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Bitcoin plummeted, more than 100,000 people were liquidated, 2.4 billion yuan evaporated, and investors lost everything!!!
On the second day of the Bitcoin spot ETF’s listing, late at night on January 12, Beijing time, the price of Bitcoin suddenly plummeted by more than 6%. It fell rapidly again in the early morning of January 13. As of press time, Bitcoin fell below $43,000, a drop of nearly 8%.
CoinGlass data shows that in the past 24 hours, more than 100,000 people’s positions have been liquidated in the virtual currency market, with a total amount of US$344 million (approximately RMB 2.4 billion).
Anthony Scaramucci, founder of New York hedge fund SkyBridge Capital, believes that the decline in Bitcoin prices since the spot Bitcoin ETF began trading was partly driven by investors selling their holdings in the Grayscale Bitcoin Trust. Data shows that investors are selling their holdings in the Grayscale Bitcoin Trust in large quantities.
The first batch of spot Bitcoin ETFs were listed, and the 8 trillion asset management giant rejected it
In the early morning of January 11th, Beijing time, the U.S. Securities and Exchange Commission (SEC) documents showed that 11 Bitcoin spot ETFs, including BlackRock, Wood Sister's Ark Fund, Fidelity, and Invesco, were approved in a "milestone". This was hailed as a game-changer by the cryptocurrency circle, allowing mainstream investors to buy and sell Bitcoin as easily as stocks and mutual funds. The market went crazy. On the first day of listing, the daily trading volume of Bitcoin ETF reached US$4.6 billion, and the price of Bitcoin was also pushed up to a high point in more than two years.
But it is worth noting that the SEC chairman stated that approving an ETF does not mean endorsing Bitcoin.
SEC Chairman Gary Gensler said in a statement that the SEC approved some Bitcoin spot ETFs. The committee evaluates any rule submissions from national securities exchanges based on whether they are consistent with the Exchange Act and its subordinate regulations, including whether the rules are designed to protect investors and the public interest. The committee is neutral in the evaluation process and does not express views on specific companies, investments, or assets that serve as the basis for exchange-traded products (ETPs).
"We have approved the listing and trading of certain spot Bitcoin ETFs today, but we have not approved or endorsed Bitcoin. Investors should be cautious about the risks associated with Bitcoin and products whose value is related to cryptocurrencies." Gensler further stated that Bitcoin is primarily a speculative, volatile asset that is also used for illegal activities, including ransomware, money laundering, sanctions evasion and terrorist financing.
Unlike other asset management groups, Vanguard Group said it will not create a Bitcoin spot ETF or offer related ETFs from other issuers on its trading platform.
Vanguard said in response to the media: "While we continue to evaluate our brokerage business and evaluate new products, the Bitcoin spot ETF will not be available for sale on the Vanguard platform, and we have no plans to offer the Vanguard Bitcoin ETF or other crypto-related products." "We focus on asset classes such as stocks, bonds, and cash, and regard them as the cornerstone of a long-term, balanced investment portfolio. Products such as Bitcoin spot ETF do not meet the above standards."
Vanguard’s main competitor, BlackRock, the world’s largest asset management group, has launched its own spot Bitcoin ETF, which began trading on Thursday under the code “IBIT”.
It is reported that Vanguard Group currently manages more than $8 trillion in assets. It has a relatively conservative and cautious investment style and is famous for its low-cost index funds. It has driven the industry trend of reducing fund fees.
The sudden and deep correction after the positive news of the ETF did catch many people off guard, and their positions were liquidated one after another. This is the disadvantage of the secondary market. It is affected by news and many factors, and is very unstable. There are too many uncertainties. If you don’t grasp one point well, your position will be wiped out and you will be trapped!
Relatively speaking, the primary market has low stakes and is very stable. At the same time, there is huge room for listing. In addition, the Wall Street Crypto Research Institute only pushes primary star king focus projects and does not touch any air coins, cx coins, or dog coins without background. The strength of listing is obvious to all.
Then let’s talk about whether Story Protocol can bring you a hundred times more space! Story Protocol also has only a little amount left!!!
In September this year, the on-chain intellectual property agreement Story Protocol announced the completion of a $25 million Series A financing round led by a16z Crypto. Together with the $29.3 million financing completed in May this year, the total financing amount has exceeded $54 million.
In addition to a16z Crypto, other investors include Hashed, Foresight Ventures and other well-known venture capital institutions. In today's market context, what exactly does Story Protocol want to do, and what kind of magic does it have to attract top investment institutions in China, the United States, and South Korea to bet on it? The wealth-making effect of blockchain has made traditional finance eager to move. Friends who need Story private placement quotas, please add WeChat at the end of the article.
