1.QCP Capital: Non-agricultural data exceeding expectations triggered risk aversion in the market, and this decline is a good opportunity to buy on dips
Roaring Kitty’s livestream attracted nearly a million viewers, during which GME stock price plummeted. It’s probably no coincidence that altcoins and memecoins also began to crash, wiping out over $40 billion in market cap. The trading desk saw bullish flows on this drop, including sellers of aggressive puts and buyers of call spreads, especially for BTC. This drop is a good opportunity to buy the dip as the market will increasingly price in at least one more rate cut from the Fed. As the rest of the world continues to cut rates, it will be hard for the U.S. to ignore this.
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2. The total net inflow of US Bitcoin spot ETF yesterday was US$131 million, continuing the net inflow for 19 consecutive days.
Grayscale ETF GBTC had a net outflow of $36.3411 million in a single day, and the current historical net outflow of GBTC is $17.933 billion. The Bitcoin spot ETF with the largest net inflow in a single day was BlackRock ETF IBIT, with a net inflow of $168 million in a single day, followed by Ark Invest and 21Shares ETF ARKB, with a net inflow of $6.9033 million in a single day.
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3. zkSync project Gemholic is suspected to have been rug pulled
The zkSync project Gemholic had its funds locked due to an error in the sales contract more than a year ago. Yesterday, zkSync completed the v24 upgrade, allowing the locked funds to be recovered. The Gemholic project extracted 921 ETH (about 3.4 million US dollars) from the contract and then cross-chained to Ethereum through Across Protocol. Gemholic's Twitter and TG group messages have been deleted, and it is suspected that they have been rug pulled. It is worth noting that a small amount of funds was transferred from Binance to one of Gemholic's contract addresses as gas fees.
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4. Trump said at a campaign fundraiser that he would “become the crypto president”
Trump positioned himself as a champion of cryptocurrency at a fundraiser in San Francisco on Thursday and slammed Democratic attempts to regulate the industry. Trump raised $12 million at a fundraiser held at the home of David Sacks, a San Francisco tech entrepreneur and investor. "He said he was going to be the 'crypto president,'" said Trevor Traina, a San Francisco tech executive and former Trump ambassador to Austria. Jacob Helberg, an adviser to Palantir Technologies, said Trump made it clear that "Biden and Gensler's crusade against cryptocurrency will stop within an hour of the second Trump administration taking office."
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5. Wu Jiezhuang: Hong Kong plans to legislate relevant regulations to set up customs supervision of virtual asset offline exchange shops
Wu Jiezhuang, a member of the Hong Kong Legislative Council, said that many foreign companies have settled in Hong Kong, and the financial summit held in the United States for many years has been changed to Hong Kong. The Hong Kong government is very active in developing virtual monetary policy. It is believed that there will be more related financial products in the future to increase trading volume. Hong Kong is positive about the development trend of virtual assets. In addition to the existing regulations on virtual asset trading platforms, it is also studying and planning related legislation, including stablecoins and the establishment of offline money changers under customs supervision. In addition, the Hong Kong Legislative Council Web3 and Virtual Asset Development Subcommittee announced the election results of the chairman and vice chairman, and Wu Jiezhuang was successfully elected as the chairman of the subcommittee.
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6. Wu Shuo Zhou’s Selection: European and Canadian central banks cut interest rates, Bitcoin spot ETFs have huge inflows, post-00s college students were sentenced for distributing Dogecoins and news Top 10
Top 10 News of the Week
1. On June 4, the US Bitcoin spot ETF had a net inflow of US$887 million, and the Bitcoin spot ETF continued to have a net inflow for 18 consecutive days.
On June 4, Grayscale ETF GBTC had a net inflow of $28.1957 million. The Bitcoin spot ETF with the largest net inflow on June 4 was Fidelity ETF FBTC, with a net inflow of $379 million. The second was BlackRock ETF IBIT, with a net inflow of $274 million. Bitcoin spot ETFs have continued to have net inflows for 18 consecutive days. Currently, the net asset value of Bitcoin spot ETF IBIT managed by BlackRock has reached $21.42 billion, exceeding the $20.09 billion of Grayscale ETF GBTC. Fidelity ETF FBTC ranked third with a net asset value of $12.28 billion.
2. US SEC Chairman Gary: The next step in ETH ETF approval "will take some time" link
Gary Gensler, chairman of the U.S. SEC, said that the next step in the approval of an ETH ETF “will take some time,” which could indicate that the S-1 approval process could be slow. Gary also made remarks that “cryptocurrency exchanges are doing things that the law would never allow the New York Stock Exchange or traditional exchanges to do.”
3. Tokenized Treasury market value grows to $1.44 billion, a 100% growth rate link
The market value of tokenized treasury bonds has grown from US$719 million to US$1.44 billion since the beginning of this year, with a growth rate of 100%; the tokenized treasury bond products with a scale of more than US$100 million include BUIDL, FOBXX, OUSG, USDY and USTB. Among them, the BlackRock tokenized fund BUIDL issued at the end of March this year has become the tokenized treasury bond product with the largest market value, reaching US$456 million; the Franklin chain US government money fund FOBXX is second, reaching US$348 million.
