Today's Headlines:
- Bloomberg: Cryptocurrency Industry Executives Plan to Meet with White House Advisers Next Week
- Trump Proposes Repaying $35 Trillion US National Debt with Bitcoin or "Cryptocurrency Check"
- Genesis Completes Bankruptcy Restructuring, Begins Distributing $4 Billion in Cryptocurrency and Cash
- Flow Mainnet to Undergo Crescendo Upgrade on September 4th to Provide Full EVM Equivalence
- Santiment: This Decline is Comparable to the One in Early July, but the Same Buying Enthusiasm at the Dip Has Not Yet Emerged
- Bitcoin Spot ETF Saw a Total Net Outflow of $237 Million Yesterday, with FBTC Seeing a Net Outflow of $104 Million in a Single Day
- Ethereum Spot ETF Saw a Total Net Outflow of $54.27 Million Yesterday, and Grayscale ETF ETHE Saw a Net Outflow of $61.43 Million in a Single Day
Regulatory News
Bloomberg: Cryptocurrency Industry Executives Plan to Meet with White House Advisers Next Week
According to Bloomberg, sources revealed that cryptocurrency industry executives plan to meet with White House aides and Congressman Ro Khanna next week to discuss concerns about digital assets and propose policy changes for the next administration. The meeting is expected to be attended by outgoing White House senior adviser Anita Dunn, National Economic Adviser Lael Brainard, and Deputy Chief of Staff Bruce Reed, as disclosed by a person who declined to be named due to the private nature of the meeting.
This will be at least the second recent meeting between the cryptocurrency industry and White House officials, following a roundtable meeting in July attended by executives from companies such as Ripple and Coinbase Global Inc., as well as Dunn and California Democrat Khanna.
Trump Proposes Repaying $35 Trillion US National Debt with Bitcoin or "Cryptocurrency Check"
Former President Donald Trump mentioned in an interview with Fox that Bitcoin or "cryptocurrency checks" could be used to repay the US government's staggering $35 trillion national debt and avoid an imminent debt crisis. "Who knows, maybe we'll repay the $35 trillion (national debt) and give them a little cryptocurrency check, right? We'll give them some Bitcoin and wipe out our $35 trillion."
Cryptocurrency payment service provider Alchemy Pay's global strategic adviser David Plouffe has joined the Harris campaign team. Plouffe will be allowed to retain existing private sector clients, but he will terminate his advisory relationship with TikTok.
Previous News Former White House senior adviser David Plouffe announced joining the global cryptocurrency payment service provider Alchemy Pay's advisory committee as a global strategic adviser, responsible for North American strategy, compliance, government relations, and other matters. David Plouffe, known for helping Barack Obama win the US presidential election and serving in important positions in the White House, had also served as Uber's Senior Vice President and a global adviser for Binance after Obama's term ended.
AI
Google Acquires Character.AI for Over $2.5 Billion and Absorbs the Team
According to Jinshi, AI digital human unicorn company Character.AI announced that Google (GOOG.O) has paid a licensing fee for Character.AI's payment model and will allow Character.AI's co-founder and CEO Norm Shazell, President Daniel DeFretas, and about 30 employees out of 130 engaged in model training and voice AI work at Character to join Google and participate in the Gemini AI project. Management at Character.AI informed employees that investors' shares would be acquired at an estimated value of about $88 per share. Google's overall acquisition value of Character.AI will exceed $2.5 billion.
Project Updates
Cryptocurrency lending institution Genesis Global and its affiliates announced the completion of bankruptcy restructuring and have begun distributing approximately $4 billion worth of digital assets and US dollars to repay creditors. On average, Genesis creditors will receive 64% of the repayment in physical cryptocurrency, although the situation varies for each currency. Bitcoin creditors will receive 51.28% of Bitcoin, Ethereum creditors will receive 65.87%, and Solana creditors will receive 29.58%. The company stated that those owed stablecoins or US dollars will receive 100% of the missing funds.
When it filed for bankruptcy last year, Genesis disclosed that it had over 100,000 creditors and debts totaling $10 billion. The company owed approximately $3 billion to its top 50 creditors, including cryptocurrency exchange Gemini, asset management company VanEck, and trading firm Cumberland.
Previous News Mark Cuban received $19.9 million worth of ETH from the bankrupt company Genesis.
