Today's news tips:
US Ethereum spot ETF officially approved, trading expected to start tonight
Mt.Gox has transferred about 56,000 BTC to exchanges for compensation, and there are still 85,000 BTC waiting to be transferred and distributed
US Vice President Harris declares: has enough support to become the Democratic presidential candidate
Coinbase to Provide Custody Services for 8 of 9 Newly Approved ETH ETFs
The US government transferred 58.742 BTC to Coinbase Prime
Grayscale transfers $1 billion worth of Ethereum to Coinbase, then announces two spot Ethereum ETFs to be listed on the NYSE
BlackRock's Bitcoin spot ETF IBIT received a net inflow of approximately US$520 million yesterday
Grayscale: Decentralized AI Fund Now Open to Qualified Investors
Regulatory News
US SEC issues validity notices for multiple spot Ethereum ETF S-1 applications
The U.S. Securities and Exchange Commission has issued effectiveness notices of the S-1 applications for INVESCO & GALAXY Spot Ethereum ETF, Fidelity Spot Ethereum ETF, 21SHARES Spot Ethereum ETF, FRANKLIN Spot Ethereum ETF, BlackRock Spot Ethereum ETF, Grayscale Spot Ethereum Mini ETF, Grayscale Ethereum Trust, Bitwise Ethereum ETF, and VanEck Ethereum ETF.
US Ethereum spot ETF officially approved
Bloomberg ETF analyst Eric Balchunas tweeted that the U.S. SEC has officially approved the Ethereum spot ETF. Form 424(b) is being submitted, which is the final step, meaning everything is ready and trading will start at 9:30 a.m. EST on Tuesday (9:30 p.m. Beijing time tonight). Approved Ethereum spot ETFs include 21Shares, Bitwise, BlackRock, Fidelity, Franklin Templeton, VanEck, Invesco Galaxy, Grayscale Ethereum Trust and Grayscale Ethereum Mini Trust. Next, issuers can decide to introduce pledges in their Ethereum spot ETFs, but this requires approval from the U.S. SEC. Bloomberg ETF analyst James Seyffart said, "I think it's just a matter of when, not if. We just need to figure out when that is."
Last night, the Grayscale Ethereum Mini Trust received listing and registration approval from NYSE Arca. NYSE ARCA approved the listing and registration of part of the undivided beneficial common shares of the Grayscale Ethereum Trust. Bitwise's spot Ethereum ETF received listing approval from NYSE Arca. The seed fund of Bitwise Ethereum spot ETF is US$2.5 million.
The Democratic Party will select its presidential candidate by August 7
According to an official statement: The Democratic National Committee (DNC) is committed to meeting ballot access deadlines and ensuring that candidates appear on the ballots in all 50 states and Washington, D.C. The process of nominating presidential candidates before August 7 allows for the nomination of vice presidential candidates at the same time.
Harrison, chairman of the Democratic National Committee of the United States, said that the Democratic Party will determine the presidential candidate before August 7 and will adopt a "transparent, rapid and orderly" procedure to advance the nomination.
The U.S. House of Representatives passed a bill on illegal cryptocurrency financing, but may face obstacles in the Senate
According to CoinDesk, the U.S. House of Representatives passed the Cryptocurrency Illegal Financing Act. The bill, proposed by Congressman Zach Nunn, aims to establish a federal working group to conduct an in-depth study of the use of cryptocurrencies in terrorist financing and money laundering, and to make recommendations on how to solve this problem. The group will include people from the crypto industry. In a speech in the House of Representatives, Nunn called the legislation "critical to strengthening America's national security, protecting our digital assets, and ensuring that the next generation of financial and Internet technologies are established in the United States." But the bill is not expected to be passed in the Senate.
US Vice President Harris declares: has enough support to become the Democratic presidential candidate
According to CCTV News, US Vice President Harris issued a statement on the 22nd saying that she has gained enough support to become the Democratic presidential candidate.
Project News
21Shares Files S-1 for Solana Spot ETF
According to The Block, 21Shares has submitted the S-1 filing for the Solana spot ETF to the U.S. Securities and Exchange Commission (SEC), and its competitor VanEck also submitted the filing the day before. 21Shares became the second company to apply to launch a Solana ETF in the United States. The 21Shares Core Solana ETF will be traded on the Cboe BZX Exchange and will have its funds custodyed by Coinbase Custody. According to the company's S-1 filing, redemptions will be made in kind rather than in cash. Like VanEck, 21Shares also believes that Solana's native token should be considered a commodity. But legal experts said that due to the lack of a regulated SOL futures market and the SEC's enforcement division's previous statement that SOL is a security, the Solana spot ETF is unlikely to be approved by the SEC.
