Headlines
Odaily Planet Daily News MicroStrategy (MSTR.O) stated that as of February 5, 2024, the company held 190,000 BTC, with a total cost of 5.93 billion USD and a cost of 31,224 USD per BTC.
The company stated that it increased its holdings by 850 BTC in January at a price of 37.2 million USD. It has additionally purchased 31,755 BTC since the end of the third quarter of last year, marking the largest quarterly increase in the past 3 years and the 13th consecutive quarter of BTC holdings on its balance sheet.
Ethereum Cancun upgrade has gone live on the Holesky testnet
Odaily Planet Daily News The Ethereum Cancun (Dencun) upgrade has gone live on the Holesky testnet, which is the final testnet fork before the mainnet Ethereum. It is reported that the mainnet Ethereum date may be announced within the next 24 hours.
SEC votes to pass rules for stricter regulation of cryptocurrency and DeFi trading firms
Odaily Planet Daily News The U.S. SEC voted on Tuesday to pass a rule requiring market participants with significant liquidity providing roles to comply with federal securities laws, including incorporating cryptocurrencies.
The rule will apply to individuals trading in crypto assets that meet the definition of securities or government securities, with the exception of assets valued at less than 50 million USD.
These rules will also impact DeFi, "If a person's trading activities in crypto asset securities, including products, structures, and activities involved in so-called DeFi markets, meet the definition of 'as part of the regular business' as set forth in the final rule (i.e., the person engages in the regular pattern of buying and selling crypto asset securities that has the effect of providing liquidity to other market participants, as described in the qualitative standard), and no exceptions or exclusions apply, the person will be required to register as a dealer or government securities dealer."
The final rule will take effect 60 days after publication in the Federal Register. The compliance date is one year after the final rule takes effect.
The DeFi Education Fund stated that the rule adopted by the SEC on Tuesday is "misguided and unworkable." Miller Whitehouse-Levine, CEO of the fund, stated, "While the SEC acknowledged receiving comments on DeFi, including the issues we are concerned about, the SEC not only failed to address the substantive issues we raised, but also failed to provide any discernible compliance path for DeFi market participants. Imposing obligations on entities that cannot comply is wrong, impractical, and hostile to innovation."
Cody Carbone, Vice President of Policy at the Chamber of Digital Commerce, stated that Tuesday's vote is "another example of the SEC's continued hostile attitude toward the digital asset industry."
Republican Commissioner Hester Peirce, who voted against the rule, raised objections to certain aspects of the rule at Tuesday's meeting. Peirce stated, "The document did not spend much time talking about cryptocurrencies, but it does explain that under the final rule, automated market makers (AMMs) may have to register as dealers. As far as I know, AMM is just a software protocol, so how does it register as a dealer?" An SEC official responded to Peirce, stating that AMM is not just a software.
After some debate, Peirce asked how many people providing liquidity in AMM pools would be covered by the rule. An SEC official stated, "This market is not transparent or compliant, so unfortunately we do not have good data."
Three Arrows Capital's settlement agreement with BlockFi has been approved by a U.S. judge
Odaily Planet Daily News A U.S. judge has approved the settlement of claims and disputes between the crypto lending platform BlockFi and the bankrupt crypto hedge fund Three Arrows Capital, but ordered the details to remain confidential.
At a hearing on February 6, New Jersey Bankruptcy Court Judge Michael Kaplan approved the settlement agreement between the two companies to prevent further legal disputes. BlockFi had previously claimed that Three Arrows Capital owed it 129 million USD, while Three Arrows Capital claimed that BlockFi owed it 280 million USD.
Judge Kaplan refused to disclose the contents of the settlement agreement, stating that doing so would be "counterintuitive," and rejected objections from the U.S. trustee to disclose the terms, as the debtor had not demonstrated the necessity of keeping the settlement agreement confidential.
BTC and ETH options with a nominal value of over 1 billion USD will expire and settle this Friday
Odaily Planet Daily News Deribit data shows that BTC options contracts with a nominal value of over 573 million USD and ETH options contracts with a nominal value of over 468 million USD will expire and settle this Friday (February 9). The maximum pain price for BTC is 42,000 USD, and for ETH it is 2,350 USD.
Project News
StarkWare releases STRK inflation model proposal, which will affect the token's total supply limit
Odaily Planet Daily News StarkWare has released a STRK inflation model proposal, with the inflation formula M=0.4 *√ S, where S is the token staking rate, meaning the maximum annual inflation rate is 4%. This inflation model aims to reward stakeholders for their contributions to the network and manage the expected inflation of STRK by setting an upper limit on inflation. Additionally, there are currently 10 billion STRK on Starknet, and if the proposal is implemented, the limit will be raised.
Odaily Planet Daily News The Ethereum Layer 2 network Scroll stated that it will launch an upgrade through the Scroll Multisig contract on February 7, with a two-week time limit, and then the Scroll mainnet will execute the upgrade on February 21, reducing user bridging costs by approximately 50%.
