Today's Headlines:
- The US SEC approves Grayscale's Bitcoin Mini Trust Fund, but trading can only begin after the S-1 registration statement becomes effective
- Robert Kennedy promises to sign executive orders related to Bitcoin if elected president
- Senator Lummis did not announce plans to establish a strategic Bitcoin reserve at the Bitcoin 2024 conference
- Musk's X platform defaults to using public posts to train the Grok AI model
- Indian crypto exchange WazirX will implement a fair socialized loss strategy for all users
- Ethereum developers: Ethereum is becoming more "decentralized validation, but centralized control"
- Michael Saylor: Bitcoin price expected to reach $13 million by 2045, accounting for 7% of global wealth
- Ethereum spot ETF saw a total net outflow of $163 million yesterday, with ETHE's net outflow reaching $356 million in a single day
Regulatory News
The US Securities and Exchange Commission (SEC) on Friday approved Grayscale's Bitcoin Mini Trust Fund's 19b-4 form. The trust fund can begin trading once the S-1 registration statement becomes effective. This mini trust fund is a smaller version of the Grayscale Bitcoin Trust Fund (GBTC), and the new mini trust fund shares will be distributed to GBTC shareholders. According to a Grayscale spokesperson, the company is waiting for the registration statement to become effective, and its approval will allow the mini trust fund to operate as a US spot Bitcoin exchange-traded product (ETP).
US Senator Cynthia Lummis did not announce plans to establish a strategic Bitcoin reserve at the Bitcoin 2024 conference. Despite expectations, Lummis' remarks focused mainly on the regulatory framework for Bitcoin and blockchain technology, without mentioning any specific measures to include Bitcoin in the national strategic reserve.
Robert Kennedy promises to sign executive orders related to Bitcoin if elected president
US presidential candidate Robert F. Kennedy has promised that if elected president, he will sign several executive orders related to Bitcoin on his first day in office. Kennedy stated at the Bitcoin 2024 conference that he would instruct the US Department of Justice and the US Marshals Service to transfer the approximately 200,000 bitcoins held by the US government to the Treasury Department as a "strategic asset" reserve. He also plans to sign an executive order directing the Treasury Department to purchase 550 bitcoins daily until the US holds a reserve of 4 million bitcoins. In addition, he plans to issue guidelines declaring all transactions between Bitcoin and the US dollar as non-reportable and tax-free transactions. Robert Kennedy stated, "I don't represent the blue camp (Democratic Party), not the red camp (Republican Party), and not the purple camp (swing states), I represent the orange camp (the representative color of Bitcoin)."
Currently, Kennedy is trailing behind Vice President Kamala Harris and former President Donald Trump in polls. Harris leads Trump with 42% to 38%, while Kennedy has the support of 8% of voters.
US judge approves Justice Department's "delayed confiscation of FTX's political donations"
A US federal judge has approved the Justice Department's request to delay the handling of former FTX CEO Sam Bankman-Fried's (SBF) political action committee (PAC) donations. The Justice Department is in discussions with SBF's lawyers regarding the confiscatability of these funds, which primarily flowed to Democratic Party-related committees, including the House Majority PAC, Senate Majority PAC, FF PAC, FF USA Action, EMILYs List, and GMI PAC. Judge Lewis Kaplan approved an extension of the deadline for third-party petitions to September 13. In 2022, SBF donated approximately $40 million to political candidates and PACs, primarily to influence US government policies on cryptocurrency.
Former FTX executive Ryan Salame applies to postpone prison sentence due to "dog bite injury"
Former FTX executive Ryan Salame has submitted a letter to the federal court requesting a postponement of his prison entry date to October 13 due to the need for treatment for a dog bite injury to his face. Salame was bitten by a German Shepherd while visiting a friend and requires surgical treatment. He was originally scheduled to begin serving a 7.5-year sentence on August 29, after being charged with embezzlement and involvement in secret political lobbying. Salame has pleaded guilty and has been ordered to pay over $6 million in confiscation and over $5 million in restitution. Similar to Salame, several other cryptocurrency executives are serving sentences for related criminal activities.
