Today's Headlines:
- The German government continues to transfer Bitcoin, including approximately 6,307 BTC transferred this afternoon
- The Republican Party in the 2024 party platform supports multiple policies favorable to cryptocurrencies
- Multiple spot Ethereum ETF applicants such as VANECK and 21Shares have completed the submission of updated S-1 documents
- Coinbase International will launch perpetual futures trading for Blast, LayerZero, and ZKsync
- Artificial intelligence startup Hebbia completes $130 million in financing, led by a16z
- Paxful co-founder Ray Youssef pleads guilty to conspiracy to maintain an effective anti-money laundering program, facing up to five years in prison
- Futu Securities approved to provide virtual asset trading services to Hong Kong investors
- Bitcoin spot ETF net inflows reached $295 million in a single day yesterday, with a net asset ratio of 4.45%
Regulatory News:
According to The Block, the Republican National Committee expressed support for multiple policies favorable to cryptocurrencies in its official party platform for the 2024 U.S. presidential election. According to the official document released by the Republican presidential candidate Trump's campaign team on Monday, the party platform vows to end "illegal and un-American attacks" on the U.S. cryptocurrency industry. In addition to opposing the creation of CBDC, the platform also promises to "defend the right to mine Bitcoin" and allow cryptocurrency holders to self-custody their tokens. The document states, "We will defend the right to transact without government supervision and control."
Futu Securities approved to provide virtual asset trading services to Hong Kong investors
According to Oriental Daily, internet broker Futu Securities' Type 1 regulated activity (securities trading) license has been upgraded by the Hong Kong Securities and Futures Commission to provide virtual asset trading services to professional and retail investors in Hong Kong.
Futu launched a new "comprehensive account" feature last Saturday (6th), allowing investors to trade investment products in multiple markets such as Hong Kong stocks, US stocks, A-share connectivity, Japanese stocks, and has announced plans to gradually introduce Singapore stocks, Australian stocks, Canadian stocks, etc., but has not disclosed a specific timetable.
ETF Application Related:
Grayscale submits updated S-1 file for its Ethereum Mini Trust
According to a public document, Grayscale has submitted an updated S-1 file for its Ethereum Mini Trust. Bloomberg analyst Eric Balchunas stated that the file does not disclose the fees for this product.
Cboe has submitted VanEck and 21Shares' Solana ETF 19b-4 forms to the US SEC
According to The Block, Cboe BZX has submitted the 19b-4 forms for the Solana ETF on behalf of VanEck and 21Shares to the US SEC. VanEck submitted the Solana ETF registration statement at the end of June, followed by 21Shares. Nate Geraci, president of The ETF Store, commented that once the SEC confirms these filings, the decision clock starts ticking.
21Shares has submitted a revised S-1 form for its Ethereum spot ETF to the US SEC
According to The Block, 21Shares has submitted a revised S-1 form for its Ethereum spot ETF to the US SEC. As of now, six US Ethereum spot ETF applicants have submitted updated S-1 filings, including Fidelity, VanEck, Franklin, 21Shares, Grayscale, and BlackRock.
VANECK has submitted an updated version of its spot Ethereum ETF S-1 application to the US SEC
According to the official website of the US SEC, VANECK has submitted an updated version of its spot Ethereum ETF S-1 application to the US SEC.
Invesco Galaxy discloses a fee of 0.25% for its spot Ethereum ETF
According to the revised S-1 application filed with the US SEC, Invesco Galaxy has disclosed a fee of 0.25% for its spot Ethereum ETF.
Project Updates:
EOS Network Foundation has launched a staking reward program for 250 million EOS
The EOS Network Foundation has announced the launch of a staking reward program for 250 million EOS on the X platform, marking the arrival of a new era for EOS staking. The new staking reward program features: rewarding 250 million EOS, early staking increases APY, and a lock-up period of 21 days.
DeBank has opened initial DeBank XP airdrop claims, which will last for one month
According to official sources, DeBank has announced that the DeBank XP snapshot was taken at 8:00 on July 4th Beijing time, and all active addresses have the opportunity to claim the initial XP airdrop. DeBank has distributed XP to addresses holding assets greater than 0 and meeting either of the following conditions: 1. Active on-chain in 2024 (at least one transaction initiated); 2. Active on DeBank in 2024.
The initial XP for each address will be confirmed by its on-chain assets, credit, and Web3 social ranking on DeBank. The XP claim page is now available on DeBank, and the claim period will last for one month. Continuing to stay active on-chain and participate in DeBank activities can earn more XP.
