Compilation: Lu'an Peng ChainCatcher
Important Information:
- Matrixport: US Presidential Election Years Typically Favorable for Stocks and Bitcoin
- OSL Collaborative Products Account for 88% of the Market Share of the First Batch of Spot Virtual Asset ETFs in Hong Kong
- Mt. Gox Former CEO: Glad to See Mt. Gox Customers Finally Receiving Bitcoin
- Token and NFT Launch Platform Monad Pad Announces Completion of $945,000 Seed Round Financing, with Participation from Sneaky Ventures, etc.
- Multiple MT.GOX Creditors Report Receiving Repaid BTC/BCH
- Bloomberg ETF Analyst: "Lack Confidence" in Launching Ethereum ETF around July 15
- Trailer for Documentary "Vitalik: The Ethereum Story" to Be Released in Zora Mint Form on July 23
- UK Media: UK Prime Minister Sunak to Announce Resignation on Friday Morning Local Time
"What Important Events Have Happened in the Past 24 Hours"
Matrixport: US Presidential Election Years Typically Favorable for Stocks and Bitcoin
According to Matrixport, US presidential election years typically favor stocks and Bitcoin. Last year, we showed the performance of Bitcoin during the 2012, 2016, and 2020 US elections. As of July this year, Bitcoin has risen by 39% year-to-date, following the election year pattern, despite the seemingly challenging 192% average annual return. The year-to-date returns for Ethereum and Bitcoin are 49% and 43% respectively, far exceeding Nasdaq (22%) and S&P 500 (16%). Despite political and macroeconomic tailwinds, traders may opt for high-yield tokens and await better re-entry opportunities. The Federal Reserve may indicate an intention to begin a rate-cutting cycle at the July 31 meeting.
Since its launch in April 2024, the Hong Kong digital asset ETF market has shown significant growth, with both trading volume and assets under management (AUM) continuing to expand. As of the time of publication, the daily trading volume of Bitcoin (BTC) spot ETF reached 114 million Hong Kong dollars, while the daily trading volume of Ethereum (ETH) spot ETF reached 33.76 million Hong Kong dollars, indicating increasing investor interest and growing investment activities in the Hong Kong digital asset ETF market.
OSL Digital Securities Limited, a subsidiary of OSL Group (863.HK) and a leading licensed digital asset trading platform in Hong Kong, has been appointed as the virtual asset trading platform and sub-custodian for the first batch of spot Bitcoin and Ethereum ETFs launched by Huaxia Fund and HGI. These products account for over 88% of the total market trading share in the Hong Kong ETF market. "OSLcontinues to drive regulated digital asset innovation to the next stage, including collateral services and tokenized fund products." OSL Chairman and CEO Wayne Trench stated that the success of OSL as a leading ETF custodian and trading platform reflects its strategic vision and operational excellence. As the market continues to grow, OSL is committed to pioneering new solutions and maintaining its position as a trusted partner in digital asset investment.
Mt. Gox Former CEO: Glad to See Mt. Gox Customers Finally Receiving Bitcoin
Mark Karpelès, former CEO of Mt. Gox, stated on X platform that Mt. Gox customers are finally receiving Bitcoin. He said, "After more than ten years, I wasn't sure if this would really happen, but we finally did it. It's been a long journey, and I'm glad to see that we're finally close to the goal, just a little bit more to go…".
Token and NFT launch platform Monad Pad announced on X platform the completion of a $945,000 seed round financing, with participation from institutions such as CMS, CSPDAO, CapitalZephyrus, vvvdotnet, FOMO, exnetworkcap, Sneaky Ventures, and Legion Ventures.
Additionally, according to Web3 asset data platform RootData, Monad Pad is a token and NFT launch platform built on Monad, empowering creators, investors, and collectors.
Multiple MT.GOX Creditors Report Receiving Repaid BTC/BCH
Multiple MT.GOX creditors in Japan have reported receiving repaid BTC/BCH, with funds entering Bitbank or Kraken exchange accounts. The BCH in Bitbank accounts is displayed as BCC. Additionally, some have reported receiving cash payments via international wire transfer.
Bloomberg ETF Analyst: "Lack Confidence" in Launching Ethereum ETF around July 15
Bloomberg ETF analyst James Seyffart previously stated that he and his colleagues believed that a spot Ethereum ETF might be launched around July 15 as the application process improved, but now he expresses "lack of confidence" in the launch of an Ethereum ETF at this time, adding that there is currently no official approval timetable, and the SEC's Division of Corporation Finance is "taking time" to approve each fund.
However, another Bloomberg ETF analyst, Eric Balchunas, believes that all signs indicate that an Ethereum ETF will still be launched "this month," such as Bitwise being able to amend its application earlier than the expected July 8 deadline.
