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Grayscale CEO: The company will focus on spot Ethereum products According to BlockBeats, Grayscale CEO Michael Sonnenshein said on Wednesday that the company will focus on converting its Ethereum Trust Fund, the world's largest Ethereum Trust Fund, into a spot exchange-traded product. Michael Sonnenshein said during an event hosted by the Financial Times in London: "At Grayscale, we decided to focus on our spot products. This is really the core of our DNA." On Tuesday, the crypto-native asset management company withdrew its application to the U.S. Securities and Exchange Commission to offer an Ethereum futures ETF. The company submitted the application in October last year. Michael Sonnenshein said that the asset management company withdrew the application because there are already many futures products for investors to choose from.
Citigroup, JPMorgan Chase and other US financial giants explore shared ledger technology for multi-asset transactions
According to Odaily Planet Daily, large companies interested in financial services such as Citi, JPMorgan Chase, Mastercard, Swift and Deloitte will join forces to explore shared ledger technology by simulating multi-asset transactions in US dollars. According to a statement, the research project, called the "Regulated Settlement Network (RSN) Proof of Concept (PoC)", will explore the potential of bringing commercial bank funds, wholesale central bank funds, and securities such as US Treasury bonds and investment-grade debt to a common regulated venue.
EMC Labs report: Stablecoin market inflows reached $7 billion in April, providing financial support for the rebound in the future
According to Odaily Planet Daily, recently, EMC Labs, a crypto asset investment research institution, released a report for April 2024 titled "Macro-Financial Crisis Flashes, On-site Funds Remain Unmoved". The report shows that in April, the funds entering the market with the help of stablecoins reached $7 billion, of which USDT accounted for $6.1 billion and USDC accounted for $900 million. According to eMerge Engine, BTC entered the repair phase of this cycle in 2023, and achieved net inflows for the first time in October. Stablecoins have been in a state of additional issuance, and ranked second in April with an inflow of $7 billion. The market selling pressure has dropped significantly this month. Although BTC suffered a sharp correction after rising in July, the market's potential buying power is still abundant, providing financial guarantee for the rebound in the future.
10x Research: This round of cryptocurrency bull market cycle may be shorter than before
According to BlockBeats, 10x Research said on the X platform that the current cryptocurrency bull market cycle may be shorter than previous cycles and is unlikely to reach a high point in a broad altcoin rally. Despite daily trading volumes of more than $100 billion and rapid development and updates of cryptocurrency projects, the industry's growth potential is still greatly limited. On the other hand, real-time on-chain analysis keeps cryptocurrency traders engaged, in contrast to traditional stock investors who wait for quarterly earnings. However, the challenges facing the cryptocurrency market may limit the breadth and duration of the bull market. In the next ten weeks, nearly $2 billion in token unlocking will continue, which may reduce the market price of altcoins.
Binance Research: Rune transaction fees have exceeded $145 million, accounting for about 45% of all Bitcoin transactions
According to a new report released by Binance Research, "The Future of Bitcoin #2: Tokens", it shows that: 1. Runes have had a significant impact on Bitcoin's fees and transaction volume. Since its launch, its fees have exceeded US$145 million, accounting for about 45% of all Bitcoin transactions; 2. The Runes protocol uses Bitcoin's unique UTXO model to introduce alternative tokens into the chain; 3. Runes are completely unrelated to Ordinals, Inscriptions, and BRC-20 tokens, and are in direct competition with BRC-20.
Uniswap protocol inventor calls for an end to overvaluing early-stage cryptocurrency projects
According to TechFlow, the inventor of the Uniswap protocol recently tweeted that cryptocurrency founders and venture capitalists need to stop valuing early-stage, under-development, unissued tokens at more than $1 billion until they actually earn such valuations. He emphasized that creating something worth seven to nine figures is an incredible achievement, and not everything needs to be a unicorn when it is launched.
