Golden Weekly is a weekly blockchain industry summary column launched by Golden Finance, covering the week's key news, market and contract data, mining information, project dynamics, technological progress and other industry dynamics. This article is a project weekly, taking you to see the progress of this week's mainstream projects and star projects.
Bitcoin
Viewpoint: Data from the past 8 months show that BTC prices are greatly affected by the flow of funds from the US Bitcoin ETF
According to HODL15 Capital's monitoring, the inflow/outflow of the US Bitcoin ETF is highly correlated with the BTC price: when the inflow of the Bitcoin ETF is large, the BTC price is relatively high; when the outflow of the Bitcoin ETF is large, the BTC price tends to be downward.
Starbucks Accepts Bitcoin as Payment in El Salvador
Starbucks now accepts Bitcoin as a payment method in El Salvador, according to Bitcoin Magazine.
CryptoQuant: Bitcoin is in a bear market again
Julio Moreno, head of research at CryptoQuant, posted on social media that the Bitcoin market cycle indicator is once again in a bear market phase. From a price perspective, if the price of Bitcoin falls below $56,000, the risk of a larger correction will increase.
Analysis: Bitcoin has underperformed the S&P 500 since early August
According to the weekly report released by Coinbase on Friday, Bitcoin has been underperforming the S&P 500 since the deleveraging event in early August. Coinbase analysts David Duong and David Han said: "On a risk-adjusted basis, the price of Bitcoin is currently 0.50 standard deviations below its three-month average, while the S&P 500 index level is actually 1.41 standard deviations above its three-month average." Coinbase analysts said that Bitcoin's recent price performance has been volatile, with a fairly narrow trading range, a lack of narrative catalysts to drive Bitcoin prices up, and September is a seasonally difficult period for cryptocurrencies.
QCP Capital: Bitcoin volatility may ease as markets anticipate Fed rate cuts
QCP Capital analysts expect Bitcoin price volatility to decline as the market prepares for a possible rate cut by the Federal Reserve, given the impact of this Friday's U.S. GDP report and next week's non-farm payrolls data on the Bitcoin market.
Currently, more than 110 companies are conducting Bitcoin-related business in Africa
Bitcoin Magazine published an article on the X platform stating that there are currently more than 110 companies conducting Bitcoin-related businesses in Africa.
Ethereum
Ethereum Foundation announces Q2 funding list of projects and community activities, totaling over $8.47 million
The Ethereum Foundation announced a list of funded projects and community activities for the second quarter of 2024, with a total of more than 8.47 million US dollars. In terms of community and education, it has supported global conferences and hackathons such as ETH Beijing, ETH Tokyo, and ETHWarsaw. In the field of cryptography and zero-knowledge proof, it has funded research projects such as the Anon Aadhaar protocol and the Faster Scalar Multiplication of Elliptic Curves. In terms of developer experience, it has supported the development of tools such as the Circom Language Server and the MEDGA Solidity debugger. The Foundation also indirectly supported the retroactive public goods funding round operated by Cryptoversidad and the Road to Devcon quadratic funding round for Southeast Asia. At the protocol level, it continues to support the Account Abstraction Core Team and the Ethereum Protocol Fellowship (EPF) project. Other important funding includes projects such as L2BEAT, Ephemery Testnet, and Summer of Protocols.
Deribit: 62,000 Bitcoin options and 530,000 Ethereum options are about to expire
According to Deribit data, 62,000 Bitcoin options and 530,000 Ethereum options are about to expire, involving a nominal value of $3.66 billion and $1.34 billion, respectively. The Put Call Ratio of Bitcoin options is 0.59, with a maximum pain point of $61,000. The Put Call Ratio of Ethereum options is 0.49, with a maximum pain point of $2,800.
Jupiter co-founded Meow: EVM and Ethereum still have a bright future
Jupiter co-founder Meow wrote, “I have invested a lot of time in the Ethereum ecosystem, contributed to key projects such as Instadapp, Fluid, Kyber Network, and WBTC, and am very proud of my work. EVM and Ethereum (short-term issues aside) have incredibly bright prospects as the de facto engine of the new blockchain, and this simple fact must not be forgotten in the current negative sentiment.”
JPMorgan: Ethereum ETFs are less attractive due to lack of collateral, "first-mover advantage" and low liquidity
JPMorgan said in a research note on Wednesday that Ethereum spot exchange-traded funds have seen net outflows overall since launching last month, while spot Bitcoin ETFs launched earlier this year have been more successful. Ethereum funds have seen net outflows of about $500 million, while Bitcoin ETFs have seen net inflows of more than $5 billion. The bank said the weak data for Ethereum ETFs was somewhat expected, noting that Bitcoin's "first-mover advantage," lack of collateralization, and lower liquidity mean it is less attractive to institutional investors.
Ethereum Foundation has sold 239,000 ETH since January 1, 2021
Lookonchain monitors that 5 days ago, the Ethereum Foundation deposited 35,000 ETH ($94.07 million) into Kraken at $2,688. Now ETH is $2,450, down 8.8%. Since January 1, 2021, the Ethereum Foundation has sold 239,000 ETH ($654 million).
Other Projects
BNB Chain launches official cross-chain bridge with Celer, deBridge and Stargate
BNB Chain has collaborated with Celer, deBridge and Stargate to develop and launch BNB Chain Bridge, aiming to enhance cross-chain connectivity, liquidity and user experience on BNB Chain. BNB Chain said that integrating these advanced cross-chain protocols will improve the capital efficiency of assets on BNB Chain and promote the development of a wider range of DeFi products and services.
Hong Kong Monetary Authority launches Ensemble project sandbox to promote tokenization applications
The Hong Kong Monetary Authority held a sandbox launch ceremony for the Ensemble project today, announcing that the first phase of the trial will cover four major tokenized asset use case themes, marking an important step forward in the financial industry’s practical application of tokenization technology.
RWA startup Centrifuge partners with Morpho, Coinbase to launch lending marketplace
RWA startup Centrifuge has built a lending market using the vault system of lending company Morpho, with collateral coming from several U.S. Treasury-backed tokens. The market relies on Coinbase's second-layer network Base and Morpho Vaults system, using three tokenized U.S. Treasuries as collateral, including Centrifuge's Anemoy Fund, Midas's short-term U.S. Treasury bonds (mTBILL), and Hashnote's U.S. Yield Coin (USYC). This is the first time that Ethereum-powered Coinbase verification has been used in a lending market, aiming to provide instant liquidity without redeeming U.S. Treasuries.
MakerDAO founder: The new protocol will not add a freeze function when it is launched, only the upgrade capability will be retained
MakerDAO founder Rune Christensen responded to the discussion about "DAI is adding a freeze function". Christensen said that in fact the new protocol will not have a freeze function at launch, but only the ability to upgrade. This means that future governance can decide how to implement a mechanism similar to the freeze function based on the consideration of all data to prevent various risk factors as much as possible.
ALEX announces the launch of V2, supporting integration of AMM and order book transactions
Bitcoin DeFi platform ALEX announced the launch of ALEX V2. The new version integrates AMM and order book transactions, and aggregates Bitcoin L2 network liquidity through XLink. It is reported that the main functions of ALEX V2 include unifying Bitcoin ecosystem transactions, optimizing order matching, supporting unilateral liquidity provision, and simplifying chain abstraction for user experience.