Flow Mainnet to Undergo Crescendo Upgrade on September 4th to Provide Full EVM Equivalence
According to the Flow official website, the Flow mainnet will undergo the Crescendo upgrade on September 4th at 20:00 (UTC+8). Crescendo is the most significant upgrade to the Flow network since its inception, including providing full EVM equivalence for all developers on Flow and marking the maturity of the native programming environment and Cadence 1.0. Full EVM equivalence means that any smart contracts, protocols, or tools running on the Ethereum mainnet will be able to run on Flow, similar to EVM L2. The difference with Flow is that developers can choose to write in Cadence and access native Flow features and advantages, including changing the rules of the user experience and improved performance. The network upgrade is estimated to take about 6 hours, during which time the Flow mainnet will be in maintenance mode and will not process transactions.
Cryptocurrency market research firm Santiment stated that this decline is roughly comparable to the one in early July, but the same buying enthusiasm at the dip has not yet emerged. It is expected that $60,000 BTC or $2,900 ETH will become key psychological levels.
Ripple Q2 Report: Transaction Volume Decreased by 65.6% QoQ, Transaction Cost Increased by 168%
Ripple's Q2 XRP Markets report shows that on-chain transaction activity on the XRP Ledger (XRPL) decreased by 65.6% QoQ to approximately 86.38 million transactions, compared to 251.39 million transactions in Q1 2024. Alongside the decrease in transaction activity, the cost per transaction surged by 168% to 0.00394 XRP per transaction. Ripple explained that this cost increases with network load to protect the P2P network from spam. The number of new wallets increased by 100,746, a decrease of 45.8% QoQ.
Key Data
According to on-chain data analyst Yu Jin's monitoring, the Uniswap team/investor/adviser address has continued to transfer 1.131 million UNI (approximately $7.47 million) to Coinbase Prime about 1 hour ago. In the last 30 days, this address has transferred a total of 8.3 million UNI (worth $65.98 million) to Coinbase Prime at an average price of $7.95.
According to Lookonchain's monitoring, 5 wallets (possibly belonging to the same entity) sold 14.53 million WIF (approximately $24 million) about 7 hours ago. The total cost of acquiring these WIF on November 30, 2023, was only $5,340, gaining a return of 4,497 times.
Data: USDC Circulation Decreased by Approximately 900 Million Tokens in the Past 7 Days
According to official data, in the 7 days leading up to August 1st, Circle issued approximately 2.4 billion USDC and redeemed approximately 3.3 billion USDC, resulting in a decrease of approximately 900 million tokens in circulation. The total circulation of USDC is $32.9 billion, with reserves of approximately $33 billion, including $3.4 billion in cash, and the Circle Reserve Fund holding $29.6 billion.
According to SoSoValue data, the Bitcoin Spot ETF saw a total net outflow of $237 million yesterday (August 2nd, US Eastern Time). The Grayscale (GBTC) ETF saw a net outflow of $45.9462 million in a single day, with a historical net outflow of $19.059 billion. The largest outflow yesterday was from Fidelity's (Fidelity) ETF FBTC, with a net outflow of $104 million in a single day.
Grayscale's Bitcoin Mini Trust ETF BTC saw a net inflow of $9.8788 million in a single day, with a historical total net inflow of $2.19 billion. The ETF's total net asset value is $57.204 billion, with an asset ratio of 4.63% (percentage of market value to total Bitcoin market value), and a historical cumulative net inflow of $17.507 billion.
According to SoSoValue data, the Ethereum Spot ETF saw a total net outflow of $54.2704 million yesterday (August 2nd, US Eastern Time). The Grayscale (Grayscale) Ethereum Trust ETF ETHE saw a net outflow of $61.4314 million in a single day, with a historical net outflow of $2.117 billion.
Grayscale's Ethereum Mini Trust ETF ETH saw a net outflow of $0.00 in a single day, with a historical total net inflow of $201 million. The ETF with the highest net inflow yesterday was Fidelity's (Fidelity) ETF FETH, with a net inflow of $6.0176 million in a single day, and a historical total net inflow of $29.7 million.
Next was Franklin Templeton's (Franklin) ETF EZET, with a net inflow of $1.1433 million in a single day, and a historical total net inflow of $30.6733 million. As of the time of writing, the total net asset value of the Ethereum Spot ETF is $8.332 billion, with an asset ratio of 2.29% (percentage of market value to total Ethereum market value), and a historical cumulative net outflow of $511 million.
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