Today's News Highlights:
The crypto industry has spent $135 million on U.S. election campaigns, remaining undefeated in 48 contests so far.
BlackRock's Bitcoin ETF assets have surpassed its gold ETF in just 10 months.
The U.S. SEC has once again delayed its decision on the listing of a spot Ethereum ETF option on the New York Stock Exchange.
Bloomberg: Law firm partners Farley and Champ are among the candidates to succeed Gensler as SEC Chair.
The Sky Forum has released a new SPK token economics proposal.
Binance will launch GRASS, DRIFT, and SWELL perpetual contracts with 1-75x USDT leverage.
Vitalik: A technology that will drive the development of information finance in the next decade is AI, with prediction markets being just one use case of information finance.
Smart money with an 85.7% win rate has made $1.51 million in profits from its 15th swing trade of ETH.
Binance Labs invests in BIO Protocol.
Regulatory News
According to the Korea Economic Daily, South Korean financial regulators will enhance market monitoring, particularly focusing on stocks related to Donald Trump and the increasing volatility in the cryptocurrency sector. This decision follows the recent U.S. election results and the latest Federal Open Market Committee (FOMC) statement from the Federal Reserve. At a meeting on November 8, Financial Supervisory Service (FSS) Director Lee Bok-hyun emphasized that strict measures would be taken against market manipulation and the spreading of unfounded rumors if evidence supports such actions.
According to Bloomberg, the crypto industry has spent approximately $135 million during the 2024 U.S. election cycle to support over 50 candidates, including Democrats and Republicans, incumbents and challengers, frontrunners and long shots. However, they now share a common trait: victory. In the elections on November 5, as of noon local time on Friday, all 48 candidates supported by the crypto industry's largest political action committee declared victory. In the eight elections still being counted, candidates backed by the political action committee are leading in all but three.
This may surprise voters—candidates supported by the cryptocurrency political action committee and advertisements have hardly mentioned the industry or its key issues (regulation). However, their main campaign vehicle, Fairshake, has become the largest single-issue Super PAC in history. Fairshake and two other related Super PACs (Defend American Jobs and Protect Progress) are funded by industry giants such as Coinbase, Ripple Labs, and Andreessen Horowitz.
According to the consumer advocacy nonprofit Public Citizen, its influential campaign efforts far exceed those of traditional corporate donors like Koch Industries and Chevron. Since the landmark 2010 Supreme Court decision that lifted restrictions on corporate political spending, the industry ranks second only to the fossil fuel industry in terms of total amount deployed. Now, the industry is touting its massive election spending and its results as evidence of its emergence as a political force that cannot be ignored, gearing up for the next legislative session and the 2026 midterm elections.
FTX sues Crypto.com to recover $11 million related to Alameda accounts
According to CryptoSlate, bankrupt FTX has filed a lawsuit seeking to recover at least $11 million from a Crypto.com account associated with its sister company Alameda Research, as revealed in documents dated November 8. FTX claims that Alameda registered an account on Crypto.com under the name Ka Yu Tin (also known as Nicole Tin) before filing for bankruptcy. The company states that this practice is common within Alameda, which often opens accounts under the names of shell companies or employees to conceal its trading activities. However, FTX alleges that Alameda funded and controlled the account.
Reports indicate that after Alameda declared bankruptcy, Crypto.com locked the account and denied FTX administrators access to the funds, despite multiple attempts. FTX further claims that Crypto.com's refusal was based on a mismatch between the account holder's name and the name of the person seeking to recover the funds. FTX asserts that it has clarified the complexity of the case to Crypto.com and provided court-approved documents, but Crypto.com has reportedly not responded.
FTX's administrators are currently attempting to leverage claims made against Crypto.com's parent entities Foris MT and Iron Block. These companies have filed claims against FTX for $18.4 million and $237,800, which were held in FTX.com accounts before the exchange's collapse. In light of this, FTX is requesting a delay in processing Crypto.com's claims until the exchange releases the Alameda assets it holds. FTX is also seeking the recovery of assets, legal fees, and other forms of relief.
According to Decrypt, the U.S. Department of Justice (DOJ) has established a website to collect statements from individuals affected by the 2016 Bitfinex hack. The initiative aims to provide potential victims with an opportunity to share how the criminal actions of Ilya Lichtenstein and his wife Heather Morgan have impacted them.
Despite the DOJ's position that, under the Crime Victims' Rights Act (CVRA), there are no victims of the convicted crimes, the department has issued this notice to ensure that anyone who may have been harmed by the defendant's actions can be heard. This includes affected Bitfinex account holders.
Previously, on October 9, it was reported that U.S. prosecutors temporarily identified Bitfinex as the only entity eligible for compensation in the 2016 Bitfinex hack case.
