Headlines

▌Biden: Will participate in Harris' campaign

U.S. President Biden said on July 22 local time that he would participate in Vice President Kamala Harris' campaign after announcing his withdrawal from the 2024 U.S. presidential election. In addition, regarding the previous request by some members of the Republican Party of the United States for Biden to step down immediately, Biden said that he would do his best to perform his duties in the last few months of his presidency.

▌US spot Ethereum ETF officially approved

The U.S. Securities and Exchange Commission (SEC) has notified at least two of the eight companies that have applied to launch the first U.S. spot Ethereum ETFs that their products can begin trading on Tuesday (July 23). Products from BlackRock, VanEck and six other companies will begin trading on three different exchanges on Tuesday morning: the Chicago Board Options Exchange (CBOE), Nasdaq and the New York Stock Exchange, which all confirmed that they are ready to start trading.

Eric Balchunas, ETF analyst at Bloomberg, said: "The spot Ethereum ETF has gone into effect at the SEC. Form 424(b) is being submitted, which is the last step, meaning everything is ready to start trading at 9:30 a.m. on Tuesday (July 23) (9:30 p.m. Beijing time tonight). Game on."

Quotes

As of press time, according to Coingecko data:

The latest transaction price of BTC is $67,563.95, with a daily change of -0.8%;

ETH's latest transaction price is $3,440.00, with a daily change of -2.7%;

BNB's latest transaction price is $587.54, with a daily change of -2.6%;

SOL's latest trading price is $178.91, with a daily change of -3.1%;

DOGE’s latest trading price is $0.138, with a daily change of -1.7%;

XPR recently traded at $0.6083, with a daily change of +1.8%.

policy

▌The U.S. House of Representatives passed a bill on illegal cryptocurrency financing, but it may be vetoed by the Senate

The U.S. House of Representatives passed the Cryptocurrency Illicit Financing Act, which would establish a federal panel to assess the role of cryptocurrencies in terrorism and illicit finance and make recommendations to prevent such behavior, but the bill is not expected to be approved by the Senate.

21Shares files S-1 for its Solana spot ETF in the US

21Shares filed the S-1 filing for its spot Solana ETF in the United States, just ahead of its competitor VanEck. 21Shares became the second company to apply to launch a Solana ETF in the United States.

Like VanEck, 21Shares also believes that Solana's native token should be considered a commodity. However, the U.S. Securities and Exchange Commission (SEC) Enforcement Division has stated that SOL is a security, which could be a significant obstacle to the launch of these funds. 21Shares SOL will reportedly have its funds custodied by Coinbase Custody.

▌The director of the U.S. Secret Service admitted that he failed to stop the gunman and will take full responsibility for the assassination of Trump

U.S. Secret Service Director Kimberly Chettle says she takes full responsibility for security lapses related to the attempted assassination of Trump. "The Secret Service's solemn mission is to protect our nation's leaders," Chettle will tell lawmakers on Monday. "On July 13th, we failed to do that." Chettle will make the comments at a congressional hearing on Monday, where she will face her toughest questioning since the shooting. The hearing is expected to last hours and feature questions from dozens of lawmakers, including some who have called for her resignation. The shooting at the Trump campaign rally has created a crisis for the U.S. Secret Service, which acknowledged over the weekend that it had rejected some previous requests for increased protection.

Blockchain Applications

▌Jupiter Lianchuang: Will launch the meme coin metadata platform ASIANMOM

Jupiter co-founder meow posted on the X platform that he will work with Irene Zhao to launch the memecoin metadata platform ASIANMOM, trying a new launch mechanism to improve the memecoin metadata to solve some major PvP problems in the current memecoin release metadata: including false widespread distribution, sniping, opaque development allocation, lying "influencers", using development dumps for large-scale pre-sales, etc. It is reported that Jupiter DAO will receive 5% of the ASIANMOM tokens, the ASIANMOM team will decide when to deliver them, and the Jupiter team will establish the required mechanisms and initial airdrop list.

Cryptocurrency

▌BlackRock’s spot Ethereum ETF is expected to start trading tonight Beijing time

BlackRock (BLK.N) said BlackRock's iShares Spot Ethereum ETF is about to be launched and is expected to begin trading on Nasdaq on July 23 (tonight Beijing time).

As previously reported, the U.S. spot Ethereum ETF was officially approved.

▌After the US spot Ethereum ETF was officially approved, a large amount of ETH was transferred from Coinbase to an unknown new wallet

According to Whale Alert, after the US spot Ethereum ETF was officially approved, a large amount of ETH was transferred from Coinbase to an unknown new wallet. It is not clear whether it is the exchange that sorted out the wallets. As of press time, ETH is still being transferred from Coinbase to an unknown new wallet.

