Compiled by: Luan Peng, ChainCatcher

 

Important Information:

  • CoinShares: Last week, digital asset investment products received $1.44 billion in inflows, with Bitcoin’s weekly inflows hitting the fifth highest in history

  • Musk: There have been two assassination attempts in the past 8 months, and both gunmen were arrested

  • 10x Research: Expect a larger sell-off in Bitcoin in the coming weeks and months

  • Data: Global Bitcoin ETFs hold about 1.05 million BTC, worth about $64.1 billion

  • South Korea is considering postponing the implementation of "virtual asset investment income tax"

  • Digital asset investment management platform Haruko completes $6 million Series A financing

  • Data: If Bitcoin breaks through $65,000, mainstream CEX will have $732 million in short orders liquidated

  • Data: Today’s trading volume of 6 Hong Kong virtual asset ETFs is approximately HK$48.19 million

What important events have occurred in the past 24 hours?

CoinShares: Last week, digital asset investment products received $1.44 billion in inflows, with Bitcoin’s weekly inflows hitting the fifth highest in history

CoinShares' latest weekly report shows that digital asset investment products saw inflows of $1.44 billion last week, bringing year-to-date inflows to a record $17.8 billion, far exceeding the $10.6 billion in inflows in 2021.

Bitcoin saw its fifth-largest weekly inflow on record at $1.35 billion, while shorting Bitcoin saw its largest weekly outflow since April at $8.6 million. Ethereum saw $72 million in inflows last week, likely in anticipation of imminent spot ETF approval in the U.S.

Musk: There have been two assassination attempts in the past 8 months, and both gunmen were arrested

Musk said yesterday that there had been two assassination attempts in the past eight months, and both gunmen were arrested about 20 minutes’ drive from Tesla’s headquarters in Texas.

10x Research: Expect a larger sell-off in Bitcoin in the coming weeks and months

10x Research said in a report that concerns persist due to oversupply and the lack of solid market fundamentals, which poses potential risks to medium-term traders. Last week, Bitcoin appeared to have rebounded from oversold levels ahead of the release of the Consumer Price Index (CPI), which was expected to fall.

However, because this expectation was well known and Bitcoin had already risen, the price could not be sustained. This downward inflation trend is likely to continue until October, when the year-on-year data will be more challenging. Although the Bitcoin price experienced a correction of nearly 20% at its lowest point during the sale of $3 billion worth of Bitcoin in Saxony, it has withstood this test. However, a larger sell-off is expected in the coming weeks and months, which may further affect the market.

Data: Global Bitcoin ETFs hold about 1.05 million BTC, worth about $64.1 billion

According to HODL15Capital monitoring, global Bitcoin ETFs (39 funds) currently hold a total of 1,051,569 bitcoins, worth approximately US$64.1 billion.

South Korea is considering postponing the implementation of "virtual asset investment income tax"

The South Korean government and ruling party are considering delaying the inclusion of income tax on cryptocurrency investments in a tax revision proposal next year. If the bill is passed, taxation on cryptocurrency investments will be postponed from January 1, 2025 to January 1, 2028. The Ministry of Finance said in a statement that no decision has been made on additional tax deferrals.

Digital asset investment management platform Haruko completes $6 million Series A financing

Haruko, a British digital asset investment management platform, has completed a $6 million Series A financing round, led by White Star Capital’s Digital Asset Fund and MMC Ventures. The company’s total financing has reached $16 million. This financing will help the company enter the Southeast Asian market and further consolidate its global influence.

It is reported that Haruko was founded by Shamyl Malik, Adam Carlile and Omer Suleman in 2021 to provide the most comprehensive digital asset technology solutions for institutions deploying capital in the digital asset ecosystem. It has a client base of more than 50 investment management institutions and has offices in London and Singapore.

Earlier news, institutional-level crypto investment intermediary Haruko announced the completion of a $10 million seed round of financing, led by Portage Ventures and White Star Capital.

Data: If Bitcoin breaks through $65,000, mainstream CEX will have $732 million in short orders liquidated

According to Coingalss data, based on the current mainstream CEX contract positions, if Bitcoin rebounds and breaks through $65,000, it is expected that $732 million of short orders will be liquidated. If Bitcoin falls to around $61,000, it is expected that $942 million of long orders will be liquidated.