According to The Block, the interoperability protocol ZKM, incubated by Metis DAO, has announced plans to launch a Bitcoin Layer 2 solution named GOAT Network later in the third quarter. This solution will be the first decentralized Bitcoin Layer 2, sharing network ownership. Unlike other Bitcoin Layer 2 solutions, whose networks and revenue are controlled by project teams or foundations, GOAT Network states that it will introduce a decentralized sequencer model, allowing sequencer node operators to earn income from Bitcoin by helping to secure the network, as well as activity fees including block production, transaction sequencing, and maximum extractable value (MEV) opportunities.
According to Bloomberg, DigitalX Ltd. will launch a Bitcoin Exchange Traded Fund (ETF) on the Australian main board market, becoming the second such product to receive approval from ASX. The DigitalX Bitcoin ETF will be listed under the code BTXX on July 12. The fund was established in collaboration with K2 Asset Management and 3iQ. This listing follows the approval of the VanEck Bitcoin ETF by ASX last month. Sydney-based fund manager BetaShares Holdings Pty has also applied to launch Bitcoin and Ethereum ETFs on ASX.
Coinbase International Exchange has announced that it will begin supporting perpetual futures trading for Blast, LayerZero, and ZKsync starting from 17:30 on July 11, 2024, or later. These new markets will be available on the Coinbase International Exchange and Coinbase Advanced platforms, corresponding to the trading pairs BLAST-PERP, ZRO-PERP, and ZK-PERP, respectively.
- Singapore High Court orders Multichain Foundation to compensate Fantom Foundation with $2.18 million
According to Cointelegraph, the Singapore High Court has ordered Multichain Foundation to pay $2.18 million to Fantom Foundation as compensation for the losses incurred due to a hack in July 2023.
According to CoinDesk, Consensys, the developer of MetaMask, has released a new toolkit called "MetaMask Delegation Toolkit" aimed at simplifying the user experience for blockchain applications. This toolkit allows users to register without interacting with traditional wallets and eliminates all confirmation pop-ups when switching between decentralized applications and wallets. The toolkit also simplifies smart contract development, allowing developers to reallocate gas fees to others. This toolkit is applicable to all chains compatible with the Ethereum Virtual Machine.
According to a U.S. Department of Justice announcement, Paxful Inc. co-founder and former Chief Technology Officer Artur Schaback has pleaded guilty to conspiracy to maintain an effective anti-money laundering (AML) plan. From July 2015 to June 2019, Schaback allowed customers to trade on the Paxful platform without providing sufficient KYC information, falsely presenting AML policies, and failing to submit suspicious activity reports. Schaback is scheduled to be sentenced on November 4 and faces up to five years in prison, and will resign from the Paxful Inc. board.
South Korean cryptocurrency platform Bithumb has announced the addition of BRETT and TAIKO trading pairs in the Korean won market today. BRETT is supported on the BASE network, with deposits starting at 3:00 pm today (Korean time) and trading and withdrawals starting at 6:00 pm. TAIKO is supported on the Taiko network, with deposits starting at 3:00 pm today and trading and withdrawals starting at 6:00 pm.
According to official sources, XAI, the Layer3 solution for the Arbitrum ecosystem, has announced that XAI contributors have agreed to relock the tokens originally scheduled to be unlocked in July, and disperse them over the next six months. As a result, the team's July unlock has been reduced from approximately 85 million to about 17.7 million tokens. The specific details of the July unlock include approximately 72.3 million for investors, about 17.7 million for the team, about 4.2 million for advisors, about 5.2 million for DAC, and about 8.5 million for the XAI Foundation, totaling approximately 107.9 million tokens. The current circulating supply of XAI is approximately 300 million tokens, and the expected unlocked tokens will increase the circulating supply by approximately 36%. XAI states that its tokens will be unlocked daily, rather than in a lump sum each month.
Binance has announced its support for the network upgrades and hard forks of Neutron (NTRN) and Optimism (OP). The Neutron (NTRN) project is expected to undergo a network upgrade at block height 12,255,555 (estimated at 22:30 on July 10, 2024, Beijing time). Binance is expected to temporarily suspend Neutron (NTRN) token deposits and withdrawals at 21:30 on July 10, 2024, Beijing time. The Optimism (OP) project is expected to undergo a network upgrade and hard fork at 00:00 on July 11, 2024, Beijing time. Binance is expected to temporarily suspend Optimism (OP) token deposits and withdrawals at 23:00 on July 10, 2024, Beijing time.
According to an announcement from Upbit, the South Korean cryptocurrency exchange will list Ethereum Name Service (ENS) in the Korean won market on July 9, 2024, at 18:30 (Korean time). Users are required to confirm network information before conducting digital asset transfers, and only deposits and withdrawals for the networks mentioned in the announcement are supported.