According to The Block, the U.S. SEC has once again postponed its decision on whether to approve the request for a spot Ethereum ETF option to be listed on the New York Stock Exchange (NYSE). The SEC stated in a filed document that the delay is intended to allow for further analysis and public comment, particularly regarding whether the proposed rule changes comply with the requirements of the Securities Exchange Act. The SEC emphasized concerns about the potential impact of the proposal on preventing market manipulation, protecting investors, and ensuring a fair trading system, which fall under the provisions of Section 6(b)(5) of the Securities Exchange Act.
According to Bloomberg, sources have revealed that Kramer Levin Naftalis & Frankel law firm partner Richard Farley and K&L Gates law firm partner Norm Champ are among the candidates to succeed Gary Gensler as Chair of the U.S. Securities and Exchange Commission. Other sources indicate that Dan Gallagher, legal chief of Robinhood Markets Inc., current SEC Commissioner Mark Uyeda, and former Commodity Futures Trading Commission Chair Heath Tarbert are also being considered. Additionally, former SEC Commissioner Paul Atkins and Willkie Farr & Gallagher law firm partner Robert Stebbins are in the running.
Some insiders have stated that members of President-elect Donald Trump's transition team and other advisors began discussions with potential candidates after the election. Discussions are ongoing, and candidates may not be finalized for several weeks. Regardless of Trump's choice, the next SEC Chair is likely to closely scrutinize major rules from the Gensler era that are yet to be implemented or have not yet taken effect, seeking to reduce regulation on the digital asset industry to comply with securities laws.
Project Updates
MANTRA opens OM token airdrop query and announces airdrop details
According to official news, the Layer 1 blockchain MANTRA, focused on RWA assets, has opened an OM airdrop query and announced the airdrop details. A total of 50 million OM tokens will be airdropped, with 60% allocated to participants of the KARMA mainnet pre-task, 12% to participants of Galxe Season 1 activities, 8% to ATOM stakers to MANTRA nodes, 4% to Bad Kids NFT holders, 4% to Celestine Sloth NFT holders, 3.5% to Pudgy Penguins NFT holders, and 3.5% to testnet validators, among others. Additionally, MANTRA stated that the previous "3-month cliff period, followed by initial liquidity distribution and 9 months of linear unlocking" has been changed to "shortening the cliff period to 1 month, followed by 11 months of linear unlocking."
The Sky Forum has released a new SPK token economics proposal
Sky (formerly MakerDAO) announced on the X platform that a new SPK token economics proposal has been released on the Sky Forum. The proposal aims to regulate the issuance of Star tokens, with the first Star token SPK set to launch in the coming months. As stated in the proposal, the initial issuance of Star tokens will last for 10 years, with half of the issuance occurring in the first two years, followed by a halving of the issuance rate every two years. Like all future Star tokens, the total supply of SPK will be 10 billion; of this, 8 billion will be allocated to three types of recipients: USDS holders, activated SKY holders, and sealed SKY holders, with SPK expected to be issued in the coming months. Additionally, 1 billion will be allocated for liquidity incentives, and another 1 billion for contributor token grants, both of which will be managed by the governance teams of each Star token, with rewards tied to milestones and performance, while liquidity tokens will need to comply with transparency and reporting systems. Subject to governance approval, this proposal aims to establish a clear and transparent framework for the issuance of each Star token within the Sky ecosystem.
Binance will launch GRASS, DRIFT, and SWELL perpetual contracts with 1-75x USDT leverage
According to the official announcement, the Binance contract platform will launch perpetual contracts at the following times, with a maximum leverage of up to 75x:
November 8, 2024, 23:30 (UTC+8): GRASSUSDT perpetual contract;
November 8, 2024, 23:45 (UTC+8): DRIFTUSDT perpetual contract;
November 9, 2024, 00:00 (UTC+8): SWELLUSDT perpetual contract.
Tether Treasury mints 1 billion authorized but unissued USDT on the Ethereum network
According to Whale Alert monitoring, about 8 hours ago, Tether Treasury minted 1 billion USDT on Ethereum. Tether CEO Paolo Ardoino stated that this is an authorized but unissued transaction, meaning it will be used as inventory for the next issuance request and on-chain swaps.
CZ: Investors should manage risks appropriately when Bitcoin hits consecutive all-time highs
CZ stated on the X platform that when Bitcoin continuously sets new all-time highs, investors should manage risks appropriately, as there will be many lows (and highs) in the future, ensuring they can handle them. Control your greed and do not put all your eggs in one basket.
Vitalik published an article titled "From prediction markets to info finance," where he believes that even existing prediction markets are a very useful tool for the world, but prediction markets are just one use case of the "information finance" category.
