Headlines
The initial value of the U.S. real GDP annualized quarterly rate in the second quarter was 2.8%, the expected value was 2.00%, and the previous value was 1.40%.
The initial estimate of the U.S. real GDP annualized quarterly rate in the second quarter was 2.8%, expected to be 2.00%, and the previous value was 1.40%; the initial estimate of the U.S. core PCE price index annualized quarterly rate in the second quarter was 2.9%, expected to be 2.70%, and the previous value was 3.70%; the initial estimate of the U.S. real personal consumption expenditure quarterly rate in the second quarter was 2.3%, expected to be 2%, and the previous value was 1.5%.
Grayscale ETHE currently still holds 2.4 million ETH, and 9% has flowed out in the past two days.
Trader T data shows that Grayscale ETHE currently still holds about 2.4 million ETH, and 9% has flowed out in the past two days. If the final outflow ratio of ETHE is assumed to be 50%, it will take another 9 trading days at the current outflow rate.
The US spot Ethereum ETF's third trading day transaction volume was about $850 million
The US spot Ethereum ETF had a turnover of about $850 million on the third trading day, after a turnover of $951 million on the second trading day and $1.054 billion on the first day. According to Soso Value data, the net outflow on the third trading day was $133.16 million, a reversal of the net inflow of $106.78 million on the previous trading day. Among them, Grayscale Ethereum Trust (ETHE) had a net outflow of $326.86 million.
Industry News
The number of initial jobless claims in the United States for the week ending July 20 was 235,000, expected to be 238,000, and the previous value was 243,000
The number of initial unemployment claims in the United States for the week ended July 20 was 235,000, as expected and 238,000, and the previous value was 243,000; the four-week average of initial unemployment claims in the United States for the week ended July 20 was 235,500, and the previous value was 234,750; the number of continuing unemployment claims in the United States for the week ended July 13 was 1.851 million, as expected and 1.86 million, and the previous value was 1.867 million.
Bitcoin 2024 Conference Releases Security Update, Bans Guns and Strongly Advises Against Luggage
Nashville Bitcoin 2024 will release security updates, mainly including: 1. It is strongly recommended not to bring luggage, which will increase the delay in entering the secure area of the building; 2. The conference room can accommodate up to 8,000 seats, and it is not possible to ensure that everyone has a seat; 3. Prohibited items include: external food and beverages, alcoholic beverages, e-cigarettes and steam cigarettes, any kind of explosives, guns, weapons, etc. According to previous news, former US President Trump still plans to give a speech at the 2024 Bitcoin Conference after experiencing the attack.
U.S. GDP data exceeded expectations, and the U.S. dollar index DXY rose in the short term, now at 104.39 by 18 points.
The U.S. second quarter GDP exceeded expectations. The U.S. dollar index DXY rose 18 points in the short term and is now at 104.39.
Telegram CEO predicts mass blockchain adoption this year and will crack down on crypto scams
Telegram CEO Pavel Durov recently said that 2024 is expected to be a key year for blockchain adoption. "2024 will go down in history as the year when hundreds of millions of people become familiar with blockchain. We are proud that Telegram is at the center of this social change." Durov further revealed: "We will also increase our efforts to crack down on scammers targeting new users in the crypto field. Soon, Telegram will begin to display the registration month and major countries of public accounts (similar to Instagram). We will also allow organizations to use their mini-programs to post tags for channels, creating a decentralized market for third-party verification."
ETF Related
Grayscale ETHE had a net outflow of US$346.2 million yesterday, and Mini ETH had a net inflow of US$58.1 million yesterday
Farside Investors data showed that Grayscale Ethereum Trust (ETHE) had a net outflow of US$346.2 million yesterday, Grayscale Ethereum Mini Trust (ETH) had a net inflow of US$58.1 million yesterday, VanEck Ethereum spot ETF ETHV had a net inflow of US$8 million yesterday, and Bitwise Ethereum spot ETF ETHW had a net inflow of US$16.3 million yesterday.
On July 25, nine US Bitcoin ETFs increased their holdings by a total of 960 Bitcoins
Lookonchain monitored the U.S. spot Bitcoin ETF data on July 25 and showed: 1. BlackRock increased its holdings by about 1,000 bitcoins, worth about $64.69 million, and currently holds 337,036 bitcoins, worth about $21.81 billion; 2. Grayscale reduced its holdings by 428 bitcoins, worth about $27.7 million, and currently holds 271,623 bitcoins, worth about $17.58 billion; 3. 9 Bitcoin ETFs increased their holdings by a total of 960 bitcoins, worth about $62.14 million.
