Today's Headlines:
SEC Delays Decision on Fidelity Ethereum Spot ETF Application
Direxion Submits Applications for 5 Leveraged Bitcoin Spot ETFs
Latest ACDE Meeting for Ethereum: Sepolia Fork on January 30, Holesky Fork on February 7
State Street Bank Restructures Digital Asset Division, Some Positions Eliminated
Dymension Releases Token Economic Model, Airdrop Allocation of 8%
Bloomberg: Hong Kong Company Diginex Plans to Launch Bitcoin Spot ETF in Q1
Chainalysis Report: Illegal Addresses Received Over $24 Billion in Cryptocurrency in 2023
Regulatory News
SEC Delays Decision on Fidelity Ethereum Spot ETF Application
According to The Block, the U.S. Securities and Exchange Commission (SEC) has delayed the final deadline for the decision on Fidelity's Ethereum Bitcoin spot ETF. The new deadline is March 5. The SEC stated, "The Commission finds it appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change and the issues raised in it." Bloomberg analyst James Seyffart commented, "This move is completely in line with expectations, and in my view, the truly important date is late May." According to previous reports, Fidelity applied for an Ethereum spot ETF in November last year.
According to Cointelegraph, the Canadian Securities Administrators (CSA) has released proposed regulatory rule changes regarding public investment funds investing in cryptocurrencies. The proposed amendments will restrict the activities of public investment funds in the crypto space and establish custody standards. Only alternative investment funds and non-redeemable investment funds can directly purchase, sell, or hold cryptocurrencies. Other mutual funds can only invest in these funds to gain exposure to cryptocurrencies. The invested assets must be listed on exchanges approved by Canadian securities regulators. Additionally, the assets must be insured and stored in cold wallets. An annual review of the custodian's internal management by public accountants is required. The proposed amendments will be open for public comment for 90 days, followed by the drafting of consultation papers and consideration of a broader regulatory framework for cryptocurrencies.
NFT
Trump's NFT Series "Trump Digital Trading Cards" to Launch on Bitcoin Ordinals
CollectTrumpCards.com announced on the X platform that the NFT series "Trump Digital Trading Cards" of former U.S. President Trump will be launched on Bitcoin Ordinals. When users purchase 100 "Trump Digital Trading Cards" NFT with WETH on the Mugshot version of the platform, they will receive a 1/1 "Trump Digital Trading Cards" on Bitcoin Ordinals. These 1/1 "Trump Digital Trading Cards" Mugshot version on Bitcoin Ordinals will be limited to 200 worldwide, each being one-of-a-kind. Among these 200 NFTs, only 99 can be purchased with WETH on the platform. Collectors will be able to claim their exclusive Ordinal inscription on the Magic Eden market on Bitcoin at a later date. "Trump Digital Trading Cards" are intended for personal enjoyment as collectibles, not investment tools. These digital trading cards are not political and are unrelated to any political movement. All Trump "Trump Digital Trading Cards" Mugshot versions are non-transferable until December 31, 2024.
OpenSea data shows that the floor price of "Trump Digital Trading Cards" NFT on Polygon is currently 0.3098 ETH, with a 7-day increase of 93%.
Project Updates
Direxion Submits Applications for 5 Leveraged Bitcoin Spot ETFs
Bloomberg analyst James Seyffart tweeted that fund management company Direxion has submitted applications for 5 leveraged Bitcoin spot ETFs, including 2x, -2x, 1.5x, -1.5x, and -1x leverage. Currently, Rex Shares, ProShares, and Direxion have all submitted similar applications. Bloomberg analyst Eric Balchunas stated that the number of leveraged Bitcoin ETFs may soon surpass long Bitcoin ETFs.
Latest ACDE Meeting for Ethereum: Sepolia Fork on January 30, Holesky Fork on February 7
Tim Beiko, a core developer of Ethereum, summarized the latest Ethereum core developer execution layer meeting (ACDE), where all core developers reached a consensus to prepare a new software version by mid-next week. Client teams are willing to adhere to the testnet deployment plan. Sepolia will fork on January 30, and Holesky will fork on February 7, with client announcements expected next week. The meeting also discussed EIP-7251, which proposes increasing the maximum effective balance from 32 ETH to 2048 ETH, and introducing EIP-7547 containing lists.
Arbitrum Foundation and Offchain Labs Announce New Expansion Plan and Developer Association
The plan will provide a more convenient self-service path for teams interested in launching projects on the Arbitrum technology chain, allowing them to join the expansion plan and launch custom Arbitrum Orbit chains. This means that any project can deploy its own customized version of the Arbitrum technology stack.
The highlight of Arbitrum Orbit is that these chains will have full control over their governance, without the need for outsourced governance or shared governance with other chains and ecosystems. Through this plan, teams can freely customize and innovate. The two main requirements for participating in the Arbitrum expansion plan are that participants need to feedback a portion of their profits to the Arbitrum ecosystem, and the deployed Rollup must exclusively rely on Ethereum or chains secured by Ethereum.