Recommended reading: Vitalik: From prediction markets to information finance
Financing News
Binance Labs announces investment in BIO Protocol (BIO)
Binance Labs announced an investment in BIO Protocol (BIO) to accelerate funding innovation in decentralized science (DeSci). BIO Protocol reshapes the financing and commercialization of early scientific research through blockchain technology, providing a global community for scientists, patients, and investors to collectively fund, develop, and co-own new drugs and therapies. This round of funding will be used to expand the BioDAO ecosystem, provide seed funding for new BioDAOs, and strengthen community and token economic support. The model of BIO Protocol is similar to "Y Combinator for on-chain science," with its BioDAO network covering multiple fields, including rare diseases, longevity research, and mental health, aiming to address key gaps in traditional research funding. BIO currently has seven BioDAOs, with the next batch of projects focusing on developing therapies for long COVID and rare diseases, as well as research on quantum microscopy.
BIO Protocol is currently conducting the BIO Genesis second round activity, providing users with early access to $BIO tokens until the tokens are transferable. Users can exchange $BIO for ETH or DeSci tokens. BIO is committed to building an on-chain scientific community (BioDAOs) through DeFi mechanisms and real intellectual property (IP).
According to The Block, L1 blockchain developer Pharos has raised $8 million in seed funding, led by Lightspeed Faction and Hack VC, with SNZ Capital participating as a strategic investor. Other investors include Reforge, Dispersion Capital, Hash Global, Generative Ventures, MH Ventures, Zion, and Chorus One. Pharos is building a new L1 blockchain specifically targeting fintech use cases, such as real-time payments and real-world assets.
Important Data
BlackRock's Bitcoin ETF becomes the third highest fund in net inflows among all U.S. ETFs in 2024
According to CryptoSlate, BlackRock's iShares Bitcoin Trust (IBIT) has become the third highest fund in net inflows among U.S. ETFs year-to-date in 2024, attracting $26.174 billion. As of now, IBIT's year-to-date return is 48.52%, with assets under management reaching $30.1 billion, surpassing many traditional ETFs in both net inflows and performance. Additionally, IBIT's year-to-date return is nearly double the second highest return among the top ten funds by flow. However, IBIT's total assets under management (AUM) are more than ten times smaller than those of the other top four funds.
Just yesterday, on November 7, IBIT saw a net inflow of $1.1 billion in a single day, exceeding the annual inflow of all ETFs in the U.S. except for the top 150 ETFs. This significant inflow surpasses the total annual inflow of most of the approximately 3,300 ETFs in the U.S. market.
BlackRock's Bitcoin ETF assets surpass its gold ETF in just 10 months
Nate Gerac, president of The ETF Store, disclosed on the X platform that BlackRock's Bitcoin exchange-traded fund iShares Bitcoin ETF (IBIT) has surpassed its gold exchange-traded fund iShares Gold ETF (IAU) in assets, achieving this in just 10 months since IAU launched in January 2005.
According to on-chain analyst Yu Jin's monitoring, a whale that harvested $8.01 million in profits on $WIF in September has re-entered the WIF market: he withdrew 6.9 million WIF ($15.87 million) from Binance 4 hours ago at a price of $2.3. He previously accumulated 9.8 million WIF at the bottom for $1.53 through Binance and Bybit in early September and sold it at the end of September for $2.35, making a profit of $8.01 million (+53%).
Tether transferred 632 million USDT to Cumberland DRW in the past 13 hours
According to @ai_9684xtpa's monitoring, Tether has transferred 632 million USDT to Cumberland DRW in the past 13 hours. The total amount of USDT transferred from Tether Treasury to DRW in the past three days has reached 1.178 billion; since November, ERC20 USDT has seen a net issuance of nearly 3 billion. Cumberland DRW is one of Binance's key market makers, with about 79% of the USDT issued to Cumberland being sent directly to Binance.
Smart money with an 85.7% win rate made $1.51 million profit from its 15th swing trade of ETH
According to @ai_9684xtpa's monitoring, smart money with an 85.7% win rate made a profit of $1.51 million from its 15th swing trade. In the past half hour, this smart money sold 11,267 ETH (costing $2,910) at an average price of $3,043.6, totaling about $34.29 million. Currently, out of 15 trades, 13 have been profitable, with a win rate of 86.7%, yielding a total profit of $5.38 million.
A certain ETH whale sold over 3,367 ETH after being dormant for 8 years 6 hours ago
According to Onchain Lens monitoring, after 8 years of dormancy, a certain ETH whale has begun to sell its $ETH assets. Eight years ago, this whale acquired 12,229 ETH from @ShapeShift for $149,000, at an average price of $12.22. Six hours ago, the whale transferred all its ETH to a new address and began selling. So far, 3,367.5 ETH have been sold for $10.16 million, at an average price of $3,018. The wallet still holds 8,862 ETH, valued at $27 million.
Bitcoin spot ETF saw a net inflow of $293 million yesterday, with an ETF net asset ratio of 5.21%
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