Compiled by: Luan Peng, ChainCatcher
“What important events happened this week (June 17-June 23)?”
1. BlackRock, Grayscale and MicroStrategy are the top three companies holding Bitcoin in the world
HODL15Capital listed the top ten companies holding Bitcoin in the world as of June 22 on the social platform, including:
BlackRock (IBIT): 305,614 BTC;
Grayscale (GBTC): 277,067 BTC;
MicroStrategy（MSTR）：226331 枚 BTC；
Fidelity (FBTC): 167,375 BTC;
Tether：75354 枚 BTC；
ARK 21Shares Bitcoin ETF（ARKB）：46335 枚 BTC。
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2. Data: Bitcoin miners have sold more than 30,000 BTC since June
According to IntoTheBlock data, Bitcoin miners have sold more than 30,000 BTC (about $2 billion) since June, the fastest pace in more than a year. The recent halving has led to a drop in profits, triggering the sell-off.
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3. He Yi: Even if Binance does not launch new projects, funds will be diverted due to activities such as meme coins and on-chain coin offerings
In response to the recent issue of Binance listing coins too frequently and sending large-cap VC projects to the market in batches, which has led to the problem that the market liquidity cannot be carried, Binance co-founder He Yi responded that the cryptocurrency circle is a free market, and the liquidity and trading volume of various trading platforms are shared. Even if Binance does not list new projects, these projects will still exist, and funds will be diverted to the entire industry.
In addition to the unlocking of VC-invested projects, Meme coins, on-chain local dogs, furry traders, and Ponzi schemes will all be diverted. After the ETF is approved, the traditional financial market will also divert funds that flow directly into the cryptocurrency circle.
She pointed out that some VCs did cause inflated prices, but VCs generally have a 7-year lock-up period, and the unlocking period is usually one year after TGE, so many VCs are also going bankrupt. Projects that receive large amounts of financing have more opportunities to survive the bubble cycle, but the price and governance model are determined by the project parties and require in-depth analysis.
He Yi also mentioned that the rise of Defi has increased market liquidity and freedom, making it more difficult for CEX to formulate rules, which is the charm of the free market in the cryptocurrency circle. She reminded everyone to do their own research (DYOR).
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4. All crypto exchanges in South Korea are jointly participating in the formulation of self-regulatory regulations for the listing and delisting of digital assets
According to Chosun Biz, all virtual asset exchanges in South Korea are jointly participating in the development of the "Self-regulation of Virtual Asset Trading Support" plan. The self-regulation that was previously led by the five major won market exchanges is now being extended to all exchanges to jointly establish self-regulatory norms. The plan is promoted by the Korean Digital Asset Exchange Alliance (DAXA) and aims to formulate self-regulatory guidelines for virtual asset trading support through joint consultation. The "General Guidelines for Virtual Asset Trading Support Review" that DAXA has released has become the basis for the new plan, and is widely collecting opinions from various exchanges for improvement.
The cooperation not only involves five major won market exchanges, but also about 20 crypto-to-crypto market exchanges. It is the first case of comprehensive cooperation among virtual asset exchanges to establish a self-regulatory mechanism. The country's Financial Supervisory Authority also actively participated, providing advisory support and requiring exchanges to strengthen the review and supervision of listed assets.
The new self-regulatory plan is expected to be announced around the time the Virtual Asset User Protection Law comes into effect on July 19, and industry players are actively working to upgrade existing guidelines and strengthen relevant regulatory content.
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5. Tether CEO: Tether has become one of the world’s three largest short-term U.S. debt holders
Paolo Ardoino, CEO of Tether, posted on social media that USDT is bringing dollars to hundreds of millions of people living in developing countries around the world who need an alternative to local currencies because local currencies are rapidly depreciating. Tether has been investing its stablecoin reserves in U.S. Treasuries and has become one of the world's three largest short-term U.S. Treasury holders.
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6. Vitalik: People should realize that the phrase “news is propaganda” is itself propaganda.
Vitalik Buterin pointed out that people should realize that the phrase “news is propaganda” is itself a form of propaganda designed to make social media users think they are safe because social media is not “news” and thus accept social media propaganda more uncritically.
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7. UK FCA arrests two people suspected of illegal cryptocurrency transactions worth £1 billion
According to the FCA official website, the UK Financial Conduct Authority (FCA) and the London Police have arrested two suspects suspected of operating an illegal cryptocurrency business. The two men, aged 38 and 44, were accused of buying and selling more than 1 billion pounds (about 1.3 billion U.S. dollars) of crypto assets through their businesses without registration.
According to the FCA's statement, the two suspects have been released on bail after questioning. During the investigation, the FCA and the London Metropolitan Police inspected relevant offices and seized several digital devices in two residential properties in London. At present, the investigation is still ongoing and the FCA did not disclose further details.
Since January 2021, all crypto asset service providers in the UK have been required to register with the FCA to comply with anti-money laundering regulations. However, so far, despite more than 300 companies attempting to register, only 44 have successfully obtained registration.
