1.QCP: Bitcoin may face selling pressure due to Mt. Gox distribution and DMM attack, while Ethereum is bullish

QCP Capital pointed out in its latest market analysis report: 1. Bearish on Bitcoin: Selling pressure from potential supply distributed by Mt. Gox (about US$9.6 billion) and DMM hack (about US$305 million); 2. Bullish on Ethereum: Ethereum spot ETF may start trading earlier than expected in June, and the US SEC urges applicants to submit S-1 forms by May 31.
2. Trump’s cryptocurrency holdings value exceeds $13.6 million, up more than $3.3 million this week

1. Vitalik: I am against the small block party and I finally believe in the idea that "soft fork is good, hard fork is bad". I personally support the "big block" party.
After reading two books about the Bitcoin block size dispute in the 2010s, "The Blocksize War" and "Hijacking Bitcoin", Vitalik published an article to put forward some of his own thoughts on the Bitcoin block size dispute. Vitalik said that when he personally experienced the Bitcoin block size dispute, he usually stood on the side of the big blockers, and his sympathy for the big blockers was mainly focused on the following key points: One of the key promises of Bitcoin at the beginning was digital cash, and high fees could kill this use case; I don't believe in the "meta-level" story of the small blockers. Small block supporters often argue that "Bitcoin should be controlled by users" and "users don't support large blocks", but are never willing to determine any specific way to define who is a "user" or measure what they want; The small blockers eventually believed in the idea of ​​"soft forks are good, hard forks are bad" (which I strongly oppose) and designed a way to increase the block size to accommodate this rule, although Bier admitted that the complexity increased significantly, so much so that many big blockers could not understand the plan. I feel like the small blockers aren’t just “pro-caution”, they’re arbitrarily choosing different types of caution, choosing one (not hard forking) over another (keeping the code and specs clean and simple) because it suits their agenda. Eventually, the big blockers also abandoned “clean and simple” in favor of ideas like Bitcoin Unlimited’s adaptive blocksize increase, a decision that Bier (rightfully) lambasted. The small blockers do engage in very inappropriate social media censorship to impose their views, culminating in Theymos’ infamous statement “If 90% of /r/Bitcoin users find these policies intolerable, then I want 90% of /r/Bitcoin users to leave.”

1. Pepe Token Market Value Reaches $6 Billion, Becoming the Largest Meme Coin Launch in 2023

The Pepe (PEPE) token has a market cap of $6 billion, becoming the largest memecoin launch of 2023. The recent surge in PEPE’s value is partly attributed to its use as a leveraged bet on the growth of the Ethereum ecosystem, with traders anticipating the approval of a spot ether exchange-traded fund (ETF) in the United States. Earlier this week, the “beta bet” narrative boosted the frog-themed token’s value by nearly 40%, swiftly moving it into the top 20 tokens by market cap, according to CoinMarketCap data. The PEPE token was launched in April 2023 and quickly surged to a market cap of $1 billion a few weeks after going live. Since then, it has become one of the leading memecoins, reaching a market cap of $6 billion on Thursday.

1.Matrixport: ETH volatility looks cheap relative to BTC volatility
Matrixport said on the X platform that according to the prediction market, there is only a 7% chance that the U.S. SEC will approve an Ethereum spot ETF this week. The derivatives market expects ETH to fluctuate by +/-4.8% by the end of this week. Historically, ETH's trading volume has averaged 30% higher than BTC's, but recently ETH's trading volume has been even lower, even though it is generally a higher-beta asset. This has not been the case since the start of the bull market. Still, ETH volatility appears cheap relative to BTC volatility.

1. Vitalik proposed Ethereum Improvement Proposal EIP-7706, which aims to add an independent gas type for calldata

Ethereum founder Vitalik Buterin proposed a new Ethereum Improvement Proposal (EIP-7706) to add a separate gas type for calldata and integrate the three gas types into a coordinated system. Buterin hopes that this proposal will make the discussion about the concept of "multi-dimensional gas" more concrete.
2. Ripple files motion to seal and redact some SEC litigation documents
On May 14, Ripple filed a motion before the May 13 deadline, requesting narrow revisions to the brief and certain evidence in the motion for relief. The company said its sealing request was reasonable and consistent with the sealing request approved by the court during the summary judgment stage of the lawsuit. Before filing the motion on Monday, Ripple's lawyers consulted with US financial regulators. The US SEC said it accepts some of Ripple's requests and may object to other requests. According to the documents, Ripple attempted to edit information that could cause harm to the company, innocent third parties, and Ripple employees if disclosed publicly, and sought narrow revisions to documents containing its audited financial statements and related documents.