AI
Musk's X platform defaults to using user public posts to train Grok AI model
According to an announcement from X platform (formerly Twitter) @Safety account, all X users can now control whether their public posts can be used to train the Grok AI search assistant, with this option enabled by default. In addition to existing control options, users can also manage whether interactions, inputs, and results related to Grok are utilized. This privacy option was previously available on the web platform and will be rolled out on mobile. Users can find this option in privacy settings (Privacy and Safety - Data Sharing and Personalization - Grok - Data Sharing - Allow your posts and your interactions, inputs, and results with Grok to be used for training and fine-tuning), and it only takes a few clicks to set up.
Project Updates
Indian crypto exchange WazirX will implement a fair socialized loss strategy for all users
According to an important update announcement from Indian cryptocurrency exchange WazirX, a recent network attack resulted in the theft of approximately $230 million (equivalent to 45% of user funds). WazirX announced that it will implement a fair and transparent socialized loss strategy to ensure that all users fairly share the impact. This strategy allows users immediate access to 55% of their assets, while the remaining 45% will be converted into tokens equivalent to USDT and locked.
Users can choose from two asset management schemes, each with specific advantages and conditions. The unlocked 55% assets will create a balanced investment portfolio using available crypto asset baskets on the platform. If the unlocked assets include affected tokens, the affected portion will be replaced with unaffected crypto assets. The value of the unlocked assets will be calculated based on the average price from CoinMarketCap and selected global exchanges on the evening of July 21, 2024, at 8:30 PM (IST).
Users must make their selection by the morning of August 3, 2024, at 7:00 AM (IST). The results of this vote will serve as a reference for the final decision, taking into account survey results, platform liquidity, and other circumstances.
Today's Headlines:
MicroStrategy CEO Michael Saylor Predicts Bitcoin Price to Reach $13 Million by 2045, Accounting for 7% of Global Wealth
MicroStrategy CEO Michael Saylor stated at the Bitcoin 2024 conference that he predicts the price of Bitcoin to reach $13 million by 2045, accounting for 7% of global wealth. He pointed out that the current price of Bitcoin is approximately $65,000, with a market value of $1.3 trillion, representing only 0.1% of global wealth. To achieve this goal, Bitcoin would need to achieve an average annual return of 29% over the next 21 years. Saylor also mentioned that in a bull market, the price of Bitcoin could reach as high as $49 million, accounting for 22% of global wealth, while in a bear market, the price could be $3 million, accounting for 2% of global wealth. MicroStrategy currently holds 226,331 bitcoins, valued at approximately $15 billion.
Ethereum Developer: Ethereum is Becoming More "Decentralized Validation, but Centralized Control"
Ethereum core developer Péter Szilágyi (karalabe.eth) tweeted that Ethereum's future direction, the PeerDAS plan, will increase the block size to 32MB in the upcoming upgrade, which will have a negative impact on local block producers. He pointed out that Ethereum's block propagation time is very strict, with only 4 seconds to propagate the block to the entire network. Despite the subdivision of subnets, PeerDAS still needs to propagate 32MB of data within 4 seconds, which is a burden for home nodes.
Szilágyi further stated that sending 32MB of data to 4 nodes requires 1Gbit of upstream bandwidth, and if the network requires 4 hops, it would need 4Gbits of bandwidth. Considering data propagation, the upstream bandwidth requirement may double, reaching 2.5GBit/s. He expressed concern that this would make it difficult for home nodes to continue participating, and Ethereum is gradually losing its original decentralization purpose. He also mentioned that some members of the Ethereum research team are reportedly running their own MEV relays, which could lead to a trend of centralized protocol design driven by conflicting interests. Szilágyi expressed skepticism about the motives of the Ethereum research team, suggesting that they may be pushing for some form of centralized design for their own benefit. Ultimately, he is concerned that Ethereum is gradually deviating from its decentralized principles, even though the price may rise, leaving many people happy, but does this mean that Ethereum has "sold itself out"?
