Headlines
Grayscale: Millennials and Gen Z Voters May Determine the Outcome of the 2024 "Bitcoin Election"
Grayscale released a report stating that millennials and Gen Z voters may ultimately determine the outcome of the "Bitcoin Election" as they are becoming increasingly concerned about their financial situation. It is reported that Cathie Wood and Balaji Srinivasan have referred to 2024 as the "Bitcoin Election."
The Grayscale team is studying these trends in relation to the upcoming 2024 US presidential election. First, Bitcoin is currently at its highest price in a US presidential election cycle; the current trading price of Bitcoin exceeds $29,000, while the high point of the previous election cycle in the fourth quarter of 2020 was around $20,000.
Secondly, it can be said that equally important is the group of people who are particularly distrustful of institutions and at the same time concerned about their future financial situation, who may be the most crucial group of voters before 2024.
In the 2024 US presidential election, it is expected that young people will make up the largest proportion of voters in history. Early reports indicate that by 2024, millennials and Gen Z will account for 44% of US voters.
Grayscale points out that as well-known politicians such as Donald Trump, Ron DeSantis, Joe Biden, and Robert Kennedy Jr. begin to express their positions on Bitcoin and the broader digital asset industry, Bitcoin may become increasingly important in politics. "These facts and the continued maturation of the Bitcoin ecosystem seem to indicate that Bitcoin is now and will be more relevant to US elections than ever before. In fact, early political candidates have already begun to share their positions on Bitcoin and cryptocurrencies more widely."
Grayscale also stated that the stance of the elected president on Bitcoin and digital assets is important because they will be responsible for appointing the heads of regulatory agencies such as the US SEC and CFTC. "The views of US presidential candidates on Bitcoin and cryptocurrencies are important not only because the president leads the country, but also because the president is responsible for appointing the heads of more than 50 independent federal commissions, which can have an impact on various aspects of cryptocurrencies, including the US SEC, CFTC, the Federal Reserve, and the Treasury Department."
Elon Musk: X will never launch a cryptocurrency
Elon Musk replied to a tweet from DogeDesigner stating "Elon Musk and X have never launched a cryptocurrency" by saying: X will never launch a cryptocurrency.
Industry News
Global X Resubmits Application for Spot Bitcoin ETF
Related documents show that Global X has resubmitted its application for a spot Bitcoin ETF and designated Coinbase as its monitoring and sharing partner to obtain regulatory approval.
Lawyers stated in the documents that if approved, the fund will provide investors with "the opportunity to access Bitcoin and provide important protections, which direct Bitcoin investors do not always have access to."
Data: Nearly 100 Cryptocurrency Funds Have Closed This Year
According to data from 21e6 Capital AG, a Swiss investment advisor cited by Bloomberg, over 700 cryptocurrency funds have closed globally this year, with 97 already closed. Although the average return of these funds in the first half of the year was 15.2%, it lagged behind Bitcoin's 83.3% increase.
According to Wu Shuo's exclusive information, several domestic CTOs, CHOs, and other high-level executives of an exchange are being investigated by Chinese authorities. The charges involve operating a casino. In addition, other exchanges are also under investigation, and the founder of a third-tier exchange is also under investigation, with a wide range of implications. It may involve providing fund payment settlement services for gambling websites and gambling programs. Bitrace's chain tracking data research shows that in the past year, the funds directly or indirectly associated with mainstream trading platforms' hot wallets for online gambling have exceeded 760 million USDT.
Coinbase L2 Network Base Total Locked Amount Reaches $111 Million
L2BEAT data shows that the Coinbase L2 network's total locked amount (TVL) for Base has exceeded $100 million, reaching $111 million, with a 473.39% increase on the 7th.
As previously reported, the Base mainnet will be open to the public on August 9.
Coinglass data shows that the Binance platform's YGG contract funding rate has reached -2.5000%, the OKX platform is at -0.2290%, the Bybit platform is at -1.5000%, and the Gate.io platform is at -1.8750%.
YGG is currently the largest coin for liquidation across the network. YGG has seen a total liquidation of $7.7545 million in the past 24 hours and $653,500 in the past hour.