The Arbitrum Developer Association aims to help fund core Arbitrum development and attract the best development teams to contribute to the Arbitrum technology stack. The implementation of this plan is expected to further strengthen the Ethereum ecosystem, making the Arbitrum technology available for any team wishing to launch L2 or L3 in the Ethereum ecosystem.
State Street Bank Restructures Digital Asset Division, Some Positions Eliminated
According to Bloomberg, sources revealed that State Street Bank has restructured its digital asset division, State Street Digital. Some positions have been eliminated, and most employees have been transferred to the bank's traditional asset servicing and technology operations departments. It is currently unclear how many positions have been affected. State Street Bank established State Street Digital in early June 2021, focusing on areas such as cryptocurrencies, central bank digital currencies, blockchain, and DeFi. As of the end of 2023, State Street Digital had approximately 100 full-time employees, and its crypto custody services are still awaiting regulatory approval.
Dymension Releases Token Economic Model, Airdrop Allocation of 8%
Dymension, a modular settlement layer in the Cosmos ecosystem, has released its token economic model. According to the model, the initial supply of DYM is set at 1 billion, with an initial distribution of 8%. The specific allocation plan is as follows: 5% for the community pool, 8% for airdrops, 14% for investors, and 20% each for core developers and the ecosystem, with 33% for incentive programs.
In addition, the Dymension protocol will dynamically adjust the inflation rate based on the actual DYM staking ratio. When the staking ratio of DYM in the protocol is below 67%, the inflation rate will gradually increase until it reaches the maximum inflation rate of 10% or reaches the staking target. If the staking ratio is consistent with the 67% target, the inflation rate will remain unchanged. If the staking ratio is above 67%, the inflation rate will gradually decrease until it reaches the minimum inflation rate of 1% or reaches the staking target. This mechanism aims to incentivize more DYM holders to participate in staking, enhancing the security and stability of the network.
Manta Network: "Korean BD Address" Funds Allocated for Expanding Korean Market Operations
Manta Network announced in its official blog that it is taking a series of measures to expand the Asian market, especially in South Korea and Hong Kong. Manta Network is establishing a branch in South Korea and, according to the token economic model, will allocate a portion of the Ecosystem/Community funds to expand the Korean market (BD). The branch aims to establish closer connections with local projects, understand and meet the unique needs of the Korean market, and facilitate seamless integration of Manta products with the local Web3 ecosystem. Additionally, Manta Network is also establishing a branch in Hong Kong to better collaborate with local developers, entrepreneurs, and other groups.
Regarding the earlier disclosure by Definalist of the "Manta Network Korean BD suspected of money laundering through Bithumb," Manta Network told PANews that the accusation is unfounded, and the funds are used for expanding the Korean market, with the funds associated with the BD address being operational expenses for the Korean branch.
Bloomberg: Venture Smart Financial Plans to Launch Bitcoin Spot ETF in Q1
According to Bloomberg, Venture Smart Financial Holdings Ltd. (VSFG), a financial services company in Hong Kong, stated that it plans to submit an application to the Hong Kong Securities and Futures Commission to launch an exchange-traded fund (ETF) directly investing in Bitcoin, namely a Bitcoin spot ETF, in the current quarter. Brian Chan, head of the investment and product group at the company, said, "This is a market with enormous potential, and our goal is to manage assets of $500 million by the end of this year."
Earlier on December 22, the Hong Kong Securities and Futures Commission stated in a document that it is ready to accept applications for virtual asset spot ETFs.
Aave Community Initiates "Deploy Aave V3 on Scroll Mainnet" Proposal, Voting Ends on January 22
The Snapshot governance page shows that members of the Aave community have initiated the ARFC proposal "Deploy Aave V3 on Scroll Mainnet," created by the Aave Chan Initiative (ACI) on January 9, 2024. The core of this proposal is to deploy Aave V3 on the Scroll mainnet and introduce limited asset access and conservative risk parameters, aiming to establish a strategic position for Aave in the Scroll ecosystem while limiting risk exposure. Voting is now open, with the voting deadline set for January 22 at 23:24 Beijing time.
Funding News
Crypto market maker Flowdesk has raised $50 million in its Series B funding round at a valuation of over $250 million, led by Cathay Innovation, with participation from Ripple, Bpifrance, and others, as reported by The Block. The funding round will enable Flowdesk to further expand its business globally, with a focus on growth in Singapore and the United States, and the establishment of a new office in London. Additionally, Flowdesk plans to obtain regulatory licenses in these markets and is prepared to comply with EU cryptocurrency market regulations from day one. The company also intends to hire approximately 50 more employees on top of its current base of around 100. Charles Tighe has recently been appointed as Chief Financial Officer, and several executives have been brought in from the now-closed Genesis Global Trading, including Reed Werbitt, Hanson Birringer, Greg Guttas, and Warren Wynn.
In June 2022, crypto financial services company Flowdesk completed a $30 million Series A funding round, with participation from Coinbase.
Key Data
Data: 9840 BTC Transferred from Grayscale Trust Address to Coinbase Prime
Blockchain analyst Yu Jin tweeted that 9,840 BTC (worth approximately $418 million) was transferred from the Grayscale Trust address to Coinbase Prime 20 minutes ago. Since the approval of the Bitcoin spot ETF, the Grayscale Trust address has transferred a total of 41,478 BTC (worth approximately $1.784 billion) to Coinbase Prime during the opening hours of the U.S. stock market over four consecutive trading days starting from January 12.