Data: Today’s trading volume of 6 Hong Kong virtual asset ETFs is approximately HK$48.19 million

Hong Kong stock market data shows that as of the close, the trading volume of today's 6 Hong Kong virtual asset ETFs was approximately HK$48.19 million, of which: Hua Xia Bitcoin ETF (3042.HK) had a trading volume of HK$25.8522 million; Hua Xia Ethereum ETF (3046.HK) had a trading volume of HK$3.6436 million; Harvest Bitcoin ETF (3439.HK) had a trading volume of HK$6.3151 million; Harvest Ethereum ETF (3179.HK) had a trading volume of HK$4.6805 million; Bosera HashKey Bitcoin ETF (3008.HK) had a trading volume of HK$6.8437 million; Bosera HashKey Ethereum ETF (3009.HK) had a trading volume of HK$857,400.

Hong Kong Treasury Bureau: Will soon publish the consultation summary of the proposed regulatory regime for stablecoin issuers

The Hong Kong Financial Services and the Treasury Bureau stated that after the licensing system for virtual asset service providers came into effect in June last year, the Financial Services and the Treasury Bureau and the HKMA consulted the public on the proposed regulatory system for stablecoin issuers in Hong Kong at the end of last year, and will soon publish a consultation summary to prepare a draft bill for deliberation by the Legislative Council.

The Treasury Bureau pointed out that it hopes that an appropriate regulatory regime for fiat stablecoin issuers that complies with international regulatory recommendations can provide adequate protection for fiat stablecoin users and address the potential risks posed by fiat stablecoins to monetary and financial stability, so that Hong Kong's virtual asset ecosystem can develop sustainably and responsibly.

Given the important role of fiat stablecoins in the Web3 and virtual asset ecosystem, and the increasingly close connection between the traditional financial system and the virtual asset market, there is a need for the government to establish a regulatory system for fiat stablecoin issuers. The main requirements include: reserve management and stabilization mechanism, including requiring issuers to ensure that fiat stablecoins are fully backed by high-quality and highly liquid reserve assets; redemption requirements; and regulatory requirements such as governance, knowledge and experience.

At the same time, in order to protect the users of fiat stablecoins, it is recommended that only the following institutions can sell fiat stablecoins in Hong Kong or actively promote related services to the Hong Kong public: licensed fiat stablecoin issuers; authorized institutions (i.e. banks); licensed corporations; and licensed virtual asset trading platforms. For existing stablecoin issuers, the proposed regulatory system will also have corresponding transitional arrangements.

Data: After winning the European Cup, the Spanish National Fan Token (SNFT) plummeted by 20%

According to Coindesk, the Spanish National Fan Token (SNFT) has plummeted 20% in the past 24 hours and is currently priced at $0.024 with a total market value of $565,000.

Despite Spain defeating England in the 2024 European Cup final to win its fourth European Championship, SNFT tokens saw a "Sell the Fact" effect. In contrast, the prices of fan tokens of Paris Saint-Germain and Barcelona rose by 2% to 4%.

It is reported that the SNFT token was launched in 2021 by the Royal Spanish Football Federation in cooperation with the Turkish blockchain platform Bitci, aiming to enhance fan interaction and provide privileged experiences for sports fans and investors.

"What are the interesting articles worth reading in the past 24 hours?"

Ethereum, Bitcoin, and Solana ecosystem re-staking agreements are hot for financing. Which agreements can make money?

In April, ChainCatcher sorted out the re-staking agreements and LRT agreements on Ethereum, "With frequent capital support and projects airdropping one after another, the re-staking LRT track has become a "new holy land for gold digging", including EigenLayer and the LRT protocols based on it, such as Renzo, Ether.fi, Kelp DAO, EigenPie, YieldNest, Swell, Pendle Finance, etc.

Although the expectations of Renzo's token issuance and EigenLayer's airdrop have been realized, the market heat of the re-staking track has remained in the past three months. The "points war + one fish, two kills" is still craze in the crypto community, and large-scale financing of tens of millions of levels often occurs.

For example, on June 18, Renzo announced the completion of a $17 million financing led by Galaxy Ventures and others; on June 11, the re-pledge project Symbiotic announced the completion of a $5.8 million seed round of financing, led by Paradigm and Cyber ​​Fund.

Data shows that 16.3% of all staked ETH has been involved in re-staking such as Eigenlayer and Karak_Network.

Perhaps because of the opportunity to re-stake wealth, the narrative position of the re-staking track has been overflowing recently, from the main position of Ethereum to Bitcoin, Solana and other ecosystems.

It is reported that at least 6 teams in the Solana ecosystem are building the Solana re-staking project.

Recently, there have been two financings of more than 10 million yuan in the Bitcoin ecosystem. On May 30, Babylon completed a $70 million financing led by Paradigm; on July 2, Bitcoin re-pledge agreement Lombard completed a $16 million seed round of financing led by Polychain Capital.