$BTC $ETH
1. Tether CEO: Tether has an internal investigation team that relies on various tools to monitor the primary and secondary markets
Tether CEO Paolo Ardoino posted on social media that a Tether competitor company that is under investigation by the SEC is currently spreading FUD related to Tether and USDT. Ardoino reiterated the security of the Tether ecosystem and listed examples of the current noteworthy situations in the ecosystem, mainly including: USDT is the most widely used stablecoin in the world, with hundreds of millions of users in major emerging markets and developing countries. Tether stablecoin complies with OFAC/SDN regulations. Tether has an internal investigation team that relies on a variety of tools to monitor primary and secondary markets. Since its inception, Tether has cooperated with 124 law enforcement agencies in more than 40 different countries. Tether has frozen more than $1.3 billion since its inception, mainly related to fraud, hacker attacks, and machine learning. (Cooperation with US law enforcement agencies to freeze $639 million)

#ETH #BTC
1. Ethereum L2 TVL is 38.34 billion US dollars, down 2.79% in 7 days
L2BEAT data shows that the current Ethereum Layer2 TVL is $38.34 billion, down 2.79% in 7 days. Among them, the top five TVLs are: Arbitrum One TVL is $15.66 billion, down 3.8% in 7 days; OP Mainnet TVL is $6.95 billion, down 2.37% in 7 days; Base TVL is $5.36 billion, down 3.95% in 7 days; Blast TVL is $2.63 billion, up 2.08% in 7 days; Mantle TVL is $1.14 billion, down 5.43% in 7 days.
2. Huaxia and Harvest confirm that they are promoting the construction of mortgage financial products based on cryptocurrency spot ETFs

1. Uniswap founder: Rogue attacks on encryption will increase the risk of Biden losing the election

Uniswap founder Hayden Adams posted on social media that the authorities are risking defeat in the general election by allowing rogue regulators to try to ban "Internet currency", not to mention that 40% of adults in the United States are already holders of this currency, and the regulators will ultimately lose anyway.
2.zkSync Developers: The team is investigating zkSync Sepolia testnet issues, which may affect the release of the mainnet v24 version
zkSync Developers X Platform posted a message last night saying that the team is investigating an ongoing issue with the zkSync Sepolia testnet. While the investigation continues, withdrawals of Sepolia funds from the zkSync Era Sepolia testnet are unavailable. This investigation (and its results) may affect the mainnet v24 version scheduled to be released next Monday. At around 3 am today, zkSync Developers released relevant progress, saying that the investigation is still ongoing and will continue until tomorrow, when more updates will be released.

1. Mastercard, Visa, JPMorgan Chase and other financial institutions explore tokenized asset settlement

Several major U.S. financial institutions are working together to test the benefits of shared ledger technology for jointly settling tokenized assets, such as commercial bank funds and various types of securities. The initiative, known as the "Regulatory Settlement Network," is a proof-of-concept that aims to speed up and secure cross-border transactions by using a single system for tokenized assets. The trial is a continuation of an earlier 12-week experiment conducted in late 2022 that focused on interbank and cross-border U.S. dollar transactions. Participants in the new phase include well-known financial institutions such as Mastercard, Citigroup, JPMorgan Chase, U.S. Bancorp, Wells Fargo, Visa, Swift, TD Bank and Zions Bancorp. The project is being overseen by the New York Innovation Center of the Federal Reserve Bank of New York to ensure a thorough review of the technology's potential.

1. Vitalik: Introducing multi-dimensional execution Gas will bring certain complexity at the EVM level

Ethereum co-founder Vitalik Buterin published his latest blog, "Multi-dimensional Gas Pricing". It mentioned that Gas incorporates multiple types of "efforts", mainly including: raw computing (such as ADD, MULTIPLY), reading and writing Ethereum storage (such as SSTORE, SLOAD, ETH transfer), data bandwidth, and the cost of ZK-SNARK proofs for generating blocks. EIP-4844 introduced multi-dimensional pricing in Ethereum for the first time, adding a dedicated Blob data area and setting independent prices and limits for it. This improvement has reduced the cost of Rollup by 100 times, increased transaction volume by more than 3 times, and only slightly increased the theoretical maximum block size. In addition, Vitalik also proposed two solutions to achieve multi-dimensional Gas pricing: 1. The simpler one is to set a resource cap for each transaction, that is, the Gas of each transaction is priced based on the larger value of the consumed data and computing resources, as suggested by EIP-7623. 2. The ideal but more complex solution is to establish a dynamic adjustment mechanism similar to EIP-1559 for each resource. Vitalik emphasized that the introduction of multi-dimensional execution Gas will bring certain complexity at the EVM level, but in order to safely improve the scalability of Ethereum L1, this trade-off is worth it. The community also needs to further explore more elegant designs in terms of the economy and development friendliness of the solution.