Curve Founder Owes Approximately $48.7 Million on Four Platforms
According to Lookonchain monitoring, Curve Finance founder Michael Egorov sold a total of 142.6 million CRV tokens to 30 institutions and investors at a unit price of $0.4, raising $57 million to repay debts.
As of now, Michael Egorov still has approximately 269.8 million CRV tokens (approximately $166 million) pledged on four platforms, with a debt of approximately $48.7 million.
According to previous reports, according to monitoring by blockchain analyst Yu Jin, last night and this morning, Curve Finance founder Michael Egorov sold an additional 28.625 million CRV tokens to 6 investors/institutions.
Since the start of OTC sales on August 1, the Curve founder has sold a total of 142.65 million CRV tokens to 30 investors/institutions, raising $57.06 million.
Data Changes
CCData shows that the trading volume of CME cryptocurrency options increased by 24% in July, reaching $940 million, the first increase in four months. Bitcoin options trading volume increased by 16.6% to $734 million. Ethereum options trading volume increased by 60% to $207 million.
CEX Spot and Derivatives Total Trading Volume Decreased by 12% to $2.36 Trillion in July
CCData released the latest exchange report. In July, the total trading volume of centralized exchanges (CEX) for spot and derivatives decreased by 12.0% to $2.36 trillion, the lowest monthly trading volume so far this year.
- Binance is the largest spot trading platform, with a trading volume of $208 billion.
- In July, Upbit's spot trading volume increased by 42.3% to $29.8 billion. Upbit is the second-ranked exchange in terms of trading volume.
The Amount of BTC Held by OTC Counterpart Addresses Drops to a New Low Since June 15
Glassnode data shows that the amount of Bitcoin held by addresses related to OTC counters has dropped to the lowest level since June 15. As of Thursday, the total balance of BTC OTC counters is 5,138 BTC (approximately $150 million at current prices), a 33% decrease from the year-high point of 7,697 BTC set at the end of June.
In the first half of this year, with Bitcoin's market price rising by 84%, this indicator surged by 156%. At the time, some observers saw this as a positive sign. Ark Investment Management's report in June stated, "In our view, the increase in the balance of OTC counter trading indicates that institutions and other large capital allocators are paying more attention to Bitcoin."
However, the BTC OTC counter total balance indicator is easily affected by mislabeled addresses, and the balance itself does not reflect whether OTC counters are increasing holdings on behalf of clients or liquidating tokens. "Crypto is Macro Now" author Noelle Acheson stated, "The BTC hoarded by OTC counters may mean that they are buying on behalf of clients, or it may mean that clients are transferring their BTC to OTC counters for sale."
US Non-Farm Payrolls Increased by 187,000 in July, the Smallest Increase Since December 2020
US non-farm payrolls increased by 187,000 in July, down from the previous value of 209,000 and below the expected 200,000. The unemployment rate in July was 3.5%, down from the previous 3.60% and below the expected 3.60%. The US Dollar Index DXY fell by 30 points in the short term, now trading at 102.34.
The US Bureau of Labor Statistics stated that the non-farm payroll additions for May were revised down from 306,000 to 281,000, and the additions for June were revised down from 209,000 to 185,000. After the revisions, the total additions for May and June were 49,000 lower than the pre-revision figures.
Bitcoin Market Dominance Rises to 46.8%, Ethereum Market Dominance Temporarily at 18.32%
CoinGecko data shows that Bitcoin market dominance has risen to 46.8%, while Ethereum market dominance is currently at 18.2%. In addition, the market dominance of the stablecoins USDT, USDC, and BUSD is 6.94%, 2.16%, and 0.28% respectively.
The total market capitalization of the entire cryptocurrency market is $1,211,561,849,482, with a 0.3% increase in the past 24 hours.
Project News
Core Ethereum developer Tim Beiko summarized the latest Ethereum Core Developers' Execution Meeting on Discord. Among other decisions, developers agreed to continue using regular contracts with system write transactions instead of precompiles. Before the test call on Monday, developers will try to: (1) agree on a deployment plan (as part of a fork or manually before the fork); (2) agree on the first contract implementation to use; (3) submit a PR reflecting this situation to the 4788 specification. Once developers agree on the contracts, the audit/formal verification process will be initiated.
