Today's news tips:
1. Bloomberg: Crypto industry executives plan to meet with White House advisers next week
2. Trump proposes to use Bitcoin or "crypto checks" to repay $35 trillion in national debt
3. Genesis completes bankruptcy reorganization and begins distributing $4 billion in cryptocurrency and cash
4. The Flow mainnet will undergo a Crescendo upgrade on September 4 to provide full EVM equivalence
5. Santiment: This drop is comparable to the drop in early July, but the same dip buying enthusiasm has not yet appeared
6. Bitcoin spot ETF had a total net outflow of $237 million yesterday, and FBTC had a net outflow of $104 million in a single day
7. Ethereum spot ETF had a total net outflow of US$54.2704 million yesterday, and Grayscale ETF ETHE had a net outflow of US$61.4314 million in a single day
Regulatory News
Bloomberg: Crypto industry executives plan to meet with White House advisers next week
According to Bloomberg, people familiar with the matter revealed that cryptocurrency industry executives plan to meet with White House aides and Rep. Ro Khanna next week to discuss concerns about digital assets and propose policy changes for the next administration. According to the person who asked not to be named because the meeting is private, outgoing White House senior adviser Anita Dunn, national economic adviser Lael Brainard and deputy chief of staff Bruce Reed are expected to attend the meeting.
It would be at least the second recent meeting between the cryptocurrency industry and White House officials, following a roundtable in July that featured executives from companies including Ripple and Coinbase Global Inc., as well as Dunn and Khanna, a California Democrat.
Trump proposes paying off $35 trillion in national debt with Bitcoin or “crypto checks”
Former President Donald Trump mentioned in an interview with Fox that Bitcoin or "crypto checks" could be used to pay off the U.S. government's $35 trillion national debt and avoid an imminent debt crisis. "Who knows, maybe we'll pay off the $35 trillion (national debt) and give them a little cryptocurrency check, right? We'll give them a little Bitcoin and wipe out our $35 trillion."
David Plouffe, global strategic advisor for crypto payment service provider Alchemy Pay, joins Harris campaign team
David Plouffe, global strategic advisor for crypto payment service provider Alchemy Pay, joins Harris' campaign team. Plouffe will be allowed to retain existing private sector clients, but he will terminate his advisory relationship with TikTok.
Earlier news, former White House senior adviser David Plouffe announced that he had joined the management advisory board of Alchemy Pay, a global crypto payment service provider, as a global strategic advisor, responsible for Alchemy Pay's North American strategy, compliance, government relations and other matters. David Plouffe was Obama's campaign manager and was famous for helping Obama successfully win the US presidential election and held an important position in the White House. After Obama's term ended, David Plouffe also served as Uber's senior vice president and Binance's global advisor.
AI
Google acquires Character.AI for over $2.5 billion and recruits its team
According to Jinshi, AI digital human unicorn company Character.AI announced that Google (GOOG.O) has paid model licensing fees to Character.AI and will allow Character.AI co-founder and CEO Noam Chazelle and President Daniel DeFreitas, as well as Character employees working on model training and voice artificial intelligence (30 of about 130 employees) to join Google to participate in the Gemini AI project. According to reports, Character.AI's management told employees that investors' shares will be acquired at a valuation of approximately $88 per share. Google's overall acquisition of Character.AI will be worth more than $2.5 billion.
Project News
Genesis Completes Bankruptcy Reorganization, Begins Distribution of $4 Billion in Crypto and Cash
Cryptocurrency lender Genesis Global and its related companies announced the completion of bankruptcy reorganization, and the company has also begun distributing about $4 billion worth of digital assets and U.S. dollars to repay creditors. On average, Genesis creditors will recover 64% of their repayments in physical cryptocurrency, although the situation varies from currency to currency. Bitcoin creditors will recover 51.28% of Bitcoin, Ethereum creditors will recover 65.87% and Solana creditors will recover 29.58%. Those owed stablecoins or U.S. dollars will receive 100% of the missing funds, the company said.
When it filed for bankruptcy last year, Genesis disclosed that it had more than 100,000 creditors and liabilities of up to $10 billion. The company owed about $3 billion to its top 50 creditors, which include cryptocurrency exchange Gemini, asset manager VanEck and trading firm Cumberland.
Earlier news, Mark Cuban received $19.9 million worth of ETH from the bankrupt company Genesis.
Flow mainnet will undergo Crescendo upgrade on September 4 to provide full EVM equivalence
According to the Flow official website, the Flow mainnet will undergo a Crescendo upgrade at 20:00 (UTC+8) on September 4. Flow said that Crescendo is the most important upgrade of the Flow network since its inception. This upgrade includes providing full EVM equivalence for all developers on Flow, and marking the maturity point of the Flow native programming environment with Cadence 1.0. Full EVM equivalence means that any smart contract, protocol, or tool running on the Ethereum mainnet will be able to run on Flow, similar to EVM L2. The difference with Flow is that developers can choose to write Cadence and access Flow native features and benefits, including game-changing user experience and improved performance. The network upgrade is estimated to take about 6 hours, during which time the Flow mainnet network will be in maintenance mode and will not process transactions.