SEC Explains: Why Are MATIC, MANA, CHZ, SAND, and LUNA Classified as Securities?

Consensys’ crypto assets have been the target of SEC enforcement actions for being deemed crypto-asset securities. These crypto assets include, but are not limited to, the following: AMP (AMP token, available through MetaMask Swaps since October 2020), AXS (Axie Infinity Shards, available since November 2020), BNB (the native token of the BNB Chain ecosystem, available since March 2021), CHZ (see below for details), COTI (COTI token, available since October 2020), DDX (DerivaDAO token, available since December 2020), FLOW (FLOW token, available since November 2020), HEX (HEX token, available since October 2020), LCX (LCX token, available since October 2020), MANA (see below for details), MATIC (see below), NEXO (NEXO platform token, available since October 2020), The following are the tokens available: OMG (OMG Network token, available since October 2020), POWR (Powerledger token, available since October 2020), SAND (see below), LUNA (see below), RLY (Rally token, available since October 2020), XYO (XYO token, available since October 2020).

Below is a non-exhaustive list of details on some of the crypto-asset securities that Consensys trades for investor accounts through its MetaMask Swaps platform.

Each crypto-asset security was offered and sold as an investment contract since its initial offering or sale and was therefore considered a security. For each crypto-asset security, the issuer and promoter’s representations gave investors a reasonable expectation of profit from the management or entrepreneurial efforts of such issuer and promoter (and related third parties). This reasonable expectation exists whether the investor acquired the crypto-asset security through the initial offering, from a prior investor, or through a crypto-asset brokerage platform, including the MetaMask Swaps platform.

The general situation of the venture capital market: fierce competition, returns are concentrated in specific areas

What is the current state of the venture capital industry? If you ask a venture capitalist what they think about the current market, you will probably hear three consistent statements:

A) The market is too crowded

B) Competition is extremely fierce

C) returns are concentrated at the top.

This is an interesting and consistent comment, especially given the critical role VCs play in the startup ecosystem. So is VC a dying asset class? Of course not. But is it structurally challenged? Undoubtedly.

Let’s look at the reasons from a macro perspective.

The "German Address" ended the sell-off and the market rebounded. Will Trump's assassination bring a dramatic change to the market?

Today, the price of Bitcoin has risen steadily and once exceeded 63,000 US dollars. ETH has also exceeded 3,300 US dollars. Altcoins have also followed the general rise of the market. In the past 24 hours, short positions have been liquidated to reach 90 million US dollars.

A major negative factor hanging in the market's mind was finally wiped out: on July 13, the balance of the Bitcoin address seized by the German government showed that its sell-off may have ended, and the large-scale sell-off in mid-June has come to an end. It should be noted that the selling pressure brought by these 50,000 BTC caused BTC to fall from a low of $65,000 to around $53,500. The market once spread panic and hit a new low for the year and collapsed the altcoin market.

Trump, who just survived an assassination attempt, has become a global celebrity for his photo of him raising his arms and cheering. After the incident, Trump's election victory rate on the prediction market platform Polymarket has soared to 71%, a recent high, far exceeding the 18% of the current President Biden. Based on his series of statements during this round of elections, if Trump wins the election, it will undoubtedly be a big boon to the cryptocurrency market.

Dialogue with He Yi: Is Binance the scapegoat for the bleak market? Time will tell.

On July 14, 2024, Binance will celebrate its 7th anniversary.

Looking back at the entire history of cryptocurrency development, Binance is indispensable. As co-founder He Yi often says, "We are not starting a business, we are making history."

Whether you like Binance or not, you have to admit that Binance has shaped the history of the crypto industry to a certain extent in 7 years.

In 2017, in the Wild West of cryptocurrency, Binance emerged. Just six months later, the number of users exceeded 6 million, making it the world's number one cryptocurrency trading platform in terms of trading volume. CZ appeared on the cover of Forbes magazine, and He Yi became the only "No. 1" in the crypto industry.

In 2019, the crypto market experienced a bear market trough. Both project owners and retail investors had serious lack of confidence. At this sluggish time, Binance launched Launchpad (IEO). The first phase of the project raised US$7 million in less than 15 minutes, and the price increased by more than 10 times after opening, bringing hope of recovery to the sluggish market at the time. Subsequently, various exchanges followed suit, and the crypto market gradually regained its vitality.

As of July 2024, the cumulative return on investment of all Binance Launchpad projects is still as high as 16 times, far ahead of others, and the highest ROI in history is nearly 200 times!