The meeting decided to delay the release of Devnet #8 until the new 4788 specification is implemented;
Regarding EIP-6780, they will continue to merge "Add explanation for EIP-6780";
Regarding the Engine API, they agreed to add blobGasUsed and blobGasPrice to the receipts of the 4844 transactions. Developers will also modify this PR to mention that the Dencun upgrade must use forkChoiceUpdateV3, and then merge it into "Clarify early API handling of Cancun payloads; reorder check #426";
Regarding the large validator testnet, the EF development team has launched a development network with 2.1 million validators, with client distribution similar to the mainnet. They will work with client teams to check and fix issues related to finalization and block gossip before the Holesky launch. The Holesky plan is to have approximately 1.5 million validators.
CyberConnect Opens Airdrop Query Webpage
CyberConnect announced the introduction of the Community Reward Season 1 and has now opened the airdrop query webpage. Users can check their eligibility and the amount of airdrop on the official website.
The CYBER airdrop will open for claiming at 8:00 PM Beijing time on August 15 and will last for 30 days. After this period, all unclaimed CYBER will be transferred to the community treasury.
Revolut to Suspend Cryptocurrency Services in the US from September 2
UK-based fintech company Revolut announced that due to the continuously changing regulatory environment and uncertainty in the US cryptocurrency market, it will suspend cryptocurrency services in the US starting from September 2, 2023. After this date, US customers will not be able to buy cryptocurrencies on the Revolut platform.
Starting from October 3, Revolut will implement more comprehensive restrictions, and US customers will be completely prohibited from accessing cryptocurrencies through Revolut. Therefore, they will no longer be able to buy, sell, or hold any cryptocurrencies.
The dYdX Foundation published an article discussing the future of DYDX. The dYdX ecosystem is close to realizing the potential mainnet version of the dYdX v4 open-source software. The dYdX Chain will be a PoS blockchain network, and if deployed on the mainnet, it will require an L1 protocol token to be staked to validators to secure the chain and ensure that L1 token stakers manage the network.
The dYdX community can choose to use DYDX (the governance token of dYdX v3) as the L1 token for the dYdX Chain (if deployed after the mainnet). If this choice becomes a reality, given that DYDX is an ERC-20 token based on Ethereum, the DYDX token will need to be migrated from Ethereum to the dYdX Chain.
The final decision will be discussed and decided by the dYdX community governance:
- Whether DYDX should be the L1 protocol token for the dYdX Chain;
- Whether wethDYDX should have the same governance and utility functions as DYDX on dYdX v3;
- If the dYdX community decides that DYDX should be the L1 protocol token for the dYdX Chain, how to organize and execute any necessary token migration and/or other required operations.
Curve Founder Has Sold Over 109 Million CRV Tokens via OTC
Chain analysis by Nansen analyst Sandra Leow shows that Curve Finance founder Michael Egorov has sold a total of over 106 million CRV tokens via OTC, exchanging them for $42.4 million.
Including the 3.75 million CRV sold to 237.eth this afternoon, Michael Egorov has sold over 109 million CRV tokens via OTC.
Earlier today, at around 6 PM, Michael Egorov allegedly sold 3.75 million CRV via OTC and then repaid a debt of 1.5 million USDT on Aave V2. The buyer's address is 237.eth (starting with 0x94df).
Suspected Multichain Address Selling Tokens On-Chain
According to Lookonchain monitoring, a suspected Multichain address is selling LINK, CRV, WOO, YFI, and other tokens on-chain. The address transferred 338,900 LINK to Binance and sold 149,000 LINK on a DEX, exchanging 9.66 million WOO for 966 ETH.
Personalities & Voices
Chen Haolin, Deputy Secretary for Financial Services and the Treasury of Hong Kong, delivered a keynote speech on "Opportunities and Challenges for Hong Kong to Build an International Virtual Asset Center" at the "Realization of Digital Assets—Exploration and Future Prospects of Compliance in Asia" seminar jointly organized by the Southern Finance Media Group and HashKey Exchange. Chen Haolin stated, "Web3.0 marks an important transformation in the development of the Internet. It uses blockchain technology and has the characteristics of transparency, efficiency, decentralization, and disintermediation. Web3.0 plays a very important role in digital economy and financial technology innovation."
