Daily Report | Ethereum spot ETF net inflows $106 million on the first day; JD.com to issue stablecoin in Hong Kong; Uber CEO hopes to accept cryptocurrency as a payment method

Compilation: Fairy, ChainCatcher

Important Information:

What Important Events Have Happened in the Past 24 Hours?

JD.com: To Issue Stablecoin Pegged 1:1 to Hong Kong Dollar Based on Public Blockchain

According to the official website of JD Coin Chain Technology (Hong Kong), a subsidiary of JD Technology Group, JD will issue a stablecoin pegged 1:1 to the Hong Kong dollar in Hong Kong.

The JD stablecoin will be issued on a public blockchain, with its reserves composed of highly liquid and trustworthy assets securely held in independent accounts of licensed financial institutions. The integrity of the reserves will be rigorously verified through regular disclosures and audit reports.

Inflows of Belad IBIT Exceeds the Inflows of "The Seven Sisters of US Stocks"

According to Cointelegraph, the inflows of Belad Bitcoin ETF IBIT in 2024 have exceeded the inflows of "The Seven Sisters of US Stocks" (Microsoft, Apple, Tesla, Amazon, Meta, Alphabet, and Nvidia) stocks, potentially driving the price of Bitcoin to $88,000 by September.

IBIT has accumulated nearly $19 billion worth of Bitcoin since the beginning of the year. Jeroen Blockland, the founder of Blockland Smart Asset Fund, expressed bewilderment at the inflow volume surpassing that of the "The Seven Sisters of US Stocks" in 2024.

This exceeds Invesco's Nasdaq 100 ETF, which includes the speculated seven major stocks and the artificial intelligence craze. Additionally, Fidelity's spot Bitcoin ranks 11th, gathering an inflow of $10 billion.

Financial Supervisory Service of South Korea Convenes Upbit, Bithumb, and Five Major Virtual Asset Exchanges to Discuss Deposit Utilization Rates

The Financial Supervisory Service (FSS) of South Korea urgently convened Upbit, Bithumb, and five major virtual asset exchanges to discuss deposit utilization rate issues.

This move stems from the recent intensified competition in exchange rates, especially after Bithumb briefly raised the annualized interest rate to 4.0% before retracting it. The FSS emphasized that the utilization rate should be calculated reasonably and requested detailed reports from the exchanges on deposit operations and rate calculations.

Riot Platforms Acquires Block Mining for $92.5 Million

According to The Block, Bitcoin mining company Riot Platforms acquired Block Mining, a Bitcoin mining company in Kentucky, for $92.5 million.

Riot stated that this acquisition could increase the existing operational capacity by 60 megawatts. This transaction immediately increased Riot's existing self-mining hash rate by 1 EH/s, and by the end of 2025, the total hash rate could potentially reach 16 EH/s.

Uber CEO Hopes to Accept Bitcoin and Cryptocurrency as Payment Methods

According to BITCOINLFG, Uber CEO Dara Khosrowshahi hopes to accept Bitcoin and cryptocurrency as payment methods.

Data: Ethereum Spot ETF Net Inflow Reaches $106 Million Yesterday, with a Trading Volume Exceeding $1.11 Billion on the First Trading Day

According to SoSoValue data, on the first day of listing of the Ethereum spot ETF on July 23 (US Eastern Time), the total net inflow was $106 million.

Yesterday, Grayscale's Ethereum Trust ETF ETHE had a net outflow of $484 million, while Grayscale's Ethereum Mini Trust ETF had a net inflow of $15.15 million. The Ethereum spot ETF with the highest net inflow yesterday was BlackRock ETF ETHA, with a net inflow of $266 million, followed by Bitwise ETF ETHW, with a net inflow of $204 million. In addition, Fidelity's ETF FETH had a net inflow of $71.31 million.

As of now, the total net asset value of the US Ethereum spot ETF is $10.24 billion, and the ETF's net asset ratio (percentage of market value to total Ethereum market value) is 2.45%.

Data: Bitcoin Spot ETF Net Outflow Reaches $77.97 Million Yesterday, First Net Outflow in the Past 12 Days after Net Inflows

According to SoSoValue data, the total net outflow of the Bitcoin spot ETF was $77.97 million on July 23 (US Eastern Time). Yesterday, Grayscale's ETF GBTC had a net outflow of $27.30 million, bringing the historical net outflow of GBTC to $18.722 billion.

The Bitcoin spot ETF with the highest net inflow yesterday was BlackRock's ETF IBIT, with a net inflow of $71.942 million, bringing the total historical net inflow of IBIT to $19.567 billion.

As of now, the total net asset value of the Bitcoin spot ETF is $59.97 billion, and the ETF's net asset ratio (percentage of market value to total Bitcoin market value) is 4.62%. The historical cumulative net inflow has reached $17.46 billion.

