Today's news tips:
The German government continues to transfer out Bitcoin, including a total of about 6,307 BTC this afternoon
The US Republican Party supports a number of crypto-friendly policies in its 2024 party platform
VANECK, 21Shares and other Ethereum spot ETF applicants have completed submitting updated S-1 documents
Coinbase International to Launch Perpetual Futures Trading on Blast, LayerZero, and ZKsync
Artificial intelligence startup Hebbia completes $130 million financing, led by a16z
Paxful co-founder Ray Youssef pleads guilty to conspiracy to fail to maintain an effective anti-money laundering program and faces up to five years in prison
Futu Securities is approved to provide virtual asset trading services to Hong Kong investors
Bitcoin spot ETF had a net inflow of US$295 million yesterday, with a net asset ratio of 4.45%
Regulatory News
The US Republican Party supports a number of crypto-friendly policies in its 2024 party platform
According to The Block, the Republican National Committee of the United States expressed support for a number of policy measures that are favorable to cryptocurrencies in its official party platform for the 2024 US election. According to the official document released by the campaign team of Republican presidential candidate Trump on Monday, the Republican Party platform vowed to end the "illegal and un-American crackdown" on the US crypto industry. In addition to opposing the creation of CBDC, the platform also promised to "defend the right to mine Bitcoin" and allow cryptocurrency holders to keep their tokens themselves. "We will defend the right to trade without government supervision and control," the document reads.
Futu Securities is approved to provide virtual asset trading services to Hong Kong investors
According to Oriental Daily, the Type 1 regulated activities (securities trading) license of internet brokerage Futu Securities has been upgraded by the Hong Kong Securities Regulatory Commission, allowing it to provide virtual asset trading services to professional and retail investors in Hong Kong.
Futu launched a new "comprehensive account" function last Saturday (6th), allowing investors to trade investment products in multiple markets such as Hong Kong stocks, US stocks, A-share Connect, Japanese stocks, etc. through one account. It also announced that Singapore stocks, Australian stocks, Canadian stocks, etc. will be launched one after another, but the specific timetable has not yet been disclosed.
ETF application related:
Grayscale Files Updated S-1 Filing for Its Ethereum Mini Trust
Grayscale filed an updated S-1 for its Ethereum Mini Trust, according to a public filing. Bloomberg analyst Eric Balchunas said the product’s fee rate was not disclosed in the filing.
Cboe has filed Form 19b-4 for VanEck and 21Shares’ Solana ETF with the US SEC
According to The Block, Cboe BZX has submitted the Solana ETF's 19b-4 form to the US SEC on behalf of VanEck and 21Shares. VanEck submitted the Solana ETF registration statement at the end of June, followed by 21Shares. Nate Geraci, president of The ETF Store, commented that once the SEC confirms the documents, the decision clock will start "ticking."
21Shares has submitted a revised S-1 form for its Ethereum spot ETF to the US SEC
According to The Block, 21Shares submitted a revised Ethereum spot ETF S-1 form to the US SEC. So far, six US Ethereum spot ETF applicants have submitted S-1 document updates, including Fidelity, VanEck, Franklin, 21Shares, Grayscale and BlackRock.
VANECK has submitted an updated version of its spot Ethereum ETF S-1 application to the US SEC
According to the official website of the US SEC, VANECK has submitted an updated version of its spot Ethereum ETF S-1 application to the US SEC.
Invesco Galaxy reveals its spot Ethereum ETF fee is 0.25%
According to the revised S-1 application submitted to the U.S. SEC, Invesco Galaxy disclosed that the fee rate of its spot Ethereum ETF is 0.25%.
Project News
EOS Network Foundation has launched a 250 million EOS staking reward program
EOS Network Foundation has launched a 250 million EOS staking reward plan. X platform announced that it has launched a 250 million EOS staking reward plan, and a new era of EOS staking has arrived. The features of the new staking reward plan are: 250 million EOS rewards, early staking can increase APY, and the lock-up period is 21 days.
DeBank has opened the initial DeBank XP airdrop application, which will last for one month
According to official news, DeBank announced that the DeBank XP snapshot was taken at 8:00 am on July 4th, Beijing time, and all active addresses have the opportunity to receive the initial XP airdrop. DeBank has distributed XP to addresses holding assets greater than 0 and meeting any of the following conditions: 1. Active on the chain in 2024 (initiated at least one transaction); 2. Active on DeBank in 2024.
Each address's initial XP will be determined by its on-chain assets, credit, and Web3 social ranking on DeBank. The XP claiming page is already available on DeBank, and the claiming will last for a month. Stay active on the chain and participate in DeBank activities to continue to earn more XP.
ZKM will launch a Bitcoin Layer 2 solution called GOAT Network in the third quarter
According to The Block, ZKM, an interoperability protocol incubated by Metis DAO, has announced plans to launch a Bitcoin Layer 2 solution called GOAT Network later in the third quarter. The solution will be the first decentralized Bitcoin Layer 2, sharing network ownership. Unlike other Bitcoin Layer 2s, whose networks and revenues are controlled by project teams or foundations, GOAT Network said it will be launched using a decentralized sorter model, where sorter node operators can earn income through Bitcoin while helping to ensure network security, as well as activity fees including block production, transaction sorting, and maximum extractable value (MEV) opportunities.