▌Stables launches stablecoin virtual card in Europe

Australian stablecoin payment startup Stables launches Mastercard virtual card in Europe. Last year, Stables partnered with Mastercard in Australia to launch the first stablecoin wallet in the Asia-Pacific region, using a single stablecoin balance for payments. Now, Stables has obtained a virtual asset service provider license, which allows it to provide contactless in-store and online payment services to Europeans through Apple Pay and Google Pay in Mastercard's merchant network.

▌Bloomberg ETF Analyst: $1 billion worth of spot Ethereum ETF will be converted from ETHE to Mini ETH

Eric Balchunas, ETF analyst at Bloomberg, said, "The spot Ethereum ETF competition has begun. The $1 billion spot Ethereum ETF will be converted from ETHE to Mini ETH. The fees are among the lowest in the same category. This is a new variable in this competition that has not been encountered in the Bitcoin competition."

▌Wintermute: It is expected that the spot Ethereum ETF will inflow $4 billion in the next year, and ETH will rise by 24%

Market maker Wintermute expects the spot Ethereum ETF to receive a maximum of $4 billion in inflows from investors over the next year. That’s lower than the $4.5 billion to $6.5 billion most analysts expected, and the figure is about 62% less than the $17 billion that the Bitcoin ETF has raised since it began trading in the United States six months ago.

However, Wintermute does expect the price of ether to rise 24% over the next 12 months, driven by these inflows.

U.S. regulators rejected a request from issuers to allow Ethereum ETFs to collateralize their cryptocurrency holdings, which would have generated income and been shared with investors. “This loss reduces the competitiveness of ETH ETFs compared to holding them directly, as investors can still benefit from staking,” Wintermute said in its report.

▌Viewpoint: Spot Ethereum ETF fund inflows may be smaller than Bitcoin

According to Farside Investors on the X platform, “We believe that spot Ethereum ETF inflows may be smaller than Bitcoin for the following reasons:

1. The spot Bitcoin ETF was approved first and received more attention;

2. Before the US spot ETF was approved, the BTC ETP market size was larger than ETH;

3. The lack of collateral makes the Ethereum ETF relatively less attractive;

4. BTC is more relevant as a financial asset, while ETH focuses more on DAPP and on-chain applications.

BTC options market data shows traders are prepared for “extreme” volatility this week

According to options market activity data on Deribit tracked by Amberdata, the "Butterfly Index" of the BTC options market has risen significantly. The index measures the volatility of out-of-the-money (OTM) 25-delta (∆25) call and put options that are far from the Bitcoin BTC spot market price relative to at-the-money (ATM) options that are close to the spot price. The surge in the index suggests that the market expects more extreme volatility.

Greg Magadini, head of derivatives at Amberdata, said: "We will be listening to Trump speak at the Nashville Bitcoin Conference this week. This will be a potential catalyst for 'something is going to happen' this week. The derivatives market seems to agree with this view and we are seeing pricing that does support the narrative that 'something is going to happen'."

According to previous news, Trump may announce that BTC will play a more important role in the US financial system. Many industry insiders said that Trump will then announce that Bitcoin will be a strategic reserve asset. Markus Thielen, founder of 10x Research, believes that this situation will trigger a parabolic rise in the price of Bitcoin.

▌Bloomberg ETF analyst: It is expected that there will be a BTC, ETH and SOL combined spot ETF in the future, but the potential may be limited

In response to Nate Geraci, president of The ETF Store, who said that "issuers are expected to apply for a combined spot ETF of BTC, ETH and SOL in the coming months", Bloomberg ETF analyst Eric Balchunas said on social media that this will indeed happen, but how big the potential is is unknown. The size of the precious metals basket ETF GLTR is US$1 billion, which is good, but still less than 1% of the assets of gold ETFs.

Important economic developments

▌The probability of the Federal Reserve keeping interest rates unchanged in August is 97.4%

According to CME's "Fed Watch", the probability of the Fed keeping interest rates unchanged in August is 97.4%, and the probability of a 25 basis point rate cut is 2.6%. The probability of the Fed keeping interest rates unchanged in September is 6.8%, the probability of a cumulative 25 basis point rate cut is 90.8%, and the probability of a cumulative 50 basis point rate cut is 2.4%.

Golden Encyclopedia

▌What is liquidity staking?

Liquid staking allows stakers to maintain liquidity of their staked tokens by using alternative tokens, which they can use to earn additional yield through DeFi protocols. Liquid staking enables cryptocurrency holders to participate in staking without giving up control of their holdings. This changes the way users do staking. Projects such as Lido have introduced liquid staking to provide tokenization of staked assets in the form of tokens and derivatives.

Disclaimer: As a blockchain information platform, Golden Finance publishes articles for information reference only and is not intended as actual investment advice. Please establish a correct investment philosophy and be sure to raise your risk awareness.