CoinShares Research Director: Ethereum Spot ETF saw a net outflow of $19 million two days after listing
James Butterfill, head of research at CoinShares, said in a post on X: "The Ethereum spot ETF had an inflow of $801 million within two days of its launch, excluding the seed funds transferred from Grayscale ETHE to its mini-trust ETH ETF. This is a very positive start. However, we observed a large outflow of funds from Grayscale ETHE, totaling $820 million, resulting in an overall net outflow of $19 million from the Ethereum spot ETF."
Market Forecast
Wintermute: Stablecoin market value exceeds $164 billion, supporting the bullish outlook of the market
According to data from DefiLlama and Wintermute, the total stablecoin market capitalization rose above $164 billion for the first time since the Terra crash in May 2022. The indicator has been hovering around the $160 billion mark. Wintermute said in a report that the growth "indicates growing investor optimism, supporting a bullish outlook. The increase in stablecoin supply suggests that funds are being deposited into the on-chain ecosystem to generate economic activity, either through direct on-chain purchases that can catalyze price increases or through yield-generating strategies that can improve (market) liquidity. This activity ultimately promotes positive on-chain growth." Blockchain analysis company Nansen expressed a similar view, calling the growth of stablecoin market capitalization a bullish development.
10x Research: The crypto market is entering a period of seasonal weakness, and potential pressures such as Mt.Gox may cause the market to further decline
The launch of an Ethereum spot ETF brought optimism to the market, but it was soon followed by an ETH sell-off and subsequent price drop. According to the latest 10x Research report, this selling trend closely follows the familiar pattern of previously launched crypto ETFs, including Bitcoin. In an interview, 10x Research founder Markus Thielen explained that many traders "expected the Ethereum ETF to capture 20% of the Bitcoin ETF inflows. However, they ignored the billions of dollars that could flow out of Grayscale and the trend of exchange listings triggering a 'sell the news' reaction. In addition, the crypto market is entering a period of seasonal weakness." Expressing a bearish view on ETH, the report shows that it is already overbought before the launch of the highly anticipated ETF, in addition to highlighting investors' rotation from ETH to SOL as Meme coin issuance flocked to the Solanan blockchain "rather than Ethereum". The report warns investors that the market could fall further due to potential pressure from Mt. Gox, the upcoming US earnings season, and "seasonal weakness in August and September."
Project News
Jupiter releases ecosystem token API and standards, plans to deprecate old API by the end of August
Jupiter released the ecosystem token API and standards on the X platform. The new API enhances trading capabilities and can immediately display tokens from new markets. The relevant tokens are verified every day, enter the trusted list, and undergo rigorous testing by the Jupiter community and users. It is reported that the new API is built on the Metropolis infrastructure. Jupiter said that it will identify counterfeit tokens that impersonate popular token names and symbols and remove them from the API. It will also ban certain tokens based on community reports. The symbols of the head ecosystem tokens are protected and will continue to improve over time to ensure community safety. Jupiter said that it will deprecate the old API within a month before the end of August 2024. The new API response is roughly similar to the old API, so it is hoped that it will be an easy migration.
Curve founder responds to liquidation: Unless UwULend buys CRV and repays bad debts, liquidators will not be able to withdraw CRV
Regarding the issue that “2.67 million CRV from Curve founder Michael Egorov’s address has been liquidated on UwULend”, Egorov himself responded on X that since UwULend had been hacked before, there is currently no CRV in the UwULend protocol to support uCRV (UwULend’s CRV deposit certificate token). Although the liquidator obtained uCRV through liquidation, the liquidator can only withdraw CRV from the protocol after UwULend purchases CRV and repays the bad debts, so that Egorov can also withdraw the rest of the deposit. Egorov added that the current situation is that no one can withdraw funds from the hacked platform (UwULend) before the hacked platform (UwULend) repurchases the funds (CRV, etc.).
WazirX releases preliminary investigation results of the attack: No malicious transactions were signed before July 18
WazirX published the preliminary investigation results of the attack on the X platform, mainly including: 1. There is no evidence that the WazirX signer's machine was compromised; 2. The attack may have originated from Liminal's infrastructure, bypassing his final verification step; 3. Contrary to some reports, no malicious transactions were signed before July 18, 2024; 4. The attack involved a contract upgrade. WazirX believes that the attack is most likely due to a vulnerability in Liminal's infrastructure that led to malicious transactions.