DigitalX to launch Bitcoin ETF on Australia's main board
According to Bloomberg, DigitalX Ltd. will launch a Bitcoin exchange-traded fund (ETF) on the Australian Main Board, becoming the second such product to be approved by the ASX. The DigitalX Bitcoin ETF will be listed on July 12 under the code BTXX. The fund was established by DigitalX in partnership with K2 Asset Management and 3iQ. DigitalX's listing comes on the heels of VanEck's Bitcoin ETF being approved by the ASX last month. Sydney fund management company BetaShares Holdings Pty has also applied to launch a Bitcoin and Ethereum ETF on the ASX.
Coinbase International to Launch Perpetual Futures Trading on Blast, LayerZero, and ZKsync
Coinbase International Exchange announced that it will start supporting perpetual futures trading for Blast, LayerZero, and ZKsync at or after 17:30 Beijing Time on July 11, 2024. These new markets will be available on Coinbase International Exchange and Coinbase Advanced platforms, with the corresponding trading pairs being BLAST-PERP, ZRO-PERP, and ZK-PERP.
Singapore High Court Orders Multichain Foundation to Pay Fantom Foundation $2.18 Million in Compensation
As Cointelegraph reported, the Singapore High Court ordered the Multichain Foundation to pay $2.18 million to the Fantom Foundation to compensate for losses caused by the July 2023 hack.
MetaMask Development Company Consensys Releases New Development Toolkit "MetaMask Delegation Toolkit"
According to CoinDesk, MetaMask development company Consensys has released a new toolkit "MetaMask Delegation Toolkit" to simplify the user experience of blockchain applications. The toolkit allows users to complete registration immediately without interacting with traditional wallets, and eliminates all confirmation pop-ups when users switch decentralized applications and wallets. The toolkit also simplifies smart contract development, allowing developers to reallocate Gas fees to others. This toolkit is suitable for all chains compatible with the Ethereum virtual machine.
Paxful co-founder Ray Youssef pleads guilty to conspiracy to fail to maintain an effective anti-money laundering program and faces up to five years in prison
According to an announcement by the U.S. Department of Justice, Artur Schaback, co-founder and former chief technology officer of Paxful Inc., pleaded guilty to conspiracy to fail to maintain an effective anti-money laundering (AML) program. From July 2015 to June 2019, Schaback allowed customers to trade on the Paxful platform without providing sufficient KYC information, falsely presented AML policies, and failed to file suspicious activity reports. Schaback will be sentenced on November 4, facing up to five years in prison, and will resign from the board of directors of Paxful Inc.
Bithumb will add BRETT and TAIKO trading pairs in the Korean Won market
South Korean cryptocurrency platform Bithumb announced that it will add BRETT and TAIKO trading pairs to the Korean won market today. BRETT's support network is BASE, and deposits will start at 3 pm today (Korean time), and trading and withdrawals will start at 6 pm. TAIKO's support network is Taiko, and deposits will start at 3 pm today, and trading and withdrawals will start at 6 pm.
XAI adjusts token unlocking method, team unlocks 17.7 million tokens in July, uses daily unlocking
According to official news, Arbitrum Ecosystem Game Layer3 Solution XAI announced that XAI contributors have agreed to re-lock the tokens originally scheduled to be unlocked in July and spread them out to unlock over the next 6 months. As a result, the team's unlocked share in July was reduced from approximately 85 million to approximately 17.7 million. The specific details of the July unlocking include: approximately 72.3 million investors, approximately 17.7 million teams, approximately 4.2 million consultants, approximately 5.2 million DACs, and approximately 8.5 million tokens for the Xai Foundation, totaling approximately 107.9 million tokens. XAI's current circulating supply is approximately 300 million, and the unlocked tokens are expected to increase the circulating supply by approximately 36%. XAI stated that its tokens are unlocked daily rather than once a month.
Binance will suspend NTRN and OP token deposits and withdrawals tomorrow night to support Neutron and Optimism network upgrades and hard forks
Binance announced that it will support the network upgrade and hard fork of Neutron (NTRN) and Optimism (OP). The Neutron (NTRN) project will upgrade the network at block height 12,255,555 (estimated at 22:30 on July 10, 2024, Beijing time). Binance expects to suspend the token deposit and withdrawal of Neutron (NTRN) at 21:30 on July 10, 2024, Beijing time; the Optimism (OP) project is expected to upgrade the network and hard fork at 00:00 on July 11, 2024, Beijing time. Binance expects to suspend the token deposit and withdrawal of Optimism (OP) at 23:00 on July 10, 2024, Beijing time.
Upbit to List ENS in Korean Won Market
According to the Upbit announcement, the Korean cryptocurrency exchange Upbit will launch the Ethereum Domain Name Service (ENS) in the Korean won market at 18:30 (Korean time) on July 9, 2024. Users need to confirm the network information before transferring digital assets, and only deposits and withdrawals of the network mentioned in the announcement are supported.
