Today's Headline Highlights:
The Bitcoin Strategic Reserve Act has been formally submitted to Congress and referred to the Senate Banking Committee for review.
Trump insists on debating Harris on September 4th, otherwise he will not debate.
QCP Capital: Increased supply and macroeconomic difficulties have led to a decline in Bitcoin prices.
Both ZKX investors and market makers were surprised by the shutdown and did not receive any advance notice.
Starknet: The Discord server has been back online.
Jump Trading may be selling ETH and will gradually redeem $410 million worth of wstETH and transfer it to CEX in the near future.
Wintermute deposited UNI, ETH, WBTC, and USDT worth over $100 million to Binance about 3 hours ago.
Regulatory News
Trump insists on debating Harris on September 4th, otherwise he will not debate
According to Jinshi's report, Trump hopes to debate Harris on September 4th on Fox News. A spokesperson for Harris's campaign responded that Harris hopes to stick to the plan to debate on September 10th on ABC. In response, Trump stated that either he debates with Harris on September 4th or he will not debate at all.
The "American Bitcoin Strategic Reserve Act" proposed by Senator Cynthia Lummis has been formally submitted to Congress and referred to the Senate Banking Committee for review. The purpose of this act is to establish a strategic Bitcoin reserve and other projects to ensure transparent management of Bitcoin holdings by the federal government, utilize certain resources of the Federal Reserve System to offset costs, and for other purposes. The bill will undergo review by the Senate, House of Representatives, and the President to determine whether it will be passed into law.
Project Updates
Investors and market makers involved in the recent closure of ZKX expressed surprise at the shutdown announcement and did not receive any advance warning. Ye Su, founder of ArkStream Capital, stated on X, "As an investor, we received no information when ZKX closed. The team claimed they ran out of money, refused to provide any financial or expenditure details, and did not communicate with us." HashKey Capital echoed Su's concerns in their own post, complaining that ZKX failed to share its financial situation and future plans with the venture capital firm.
Amber Group, claiming to be an investor and market maker for ZKX, stated that after repaying half of its initial 2 million token loan and purchasing 2 million tokens as part of market-making operations since the token generation event, the company holds 3 million ZKX tokens. "Due to the lack of buying interest at launch and our commitment to providing continuous liquidity, we have been net buyers of ZKX tokens since listing, even as the price has fallen. This approach aligns with our commitment to support the project and its community, ensuring market conditions remain stable, even potentially at our own expense." "Entrepreneurship itself involves risks and the possibility of failure, so open communication, transparency, and accountability are invaluable qualities for founders. We hope founders recognize that a good reputation is an important asset for securing future financing."
ZKX's founder defended against investor deception allegations, believing that advance notice could have harmed the agreement.
Related reading: ZKX shutdown questioned again: blaming market makers, a carefully planned "scam"?
QCP Capital: Increased supply and macroeconomic difficulties have led to a decline in Bitcoin prices
QCP Capital pointed out in a recent market report that the market experienced a significant pullback, with Bitcoin prices dropping from $70,000 to nearly $60,000, mainly due to an unexpected surge in Bitcoin supply. Several key events contributed to this supply shock, including the U.S. government releasing about 28,000 bitcoins, the distribution of 33,960 bitcoins in the Mt Gox settlement agreement, and the distribution of $1.5 billion worth of bitcoins and ethers to Genesis creditors. These factors collectively exerted significant downward pressure on the market. In addition to the supply increase, QCP also emphasized the impact of the recent rise in mining difficulty. The difficulty level surged by 10.5%, reaching a historical high, which added extra pressure on miners, forcing them to liquidate their assets.
Macroeconomic indicators also fueled bearish sentiment. QCP pointed out that the unemployment rate of 4.3% higher than expected, along with concerns about an impending economic recession, intensified investor worries. QCP analysts emphasized that the key indicator of market volatility, the Chicago Board Options Exchange Volatility Index (VIX), soared to above 28, reaching the highest level since the regional banking crisis in March 2023, further exacerbating market anxiety. Despite the turbulent market conditions, the volatility of Bitcoin and Ether remained relatively stable, with Bitcoin's front-end volatility slightly increasing from 45% to 48%, while the back-end volatility remained unchanged. Market strategists interpreted this as a signal that despite recent turbulence, the market expects price volatility to stabilize in the coming months.
Galaxy Research: The vast majority of Bitcoin Layer2 networks will not survive
Galaxy Research stated in a report that the vast majority of Bitcoin rollups will be unsustainable. Due to transaction fees, Bitcoin rollups require millions of dollars annually to maintain. Galaxy wrote, "Each individual data publishing transaction can occupy up to 400KB (0.4MB) of block space, effectively occupying 10% of the entire block." With multiple rollups expected, data is projected to be published every 6 to 8 blocks, which could quickly drive up base layer fees and make small transactions costly. Given the competition for block space, only rollups that can generate the most revenue and pay block fees will be able to sustain operations.
Galaxy estimated that in a low-fee environment, when the average transaction cost is 10 sat/VB, rollups will generate $460,000 in monthly fees to maintain Bitcoin security. In a high-fee environment of 50 sat/VB, which may occur when Ordinals or tokens minted through Runes or the BRC-20 standard are active, monthly costs could reach $2.3 million.
