Today's Headlines:
- Binance's new coin mining project, AEVO, is online for the 48th period, using BNB and FDUSD for mining
- Grayscale launches a crypto staking fund, initially including 9 assets
- The sharp drop is suspected to be related to an old miner transferring 1000 bitcoins to Coinbase
- Binance.US is forced to lay off two-thirds of its staff (about 200 employees), the United States seeks to modify Zhao Changpeng's bail before sentencing, US seeks to modify Zhao Changpeng's bail before sentencing
- Solana's DePIN protocol io.net completes a $30 million Series A financing, led by Hack VC
- Bitcoin price broke through $69,000 last night and is now falling back to around $66,500
- The US Bitcoin spot ETF had a net inflow of $648 million yesterday, setting a new single-day net inflow record
- The Montenegrin Court of Appeal rejects the lower court's decision to extradite Do Kwon to the United States
Regulatory News
According to DL News, based on a statement released on Tuesday, Terraform Labs co-founder Do Kwon has won a rare victory as the Montenegrin court rejected the lower court's decision to extradite him to the United States. The Montenegrin Court of Appeal stated that the legal actions leading to the extradition decision in February "seriously violated the provisions of criminal procedure." According to the appeal statement, the case is currently being sent back to the lower court for a second retrial.
According to Blockworks, the Arizona Senate in the United States has introduced a resolution encouraging legislators and state retirement fund managers to consider allocating a portion of the investment portfolio to a Bitcoin ETF. The resolution was proposed shortly after the US Securities and Exchange Commission allowed Bitcoin ETFs to begin trading. It urges the Arizona State Retirement System (ASRS) and the Public Safety Personnel Retirement System (PSPRS) to monitor these new investment tools and consider increasing risk exposure. The Senate passed the resolution with 16 votes in favor and 13 votes against, with all Democrats voting against it. The case has now been submitted to the state House Appropriations Committee for review.
The United States seeks to modify Zhao Changpeng's bail before sentencing
According to Blockworks, the US government has applied to modify the bail conditions of former Binance CEO Zhao Changpeng, requiring him to report his travel plans. This is based on the original bail conditions that did not involve passport custody and travel plan notification while Zhao was expected to reside in the UAE. The US government hopes that Zhao and his defense team will inform the government of his travel plans, despite opposition from Zhao's team, as the government is concerned about his travel to the US-Canada border. As part of the modification order, Zhao is also required to surrender his Canadian passport to a third-party custodian and is prohibited from applying for or receiving a new passport. Zhao's sentencing is scheduled for April 30.
According to CoinDesk, cryptocurrency exchange ShapeShift has settled charges brought by the US Securities and Exchange Commission (SEC) involving the sale of crypto securities. ShapeShift has agreed to pay a $275,000 fine and has agreed not to violate securities laws again. The SEC's charges involve ShapeShift operating as an unregistered broker from 2014 to 2021, offering at least 79 types of crypto assets to customers, including those offered and sold as investment contracts.
AI
Financial Times: Singapore's Temasek is in talks to invest in OpenAI
According to the Financial Times, Singapore's Temasek Holdings is in discussions to invest in OpenAI, a Microsoft-backed artificial intelligence company. The report cited two sources familiar with the matter, stating that executives of the Singaporean state-owned investment company have met with Sam Altman, CEO of ChatGPT, multiple times in recent months.
Fetch.ai announces the launch of a $100 million infrastructure investment to address GPU shortages
Web3 protocol Fetch.ai, focused on artificial intelligence, announced the launch of a major infrastructure investment on its official blog to ensure the expansion of tools and training capabilities available to its users and developers. The launch of Fetch Compute is a $100 million project aimed at enhancing participants' ability to create advanced applications to deepen the foundation of the AI economy.
OpenAI refutes Musk: Making AI beneficial to humanity does not mean open-sourcing AGI
OpenAI responded to Musk's previously mentioned lawsuit. OpenAI's response stated that Musk's attack was unsuccessful because he attempted to incorporate OpenAI into Tesla. OpenAI pointed out that building general artificial intelligence (AGI) requires far more resources than initially imagined, and both the company and Musk recognize that building a for-profit entity is necessary to obtain these resources. OpenAI further stated that Musk and the company both agree that achieving the original intention of the company, to enable everyone to benefit from the results of artificial intelligence, can be achieved by building widely available AI tools and does not mean open-sourcing AGI. In the early days of its establishment, OpenAI planned to raise $100 million, and Elon suggested a commitment of $1 billion. The non-profit organization raised less than $45 million from Elon and over $90 million from other donors.