1. OpenSea’s daily Ethereum NFT trading volume fell to a two-year low, down more than 99% from its peak

On May 8, former Proof researcher punk9059 said on the X platform that OpenSea's daily trading volume on the Ethereum NFT market is currently about 600 ETH, which is the lowest level since before the NFT bull market began in May 2021. This figure is down 99.1% from the peak in May 2022, when OpenSea's daily trading volume reached 66,000 ETH.
2. Messari releases Fantom Q1 report: Market value increased by 101% month-on-month, DeFi TVL increased by 59% month-on-month
Messari recently released the Fantom 2024 Q1 status report. The key points are as follows: ·Fantom achieved month-on-month growth in multiple key indicators, including market value (+101%), average daily active addresses (+24%), USD-denominated DeFiTVL (+59%), stablecoin market value (+39%) and average daily DEX trading volume (+64%); ·FTM’s total staked volume increased by 17% month-on-month to 1.3 billion, and the proportion of eligible supply staked volume also increased by 16% month-on-month to 44.6%; ·In March of this year, Fantom’s DEX monthly trading volume exceeded US$1 billion for the first time in the past year. The average daily trading volume of DEX in March was US$37.9 million, nearly 7 times higher than in February (US$5.7 million) and 6 times higher than in January (US$6.6 million); ·On March 25, Michael, CEO of the Fantom Foundation Kong announced the initial release plan for Sonic (scheduled for Q3 2024), which includes specification bridge, simplified staking system, builder grants, reward program, specification stablecoin, etc. Five winners of the Sonic Labs incubator project were selected in Q1. Each project will receive 200,000 FTM and receive development support before the Sonic mainnet goes live.

#ETH #BTC
1. Implied volatility of Ethereum options remains high
Analysts say uncertainty surrounding Ethereum's future price has kept the asset's options implied volatility at a much higher level than Bitcoin. In contrast, Bitcoin's implied volatility has seen a more dramatic drop, suggesting that derivatives traders believe the Bitcoin market is stabilizing. According to data from The Block, Ethereum's IV has not fallen to the same extent as Bitcoin during the current post-halving market adjustment. The Bitcoin Volatility Index fell from 72% at the time of the halving event to a multi-month low of 55%. In contrast, the same indicator for Ethereum has fallen less, from 76% to the current 65%. Note: Implied volatility (IV) is a measure used in the options market that represents the market's prediction of possible future changes or price fluctuations in an asset or security.

1. Due to the decrease in Ethereum network gas fees, the amount of ETH destroyed has dropped to the lowest point of the year

The daily ETH destruction of the Ethereum network has dropped to a year-to-date low, mainly due to the recent decline in average gas fees. Currently, gas fees hover between 5 and 10 gwei. The decline in network fees has led to a decrease in the amount of ETH being destroyed. Last Sunday, Ethereum destroyed only 610 ETH, a new low so far this year. In contrast, daily ETH destruction remained above 2,500-3,000 ETH in the first four months of this year.
2. Solana’s on-chain DEX transaction volume yesterday was nearly $1.1 billion, surpassing Ethereum to rank first

$BTC $ETH
1. Aave community launches ARFC proposal to abandon small-cap stablecoins on Ethereum network on V2
The Snapshot governance page shows that the Aave community has launched the ARFC proposal to "deprecate small-cap stablecoins on the Aave V2 Ethereum network", proposing to eliminate USDP, GUSD, LUSD, FRAX and sUSD on Aave V2. Voting is now open and ends on May 6. The proposal points out that recent events have highlighted the need for Aave to reduce its V2 exposure to less-used stablecoins, many of which have limited liquidity, allowing price manipulation and other potentially harmful events. Previously, the community followed a two-stage process to deprecate stablecoins, taking BUSD and TUSD as examples. It is worth noting that none of the above stablecoins are collateral assets, which reduces the complexity of the process.