Starknet: Discord server has been back online
Starknet stated on X that the Starknet Discord was attacked on Thursday night. Although the attackers were able to temporarily take over the server and post malicious links, the team quickly regained control. The attackers' goal was to defraud users through these links, but with the swift action of StarkWare, SNF security teams, and wallet partners, any potential harm to the community was effectively prevented. The team has rebuilt all channels, the server is now back online with enhanced security features and improved channel organization. In addition, a security audit is underway, and users are welcome to provide feedback on the updated channel layout.
Previous News, according to the official announcement from Starknet, the Discord server of Starknet is currently being invaded. The official warning advises users not to interact with the server, click on any links, or reply to any messages for the time being. The team is working hard to resolve this issue and will provide the latest updates through official channels. Users are urged to remain vigilant and protect their personal information.
Important Data
According to on-chain analyst Yu Jin's monitoring, Jump Trading may be selling ETH. They are currently redeeming a value of $410 million wstETH (120,000 tokens) into ETH and then transferring it to exchanges such as Binance/OKX. As of now, they have unpacked and redeemed 83,000 wstETH into 97,500 ETH over 9 days since July 25th. Among these, 66,000 ETH ($191.4M) has already entered the exchanges. The specific path is as follows:
wstETH transferred from 0x48d…575 to 0x986…8c6;
0x986…8c6 unpacks wstETH and redeems it into ETH, then transfers it to 0xf58…621;
0xf58…621 transfers ETH to Binance/OKX and other exchanges.
Currently, their wstETH storage address still has 37,600 tokens of wstETH yet to be transferred out; 11,500 stETH in the redemption ETH address is currently being redeemed into ETH; and 20,000 ETH is awaiting gradual transfer to exchanges in the ETH transfer to exchanges address.
According to The Data Nerd's monitoring, Wintermute deposited different assets to Binance, totaling over $100 million. Specifically:
- 252,000 UNI (approximately $1.67 million)
- 13,943 ETH (approximately $40.64 million)
- 67.13 WBTC (approximately $4.09 million)
- 60,017,000 USDT
According to Caixin, Berkshire Hathaway, owned by Buffett, released its Q2 2024 financial report. It net sold $75.5 billion worth of stocks in Q2, bringing its cash reserves to a record $276.9 billion, a significant increase from $189 billion in Q1. Berkshire Hathaway significantly reduced its top holding, Apple, from 790 million shares to 400 million shares, a reduction of about 49%.
Berkshire Hathaway had previously reduced its Apple holdings, selling 10 million shares of Apple stock in Q4 2023, accounting for about 1% of its Apple holdings. In Q1 2024, Berkshire reduced its Apple holdings by 13%. At the annual shareholder meeting in May, Buffett revealed the reason for reducing his Apple position. At the time, he stated that expectations of a possible increase in U.S. tax rates prompted him to take some profits on his Apple position.
In addition, Berkshire has systematically reduced its position in U.S. banks in recent times, its second-largest holding after Apple. Regulatory filings show that in the 12 trading days ending on August 1, Berkshire Hathaway sold about $3.8 billion worth of Bank of America stock.
Barclays: It is unlikely that the Fed will cut interest rates by 50 basis points in September
According to Jinshi's report, the UK's second-largest bank, Barclays, stated that it now expects the Fed's FOMC to cut interest rates three times this year in September, November, and December, each time by 25 basis points. Assuming that the labor market will show continued resilience in the August report and the unemployment rate will stop rising. Based on this assumption, Barclays currently believes that a 50 basis point rate cut in September is unreasonable.
However, if the unemployment rate continues to rise, it will raise concerns about the labor market cooling faster than expected. Looking ahead to 2025, Barclays expects the unemployment rate to gradually decline to 4.2%, and inflation forecasts will remain unchanged. Barclays continues to expect the FOMC to cut interest rates three times in March, June, and September next year, and anticipates that concerns about a lack of further progress in inflation in the second half of 2025 will lead the FOMC to pause interest rate cuts after the federal funds rate range reaches 3.75-4.00%. In the long term, Barclays continues to believe that the neutral interest rate level is around 3.00-3.25%.
In the past 7 days, Solana's on-chain NFT transaction volume has decreased by 30.59%
According to CryptoSlam data, in the past 7 days, the on-chain NFT transaction volume on the Ethereum network was approximately $34,710,177, an increase of 10.01% compared to the previous period; the transaction volume on the Solana network reached $17,720,790, a decrease of 30.59%; and the transaction volume on the Bitcoin network ($15,009,369) decreased by 17.62%.
The value of Trump's address holdings has dropped to approximately $6.1 million
According to Arkham data, the value of the cryptocurrency assets held by Trump's address has dropped to around $6 million, currently reporting $6,087,225.83. The main holdings currently include: 579,290 TRUMP tokens (approximately $2.51 million), 492.079 ETH (approximately $1.43 million), 377.428 WETH (approximately $1.09 million), and 21.0345 billion TROG tokens (approximately $450,000).
According to IntoTheBlock data, USDT on the EVM chain has a weekly transaction volume of over 18 million transactions, with 78% of the transactions occurring on the TRON DAO, making it the preferred transfer method.
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