4. The European Central Bank announced a 25 basis point interest rate cut link
On June 6, the European Central Bank cut interest rates by 25 basis points as expected, reducing the three major interest rates to 4.25%, 3.75% and 4.50% respectively. This is the first interest rate cut since 2019 and the second central bank among G7 member countries to cut interest rates. Although the 20 eurozone countries are still facing inflationary pressure, the ECB believes that it is necessary to moderately relax monetary policy after evaluating the inflation outlook and the transmission effect of monetary policy. The ECB raised its annual average inflation forecast for 2024 from 2.3% to 2.5%, and its forecast for 2025 from 2% to 2.2%. Although the market expects only one interest rate cut this year, economists surveyed by Reuters predict that there will be two more interest rate cuts in the future. The ECB said that despite the decline in inflation expectations, domestic price pressures remain strong, wage growth is high, and inflation is expected to remain above the 2% target until next year.
5. The Bank of Canada announced a 25 basis point rate cut to 4.75% link
The Bank of Canada announced a 25 basis point rate cut, bringing the rate down to 4.75%. Bank of Canada Governor Macklem said interest rate decisions will be made on a case-by-case basis. If inflation continues to slow, it is reasonable to expect more rate cuts. Canada's CPI inflation rate fell further to 2.7% in April. This is the first rate cut by the Bank of Canada since 2020.
6. Deutsche Bank and Bitpanda partner to offer real-time crypto payments link
Crypto exchange BitPanda announced a partnership with Deutsche Bank, and German cryptocurrency traders will now be able to make real-time payments on BitPanda. The partnership with Deutsche Bank will allow BitPanda to use an API-based account solution that enables the crypto trading platform to access German international bank account numbers (IBAN). BitPanda users in the region will be able to take advantage of German IBAN deposit and withdrawal services, and all fiat deposit and withdrawal requests will be settled in real time through Deutsche Bank.
7. Robinhood announced that it will acquire the global cryptocurrency exchange Bitstamp for approximately $200 million in cash link
Robinhood announced that it will acquire the global cryptocurrency exchange Bitstamp for approximately $200 million in cash. The acquisition is expected to be completed in the first half of 2025, subject to customary closing conditions such as regulatory approval. Barclays Capital Inc. served as the exclusive financial advisor to Robinhood, and Galaxy Digital Partners LLC served as the exclusive financial advisor to Bitstamp. Founded in 2011 and headquartered in the UK, Bitstamp has offices in Luxembourg, Slovenia, Singapore and the United States. It is one of the largest cryptocurrency exchanges in Europe. Bitstamp currently has more than 50 active licenses and registrations worldwide.
8. Chinese post-00s college student issued Dogecoin and then withdrew liquidity, sentenced to 4 years in prison for fraud link
Yang Qichao, a college student born in the 2000s, issued the "Dogcoin" BFF on BNBChain. He was found guilty of fraud by the People's Court of Nanyang High-tech Industrial Development Zone, Henan Province, for withdrawing liquidity and causing others to lose 50,000 USDT coins. He was sentenced to 4 years and 6 months in prison and a fine of 30,000 yuan. One of the buyers, Luo, found Yang Qichao through a common WeChat friend and asked Yang Qichao to return his losses, but was rejected. On May 3, 2022, Luo reported to the police, claiming that he was defrauded of more than 300,000 yuan (converted to 50,000 USDT coins) from investing in virtual currency. Soon, the police filed a criminal case on suspicion of fraud and arrested Yang Qichao in Hangzhou, Zhejiang in November of that year.
9. a16z Crypto Investor: Zero-knowledge (ZK) technology is seriously underestimated link
Guy Wuollet, an investor at a16z Crypto, said that zero-knowledge (ZK) technology is severely underestimated. ZK technology, especially zkVMs (such as Jolt), may bring revolutionary changes. He believes that DeFi protocols should adopt risk modeling in ZK and use more complex pricing functions that can run off-chain and be proven trustlessly on-chain. In addition, blockchain and ZK proofs can enable people to have censorship-resistant AI companions and can be used to prove simple machine learning models.
10. Vitalik expressed dissatisfaction with the current phenomenon of celebrities participating in cryptocurrency on social media link
Ethereum founder Vitalik expressed his dissatisfaction with the current phenomenon of celebrities participating in cryptocurrency on social media. Vitalik emphasized, "If financialization is for a worthy goal (such as medical care, open source software, art, etc.), I can respect it." However, he expressed disgust with "financialization as an end product" and was very dissatisfied with the celebrity experiments in this cycle. Vitalik believes that Ashton Kutcher and Mila Kunis' Stoner Cats project is more respectable than any project in the celebrity token era of 2024 because it at least funded an actual show. He called for pushing this phenomenon in a more valuable and practical direction, and asked, "How can we push things in a better direction?"
Vitalik concluded: "Besides making celebrities and early adopters rich, it serves some kind of public interest goal. Have some interesting mechanisms, not just trading tokens. Do something that lasts for 10+ years, rather than floating around for a few months and then being forgotten. That's a low bar, but it's what we build."
Key financing events
Metaverse platform The Sandbox raises $20 million at a valuation of $1 billion link
Stablecoin minting protocol M⁰ announces $35 million Series A funding link
Polygon's modular blockchain project Avail announces $43 million Series A funding link
Yield-based stablecoin issuer Mountain Protocol announces $8 million Series A funding round link
Glacier Network announces $8 million in angel and seed funding rounds link
NDUS Interactive announces $7.5 million Series A funding link
SmartLoC announces €1.8 million seed round link
Nubit Completes $8 Million Seed Round Led by Polychain Capital link
Web3 cybersecurity firm GoPlus raises $10M in private funding round link
Fhenix completes $15 million Series A financing, led by Hack VC link
Stashh Labs completes $3.3 million in financing, Animoca and others participate in the investment link
Web3 gaming platform NexGami announces $2.5 million seed round of funding link
E Money Network announces completion of $3.3 million bridge round of financing link
For more industry financing events, please visit crypto-fundraising.info.