Coinbase to Provide Custody Services for 8 of 9 Newly Approved ETH ETFs
Coinbase announced that it has become the trustee and partner of 10 Bitcoin spot ETFs (out of 11 approved) and 8 newly approved Ethereum spot ETFs (out of 9 approved). For investors, Ethereum spot ETFs provide a differentiated crypto asset with unique return characteristics. The Ethereum ecosystem is very strong, with more than 15 million monthly active addresses and is growing rapidly, with a 300% increase in smart contracts deployed in 2023.
eBay’s NFT Marketplace KnownOrigin Announces Suspension of Operations
According to NFT Plazas, KnownOrigin, an NFT market acquired by eBay in June 2022, announced that it would shut down its on-chain market and minting functions. In February of this year, eBay laid off 30% of KnownOrigin's employees, raising concerns about the future of the platform. The recent announcement confirmed these concerns, and the company stated that it decided to cease operations due to changes in the NFT market.
Binance Options to Launch BTCUSDT and ETHUSDT Options
According to Binance’s announcement, Binance Options will launch BTCUSDT and ETHUSDT options in advance at 08:00 (UTC) on July 24, 2024, and the options will expire on November 8, 2024.
Polkadot community members propose to reduce Polkadot inflation rate to 8%
According to PolkaWorld, Web3 Foundation scientist Jonas proposed to reduce the Polkadot inflation rate to 8% and simplify the inflation system. The new proposal includes canceling the penalty for stakers when the staking rate does not match, setting the minimum inflation rate to 6.8%, the maximum inflation rate to 8%, and the maximum staking reward to 85%. The plan will provide an annual yield of approximately 11.62% and a treasury inflow of approximately 1.155 million DOT every 24 days.
Terraform Labs bankruptcy case's initial crypto loss claims deadline is 5 a.m. on August 22
According to Terra's official announcement, the deadline for initial crypto loss claims in the Chapter 11 bankruptcy case of Terraform Labs Pte Ltd (TFL) and Terraform Labs Limited (TLL) is 5:00 pm EST on August 21, 2024 (5:00 am Beijing time on August 22). If the claim against TFL arises before January 21, 2024, or the claim against TLL arises before July 1, 2024, please submit the claim before this deadline. This deadline is only used for voting on the Chapter 11 plan.
BlockFi administrators file plan with court to compensate customers for losses
According to PRNewswire, BlockFi plan administrator Mohsin Y. Meghji announced a major transaction to sell all claims against FTX and achieve 100% compensation to customers and unsecured creditors. The transaction marks the end of BlockFi's liquidation. The BlockFi platform is no longer active, and the "in-kind" distribution of customers will be carried out through a partnership with Coinbase.
Gate.io to end its services in Japan
According to Gate.io's announcement, due to its commitment to comply with financial regulations, Gate.io will end its services in Japan. Starting from July 22, 2024, it will stop opening new accounts for Japanese residents and will gradually assist users to transfer to compliant crypto asset exchanges. The platform will delete Japanese content and publish specific plans and timetables to ensure a smooth transition.
Grayscale: Decentralized AI Fund Now Open to Qualified Investors
Grayscale announced on the X platform that its recently launched decentralized AI fund Grayscale Decentralized AI Fund is now open to qualified investors, who can obtain diversified investment in the intersection of AI and cryptocurrency by holding the fund. As of July 22, Grayscale Decentralized AI Fund has an asset management scale of US$562,664.08 and 55,300 shares outstanding. The decentralized artificial intelligence projects already included in the fund basket include:
-Near (NEAR, current weight 30.10%)
-Filecoin (FIL, current weight 30.87%)
-Render (RNDR, current weight 25.05%)
-Livepeer (LPT, current weight 8.85%)
-Bittensor (TAO, current weight 3.13%)
Avail Launches its Data Availability Mainnet Avail DA and its Native AVAIL Token
According to The Block, the modular blockchain project Avail launched its data availability mainnet Avail DA and its native AVAIL token. AVAIL is used to pay for data availability and ensure network security through staking. The project aims to optimize data availability and help developers build more scalable and cost-effective chains. The total supply of AVAIL is 10 billion, of which 60 million have been airdropped to eligible participants. Avail is led by Anurag Arjun, former co-founder of Polygon, and plans to launch the interoperability layer Nexus and the secure network layer Fusion.
