although the IRS has explicitly refused to resolve the long-standing debate over whether tokens should be considered securities or commodities.
Under the new rules, the IRS will not require reporting of most routine stablecoin sales and sets an annual threshold of $600 for NFT income, which must be reported.
Consensys responds to SEC lawsuit: SEC's move is excessive regulation and will actively promote the case
Fox Business reporter Eleanor Terrett reveals Consensys' official statement on the SEC enforcement action.
The details are as follows: Consensys fully anticipated that the SEC would follow through on its threats against us, claiming that our MetaMask software interface must register as a securities broker-dealer. The SEC has been pursuing an anti-cryptocurrency agenda through provisional enforcement actions. This is the latest example of its regulatory overreach — a transparent attempt to redefine established legal standards and expand the SEC’s jurisdiction through litigation. We firmly believe that the SEC is not authorized to regulate software like MetaMask. We will continue to aggressively pursue our case in Texas because it is not only about our company, but also about the future of Web3.
Yesterday, the U.S. Bitcoin spot ETF had a net inflow of US$73 million, and BlackRock IBIT had a net inflow of US$82.4 million.
According to Farside Investors data, U.S. Bitcoin spot ETFs saw a net inflow of $73 million yesterday, of which BlackRock IBIT saw a net inflow of $82.4 million.
Bitcoin spot ETF continues to have net inflows for 4 consecutive days, with a total net asset value of US$52.123 billion
According to SoSoValue data, yesterday (June 28, Eastern Time), the total net inflow of Bitcoin spot ETFs was US$73.0454 million, of which:
Grayscale ETF GBTC had a single-day net outflow of $27.1553 million. Currently, GBTC's historical net outflow is $18.515 billion.
The Bitcoin spot ETF with the largest single-day net inflow is BlackRock ETF IBIT, with a single-day net inflow of US$82.4255 million. Currently, the total historical net inflow of IBIT has reached US$17.725 billion.
The second largest ETF is ARKB, which is the result of Ark Invest and 21Shares, with a daily net inflow of USD 42.80 million. Currently, the total net inflow of ARKB has reached USD 2.403 billion.
As of press time, the total net asset value of the Bitcoin spot ETF is US$52.123 billion, the ETF net asset ratio (market value as a percentage of the total market value of Bitcoin) is 4.39%, and the historical cumulative net inflow has reached US$14.525 billion.
The Supreme Court released a typical case of punishing online pyramid schemes in accordance with the law, involving virtual currency investment scams
The Supreme People's Court and the State Administration for Market Regulation jointly released 5 typical cases of punishing online pyramid schemes in accordance with the law, including one case of promising high returns under the guise of investing in "virtual currency". The basic facts of the case are as follows:
In early 2018, the defendant Chen and others used blockchain as a gimmick and planned to set up a "certain Token" network platform to carry out pyramid selling activities, requiring participants to obtain a membership account of the platform through recommendations from their online friends and pay a threshold fee of virtual currency worth more than US$500 to obtain value-added services. They could also use the platform's "smart dog moving bricks" technology to conduct arbitrage transactions in different trading venues and obtain platform profits.
In order to evade the crackdown, Chen and others moved the platform's customer service team and coin transfer team abroad in January 2019, and continued to conduct pyramid selling activities on the "some Token" network platform. According to statistics, the "some Token" network platform has more than 2.6 million registered member accounts, with 3,293 levels, and has collected more than 9 million virtual currencies such as Bitcoin, Tether, and EOS from members.
The People's Court of the Economic and Technological Development Zone of Yancheng City, Jiangsu Province sentenced Chen to 11 years in prison and a fine of RMB 6 million for organizing and leading pyramid selling activities; the remaining defendants were sentenced to prison terms ranging from 8 years and 8 months to 2 years and fined; the illegal gains were recovered, confiscated and turned over to the state treasury. After the first instance verdict was announced, Chen and others appealed. The Intermediate People's Court of Yancheng City, Jiangsu Province ruled to dismiss the appeal and uphold the original verdict.
The People's Court imposed corresponding penalties on the organizers and leaders of cross-border online pyramid schemes based on their status and role in the entire criminal chain. At the same time, it confiscated virtual currencies such as Bitcoin involved in the case in accordance with the law, cutting off the defendant's financial ability to commit cross-border crimes again, demonstrating the judicial organs' determination to firmly defend the security of Internet finance and maintain the stable and healthy development of the financial market order.
In the past 7 days, the net outflow on the zkSync chain was 46 million US dollars
According to Coin98 Analytics, zkSync had a net outflow of $46 million on the chain in the past 7 days; Optimism had a net inflow of $56 million on the chain in the past 7 days.
SEC has returned Form S-1 to ETH spot ETF issuer and requires revised resubmission by July 8
The SEC has returned the S-1 form to a potential Ethereum spot ETF issuer with a few comments, according to a source at one of the issuers. The issuer was asked to address the comments and resubmit by July 8. This means that at least one more round of filings is required before the ETF can finally start trading.