OKX Jumpstart to Launch Matr1x (MAX)

OKX has announced that the Jumpstart mining activity will be launched at 6:00 UTC on July 29, 2024. The main content of the activity is as follows:

Mining Mechanism: Users can stake BTC or ETH to mine MAX tokens
Mining Pool Scale: The BTC and ETH staking pools can collectively mine 20 million MAX tokens
Activity Period: From 6:00 UTC on July 29, 2024, to 6:00 UTC on August 5, 2024
Staking Limit: Each person can stake a maximum of 0.3 BTC or 3.5 ETH, with no minimum staking requirement
Trading Open: Mined MAX tokens will be available for trading on August 5, 2024

The following countries and regions are not eligible for this activity: Mainland China, Hong Kong, and South Korea.

Biden Makes First Public Appearance Since Withdrawing from the Race

Biden made his first public appearance since July 17, marking his first public appearance after withdrawing from the presidential race. During the event, Biden did not respond to reporters' questions about the election and his health.

Earlier reports indicated that Biden would deliver a national address at 8:00 PM Eastern Time on Wednesday (8:00 AM Beijing Time on Thursday).

Democratic Presidential Candidate Harris Leads Trump by 44% to 42% in Voter Registration

According to Reuters/Ipsos poll, within a 3% margin of error, Democratic presidential candidate Harris leads Republican candidate Trump by 44% to 42% in voter registration.

56% of registered voters believe Harris is "mentally sharp," while 49% of voters believe Trump is performing well.

"What are the Exciting Articles Worth Reading in the Past 24 Hours?"

Will Harris Attend a Bitcoin Conference? Will Cryptocurrency Become the First Battlefield for Politicians?

Bitcoin doesn't need politicians, but politicians need Bitcoin.

With US President Biden announcing he won't seek re-election, Vice President Kamala Harris has become the most formidable contender for the Democratic nomination. While it was previously understood that Harris was not familiar with cryptocurrencies, recent developments suggest that she is rapidly learning about this field.

Until today, Harris' only connection to cryptocurrencies was hiring the former CTO of the world's first sports team to accept Bitcoin as her scheduling and advance director. Financial disclosures also show that Harris and her husband have never ventured into the cryptocurrency space, preferring to invest in government bonds and emerging markets.

However, less than 48 hours after announcing her presidential candidacy, Harris has already started "catching up" on cryptocurrencies.

What Changes Will Occur in Your Life if Sam Altman Sends You Seven Thousand Every Month?

After ChatGPT became popular, some people began to worry about losing their jobs.

When the AGI era truly arrives, and AI can do anything humans can do, and do it faster and better, why should humans compete for jobs with them?

One of the answers given by politicians and corporate leaders is the UBI plan, or Universal Basic Income. It assumes that after the massive increase in productivity brought about by AI, people won't need to work, and the government and businesses will unconditionally give everyone money to sustain their lives. This sounds good, but will it really benefit people's lives? This has been a subject of ongoing debate in the political and academic spheres.

For years, OpenAI's CEO Sam Altman has openly expressed concerns, believing that as artificial intelligence replaces traditional jobs and a few people accumulate vast wealth, basic income security will become indispensable. In 2021, he wrote, "If public policy fails to adjust accordingly, most people will eventually live worse than they do today."

Altman is not alone. From Elon Musk to Jeffrey Hinton, known as the "father of artificial intelligence," many heavyweight figures in the tech industry believe that artificial intelligence will trigger a wave of technological unemployment, and basic income security will become necessary to sustain our livelihoods.

Altman not only expressed his concerns but also funded a research organization called OpenResearch, which, in conjunction with the US government, unconditionally gave money to people to observe how their lives would change.

The Listing of the US Ethereum Spot ETF, Long-Term Significance Greater than Short-Term Impact

On July 23, 2024, the US Ethereum spot ETF officially began trading, exactly 10 weeks after the first public sale (ICO) of Ethereum on July 22, 2014. Whether the listing date of the Ethereum ETF was deliberately chosen to coincide with this commemorative moment or was a coincidence, this event will have epic significance for the sustainable development of the entire crypto world. It marks an important step for the entry of POS public chains into the mainstream financial world, and will undoubtedly attract more builders from various dimensions and quantities to join the construction of the Ethereum ecosystem. It also paves the way for the entry of foundational infrastructure in the crypto world, such as Solana, into the mainstream world, and has substantial significance for the popularization process of the blockchain ecosystem.

On the other hand, since the Ethereum ETF does not currently allow staking from a regulatory perspective, investors holding the ETF will receive 3%-5% less staking mining income (the risk-free rate of return in the Ethereum world) compared to directly holding Ethereum tokens. Additionally, the threshold for public investors to understand Ethereum is relatively higher than for Bitcoin. Therefore, the short-term impact of the US Ethereum spot ETF on the Ethereum token trading forces may be less than the short-term impact of the approval of the Bitcoin spot ETF on the price of BTC. It is more about increasing the relative stability of the Ethereum price and reducing volatility.

The following analysis will examine the short-term impact of the listing of the Ethereum spot ETF on the buying and selling forces of Ethereum tokens, as well as the long-term impact on the crypto ecosystem.

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