Organizing: Fairy, ChainCatcher

Important Information:

• Upbit to List Blast (BLAST)
• Crypto Mining Company Hut 8 Receives $150 Million Strategic Investment from Coatue, Will Collaborate to Build AI Infrastructure Platform
• CoinShares Sells FTX Debt at 116% Recovery Rate
• Mt. Gox to Begin Repaying Bitcoin, BCH in Early July 2024
• European Commission Preliminarily Rules Apple's App Store Rules Violate EU Digital Markets Act
• Metaplanet Plans to Issue ¥10 Billion Bonds to Increase Bitcoin Holdings
• Data: Large Amounts of ALT, OP, SUI Tokens to Be Unlocked This Week, Releasing a Total Value of Over $180 Million

"What Important Events Have Happened in the Past 24 Hours"

Upbit to List Blast (BLAST)

According to the official announcement, the South Korean cryptocurrency exchange Upbit will list Blast (BLAST), supporting KRW, BTC, and USDT trading pairs.

Crypto Mining Company Hut 8 Receives $150 Million Strategic Investment from Coatue, Will Collaborate to Build AI Infrastructure Platform

Crypto mining company Hut 8 announced that it has received a $150 million strategic investment from Coatue, and the two parties will collaborate to build an artificial intelligence infrastructure platform.

Coatue has agreed to invest $150 million in the company through convertible notes at an annual interest rate of 8.00% (compounded quarterly). The initial term of the notes is five years, with the company having the option to extend for up to three one-year terms. The issuance of the notes is expected to be completed on or before July 11, 2024.

CoinShares Sells FTX Debt at 116% Recovery Rate

According to Finance Feeds, CoinShares announced that it has successfully sold its FTX debt, resulting in a 116% recovery rate after deducting brokerage fees, bringing £26.6 million of debt to £31.32 million in returns.

The agreement was signed today and is subject to customary closing conditions, with the company stating that this will significantly strengthen CoinShares' financial position.

Mt. Gox to Begin Repaying Bitcoin, BCH in Early July 2024

According to Tree News, Mt. Gox will begin repaying Bitcoin and BCH in early July 2024.

European Commission Preliminarily Rules Apple's App Store Rules Violate EU Digital Markets Act

According to Jin10, the European Commission has preliminarily ruled that the online app store rules of the US-based Apple violate the EU Digital Markets Act. The Commission believes that Apple's rules hinder app developers from directing consumers to discounts and content through other channels. On the same day, the Commission also launched a new investigation against Apple. Under the Digital Markets Act, if there is a violation, the Commission can impose fines on Apple, with the maximum fine amounting to 10% of the company's global turnover.

10x Research Founder: Bitcoin Double Top Indicates BTC Could Fall to $50,000

10x Research founder Markus Thielen stated that from a technical perspective, Bitcoin appears to be following a double top pattern, with support levels being tested. Unless this pattern fails, it should be our base case. The pattern could easily fall to $50,000, or even $45,000.

This is a bearish technical analysis pattern consisting of two peaks and a valley in between, typically occurring after a clear upward trend. The second peak represents the exhaustion of the upward trend, ultimately breaking the low point between the two peaks to confirm a shift to a bearish trend.

Bitcoin and Ethereum Transaction Fees Drop to 7-Month Lows

According to Cointelegraph, on June 23, the average Bitcoin transaction fee reached $1.93 per transaction, the lowest level since October 2023.

In addition, ETH gas fees are approaching historic lows, as activity shifted from Ethereum to its layer 2 network after the Dencun upgrade in March. Since the Dencun upgrade, the average gas price on Ethereum has dropped by about 92%. According to a report from Layer2 Insider, L2 network revenue was $950,000 last week.

CoinShares: Digital Asset Investment Products Saw Outflows of $584 Million Last Week

The CoinShares weekly report shows that digital asset investment products saw total outflows of $584 million last week, a decrease of $1.2 billion.

Bitcoin outflows amounted to $630 million, but recent negative sentiment did not lead to an increase in short positions by investors. Inflows for various asset products reached $98 million, indicating that investors view the weakness in the altcoin market as a buying opportunity.