Analysis: Lack of liquidity exacerbated BCH sell-off triggered by Mt. Gox
According to TradingView data, Bitcoin cash (BCH) fell 20% last week, the biggest drop since April, CoinDesk reported. The sell-off came as the defunct exchange Mt.Gox said it would begin repaying creditors for about $9 billion worth of tokens stolen in a 2014 hack, including $73 million worth of BCH, equivalent to 20% of the token's daily trading volume. Kaiko said BCH holders panicked in anticipation of a large-scale liquidation by Mt.Gox creditors, and the poor liquidity of centralized exchanges (i.e., poor order book depth) exacerbated the panic. In illiquid markets, it is difficult for traders to execute large orders at a stable price, and a large buy or sell order can have a disproportionate impact on asset prices, leading to an outbreak of volatility. “Looking at BCH price slippage for a simulated $100,000 sell order, price slippage on most exchanges reached its highest level in over a month, indicating that liquidity is deteriorating due to insufficient order book depth for large market orders,” Kaiko said in a newsletter published on Monday. Slippage is the difference between the expected price of a trade and the actual price at which it is executed, and a surge in slippage indicates poor market liquidity and/or high volatility. According to Kaiko, on July 5, the day Mt. Gox announced its refund, slippage in BCH markets on Bybit increased from 0.2% to 2.8%, and slippage in BCH markets on Itbit increased from 0.3% to 3.5%. Kaiko said that the poor liquidity “coincides with the strong selling pressure associated with the Mt. Gox refund event, with Itbit and Bybit experiencing the highest increase in slippage.” Arca Chief Investment Officer Jeff Dorman said that market makers have completely disappeared, similar to what happened in the credit markets in 2009-2010.
Financing News
Artificial intelligence startup Hebbia completes $130 million financing, led by a16z
According to Bloomberg, artificial intelligence startup Hebbia has completed $130 million in financing, led by a16z, with participation from Index Ventures, Google Ventures and billionaire Peter Thiel. According to a person familiar with the matter, the New York-based company is currently valued at approximately $700 million. Hebbia plans to use the new funds for research and to hire more software engineers. Founded in 2020, Hebbia uses artificial intelligence technology to help companies screen various documents to answer complex questions. Its clients include the U.S. Air Force, asset management companies and legal services companies.
Important data
Exchange returns $163 million worth of Bitcoin to German government
According to Arkham Intelligence data, as of 4:15 am Beijing time today, the German government address has received 2,898 bitcoins returned by exchanges, worth about $163 million, mainly from Coinbase, Kraken and Bitstamp. Steven Zheng, head of research at The Block, said that the exchanges are likely to return the bitcoins because they cannot sell them within the target price range. Data shows that the German government currently holds 27,461 bitcoins, worth about $1.56 billion.
The German government may have sold 12,366 Bitcoins worth more than $700 million in the past 24 hours
According to Lookonchain statistics, the German government has transferred 16,039 bitcoins (worth $915.3 million) and received 3,673 bitcoins (worth $206.5 million) in the past 24 hours. It is speculated that the German government may have sold 12,366 bitcoins (worth $708.8 million) and currently holds 27,461 bitcoins (worth $1.55 billion).
The “German Government” wallet address transferred out about 3,207 BTC again, and a total of about 6,307 BTC was transferred out this afternoon
PANews reported on July 9 that Arkham data showed that 8 minutes ago, the wallet address marked as "German Government" on the chain transferred 400 BTC to the Kraken address, about 107 BTC to the Cumberland DRW address, 200 BTC to the address starting with bc1qu3, and 2,500 BTC to the suspected B2C2 Group address, totaling about 3,207 BTC.
According to previous news, at 15:31, the "German Government" wallet address transferred out 3,100 BTC and received 1,692 BTC.
Two addresses suspected to belong to the same whale deposited 3,600 MKR and 2.4 million LDO into FalconX
According to Spot On Chain monitoring, 45 minutes ago, two wallets (likely the same whale) deposited 3,600 $MKR (worth $8.07 million) and 2.4 million $LDO (worth $3.79 million) into FalconX. It is worth noting that they use the same FalconX deposit address and may belong to the same whale. At present, the estimated total profit of these wallets on $MKR is $41.1 million (+105%), with 2,796 $MKR remaining (worth $6.27 million); the estimated total loss on $LDO is $7.97 million (-33.1%), with 7.83 million $LDO remaining (worth $12.4 million).
Bitcoin spot ETF had a net inflow of US$295 million yesterday, with a net asset ratio of 4.45%
According to SoSoValue data, as of July 8 (EST), Bitcoin spot ETFs had a net inflow of $294.9 million per day, with a net asset ratio of 4.45%. Among them, Grayscale's GBTC had a net inflow of $25.08 million, with a historical cumulative net outflow of $18.58 billion. BlackRock's IBIT had the highest net inflow of $187.21 million per day, with a historical cumulative net inflow of $17.93 billion. Fidelity's FBTC had a net inflow of $61.54 million per day, with a historical cumulative net inflow of $9.42 billion. As of now, the total net asset value of Bitcoin spot ETFs is $49.32 billion, with a historical cumulative net inflow of $15.06 billion.