Worldcoin denies insider trading and price manipulation allegations
According to Cointelegraph, the digital identity project Worldcoin has denied recent allegations that it allowed insiders to profit from its token changes and stressed that it has "zero tolerance" for such activities. On July 17, the DeFi insight account DeFi Squared published an X post accusing the Worldcoin project of suspected price manipulation and saying that someone in the team may have "used insider information" to buy tokens before the project announced the postponement of its native token unlocking plan. In addition, anonymous cryptocurrency investigator ZachXBT also accused Worldcoin of allowing insiders to profit from its "scam tokens." ZachXBT said that Worldcoin team members and venture capitalists were involved in "the biggest scam tokens in the bull market." A Worldcoin spokesperson denied the allegations against it, saying that they are taking them seriously and will not allow such activities. A Worldcoin spokesperson said: "The Worldcoin Foundation and donor Tools for Humanity will take any allegations of insider trading seriously, even if the allegations are unfounded and unproven, and we will adopt a zero-tolerance attitude if such behavior occurs." The spokesperson added that the two organizations have not found evidence to confirm the claims of insider trading activities and price manipulation. Worldcoin claims that they maintain a strict market integrity policy to prevent these activities; that personnel covered by their insurance are “at all times prohibited from disclosing confidential information related to WLD purchasing decisions”; and that during the relevant time period they were under an active blackout period prohibiting them from engaging in any WLD trading activity.
Grayscale’s Two Spot Ethereum ETFs List on New York Stock Exchange
According to Cointelegraph, digital asset management company Grayscale has confirmed that its two spot Ethereum ETFs have officially started trading on the New York Stock Exchange, which is a "milestone" moment for investors and the broader exchange-traded fund market. U.S. stocks are currently in pre-market trading, but the two ETFs have been listed on NYSE Arca. ETHE is currently the world's largest Ethereum exchange-traded product, holding $9.19 billion worth of ETH. ETHE will charge investors a 2.5% management fee. Grayscale's second product, Grayscale Ethereum Mini Trust (ETH), has waived fees for the first six months, or until its net assets under management reach $2 billion. Grayscale Managing Director John Hoffman said in a statement: "ETH and ETHE will allow investors to invest in Ethereum's potential to create markets, change the financial system, use decentralized finance (DeFi) and promote innovation through trusted ETP wrappers-without directly purchasing, storing or managing Ethereum." Earlier yesterday, the news that the Grayscale Ethereum Mini Trust and the Grayscale Ethereum Trust were approved for listing and registration by NYSE Arca.
Financing News
NPC Labs, a Web3 gaming infrastructure company founded by former Coinbase employees, has raised $21 million in two rounds of funding
According to The Block, Web3 gaming infrastructure startup NPC Labs has raised $21 million in Pre-Seed and seed rounds of financing, including $3 million in the Pre-Seed round and $18 million in the latest seed round led by Pantera Capital. Other investors in the latest round of financing include Makers Fund, Hashed, Collaboration+Currency, Sfermion, Mirana Ventures, Bitscale Capital and Mantle EcoFund.
NPC Labs was co-founded by three former Coinbase employees and aims to increase the adoption of on-chain games through B3.fun, an expansion platform built on Base. The B3.fun platform is currently in testnet, and the mainnet launch of B3 is scheduled to be announced later by B3 and its management foundation.
Mining News
Swan to shut down bitcoin mining business and cancel IPO plans
According to The Block, Cory Klippsten, CEO of Swan, a California-based Bitcoin-dedicated investment platform, announced that the company will shut down its mining operations and cancel its listing plans. In addition, the company has laid off some employees in "multiple functional departments", the exact number of which is unknown. Swan provides Bitcoin asset management and financial advisory services. The company's mining division began operations in July 2023, raised at least $100 million from institutional investors in January this year, and plans to build mining farms overseas. The company originally planned to go public before the end of this year. Klippsten said: "Swan is unlikely to continue our managed mining business in the near future. Since we cannot generate significant short-term revenue from the managed mining division, we will cancel our recent IPO plans."
Marathon Digital fined $138 million for violating non-circumvention agreements with former executives
According to Cointelegraph, Marathon Digital was fined $138 million for violating a non-circumvention agreement with former executive Michael Ho. The agreement is designed to protect companies from circumvention by transaction participants. Marathon violated the agreement by implementing a Bitcoin mining strategy proposed by Ho without compensation. Despite the lawsuit, Marathon Digital remains the world's largest Bitcoin mining company by market value, with a market value of $6.77 billion.
Important data
FairShake has become the largest super PAC this election cycle, raising more than $200 million
According to the FEC’s official website, the blockchain group FairShake has become the largest super political action committee (Super PAC) in this election cycle, raising more than $200 million.
Telegram founder: Telegram's monthly active users have reached 950 million
Telegram founder Pavel Durov said on his personal Telegram channel early this morning that Telegram's monthly active users have reached 950 million, an increase from 900 million users in the spring, and is expected to reach 1 billion users in the near future.
The US government transferred 58.742 BTC to Coinbase Prime
Arkham data shows that at 01:59 this morning, the address marked "U.S. Government: Ryan Farace Seized Funds (3B2jE)" deposited 58,742 BTC (about 3.96 million US dollars) to the Coinbase Prime Deposit (34tXj) address.