ARK Invest Bought Nearly $15 Million Worth of ARK 21Shares Bitcoin Spot ETF Yesterday
According to Ark Invest Daily data, ARK Invest purchased 365,695 shares of the ARK 21Shares Bitcoin ETF (worth approximately $14.97 million) through the ARKW fund on January 18, while selling 758,915 shares of the ProShares Bitcoin Strategy ETF (worth approximately $14.96 million).
US Bitcoin Spot ETF Experienced Net Outflows of $131.6 Million on the Fifth Trading Day
BitMEX Research on the X platform stated that the data on the fund flows of Bitcoin spot ETFs for the fifth trading day is now available, with a total net outflow of $131.6 million. GBTC saw a significant outflow of $579.6 million.
Additionally, combining the fund flows of Bitcoin spot ETFs over five trading days, BlackRock saw a total net inflow of $1.221 billion, Fidelity saw a total net inflow of $1.062 billion, while Grayscale saw a net outflow of $2.2 billion. These 11 ETFs had a total net inflow of $1.16 billion, equivalent to 25,877 BTC.
Data: US Bitcoin Spot ETF Added 10,667 BTC on the Fifth Trading Day
According to Cointelegraph, with increasing trading volume, the issuers of the US Bitcoin spot ETFs added 10,667 BTC on the fifth trading day. Data compiled by CC15Capitall on January 17 showed that by the end of the day, their net Bitcoin holdings had increased by $440 million. BlackRock's ETF accounted for the majority of this, with a net gain of 8,700 BTC, worth nearly $358 million. The data also showed that since its launch, 9 ETFs (excluding Grayscale) have purchased nearly 68,500 BTC, currently valued at around $2.8 billion.
Recent BTC purchases related to ETFs have been partially offset by the continued outflows from the Grayscale Bitcoin Trust Fund (GBTC), which sold 10,824 BTC, worth approximately $445 million. Nearly 38,000 BTC have left GBTC since its conversion to a spot ETF on January 11. It is important to note that due to settlement delays, the reported Bitcoin purchase data from ETF managers may be slightly delayed compared to the trading volume data of each fund.
According to data from Bloomberg ETF analyst James Seyffart, as investors flock to new funds, as of the close on January 18, both BlackRock and Fidelity's Bitcoin ETFs have managed assets exceeding $1 billion. Balchunas also pointed out that BlackRock and Fidelity's Bitcoin ETFs ranked fourth and fifth, respectively, in the weekly capital inflows of all US ETFs, trailing only the Vanguard 500 Index Fund ETF (VOO), which aims to reflect the return of the S&P 500 Index (the 500 largest publicly traded companies in the US).
According to on-chain analyst @ai_9684xtpa, 15 minutes ago, the Alameda Research asset liquidation address transferred 1000 ETH worth $2.45 million to Cumberland DRW.
Over the past week, the address has transferred a total of 5200 ETH, 8482 WETH, and 186 WBTC, with a total value of $43.87 million. Wallet address: 0xF02e86D9E0eFd57aD034FaF52201B79917fE0713.
Coinglass data shows that the global cryptocurrency market saw a total of $252 million in contract liquidations in the past 24 hours, with a total of 103,705 people being liquidated. Long liquidations accounted for $218 million, while short liquidations accounted for $34.375 million. Broken down by currency, BTC liquidations amounted to approximately $81.267 million, ETH liquidations amounted to approximately $32.5206 million, and SOL liquidations amounted to approximately $14.133 million.
Earlier today, Bitcoin fell below $41,000, and Ethereum fell below $2,500.
A New Wallet Extracted 700 BTC from Binance in the Past 3 Days, Worth Approximately $29.36 Million
According to Lookonchain monitoring, during the recent market downturn, a new wallet extracted 700 BTC (worth approximately $29.36 million) from Binance, with an average price of $41,948. Based on the data screenshot shared, the address made three transactions to extract these bitcoins from the Binance hot wallet in the past 3 days, with the most recent transaction occurring 5 hours ago.
Chainalysis Report: Illegal Addresses Received Over $24 Billion in Cryptocurrencies in 2023
According to CoinDesk, Chainalysis's annual report on crypto crime trends estimates that illegal addresses received over $24 billion in cryptocurrencies in 2023, accounting for 0.34% of all transaction volume. This figure represents a nearly 40% decrease from 2022, but is still provisional data. The current total is $24.2 billion, and as more addresses are confirmed as illegal, this figure may increase. The total for 2022 is now $39.6 billion, but at the time of Chainalysis's report last year, only $20.6 billion was confirmed.
The report also points out that transactions involving sanctioned entities accounted for 61.5% of the total transaction volume in 2023. Stablecoins continued to dominate the majority of illegal transaction volume in 2023, whereas Bitcoin was the preferred cryptocurrency for criminals from 2018 to 2021. Crypto scams and hacks decreased by 29.2% and 54.3% last year, respectively. On the other hand, ransomware and dark web activities increased.
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