Compilation: Luan Peng, ChainCatcher

Important Information:

"What important events have occurred in the past 24 hours"

Fidelity submits updated S-1 file for Ethereum spot ETF application

Fidelity has submitted an updated version of its S-1 file for the Ethereum spot ETF application.

Vitalik: ENS is the most successful non-financial application in the Ethereum ecosystem

Ethereum co-founder Vitalik Buterin stated on social media: "ENS is our most successful non-financial application, I don't know why more people aren't paying attention to it!"

Geometry Capital HK granted Hong Kong SFC 4, 9 licenses

According to the Hong Kong Securities and Futures Commission website, Geometry Capital's wholly-owned subsidiary, Geometry Capital (Hong Kong) Limited, was approved by the SFC on May 20, 2024, to engage in regulated activities related to virtual assets under licenses 4 and 9. Under the 9th license, Geometry Capital can manage a portfolio with 100% investment in virtual assets, and under the 4th license, it can provide investment advice on virtual assets.

Data: Currently 90% of ETH holders are in a profitable state

According to IntoTheBlock data, with Ethereum rising above $3600, currently 90% of ETH holders are in a profitable state.

Bitget appoints Gracy Chen as CEO

Bitget has appointed Gracy Chen as Chief Executive Officer (CEO), effective this May. Former CEO Sandra Lou will leave the company to focus on personal endeavors.

Matrixport co-founder: "Buy SOL/ETH" is the best trading strategy if Ethereum ETF is approved

Matrixport co-founder Daniel Yan stated on X platform that if the Ethereum ETF is approved within two days, the best trading strategy is to "buy SOL/ETH." The reasons are as follows: ETH has risen nearly 20% in the past 24 hours; SOL will be the next beneficiary after the approval of the ETH ETF; ETH/BTC rose 12% within a week after the approval of the BTC spot ETF, as people anticipate the approval of the ETH ETF; this strategy has low market participation and is not a popular trade. He also cautioned that the price of BTC fell 15% in the weeks following the approval of the spot ETF on January 10.

Data: Net inflow of $235 million into US Bitcoin spot ETF yesterday

According to HODL15Capital monitoring, there was a net inflow of $235 million (3518 BTC) into the US Bitcoin spot ETF yesterday.

Su Zhu: If Ethereum spot ETF is approved, Ethereum will rise to $5400

Su Zhu stated that if the Ethereum spot ETF is indeed approved, ETH will rise 80% from $3,000 to reach $5,400, and Bitcoin will rise to $80,000 (with an ETH/BTC exchange rate of 0.0675), marking a new high for ETH price.

Dragonfly partner: Biden may soften cryptocurrency policies before the election

Dragonfly partner Haseeb Qureshi has stated that Biden may soften cryptocurrency policies before the election to avoid losing votes in the intense competition. The approval of the ETF is the first sign of this change, and it is expected that other institutions will also relax their policies in the coming months.

Data: Ethereum's market value surpasses Mastercard and LVMH, ranking 26th in global asset market value

According to Infinite Market Cap data, Ethereum's current market value has reached $443 billion, surpassing the market value of companies such as Mastercard and LVMH, ranking 26th in global asset market value.

"What are some exciting articles worth reading in the past 24 hours"

US SEC Makes a 180-Degree Turn, Ethereum Spot ETF Approval Marks a Crucial Moment

This morning, there were reports that the U.S. Securities and Exchange Commission has requested exchanges to expedite the update of the 19b-4 application. Bloomberg ETF analysts Eric Balchunas and James Seyffart have increased the probability of the spot Ethereum ETF approval from 25% to 75% following the related rumors, and then corrected that the 75% specifically refers to the approval probability of 19b-4.

Influenced by this news, the price of ETH quickly broke through $3600, reaching a high of $3693, with a 24-hour increase of over 19%.

"Buy New, Not Old" Cryptocurrency Investment Theory, Still Effective?

Recently, there has been much discussion in the market about the pressure from VC and CEX interest monopoly groups, with project teams launching at the top CEX with as high an FDV as possible to provide sufficient exit liquidity for early investors and insiders, leaving small and medium investors as "bag holders."

Dragonfly Managing Partner Haseeb Qureshi responded in the article "VC Perspective: What are the Causes of the Decline in Tokens with 'High FDV, Low Circulation'?" and provided data support. The core point is that the poor performance of tokens with low circulation/high FDV is a process of market self-correction. The founder of Ambient also presented the viewpoint from an "ETH perspective" that, in terms of ETH pricing, the difference in FDV of newly issued tokens is not significant compared to the past.

What is the actual situation? Based on the research foundation of user @tradetheflow_ on the X platform, Odaily Planet Daily has updated, supplemented, classified, and interpreted the data, comparing two bull market cycles, and concluded that buying new coins at top CEXs is no longer a good investment.

Internal and External Challenges for the Ethereum Foundation: Conflict between Researchers and Engineers, Conflict of Interest as Advisors to EigenLayer

Recently, the views and actions of some members of the Ethereum Foundation have sparked controversy. On May 16, Ethereum Foundation member and Geth development lead Péter Szilágyi expressed his views on some current Ethereum problem-solving solutions on Twitter, stating that some current solutions do not fundamentally solve the problem but rather democratize it, eliminating dissenting voices through distribution of benefits. This viewpoint sparked heated debate, especially with Ethereum Foundation researcher Dankrad Feist, leading to intense debate between the two.

Following this, on May 21, Dankrad Feist announced that he and Ethereum Foundation researcher Justin Drake had become advisors to Eigenlayer, receiving millions of dollars in token incentives, once again raising questions and discussions within the community. As members of the Ethereum Foundation, their involvement in external projects with potential conflicts of interest with Ethereum, and accepting token incentives from the project, inevitably raises doubts about their neutrality and impartiality.

HashKey Global: 5 Things You Need to Know About the SEC's Accelerated Decision Process for Ethereum Spot ETF

After the approval of the Bitcoin spot ETF earlier this year, traditional financial funds have been continuously pouring into the cryptocurrency field over the past few months. The Bitcoin spot ETF currently holds approximately 830,000 bitcoins, worth about $52 billion. The market has been looking for a new narrative focus, with April being the Bitcoin halving and May being the Ethereum spot ETF. Now, as the critical date of May 23 for the Ethereum spot ETF approaches, the outlook seems to have shifted from pessimistic to optimistic, as Bloomberg analysts stated on the morning of the 21st that the probability of the Ethereum spot ETF approval has significantly increased to 75%, leading to a rapid rise in the crypto market, with Ethereum rising by over 20% in a single day. Here are 5 things you need to know about the Ethereum spot ETF.

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Fidelity submits updated version of S-1 filing for Ethereum spot ETF; Vitalik: ENS is the most successful non-financial application in the Ethereum ecosystem; Data: Currently, 90% of ETH holders are i