Elon Musk responds to OpenAI's refusal to open source, saying "The safest software is open source."
Project Updates
Binance's new coin mining project, AEVO (AEVO), is online for the 48th period, using BNB and FDUSD for mining According to the official announcement, Binance's new coin mining project has launched the 48th period - AEVO (AEVO), a decentralized derivatives trading platform. Users can deposit BNB and FDUSD into the AEVO mining pool on the Launchpad website after 08:00 on March 8, 2024 (UTC+8) to receive AEVO rewards, with a total mining period of 5 days. The website is expected to be updated within approximately 24 hours before the mining activity opens.
Osprey Bitcoin Trust is seeking buyers or planning to merge with other Bitcoin ETFs According to CoinDesk, the closed-end Bitcoin fund Osprey Bitcoin Trust stated that it is attempting to sell itself to other Bitcoin ETFs or merge with them, as well as considering other strategic options. The company stated in a Tuesday announcement that if this process is unsuccessful, it "intends to liquidate and dissolve the trust within 180 days from today."
Grayscale launches a crypto staking fund, initially including 9 assets According to CoinDesk, Grayscale has announced the launch of a new crypto staking fund. The fund, named "Grayscale Dynamic Yield Fund," initially includes 9 assets such as Aptos (APT), Celestia (TIA), Coinbase Staked Ethereum (CBETH), Cosmos (ATOM), Near (NEAR), Osmosis (OSMO), Polkadot (DOT), SEI Network (SEI), and Solana (SOL). The fund aims to earn income through staking cryptocurrencies and will distribute dividends in USD on a quarterly basis.
WOOFi: Vulnerability found in WOOFi Swap on Arbitrum, threat controlled, offering 10% white hat bounty to the attacker Decentralized exchange platform WOOFi tweeted that earlier today, they discovered a vulnerability in WOOFi Swap on Arbitrum. The threat has been controlled, and all other WOO contracts have been marked as secure. WOOFi Pro, Stake, and Earn are unaffected and operating normally as contracts are updated and undergo additional audits. WOOFi Earn depositors can withdraw funds as usual. Efforts have begun to recover the funds and offer a 10% white hat bounty to the attacker. The goal is to have WOOFi Swap fully operational again within the next two weeks.
Sharp drop suspected to be related to an old miner transferring 1000 bitcoins to Coinbase According to CoinDesk, the testing of Bitcoin near its all-time high has led old miners to start cashing out. The thin market liquidity means that bitcoins transferred from old block rewards by early miners have a significant impact on the price. In particular, when the price of Bitcoin quickly dropped from a new high of about $69,000 to $62,000 on Tuesday, on-chain data showed that bitcoins worth about $69 million were transferred to Coinbase, belonging to miners of over ten years. The whale selling 1000 bitcoins mined in 2010 for less than $0.28 per bitcoin.
CryptoQuant analyst Bradley Park stated in a report, "Considering that the trading order book shows 5-10 bitcoins of liquidity for every $100 price change, selling 1,000 bitcoins is likely to cause a significant price drop."
Ark Invest sold over $24 million worth of Coinbase stock yesterday Cathie Wood's Ark Invest sold a total of 110,896 shares of COIN stock yesterday. ARKK sold 86,375 shares; ARKW sold 10,277 shares; ARKF sold 14,244 shares. Based on yesterday's closing price of approximately $216.77 per share, the total value is approximately $24.03 million.
Frax Finance to snapshot veFXS balances on the Ethereum mainnet before 8:00 on March 7 Stablecoin protocol Frax Finance will snapshot veFXS balances on the Ethereum mainnet before 8:00 on March 7 (Beijing time) for calculating FXTL points. Due to high Ethereum gas fees and widespread user demand, Frax Finance also plans to take a second snapshot on April 3 to calculate more FXTL points. This snapshot will include Fraxtal and veFXS balances on the Ethereum mainnet.
DWF Labs to purchase $10 million worth of TokenFi tokens to support its development in AI and tokenization TokenFi announced on its official blog that Web3 investment company DWF Labs will purchase $10 million worth of TokenFi tokens as part of their commitment to support TokenFi's development in the tokenization field. This acquisition will be made from the TokenFi treasury and will last for two years. It will also ensure that TokenFi has sufficient resources to develop innovative and competitive products, including products involving artificial intelligence (AI), such as TokenFi-generated AI for NFTs, TokenFi AI smart contract audit solutions, and more.