01
Story Protocol builds a new Web3 IP paradigm world
Story Protocol is building web3 technology to revolutionize the way narrative worlds are created. Its mission is to unleash an entirely new way to create, manage, and license on-chain IP, ultimately forming an ecosystem of “story legos” that can be remixed and recombined. Story Protocol provides a simplified framework to manage the entire lifecycle of IP development, supporting features such as provenance tracking, frictionless licensing, and revenue sharing. Designed for creators of all media (prose, images, games, audio, etc.), applications built on Story Protocol enable writers and artists to track the provenance of their work, allowing anyone to contribute and remix while capturing the value of their contributions.
By building a system centered around creators and contributors, encouraging participation and ensuring clear IP ownership, Story Protocol helps creators grow their IP into a platform with network effects, where contributors play a key role. In a software platform, network effects occur when each participant who joins the ecosystem adds incremental value to the entire ecosystem.
02
What the project is doing
The project is to build an ecosystem to protect the IP image. For example, the IP usage rights of the Bored Ape NFT are exclusively owned by Yuga Labs. If a creator wants to create a secondary work or a new work based on the Bored Ape IP, he needs to authorize Yuga Labs to use it. The original work may also cause damage to the interests of the creator due to unclear signature. Then the problem that Story Protocol needs to solve is to maintain the IP image through the ecosystem, hand over the IP image to the community for joint maintenance, and maintain the rights and interests of the original creators through the consensus of fans, and increase the contribution to all creators and works. To achieve this vision, their goal is to support the construction of a rich third-party developer ecosystem on top of Story Protocol, providing complementary tools and services including crowdfunding, capital formation, IP discovery, licensing modules, identity authentication, and community development. The entire infrastructure - data structures and modules - is built on the blockchain. As content proliferates on the Internet, blockchain can provide source and authenticity without the need for intermediary entities. Crucially, the decentralized nature of blockchain enables developers to create applications on the protocol without worrying about interference.
03
team
S.Y.Lee is the co-founder and CEO of Story Protocol. He previously served as the global strategy officer of Kakao Entertainment, a leading Korean entertainment company, creating and delivering original content and IP across formats. In 2016, he became the first member of the Forbes Asia 30 Under 30 list and was subsequently named one of the All-Star Alumni. While studying at Oxford University, he was elected as the first Asian president of the Oxford Union, a world-renowned debating society. Jason Levy is the co-founder and CEO of Story Protocol. Previously, he served as the director of Pocket Gems, where he built and led the content team of Episode. Jason worked as a financial analyst at Apple for 5 years and founded the mobile entertainment startup Worlds Between Worlds. He received his MBA from Stanford University's Graduate School of Business and a dual degree in economics and creative writing from the University of Southern California, where he became a Renaissance Scholar. Jason Zhao is the protocol leader and co-founder of Story Protocol. Previously, he served as a product manager at DeepMind, focusing on producing Google's cutting-edge artificial intelligence models across industrial and enterprise applications. He is an active angel investor in cutting-edge technology startups. Jason was the founding editor of Stanford Rewired, a magazine focused on the intersection of storytelling and technology. As a design fellow at IDEO, Jason created and taught a course at Stanford University's d.school. Jason received his BA in Philosophy and his MS in Computer Science from Stanford University.
04
Story Protocol Advantages
Story Protocol acts as a neutral third party, tracking the IP development path and providing composable modules, similar to Github.
(1) Create an IP library that records IPs and derived links, which can be traced back and then accounted for.
(2) Make composable components, IP copyright Lego, and provide diverse functions. There are many things that can be extended here. For example, the official introduction mentioned the idea of combining IP and DeFi. Of course, the official also mentioned that it takes a lot of entrepreneurs to work together to build projects and applications based on Story Protocol in order to build this system.
(3) Putting it on the blockchain to ensure authenticity, traceability, and openness.
05
Investment lineup
In May 2023, the first round of financing led by A16z received $29.3 million in financing, with participants including Hashed, dao5, Berggruen Holdings, Samsung Next, Foresight Ventures, Two Small Ventures, SLVC, and Mirana Corp. In September 2023, it received $25 million in financing, still led by A16z, with participants including Hashed, Dao5, Samsung Next, Endavor, Raham Gharegozlou, Alliance, Meiana, and Foresight Venterus.
06
Release Mechanism
Story Protocol is invested by top institutions from the United States, China and South Korea. The popularity and potential are imaginable. This is the last chance to participate. The mainnet will be launched in early February with a small amount of money.
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