In response to Ethereum developer Péter Szilágyi's claims about Ethereum becoming more "decentralized validation, but centralized control," Vitalik Buterin stated that he recently attended the EF research workshop and confirmed that this view is incorrect. Various discussions were held on how to maximize decentralization, including:
- In-depth analysis of multiple proposers to see if the role of builders can be completely eliminated
- Maximizing the power of inclusion lists (FOCIL)
- Ideas about fork selection depending on transaction inclusivity
- Analysis of Orbit SSF and ideas to accelerate the deployment of the Orbit mechanism, which may reduce the minimum deposit by more than 10 times before we do SSF
- Distributed block building for PeerDAS:
- Network analysis and bandwidth optimization for PeerDAS and fullDAS
- Making 51% attack recovery more automated, reducing reliance on the "social layer"
- Ensuring that inclusion lists fully apply to (i) blobs and (ii) native account abstractions (e.g., EIP-7560) transactions
Regarding Vitalik's response to "Ethereum becoming more 'decentralized validation, but centralized control'" claims, a community user mentioned, "Sending 32MB of data to 4 nodes requires 1Gbit of upstream bandwidth, and if the network requires 4 hops, it would need 4Gbits of bandwidth, and considering data propagation, the upstream bandwidth requirement may double, reaching 2.5GBit/s." Vitalik Buterin stated, "We do not need a single participant to broadcast all blobs. These blobs are already in the mempool, and there are many distributed broadcasting options. There are still quite a few steps away from achieving the 16MB target for full DAS, and there are no plans to persist until a satisfactory solution is found."
KOL Irene Zhao released a statement on the X platform in response to questions about her past cryptocurrency projects and clarified the related allegations.
IreneDAO: IreneDAO started as a concept validation project from Telegram stickers and unexpectedly generated millions of dollars in trading volume in a short period. Irene clarified that she did not retain or sell any NFTs, and the funds are managed by a multi-signature wallet, with a $100,000 donation to the Southeast Asia anti-child trafficking NGO organization ECPAT.
SO-COL: Irene launched SO-COL with the intention of bringing Web2 users into Web3 through creator NFTs. Despite initial success, the NFT trading volume sharply declined due to the cryptocurrency winter. In February 2023, to address financial pressure, Irene accepted a $1.5 million investment from DWF to maintain liquidity and order book depth. This decision was later suspended, but Irene clarified that the intention was to address financial issues, not a scam.
Konomi: Irene joined Konomi as Chief Marketing Officer in 2021, mainly responsible for hosting AMAs, building partnerships, and was not involved in project development and strategy. In early 2022, she left Konomi to focus on the SO-COL project.
Response to Other Allegations: Irene clarified allegations related to $IRENE, Rug by @Pauly0x, and a fake Instagram account, emphasizing that these projects are unrelated to her or her involvement.
ASIANMOM: Based on past experiences, Irene launched the ASIANMOM project, emphasizing extreme transparency, with a 18-month lock-up period and a 9-month contributor lock-up period to ensure long-term support.
Irene specifically mentioned that she understands she made mistakes as a first-time founder but hopes that people can distinguish between failed projects and scams. She welcomes further questions or criticism and is willing to engage in open dialogue.
Jupiter Co-founder: Proposal Vote to Reduce JUP Supply Will Begin Next Week
Jupiter co-founder Meow stated on the X platform that the upcoming week is extremely important for JUP:
- Monday: JUP Essay
- Tuesday: Community audit of distributed JUP so far
- Wednesday: Token supply reduction proposal
- Thursday: Voting
- Friday-Saturday: Discussion
- Sunday: Conclusion
By the end of next week, the community will have a high level of understanding and consensus.
Important Data
According to SoSoValue data, the total net outflow of Ethereum spot ETF was $163 million on July 26th (Eastern Time). Grayscale's Ethereum Trust ETF ETHE experienced a daily net outflow of $356 million, with ETHE's historical net outflow currently at $1.514 billion. Grayscale's Ethereum Mini Trust ETF ETH saw a daily net inflow of $44.9426 million, with a historical total net inflow of $164 million. The Ethereum spot ETF with the highest daily net inflow yesterday was BlackRock's ETF ETHA, with a daily net inflow of $87.2178 million, and a historical total net inflow of $442 million. This was followed by Grayscale's ETF ETH, with a daily net inflow of $44.9426 million, and a historical total net inflow of $164 million.
As of the time of writing, the total net asset value of Ethereum spot ETF was $9.238 billion, with an ETF net asset ratio (market value as a percentage of total Ethereum market value) of 2.36%. The historical cumulative net outflow has reached $341 million.
According to the latest data from Coinglass, over the past week, 17,091.91 BTC flowed out of Coinbase Pro exchange wallets, while 12,024.24 BTC flowed into Binance exchange wallets. Kraken exchange wallets saw an inflow of 32,939.68 BTC.
In previous news, Mt. Gox creditors have received returned Bitcoin and Bitcoin Cash on Kraken.
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