Santiment: This drop is comparable to the drop in early July, but the same dip buying enthusiasm has not yet been seen
Crypto market researcher Santiment said the drop is roughly comparable to the one in early July, but the same dip-buying enthusiasm has not yet emerged. It expects $60,000 BTC or $2,900 ETH to become key psychological levels.
Ripple's second quarter report: the number of transactions decreased by 65.6% month-on-month, and the transaction cost increased by 168% month-on-month
Ripple released the second quarter XRP market report, showing that XRP Ledger (XRPL) on-chain transaction activity fell 65.6% month-on-month to about 86.38 million transactions, compared with 251.39 million transactions in the first quarter of 2024. As transaction activity decreased, the cost per transaction soared 168% to 0.00394 XRP per transaction. Ripple explained that in order to protect the P2P network from spam, the cost will increase as the network load increases. The number of new wallets was 100,746, a decrease of 45.8% month-on-month.
Important data
Uniswap Labs' associated address transferred 1.131 million UNI to Coinbase Prime about an hour ago, worth about $7.47 million
According to the monitoring of on-chain data analyst Yu Jin, the Uniswap team/investor/advisor address that has been continuously transferring UNI to Coinbase Prime recently continued to transfer 1.131 million UNI (about 7.47 million US dollars) to Coinbase Prime about 1 hour ago. This address has transferred a total of 8.3 million UNI (65.98 million US dollars) to Coinbase Prime in the past 30 days, with an average transfer price of 7.95 US dollars.
Five wallets belonging to the same entity sold 14.53 million WIF about 7 hours ago, about 24 million US dollars
According to Lookonchain monitoring, 5 wallets (likely belonging to the same person) sold 14.53 million WIF (about 24 million US dollars) 7 hours ago. The total cost of these WIF purchased on November 30, 2023 was only 5,340 US dollars, and they received a return of 4,497 times.
Data: USDC circulation decreased by about 900 million in the past 7 days
According to official data, in the seven days ending August 1, Circle issued about 2.4 billion USDC, redeemed about 3.3 billion USDC, and the circulation decreased by about 900 million. The total circulation of USDC is 32.9 billion US dollars, and the reserve is about 33 billion US dollars, including 3.4 billion US dollars in cash and 29.6 billion US dollars in Circle Reserve Fund.
Bitcoin spot ETF had a total net outflow of $237 million yesterday, and FBTC had a net outflow of $104 million in a single day
According to SoSoValue data, yesterday (August 2, Eastern Time), the total net outflow of Bitcoin spot ETFs was $237 million. Yesterday, Grayscale ETF GBTC had a single-day net outflow of $45.9462 million, and the current historical net outflow of GBTC is $19.059 billion. The Fidelity ETF FBTC had the largest outflow yesterday, with a single-day net outflow of $104 million.
Grayscale Bitcoin Mini Trust ETF BTC had a net inflow of $9.8788 million in a single day, and the current total net inflow of Grayscale Bitcoin Mini Trust BTC is $219 million. The Bitcoin spot ETF with the largest net inflow in a single day yesterday was BlackRock ETF IBIT, with a net inflow of $42.8142 million in a single day. The current total net inflow of IBIT is $20.097 billion. As of press time, the total net asset value of Bitcoin spot ETF is $57.204 billion, and the ETF net asset ratio (market value to total Bitcoin market value) is 4.63%, and the historical cumulative net inflow has reached $17.507 billion.
Ethereum spot ETF had a total net outflow of US$54.2704 million yesterday, and Grayscale ETF ETHE had a net outflow of US$61.4314 million in a single day
According to SoSoValue data, yesterday (August 2, Eastern Time), the total net outflow of Ethereum spot ETFs was $54.2704 million. Yesterday, Grayscale Ethereum Trust ETF ETHE had a single-day net outflow of $61.4314 million, and the current historical net outflow of ETHE is $2.117 billion.
Grayscale Ethereum Mini Trust ETF ETH had a net outflow of $0.00 per day, and the current total net inflow of Grayscale Ethereum Mini Trust ETH is $201 million. The Ethereum spot ETF with the largest net inflow yesterday was Fidelity ETF FETH, with a net inflow of $6.0176 million per day, and the current total net inflow of FETH is $297 million.
The second is Franklin Templeton ETF EZET, with a single-day net inflow of $1.1433 million. The current total net inflow of EZET has reached $30.6733 million. As of press time, the total net asset value of Ethereum spot ETF is $8.332 billion, and the ETF net asset ratio (market value to the total market value of Ethereum) is 2.29%, and the cumulative net outflow has reached $511 million.
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