Re-staking protocol EigenLayer TVL surpasses Aave, becoming the second largest DeFi protocol According to DefiLlama data, the total locked value (TVL) of the Ethereum re-staking protocol EigenLayer has reached $10.4 billion, surpassing Aave and becoming the second largest decentralized finance (DeFi) protocol by TVL. Currently, the protocol with the highest TVL is Lido, with a total locked value of $35 billion.
Project Updates
Layer 2 project Polymer Labs launches Polyverse testnet The Layer 2 project Polymer Labs, focused on IBC protocol interoperability, has announced the launch of the Polyverse testnet. The testnet aims to reward developers, infrastructure operators, and builders for their contributions to enhancing Ethereum scalability through Layer 2 solutions, pioneering cross-chain applications, and promoting IBC within the Cosmos ecosystem. The Polyverse testnet is divided into three stages, with the first stage, Basecamp, already live and running until April, allowing developers to use Polymer to develop dApps, promoting the development of innovative dApps and seamless interoperability, and enhancing development tools within the ecosystem. The second stage is planned for release this month, selecting a subset of dApps developed in the first stage and introducing additional incentives for end users to join the testnet. The third stage will focus on developing additional tools to support relay operation and soliciting feedback on relay incentive programs.
Binance to remove AERGO/BTC, ALGO/BNB, and other spot trading pairs on March 8 Binance has announced that it will remove and cease trading for the following spot trading pairs on March 8, 2024, at 11:00 (UTC+8): AERGO/BTC, ALGO/BNB, CTSI/BNB, FARM/BTC, FUN/ETH, XLM/BNB.
Binance.US forced to lay off two-thirds of its staff, about 200 employees According to CoinDesk, Binance.US announced a significant drop in revenue and was forced to lay off two-thirds of its staff after facing a lawsuit from the U.S. Securities and Exchange Commission (SEC). This legal action has led to a $100 million loss of assets, a 75% decrease in revenue, the layoffs of 200 employees, a sharp increase in legal and audit fees, and the loss of banking relationships, impacting operations.
European crypto exchange Bitstamp receives provisional regulatory approval from MAS According to CoinDesk, European cryptocurrency exchange Bitstamp has received provisional regulatory approval from the Monetary Authority of Singapore (MAS). This marks Bitstamp as the first major EU crypto exchange to receive such approval in Singapore. The license will enable Bitstamp to offer digital payment token services in the Southeast Asian city-state, with a focus on serving financial institutions and intermediaries such as payment processors, fintech companies, and brokerage firms.
Binance announces the suspension of withdrawals for Solana (SOL) network maintenance According to an official announcement from Binance, due to increased transaction volume on the Solana (SOL) network, withdrawals to and from the Solana (SOL) network will be suspended starting from March 4, 2024 (UTC+8) for related maintenance. Binance has completed its investigation and is seeking a long-term stable solution. The solution is expected to be implemented on March 10, 2024, at 02:00 (UTC+8).
Funding News
Institutional crypto platform Utila completes $11.5 million seed round, led by Framework Ventures The institutional crypto platform Utila has completed an $11.5 million seed round, co-led by NFX and Wing VC, with participation from Framework Ventures and angel investors including Balaji Srinivasan, Charlie Songhurst, and Surojit Chatterjee. Other investors include Fasanara Digital Ventures, North Island Ventures, Republic Capital, Liquid2, Inspired Capital, Lyrik Ventures, DCG Expeditions, Launchpad Capital, Shima Capital, K5 Global, Big Brain Holdings, Impatient, as well as angel investors from a16z, Coinbase, and other organizations. Utila spokesperson stated that the funds, raised in 2023, will be used to accelerate product development and expand Utila's current team of 25 members. Utila declined to disclose the valuation or comment on the structure of this round.
Solana ecosystem DePIN protocol io.net completes $30 million Series A funding, led by Hack VC The Solana ecosystem DePIN protocol io.net has announced the completion of a $30 million Series A funding round, led by Hack VC, with participation from Multicoin Capital, 6th Man Ventures, M13, Delphi Digital, Solana Labs, Aptos Labs, Foresight Ventures, Longhash, SevenX, ArkStream, Animoca Brands, Continue Capital, MH Ventures, and OKX, as well as Solana founders Anatoly Yakovenk, Aptos founders Mo Shaikh and Avery Ching, Animoca Brands' Yat Siu, and Jin Kang from Perlone Capital. The raised funds will be used to establish its decentralized GPU network and address the shortage of AI computing.