$ETH $BTC
1. Huaxia Virtual Asset ETF asset management exceeds HK$1 billion, while Bosera and Harvest have both exceeded HK$500 million
As of May 3, the latest virtual asset ETF asset management scale (AUM) data of the Hong Kong Stock Exchange showed: 1. The asset management scale of Hua Xia Ethereum ETF reached HK$146.16 million, and that of Hua Xia Bitcoin ETF reached HK$880.25 million, with a total of more than HK$1 billion; 2. The asset management scale of Bosera HashKey Ethereum ETF was HK$96.59 million, and that of Bosera HashKey Bitcoin ETF reached HK$478.09 million; 3. The asset management scale of Harvest Ethereum ETF was HK$89.97 million, and that of Crypto Bitcoin ETF was HK$449.39 million.

#ETH #BTC
1. Cryptocurrency liquidations approach $360 million, Bitcoin price continues to fall
The cryptocurrency market experienced a sharp decline on April 30, 2024, as the price of Bitcoin (BTC) continued to fall. The value of Bitcoin fell below $60,000, marking its lowest point since reaching $73,000 in March. The sudden drop led to major liquidations among cryptocurrency traders who had bet on an increase in the price of Bitcoin. According to data from CoinGlass, long-term traders faced a loss of $246 million in 24 hours. The total asset liquidation across the entire cryptocurrency market was close to $360 million.

#ETH #BTC
1. Uniswap's proposal to deploy Uniswap V3 on Taiko mainnet is officially approved
The proposal to deploy Uniswap V3 on the Taiko mainnet was officially passed, receiving 44.06m votes in support. It is reported that the number of voters for this proposal reached 4,000+, which is the largest number of participants in the previous year. The proposal to deploy Uniswap V3 on the Taiko mainnet is in progress. If passed, Uniswap V3 support will enable Taiko community contributors and developers to integrate Uniswap into their projects.
2. Ethereum stablecoin transaction volume exceeds $1 trillion so far in April, setting a new record

$BTC $ETH
1. HKEX: Bose HashKey, Huaxia, Harvest Bitcoin and Ethereum ETFs will be included as eligible securities in the central clearing system multi-counter
The Hong Kong Stock Exchange issued three notices, announcing the inclusion of Bosera HashKey Bitcoin ETF Shares and Bosera HashKey Ethereum ETF Shares, Huaxia Bitcoin ETF Shares and Huaxia Ethereum ETF Shares, Harvest Bitcoin Spot ETF Shares and Harvest Ethereum Spot ETF Shares as eligible securities for the Central Clearing System Multi-Counter. It is reported that the trading unit of Bosera HashKey Bitcoin ETF Shares and Bosera HashKey Ethereum ETF Shares is 10 shares, and the trading currency is Hong Kong dollars and US dollars; the trading unit of Harvest Bitcoin Spot ETF Shares and Harvest Ethereum Spot ETF Shares is 100 shares, and the trading currency is Hong Kong dollars and US dollars; the trading unit of Huaxia Bitcoin ETF Shares and Huaxia Ethereum ETF Shares is 100 shares, and the trading currency is Hong Kong dollars, US dollars and RMB. In addition, the above-mentioned ETF is expected to be listed and traded on The Stock Exchange of Hong Kong Limited on April 30, 2024, and will be included as a multi-counter eligible security in the Central Clearing and Settlement System (as defined in the general rules of Hong Kong Clearing) on ​​the same day.

#ETH #BTC

1. BlackRock IBIT ranks second among all 10,698 registered funds in the United States in terms of year-to-date inflows
Bloomberg ETF analyst Eric Balchunas wrote that among all 10,698 registered funds in the United States (including ETFs, mutual funds, and closed-end funds), BlackRock IBIT currently ranks second in terms of fund inflows from the beginning of the year to date. According to Farside Investors data, since the launch of the Bitcoin spot ETF, BlackRock IBIT has accumulated a net inflow of US$15.4786 billion.
2. Institution: The European Central Bank will cut interest rates in June, and the Federal Reserve may completely abandon interest rate cuts within the year

1. Bitcoin price drops to $64,000, leading to $210 million in liquidations in one day

Bitcoin price drops to $64,000, leads to $21 billion in liquidations in one day. Crypto markets are once again gripped by volatility, with Bitcoin prices sliding to $64,000 from a recent rally on geopolitical tensions in the Middle East, marking a downtrend. The drop put more pressure on bullish investors and over-leveraged traders, causing daily liquidations to surge to over $210 million, according to CoinGlass data. The Bitcoin drop had a broad impact on the entire market, particularly affecting other tokens, which experienced larger drops than Bitcoin.