Jupiter founder: Will gradually remove liquidity of 10 million USDC JUP
Odaily Planet Daily News Jupiter founder meow stated on the X platform that 9.6 million JUP liquidity will be immediately removed, and the liquidity of 10 million USDC JUP will be gradually removed over the next few months. The current liquidity is 96,164,550 JUP and 69,927,955 USDC.
Pyth Network launches the second round of retrospective airdrops, covering over 160 dApps
Odaily Planet Daily News Pyth Network, a decentralized oracle project, announced on the X platform that it has launched the second round of retrospective airdrops. This round of airdrops is not only targeted at DeFi participants and individual community members, but has also been distributed to over 160 dApps supported by Pyth Network on more than 27 blockchains. Approximately 100 million PYTH governance tokens (valued at approximately 47 million USD) will be distributed to the dApps. As part of the second phase of the retrospective airdrop plan, dApps using Pyth data will receive PYTH tokens, and the related teams will announce the token distribution plan later this week.
Stablecoin and lending protocol HAI will airdrop governance token KITE on February 12 before going live on the Optimism mainnet next week.
Dogecoin network experiences "lagging/unresponsive" issues, possibly due to mempool clogging the network.
Industry News
The U.S. SEC announces that BitFuFu SPAC merger filing is effective, planning to list on Nasdaq under the "FUFU" stock code.
Hong Kong Securities and Futures Commission warns against suspicious investment products related to "Hong Kong International Financial Center Token (IFCT)."
South Korea to ban illegal virtual asset trading from July, with violators facing up to life imprisonment.
Bitcoin miner reserves have decreased by 8,400 coins since the beginning of the year, reaching a low point since June 2021.
Binance issues a reminder about insider trading policy, stating that employees involved in such activities will be permanently blacklisted.
ETF Developments
Grayscale transfers approximately 3,932 BTC to Coinbase Prime deposit address and two new addresses.
Fidelity's Bitcoin exchange-traded fund Fidelity Wise Origin Bitcoin (FBTC) net assets have reached approximately 2.3 billion USD as of February 7, with a total circulation of over 70,775,000 shares.
BlackRock's IBIT holds approximately 76,750 BTC as of February 6, an increase of about 4,284 BTC from the previous day.
Odaily Planet Daily News BlackRock has updated its holdings data for its spot Bitcoin ETF, showing that as of February 6, IBIT held a total of 76,750.739 BTC (an increase of approximately 4,284 BTC from the previous day), with a market value of 3,310,719,877.54 USD. In addition, as of February 6, the total circulation of IBIT has increased to 132,880,000 shares.
Spot Bitcoin ETF sees inflow of 33 million USD on February 6
Odaily Planet Daily News According to BitMEX Research data, the spot Bitcoin ETF saw an inflow of 33 million USD on February 6.
BlackRock's IBIT ranks fifth in terms of fund inflows in 2024, Fidelity's FBTC ranks eighth
Odaily Planet Daily News Bloomberg Intelligence data shows that BlackRock's iShares Bitcoin Spot ETF (IBIT) has attracted over 3.2 billion USD in fund inflows in just 17 days since its launch, making it the fifth ETF in terms of fund inflows in 2024.
As of this year, the fund inflow for iShares Core S&P 500 ETF (IVV) is 13 billion USD, ranking first, with assets under management (AUM) reaching 428 billion USD. The second-ranked Vanguard 500 Index Fund ETF (VOO) has seen a fund inflow of 11.1 billion USD this year, with assets under management close to 398 billion USD. Also among the top 10 in terms of fund inflows this year is Fidelity's Fidelity Wise Origin Bitcoin Fund (FBTC), with a fund inflow of 2.7 billion USD, ranking eighth.
Odaily Planet Daily News According to BitMEX Research data, Grayscale's GBTC saw an outflow of approximately 73 million USD on the 18th trading day (February 6), lower than the outflow on the previous trading day (108 million USD).
Since January 11, GBTC has seen a total net outflow of 6.149 billion USD, equivalent to 147,792 BTC.
Ark 21Shares submits revised registration statement Form S-1/A for Ethereum ETF
Odaily Planet Daily News According to the official announcement disclosed on the U.S. Securities and Exchange Commission (SEC) website, Ark 21Shares has submitted a revised registration statement Form S-1/A for its Ethereum ETF. This filing provides updated information on Ark 21Shares' planned spot Ethereum ETF, including the registration statement and related fee table. It is reported that Ark 21Shares Ethereum ETF aims to provide investors with an opportunity to track the performance of the Ethereum market, with its business address located at 477 Madison Avenue, New York City.
SEC delays decision on Invesco Galaxy Ethereum ETF
Odaily Planet Daily News Bloomberg analyst James Seyffart stated that the SEC has delayed its decision on the Invesco Galaxy Ethereum ETF, which is 100% in line with expectations. There will be more delayed decisions in the coming months, and the only important date for spot Ethereum ETFs is May 23.
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