Last week, global ETP trading volume also hit the lowest level since the launch of US ETFs in January, with a weekly trading volume of only $6.9 billion.

Data: Related Indexes of Top 100 Digital Assets Fell by Approximately 5%, the Largest Decline Since April This Year

According to Bloomberg, the digital asset market saw the second largest single-week decline since 2024, mainly due to cooling demand for Bitcoin spot ETFs and currency policy uncertainty.

In the seven days ending last Sunday, the index covering the top 100 digital assets fell by about 5%, the largest decline since April this year. Bitcoin fell below $63,000, reaching a low point in over a month. Experts point out that the current dynamics of the crypto market show low volatility and weak trading volume, leading to an imbalance in the order book as prices begin to move towards the edges of the range.

a16z crypto Submits Feedback on Draft of US IRS 1099-DA Form

a16z crypto Submits Feedback on Draft of US IRS 1099-DA Form

a16z crypto recently commented on the draft of the 1099-DA form by the Internal Revenue Service (IRS), with the following key points:

• Each digital asset transaction requires multiple brokers to submit the 1099-DA form, resulting in unnecessary duplicate information reporting and placing an unreasonable burden on filers.
• Requiring brokers to report wallet addresses is unnecessary and puts sensitive taxpayer information at significant risk.
• The cost of providing the information required by the 1099-DA form is too high and, in some cases, may not be achievable.
• The final regulations should postpone or "phase in" the effective date of the reporting requirements for digital assets.
• Non-custodial wallets and digital asset payment processors should be removed from the "broker" category listed in the 1099-DA form.
• The IRS should not require the submission of the 1099-DA form when disposing of fiat-backed stablecoins and most NFTs (non-fungible tokens).
• The requirements for submitting the 1099-DA form should include a minimum threshold, allowing brokers to aggregate transactions for reporting purposes.

Metaplanet Plans to Issue ¥10 Billion Bonds to Increase Bitcoin Holdings

Japanese publicly traded company Metaplanet announced that its board of directors has approved the use of ¥10 billion (approximately $6.26 million) to increase its Bitcoin holdings. The funds will come from the proceeds of the issuance of the company's second series of secured ordinary bonds.

The official announcement indicates that these bonds have an annual interest rate of 0.5% and will be paid on June 26, 2024, with a maturity date of June 25, 2025.

Cathie Wood: Plans to Vote for Trump in Presidential Election Based on Economic Reasons

Cathie Wood, the CEO of the US investment company Ark Invest, stated that she plans to vote for former US President and Republican nominee Donald Trump in the upcoming presidential election.

Wood stated, "When it comes to economic issues, I am a voter, and based on that, I choose Trump." She mentioned that the Trump administration had the "best three years in American economic history" before the outbreak of the COVID-19 pandemic. Wood has long been a supporter of cryptocurrencies, and Trump has recently expressed strong support for the cryptocurrency industry.

Data: Tokens such as ALT, OP, SUI to Experience Large Unlocks This Week, Releasing a Total Value of Over $180 Million

According to Token Unlocks data, mainstream crypto projects will collectively unlock tokens worth $188 million in the next 7 days. Seven projects will experience significant token unlocks, including:

• AltLayer will unlock 105 million ALT on June 25 at 18:00, accounting for 6.92% of the circulating supply, worth approximately $19.88 million.
• Yield Guild Games will unlock 16.69 million YGG on June 27 at 22:00, accounting for 4.48% of the circulating supply, worth approximately $10.65 million.
• SingularityNET will unlock 8.57 million AGIX on June 28 at 8:00, accounting for 0.67% of the circulating supply, worth approximately $5.30 million.
• Echelon Prime will unlock 750,000 PRIME on June 30 at 8:00, accounting for 1.83% of the circulating supply, worth approximately $7.79 million.
• Optimism will unlock 31.34 million OP on June 30 at 8:00, accounting for 2.88% of the circulating supply, worth approximately $56.10 million.
• Ethena Labs will unlock 14.89 million ENA on June 30 at 15:00, accounting for 0.87% of the circulating supply, worth approximately $8.96 million.
• Sui will unlock 64.19 million SUI on June 30 at 8:00, accounting for 2.65% of the circulating supply, worth approximately $57.15 million.