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8. Italy will strengthen monitoring of the cryptocurrency market, with fines up to 5 million euros
Italy is stepping up regulation of the crypto asset market and plans to impose hefty fines for market manipulation and insider trading, Reuters reported. Fines could be as high as 5 million euros (about $5.4 million), according to a draft document reviewed by Reuters. The document is expected to be approved by the cabinet later today. The draft proposes that fines for insider trading, illegal disclosure of inside information or market manipulation will range from 5,000 euros (about $5,400) to 5 million euros.
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9. Argentine President: Currencies will compete freely, and there will be no problem if you want to use Bitcoin
According to Bitcoin Magazine , Argentine President Javier Milei said that “currencies will compete freely, so if you want to use Bitcoin, there won’t be any problems.”
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10. Circle CEO: unprecedented optimism about the prospects of cryptocurrency
Circle CEO Jeremy Allaire posted on social media that he is more optimistic than ever about the prospects of cryptocurrency.
Jeremy Allaire said that the development of Internet technology has demonstrated the power of open networks and software, and cryptocurrency is at a critical moment in promoting social and economic development. The public's lack of comprehensive understanding of the development of cryptocurrency is actually a positive signal.
In addition, Jeremy Allaire believes that the public blockchain infrastructure has developed to the third generation and is capable of supporting large-scale applications. There are also a large number of innovative communities around the world that are constantly improving these technologies. Although the adoption of cryptocurrency is still in its early stages, it has great potential and is expected to achieve major changes in the next decade. Therefore, he is full of confidence in the future of cryptocurrency and believes that this technological wave will bring greater changes than the previous Internet revolution.
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"What are some interesting articles worth reading this week (June 17-June 23)"
1. "Dialogue with LongHash Ventures CEO Emma: Why is there only micro-innovation in this bull market?"
In 2016, by chance, LongHash Ventures CEO Emma Cui participated in Vitalik’s meeting at the Singapore Management University, and since then she decided to move from traditional finance to crypto finance.
At the end of 2017, after receiving early funding support from Hashkey and Distributed Capital, Emma Cui and her former McKinsey colleague Shi Khai officially founded LongHash Ventures.
With insufficient funds in the early stage, Longhash Ventures soon faced difficulties in raising funds in the bear market. "We tried to establish our first fund and were rejected countless times." It was not until the arrival of DeFi Summer that Longhash Ventures survived the crisis and started its growth period.
Currently, Longhash Ventures manages hundreds of millions of dollars, and the internal rate of return (IRR) of the two funds has reached 40%-70%. It has invested in hundreds of Web3 projects including Polkadot, Astar, io.net, Manta, Safe, Avail, Puffer Finance, etc.
Emma Cui believes that this round of bull market is still in its early stages. In addition to the market effect brought about by the expectation of BTC spot ETF, more catalysts are needed to start a real bull market.
2. "Ethereum wins a phased victory in the SEC investigation, and the US regulatory direction may change"
Following the approval of the Ethereum ETF, Ethereum has once again won a phased victory in the public eye.
On June 19, Ethereum infrastructure development company Consensys posted on social media: “We are pleased to announce a major victory for Ethereum developers, technology providers, and industry participants: the U.S. Securities and Exchange Commission (SEC) Enforcement Division has notified us that it is ending its investigation into Ethereum 2.0. This means that the SEC will not bring charges that the sale of ETH is a securities transaction.”
The 14-month investigation finally came to an end with a satisfactory progress.
3. "Analyst: What caused the poor performance of altcoins in this cycle?"
In the cryptocurrency space, the over-fragmentation of altcoins has become a core factor in their weak performance in this cycle. After further research, I found that this fragmentation poses a serious threat to the overall health of the cryptocurrency market. Unfortunately, it seems that we have not yet found a clear solution to this challenge.
I wrote this post to hopefully provide more insight into this critical issue that will impact the future of cryptocurrency. It will explain how we got here, why prices behave the way they do, and the path forward.
4. "Do you need to donate to receive airdrops? Maybe we really blamed LayerZero wrongly"
From the announcement of the airdrop snapshot in early May to the witch purge, LayerZero has been in the spotlight for nearly two months, facing doubts, controversies, and disputes. After all this, the community thought they could finally receive the airdrop with peace of mind, but unexpectedly, LayerZero came up with a new claim mechanism of "proof of donation". To receive ZRO, users must donate $0.1 for each ZRO.
Some people think that this is another attempt by LayerZero to make things difficult for the community, but is it really so? The proof of donation mechanism introduced by LayerZero may be a positive improvement on the current airdrop model.
5. "Is the bull market gone? Don't panic, these plots in the second half of 2024 are still worth looking forward to"
In the past two months, although there have been constant hot events such as memes and Airdrops of top projects, the market has been in a rather bizarre depressed atmosphere - the howling of bears seems to be faintly audible, and the footsteps of bulls are elusive, and the market collapse and restart seem to be only a moment away.