Analysis: Insufficient liquidity exacerbates BCH sell-off due to Mt.Gox
According to CoinDesk, based on TradingView data, Bitcoin Cash (BCH) fell by 20% last week, marking its largest decline since April. The sell-off occurred as the defunct exchange Mt.Gox announced it would begin repaying creditors for tokens worth approximately $9 billion stolen in a 2014 hack, including $73 million worth of BCH, equivalent to 20% of the token's daily trading volume. Kaiko stated that due to the anticipated large-scale liquidation of Mt.Gox creditors, BCH holders panicked, and the poor liquidity of centralized exchanges exacerbated this panic. In a market with poor liquidity, traders find it difficult to execute large orders at stable prices, and a large buy or sell order may disproportionately impact asset prices, leading to volatility. According to Kaiko's Monday newsletter, "Based on the slippage of a simulated $100,000 sell order for BCH, the slippage on most exchanges reached the highest level in over a month, indicating deteriorating liquidity due to insufficient order book depth for large market orders." Slippage refers to the difference between the expected and actual execution prices of a trade, and a significant increase in slippage indicates poor market liquidity and/or high volatility. According to Kaiko, on July 5, the day Mt. Gox announced the refunds, the slippage on the BCH market on Bybit increased from 0.2% to 2.8%, and on Itbit, it increased from 0.3% to 3.5%. Kaiko stated that the poor liquidity "coincides with the strong selling pressure related to the Mt.Gox repayment event, with the highest slippage increases on Itbit and Bybit." Arca's Chief Investment Officer Jeff Dorman stated that market makers have completely disappeared, similar to the credit market in 2009-2010.
Funding News
AI startup Hebbia raises $130 million with a16z as lead investor
According to Bloomberg, AI startup Hebbia has raised $130 million with a16z as the lead investor, with participation from Index Ventures, Google Ventures, and billionaire Peter Thiel. According to a source, the New York-based company is currently valued at approximately $7 billion. Hebbia plans to use the new funds for research and to hire more software engineers. Founded in 2020, Hebbia uses AI technology to help companies sift through various documents to answer complex questions. Its clients include the U.S. Air Force, asset management companies, and legal services firms.
Important Data
Exchanges return $163 million worth of Bitcoin to the German government
According to Arkham Intelligence data, as of 4:15 am Beijing time today, the German government address has received 2,898 bitcoins returned by exchanges, worth approximately $163 million, mainly from Coinbase, Kraken, and Bitstamp. Steven Zheng, research director at The Block, stated that the exchanges likely returned the bitcoins because they were unable to sell them within the target price range. Data shows that the German government currently holds 27,461 bitcoins, worth approximately $1.56 billion.
German government may have sold 12,366 bitcoins worth over $700 million in the past 24 hours
According to Lookonchain statistics, the German government transferred out 16,039 bitcoins (worth $9.153 billion) and received 3,673 bitcoins (worth $2.065 billion) in the past 24 hours. It is speculated that the German government may have sold 12,366 bitcoins (worth $7.088 billion) and currently holds 27,461 bitcoins (worth $1.55 billion).
"German government" wallet address transfers approximately 3,207 BTC, and a total of 6,307 BTC this afternoon
PANews, July 9th - According to Arkham data, 8 minutes ago, the wallet address labeled "German government" transferred 400 BTC to a Kraken address, approximately 107 BTC to a Cumberland DRW address, 200 BTC to a bc1qu3 address, and 2,500 BTC to an address suspected to be B2C2 Group, totaling approximately 3,207 BTC.
Earlier, at 15:31, "German government" wallet address transferred 3,100 BTC and received 1,692 BTC.
According to Spot On Chain monitoring, 45 minutes ago, two wallets (possibly belonging to the same whale) deposited 3,600 $MKR (worth $8.07 million) and 2.4 million $LDO (worth $3.79 million) into FalconX. It is worth noting that they used the same FalconX deposit address, indicating they may belong to the same whale. Currently, these wallets have an estimated total profit of $41.1 million (+105%) in $MKR, with 2,796 $MKR remaining (worth $6.27 million); and an estimated total loss of $7.97 million (-33.1%) in $LDO, with 7.83 million $LDO remaining (worth $12.4 million).
Bitcoin spot ETF sees single-day net inflow of $295 million, with a net asset ratio of 4.45%
According to SoSoValue data, as of July 8 (Eastern Time), the Bitcoin spot ETF saw a single-day net inflow of $295.9 million, with a net asset ratio of 4.45%. Among them, Grayscale's GBTC saw a net inflow of $25.08 million, with a historical cumulative net outflow of $18.58 billion. BlackRock's IBIT saw the highest single-day net inflow, reaching $187.21 million, with a historical cumulative net inflow of $17.93 billion. Fidelity's FBTC saw a single-day net inflow of $61.54 million, with a historical cumulative net inflow of $9.42 billion. As of now, the total net asset value of the Bitcoin spot ETF is $49.32 billion, with a historical cumulative net inflow of $15.06 billion.
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