Key Data
Data: Bitcoin investment tools currently manage over 1 million bitcoins, worth approximately $67 billion According to The Block, global Bitcoin investment tools, including recently launched Bitcoin exchange-traded funds (ETFs) in the United States, currently manage over 1 million bitcoins, worth approximately $67 billion, highlighting the increasing interest in cryptocurrencies within investment portfolios. According to data from cryptocurrency research firm K33, the majority (over 83% of the data) is attributed to U.S. spot and futures Bitcoin ETFs. Europe and Canada follow the U.S. as the second and third largest markets for Bitcoin investment tools, respectively. As of March 4, these tools collectively manage 1,008,436 BTC, accounting for 5.13% of Bitcoin's circulating supply.
Vetle Lunde, senior analyst at K33, stated that managing over 1 million bitcoins is a significant threshold, and these tools largely disrupt the structure of the Bitcoin market. A few years ago, spot exchanges held 20% of the circulating supply, and now, with the development of ETFs/ETPs, Wrapped Bitcoin, and the evolving derivatives market, this number has decreased to 11%.
Glassnode data shows that out of over 1 million bitcoins, nearly 700,000 bitcoins are managed by the recently launched spot Bitcoin ETF in the United States. Since its launch in January this year, the U.S. spot Bitcoin ETF has begun competing with the gold ETF, which has been operating since 2004. According to BitMEX Research, as of March 4, the total assets managed by the U.S. spot Bitcoin ETF have exceeded $52.5 billion, while the total assets under management of the gold ETF exceed $100 billion.
Market: Bitcoin price breaks through $69,000, reaching a new all-time high
According to OKX market data, the price of Bitcoin broke through $69,000 last night, reaching a new all-time high, with a year-to-date increase of 62.64%. Early this morning, Bitcoin rebounded after a short-term drop below $60,000, and is currently trading near $63,300. At the same time, Ethereum rebounded after a short-term drop below $3,400 and is currently trading near $3,500.
As of 18:41 Beijing time, the price of Bitcoin is now at $66,527.9, and Ethereum is at $3,832.39.
Coinglass data shows that the total cryptocurrency market liquidations in the past 24 hours amounted to $1.196 billion, with a total of 320,512 liquidations. Long liquidations accounted for $895 million, while short liquidations accounted for $301 million. By currency, BTC liquidations were approximately $333 million, and ETH liquidations were approximately $210 million.
Daily trading volume of U.S. spot Bitcoin ETF reaches $10 billion, setting a new record
Data released by Bloomberg analyst Eric Balchunas on Twitter shows that on Tuesday, the daily trading volume of 10 U.S. spot Bitcoin ETFs reached $10 billion, setting a new record and surpassing the previous record set last Wednesday. Among them, iShares IBIT ($3.703 billion), Fidelity FBTC ($2.028 billion), Bitwise BITB ($294 million), and ARK 21Shares ARKB ($484 million) all reached new highs.
DeFi TVL surpasses $100 billion, the first time since May 2022
Data from The Block shows that the total value locked (TVL) in decentralized finance (DeFi) protocols has surpassed $100 billion, reaching $101.36 billion, with lending accounting for $32.62 billion (32.2%), decentralized exchanges for $19.97 billion (19.7%), collateralized debt positions for $12.22 billion (12%), and re-collateralization activities for $10.06 billion (9.9%). The last time DeFi TVL surpassed $100 billion was on May 11, 2022, when the DeFi TVL was $112.67 billion.
Data from The Block shows that the cryptocurrency market trading volume in Asia reached $212.18 billion this month, accounting for approximately 70.57% of the global trading volume. The share of the Asian market's trading volume in the first two months of this year remained between 67% and 69%. Reuters' report indicates that the high proportion of cryptocurrency trading volume in Asia is similar to the situation during the bull market when Bitcoin prices reached new highs in 2021.
According to Farside Investors' statistical data, the U.S. spot Bitcoin ETF recorded a new single-day net inflow record on March 5, totaling $648 million. Among them, iShares' spot Bitcoin ETF (IBIT) had a net inflow of $788.3 million, Fidelity's FBTC saw an inflow of approximately $125.6 million, while Grayscale's GBTC experienced a net outflow of $332.5 million.
According to data from Kaiko, on March 5, the global centralized cryptocurrency exchanges (CEX) saw a Bitcoin (BTC) trading volume of $46.25 billion, setting a new record since 2021. In the trading volume on that day, Binance led with $23.84 billion, Coinbase's trading volume reached $4.83 billion, followed by Bybit and OKX, reaching $4.29 billion and $3.53 billion, respectively. KuCoin, UPbit, and Kraken had trading volumes of $1.49 billion, $1.36 billion, and $1.21 billion, respectively.
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