"What Exciting Articles Have Been Worth Reading in the Past 24 Hours"

Special Feature: Nearly 500 Projects Compete for 8 Years to Produce Unicorns, Is Web3 Social Summer Coming?

In the first two years of becoming a unicorn, the founder of Farcaster took the most primitive approach to promote his social app: persuading Web3 individuals in his circle of friends one by one, including Ethereum co-founder Vitalik Buterin, who promoted Farcaster.

After thousands of ground promotions, Farcaster gained a group of elite seed users.

Web3 users, led by early Twitter investor Fred Wilson, announced their migration to Farcaster, and Vitalik's views mostly premiered on Farcaster.

On May 21, Farcaster announced a $1.5 billion financing at a valuation of $10 billion.

Since the launch of the decentralized content platform Steemit in 2016, Web3 social has experienced eight years.

Compared to the rise and fall of DeFi and GameFi, Web3 social is a more desolate story. Most first-generation gold diggers such as Steemit and Bihu have ceased operations, and after creating a brief spark, Lens, Damus, and friend.tech quickly fell silent.

Farcaster seems to bring a glimmer of hope to Web3 social.

Interview with Maverick COO Ada: How to Build a One-Stop Liquidity Operating System in the DeFi Field?

On the evening of June 19, Maverick V2 was launched as scheduled, and the MAV token rose by over 10% on the same day due to this positive news.

Maverick has been working to increase LP yield and capital efficiency.

Ada, who has achieved outstanding results in the traditional finance field and now serves as the COO of Maverick, stated in an interview with ChainCatcher that Maverick V2 makes the platform not just an AMMM or DEX solution provider, but a one-stop liquidity operating system (LiquidityOS).

She explained that the LiquidityOS concept proposed by Maverick is analogous to Apple's iOS operating system, supporting developers to customize and develop any liquidity tools and solutions on the platform.

New Article by Andrew Kang: Why I Believe Ethereum Cannot Replicate the Success of Bitcoin ETF

BTC ETF opened the door for many new buyers to allocate Bitcoin in their portfolios. The impact of ETH ETF is not as clear.

When the Blackrock ETF application was submitted, the price of Bitcoin was $25,000, and I was very bullish on Bitcoin at the time. Now, the return on Bitcoin has reached 2.6 times, while the return on ETH is 2.1 times. From the bottom of the cycle, the return on BTC is 4.0 times, and the return on ETH is also 4.0 times. So, how much upside can ETH ETF bring? I believe it won't be too significant unless Ethereum develops a convincing way to improve its economic efficiency.

Debate: How to Evaluate the Controversy of Binance's Frequent Coin Listings? Has the Era of Easy Money Come to an End?

Over the weekend, the contradiction between VC coins, exchanges, and retail investors reached a recent peak under the catalysis of two lengthy articles by He Yi, co-founder of Binance. On June 20, the token of a project called Lista DAO was listed on the Binance Megadrop as the second Launchpad project to go live on the platform. As Lista DAO team members include former Binance employees and the project's predecessor had received investment from Binance Labs, many users were optimistic about LISTA and participated in secondary trading. However, in the overall weak market conditions, LISTA did not bring any surprises to retail investors and instead continued to decline, seemingly becoming the last straw that broke the camel's back, as the market's anger gradually spread from dissatisfaction with VC coins to Binance's frequent coin listings that ignore the interests of secondary users.

On June 21, He Yi responded in an article, stating, "Even if Binance does not list new projects, funds will still flow into token unlocks, meme coins, etc."; "Some VCs are indeed a core reason for artificially high prices, but VCs generally have a 7-year lock-up period with 4+3 LP fundraising, collecting management fees and dividends; VCs generally unlock after one year from TGE (not all), so many VC firms in the crypto space are also going bankrupt, and some VC LP investments in the crypto space may also go to zero."

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