Chen Haolin mentioned that Hong Kong is actively seizing the development of Web3.0 and using it as an important entry point for financial innovation practices. For example, "We are committed to promoting the sustainable development of financial services across the entire virtual asset value chain, including virtual asset issuance, tokenization, trading and payment platforms, financial and asset management, and custody."
Raphael Bostic, President of the Federal Reserve Bank of Atlanta, stated that the economy is expected to slow down in a fairly orderly manner, and the Federal Reserve is on track to return to the 2% inflation target, which can be achieved by maintaining the current interest rate level in the long term. He said, "Our stance today is restrictive, and as the inflation rate continues to decline, the restrictiveness will increase because the gap between the inflation rate and our interest rate will widen, which will sufficiently constrain the economy to continue to slow down, but it is not expected to be for two or three months. My outlook is that until 2024, we will still be in a restrictive area." Regarding the non-farm report released tonight, Bostic stated that strong wage growth did not surprise him because "during the entire high inflation period, worker wages have lagged behind inflation for a considerable period of time and are still in a catch-up phase."
Curve Hacker: Returning Funds to Avoid Ruining the Project
On-chain data shows that the Curve Finance hacker has returned 4,820 alETH worth $8.5 million to Alchemix Finance.
In a transaction note, the hacker stated, "I've seen some ridiculous claims, so I want to clarify. I returned the funds not because you could find me, but because I don't want to ruin your project. Maybe this is a lot of money for many people, but it's not for me. I'm smarter than all of you."
Earlier reports indicated that Curve initially requested the hacker to return the funds on August 3. The hacker responded, requesting Curve to confirm the address 0xbabe.
Insider: New York Attorney General's Office Investigating Genesis and DCG
According to Bloomberg, the New York Attorney General Letitia James's office has requested information from former executives of the cryptocurrency lending company Genesis, and former Chief Risk Officer Michael Patchen has recently been questioned. Federal prosecutors and the US Securities and Exchange Commission (SEC) have started investigations and are seeking interviews with potential witnesses from Genesis and its parent company DCG.
A DCG spokesperson stated that the company is cooperating with regulatory and investigative agencies as requested.
Justin Sun Denies Rumors, Possibly Indicating Everything Is Normal with Huobi
Justin Sun posted a denial on his personal Twitter account, stating that everything is normal at the moment, but did not specify the exact content of the denial. He straightforwardly said, "Denying rumors, let's go," "Nothing happened." Considering previous rumors, Justin Sun may be indicating that there are no legal disputes currently affecting Huobi.
Earlier reports indicated that several domestic CTOs and other high-level executives of an exchange were being investigated by Chinese authorities. Additionally, other exchanges are also under investigation, and the founder of a third-tier exchange is also under investigation, with a wide range of implications.
Alchemix: Hacker Has Fully Returned Funds Stolen from Alchemix Curve Pool
Alchemix tweeted that the hacker has fully returned the funds stolen from Alchemix's Curve pool and will soon release a complete report.
NFT
Data: NFTs Worth Approximately $1.73 Million Stolen in July
According to the monitoring by PeckShield, in July of this year, NFTs worth approximately $1.73 million were stolen, a decrease of 31% compared to the previous month.
Half of the stolen NFTs were sold on various trading platforms within 165 minutes. 67.3% of the laundering transactions were initially completed through the Blur platform, and 19.63% were completed through the OpenSea platform.
Azuki Bid Bot Scammed for 800 ETH: Offers 10% Bug Bounty if Profits Returned
Jampzer stated that its bot was scammed into making 8 bids of 50 ETH each on Azuki, depleting 800 ETH from its bot. Jampzer mentioned that if the recipient of the 800 ETH, HanweChang, returns 90%, they will provide a 10% bug bounty.
Earlier reports indicated that NFT trader HanweChang deceived a bot that replicated his bids, purchasing NFTs from the Azuki OG and Elementals collections at prices of 50 and 15 ETH each, totaling profits of 800 ETH (approximately $1,465,808).
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