Mini Program: Daily Cryptocurrency Dynamics Summary
1. VanEck has filed Form 8-A for its spot Ethereum ETF
Eric Balchunas, an institutional ETF analyst, said on X Platform: “VanEck just filed a Form 8-A (Securities Registration Application) for a spot Ethereum ETF, which is just part of the process, but it is worth noting that they also filed a Form 8-A exactly 7 days before the spot Bitcoin launch. This bodes well for our prediction on July 2 (7 days from now). But then again, anything is possible. We will definitely hear more soon.”
2. FTX creditors prepare to vote on restructuring plan
At a bankruptcy hearing on Tuesday, lawyers for FTX and creditors debated a disclosure statement that gives creditors more information to decide on the exchange's reorganization plan. Lawyers representing FTX said they plan to solicit votes on the plan, saying one of the purposes of the vote is to get creditors' feedback. FTX unveiled its reorganization plan in May and said it plans to offer at least 118% of allowed claims to 98% of creditors. Under the plan, creditors with allowed claims of less than $50,000 will be eligible for 118% compensation after court approval. Some, including those representing FTX's largest creditor group, oppose the plan and say bankruptcy assets should be paid in cryptocurrency rather than in the dollar value when the exchange files for bankruptcy in November 2022. The next hearings are scheduled for July 17 and August 15.
3. US consumer protection organization says Tether poses "huge fraud risk"
According to Fox Business reporter Eleanor Terrett, U.S. consumer advocacy group Consumers' Research brought its review of Tether to Washington, D.C., distributing flyers in House and Senate offices detailing the company's "huge risk of fraud," terrorist financing and other issues.
4. Yesterday, the net inflow of USDC on centralized exchanges hit a one-year high of $228 million
According to data released by Lucas, head of research at IntoTheBlock, on the X platform, the net inflow of USDC in centralized exchanges yesterday hit a one-year high of US$228 million. It is possible that investors deposited stablecoins and started buying on dips.
5. US SEC Chairman: The process of approving Ethereum ETF is "smoothly" and there are major violations in the crypto space
In an interview today, Gary Gensler, Chairman of the U.S. Securities and Exchange Commission, reiterated that there are major violations in the cryptocurrency field. He also said that the process of approving the Ethereum ETF is going "smoothly", but refused to comment on the timetable for launching a spot Ethereum ETF.
6. Bitwise CIO predicts that the spot Ethereum ETF will attract $15 billion in net inflows within 18 months
Matt Hougan, chief investment officer of itwise, said that the U.S. spot Ethereum ETF could attract $15 billion worth of net inflows in the first 18 months after listing. Hougan said he expects investors to allocate according to the market capitalization of the Bitcoin spot ETF and the Ethereum spot ETF ($1.2 trillion and $405 billion). This will provide a weight of about 75% for the Bitcoin spot ETF and about 25% for the Ethereum spot ETF. Currently, assets managed through spot Bitcoin ETFs have exceeded $50 billion, and Hougan expects that by the end of 2025, this figure will reach at least $100 billion. This number will rise as the product matures and is approved on platforms such as Morgan Stanley and Merrill Lynch.
7. U.S. House of Representatives proposes bill requiring the IRS to accept Bitcoin as a payment method for federal income tax
Matt Gaetz, a Republican from Florida, introduced a bill on Tuesday that would allow people to pay federal income taxes using Bitcoin. Matt Gaetz said in a statement that the bill would require the U.S. Treasury Secretary to develop a plan to allow federal income taxes to be paid via Bitcoin. Gaetz said: "My groundbreaking legislation will modernize our tax system by allowing federal income taxes to be paid using Bitcoin. By allowing taxpayers to pay federal taxes using Bitcoin, we can promote innovation, improve efficiency, and provide more flexibility for American citizens. This is a bold step towards digital currencies playing an important role in our financial system, ensuring that the United States is always at the forefront of technological advancement."
8. Binance Web3 published a post on the X platform, revealing that 297 Megadrop witch accounts have been banned
Binance Web3 published a post on the X platform, revealing that someone obtained Megadrop rewards in batches by purchasing a large number of KYCs. After being controlled by the system, they tried to collect the funds into one account in an attempt to escape, which triggered the risk control again and was frozen. So far, a total of 297 main accounts have been banned in the Megadrop activity, one of which even collected up to 9,000 KYC accounts. Binance said: "We always insist on leaving benefits to real users. The funds recovered from the freezing of malicious witch accounts will continue to be used in project activities to give back to real users. We will continue to crack down on these malicious witches who harm the interests of real users and project parties, and we will never compromise."
9. IntoTheBlock: Bitcoin whale holders increased their holdings by 7,130 BTC yesterday, about $436 million
IntoTheBlock said on the X platform that despite the FUD in the market, the net inflow of Bitcoin's largest wallets has reached the highest level since the end of May. Yesterday alone, whale holders who control at least 0.1% of the total supply of Bitcoin increased their holdings by 7,130 Bitcoins, worth approximately $436 million.
10. VanEck plans to waive fees for Ethereum spot ETF for a limited period of time, and then charge a 0.2% fee
According to CryptoSlate, VanEck announced that it will waive fees for its Ethereum spot ETF, adopting a similar strategy to the Bitcoin ETF launched earlier this year. Matthew Sigel, the company's head of digital asset research, said that the zero-fee strategy will help increase interest in Ethereum while also lowering the entry barrier for new investors. VanEck plans to waive fees on the first $1.5 billion in assets by 2025, and then charge a 0.20% fee. In addition, Franklin Templeton said it will waive fees on the first $10 billion in assets within six months, and then charge a 0.19% fee.
The article is forwarded from: Jinshi Data