This article aims to explore and sort out some hidden fermentation events in the market in the past two months, while looking forward to the positive factors that may be overlooked in the future, and looking forward to the main storyline that may take on the main responsibility in the second half of the year.
6. "Simplicity is the key. How will Ton open the door to the long-tail market of Web3?"
After more than a decade of development, the blockchain industry seems to have accumulated enough potential and stood at the crossroads of large-scale application. From the DeFi summer to the NFT boom, from the outbreak of P2E games to the rise of Web3 social networking, to the now popular "DePin" and "Web3+AI" concepts, there are countless ecosystems and projects of all sizes in the industry, but none of them have been successful in promoting them to the general public.
On the whole, putting aside some prejudices in mainstream society, complex concepts such as smart contracts, addresses, and private key management of blockchain and encryption applications are both innovations that are different from traditional ones and shackles that are difficult to remove. When strengthening users' perception of Web3 elements, it often creates a contrast between high thresholds and costs and poor experience, which has also become the main reason restricting the widespread adoption of Web3.
However, technological innovation has never been achieved overnight from its emergence to its complete transformation of the lives of ordinary people. It is certain that any emerging technology is not fully mature when it first enters the market, and usually needs to go through a long process of iteration and upgrading. As the saying goes, "remember the past and learn from it", by learning from the experience and practices of related industries or fields, more ideas and creativity can be obtained, which can bring inspiration to the Web3 industry.
7. "SEC decides to end its investigation into Ethereum 2.0, is it good for ETH spot ETF?"
In the field of cryptocurrency, regulatory issues have always attracted much attention. Recently, the SEC (U.S. Securities and Exchange Commission) has once again become the focus of attention, this time targeting Ethereum 2.0. It is reported that the SEC has decided to end its investigation into Ethereum 2.0 and will not accuse the sale of Ethereum of securities trading. This news immediately attracted widespread attention and heated discussions in the cryptocurrency circle.
Ethereum 2.0 has been the focus of regulation since the investigation began over the past 14 months. However, a letter from Consensys on June 7 asking the SEC to confirm that Ethereum is a commodity when the Ethereum spot ETF is approved finally prompted the SEC to decide to end the investigation. This decision is not only a big win for Ethereum developers, technology providers, and industry participants, but also marks an important shift in the regulatory environment.
As the news of the SEC's announcement of the end of the investigation came out, the market reacted quickly. On June 19, Ethereum-related projects such as LDO topped the list of gains. On June 20, ENS, LDO, RPL, Pendle, CVX, MOG, PEPE and other projects in the Ethereum ecosystem also rose, showing the market's positive attitude towards the news.
8. Arthur Hayes blog post: Japanese banks selling US debt boosts new bull market in cryptocurrencies
Against the backdrop of global economic turmoil and financial market volatility, Hayes delves into the challenges facing the Japanese banking system during the Fed's rate hike cycle and the profound impact of U.S. fiscal and monetary policies on global markets. By analyzing in detail the foreign exchange hedging U.S. Treasury investment strategies of Norinchukin Bank and other Japanese commercial banks, the article reveals why these banks have to sell U.S. Treasuries as interest rate differentials widen and foreign exchange hedging costs rise. Hayes further discusses the role of the FIMA repo mechanism and its impact on U.S.-Japan financial relations, and predicts the key role of this mechanism in maintaining market stability. The article ultimately calls on investors to seize investment opportunities in the crypto market under the current circumstances.
9. "Pay money to get ZRO, this airdrop has a new Pay to Earn feature"
Good news, ZRO airdrop is now available.
Bad news, you have to pay to receive it.
Previously, the market questioned the small amount of Layerzero's airdrop. Everyone said that they had worked hard for a long time but the amount seemed not enough; the feeling of "insulting airdrop" arose spontaneously.
And this insult seemed to come twice.
On the evening of June 20, Layerzero officially announced that the ZRO airdrop is now available, but it is not free:
Users must donate $0.10 in USDC, USDT, or native ETH per ZRO to claim ZRO tokens.
LayerZero, euphemistically calling it a new claim mechanism called Proof-of-Donation, will donate up to $18.5 million to the Protocol Guild, a collective funding mechanism for ethereum developers.
10. "Low-cost investment, huge financing, social protocol Farcaster interaction strategy"
As LayerZero issued its token amid criticism, the highly anticipated airdrop trend of projects has come to an end. Zksync’s insider trading and LayerZero’s witch hunt have also chilled the hearts of players, and some old players bluntly said that the golden age of making money has passed.
But as long as the market exists, new projects will always bring endless opportunities.
The Big Four are over, but there is a new triumvirate - Monad, Bearchain and Farcaster.
All three have just disclosed huge financing this year, and there are many opportunities. Recently, there has been a rumor that Farcaster may issue a coin, which greatly increases the interaction weight of Farcaster and makes it one of the must-buy projects. Tech Flow has previously released a tutorial on the interaction between Monad and Bearchain. Today, the editor will take you to interact with Farcaster, a potential stock in the social sector that just announced a huge financing last month.