42,587 BTC transferred out of Mt.Gox address, worth about $2.85 billion
According to Arkham data, at 13:06 Beijing time, the Mt.Gox address transferred 42,587 BTC to the address starting with "15yPUC", worth approximately US$2.85 billion.
The Mt.Gox address (18vjnBHWAxU4CPGPqF7Gp9JyqdVBHDct9b) also transferred 5,110 BTC to the Mt.Gox cold wallet address (1JbezDVd9VsK9o1Ga9UqLydeuEvhKLAPs6), worth about $341.75 million. The BTC holdings of the address starting with 18vjnBH are close to zero.
Mt.Gox cold wallet address transferred out about 5,110 BTC, worth about $340 million, of which Mt.Gox transferred $149 million worth of Bitcoin to Bitstamp
Bitwise to donate 10% of its ETHW fund profits to Ethereum open source developers
Cryptocurrency asset manager and index provider Bitwise announced the launch of ETHW - Bitwise Ethereum ETF. The fund invests directly in Ethereum (ETH) and has a management fee of 0.20%, which is waived for the first six months or the first $500 million investment phase. 10% of the fund's profits will be donated to Ethereum open source developers. To ensure transparency, the fund's Ethereum address will be public. Donated organizations include Protocol Guild and PBS Foundation. The donation plan will last for at least 10 years and will be conducted annually, and the donated organizations may change based on annual reviews.
Data: BlackRock Bitcoin spot ETF IBIT had a net inflow of approximately US$520 million yesterday
According to Tree News, the Bitcoin inflow of BlackRock's Bitcoin spot ETF IBIT reached $523.3 million yesterday, a recent high.
Grayscale Ethereum Trust ETHE currently holds over 2.629 million ETH, with an asset management scale of over US$9 billion
The U.S. spot Ethereum ETF has been officially approved. According to Grayscale's official data, the current total holdings of its Ethereum Trust ETHE are 2,629,468.6756 ETH. The relevant assets are all held by Coinbase Custody Trust Company, LLC. The asset management scale (non-GAAP) has reached US$9,199,064,688.04. As of now, the number of outstanding shares of the fund is 310,158,500.
Ethereum Foundation sells 100 ETH for 345,000 DAI
Spot On Chain monitoring shows that the Ethereum Foundation sold 100 ETH 35 minutes ago for 345,179 DAI. The sale came less than 6 hours before the Ethereum ETF was about to go online. So far this year, the Foundation has sold 2,366 ETH in exchange for 6.9 million DAI, with an average price of $2,916 per ETH. Another wallet related to the Ethereum Foundation/ICO, "0xdb3", transferred 3,200 ETH (about $11.2 million) to Kraken 19 hours ago.
Mt.Gox has transferred about 56,000 BTC to exchanges for compensation, and there are still 85,000 BTC waiting to be transferred and distributed
According to on-chain analyst Ember, as of now, Mt.Gox has transferred 56,452.9 BTC (about 3.558 billion US dollars) to exchanges for compensation. There are 5 exchanges participating in the compensation distribution: Bitbank, SBI VC Trade, Kraken, Bitstamp and BitGo. Since July 5, the specific transfer data is as follows: July 5, 1,544.6 BTC transferred to Bitbank; July 5, 1,157 BTC transferred to SBI VC Trade; July 16, 48,641.2 BTC transferred to Kraken; July 22, 5,110.1 BTC transferred to Bitstamp. There are currently 85,000 BTC waiting to be transferred and distributed.
Grayscale Transfers $1 Billion Worth of Ethereum to Coinbase
According to Cointelegraph, Grayscale transferred $1 billion worth of Ethereum (292,262 ETH) to Coinbase one day before the launch of the Ethereum ETF (5:28 am Beijing time today). This large transfer indicates that Grayscale is preparing for the first batch of US spot Ethereum ETFs to start trading on July 23. Coinbase will provide custody services for eight of the nine newly approved Ethereum ETFs.
US Vice President Harris's Meme Coin Hits New High, Probability of Being Nominated as Democratic Candidate Rises to 90%
According to CoinDesk, as the latest round of donations related to the US Democratic Party campaign raised $81 million in 24 hours, the market winning rate and meme coins related to US Vice President Kamala Harris soared, boosting the sentiment of some traders. On the decentralized prediction platform Polymarket, the probability of Harris being nominated as the Democratic candidate has further jumped to 90%, up from 80% on Monday to a record high. Data shows that Polymarket traders have bet $28.6 million to support Harris. In second place is Michelle Obama. In addition, Solana-based meme coin KAMA is a political meme coin based on Harris. The token rose 62% to a record high of 2 cents with a market value of $27 million. Since the low of $0.00061 on June 18, the token has risen 4,000%, mainly due to the possibility that Harris may become president. Some people expect Harris or the Democratic Party to mention the crypto industry in the coming weeks, which may affect price trends.
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