Trailer for Documentary "Vitalik: The Ethereum Story" to Be Released in Zora Mint Form on July 23
Co-producer Linda Xie of Ethereum Stories announced on X platform, "The Ethereum Stories documentary has been in production for over 3 years and is about to be shared with the world. We will release the feature documentary 'Vitalik: The Ethereum Story' and a series of short films 'Ethereum Stories.' Many thanks to our Mirror crowdfunding supporters for making all of this possible." Additionally, she mentioned that before the documentary's mainstream debut on traditional streaming platforms, a complete native crypto release will be launched, including on-chain tickets and over 250 global IRL premieres.
The specific casting and release schedule is as follows:
Phase 1: The documentary will be released in Zora Mint form on July 23, with the top 20 casters receiving rewards such as premiere tickets and end credits acknowledgments.
Phase 2: Pre-sale movie tickets will be available on the Base chain on July 26.
Phase 3: Global release will commence on September 18.
Phase 4: The movie will continue to be screened until the fall of 2024.
Phase 5: The movie will be available on major streaming platforms by the end of 2024 or in 2025.
UK Media: UK Prime Minister Sunak to Announce Resignation on Friday Morning Local Time
According to reports from several UK media outlets such as "Daily Mail," UK Prime Minister Sunak is set to announce his resignation on Friday morning local time.
As per CCTV News, on the evening of the 4th local time, the exit poll for the UK House of Commons election showed that the Labour Party led by Keir Starmer won a majority of seats in the House of Commons, making it the ruling party in the UK.
Today's Crypto Fear and Greed Index is 29, hitting a nearly 1-year low
According to alternative data, the Crypto Fear and Greed Index saw a significant decline, dropping from 44 points yesterday to 29 points today, hitting a nearly 1-year low.
SMG Research Director Max Resnick posted on social media, "MEV is fundamentally about control. Proposers can control which transactions are included in a block and in what order. In other words, MEV is about censorship and reordering. The good news is that solving this problem is possible. The first step is to address censorship resistance by establishing multiple parallel proposers; the second step is to address the reordering issue. Once a multi-proposer architecture is in place, proposers can reach consensus on a set of unordered transactions, and the execution layer is responsible for ordering them using deterministic rules."
In response, Vitalik Buterin commented, "Wouldn't this lead to people spamming the chain with transactions to collect MEV, maximizing the chance of being the first? So you still get 'MEV auctions,' but with more negative external effects on the protocol. We saw this during the ICO era in 2017, when some projects tried to ban transactions with gas fees higher than 50, and we ended up with a lot of chain spam."
"What are some exciting articles worth reading in the past 24 hours"
BTC Drops by About 10% in Two Days, Fear Index Hits Nearly 1-Year Low, Where is the Market Bottom?
Multiple factors such as the massive compensation in Mentougou and the German government's reduction of BTC holdings have led to a continuous decline in the crypto market.
At noon today, BTC briefly fell below $54,000 (currently at $54,300), hitting a new low since February 26 this year, with a maximum 24-hour decline of over 10%. Bitcoin has also dropped by about 10% in the past two days.
The entire altcoin market is also experiencing a major disaster. ETH dropped to a low of $2,806, with a 24-hour decline of over 8%; SOL dropped to a low of $120.65, with a 24-hour decline of over 5%.
Even relatively resilient tokens like PEPE and TON have seen significant declines. PEPE and TON have experienced 24-hour declines of over 15% and 7% respectively.
The psychological defense line of the bulls is once again being challenged. Coinglass data shows that over $660 million in liquidations occurred in the past 24 hours, with the majority being long positions, totaling $565 million in liquidations, including over $212 million in BTC liquidations and over $167 million in ETH liquidations. The overall Bitcoin futures open interest has been continuously declining, with a decline of over 10% in the past 24 hours.
The continuous decline has led to a near 1-year low in crypto fear, according to Alternative data, with the Crypto Fear and Greed Index at 29 (compared to 44 yesterday).
Locked "Paper Wealth" Encounters "Hell Difficulty" Cycle for VCs
Retail investors attribute their losses to the token issuance strategy of "high FDV (Future Discounted Value) and low circulation," believing that VCs and project parties conspired to unlock a large number of tokens, impacting the crypto market.
VCs, on the other hand, are "crying foul," defining this cycle of primary markets as "hell difficulty." Li Xi, a partner at LD Capital, stated that the profits on the books this year are all paper values because the shares belonging to VCs are still locked at 0. Apart from VCs who are "hoarding," most VCs are "big leeks" who are buying in.
ChainCatcher interviewed several representatives from the VC industry in an attempt to explore the current survival status of VCs.
Many VCs stated that six major reasons have led to the current dilemma for VCs. Some VCs expressed that not investing has become the best strategy in the current market environment.
Q2 DApp Report: Usage Increases by 40% to Reach a New High, Social Sector Performs Well
The dapp industry performed exceptionally well in the second quarter of 2024. Since the beginning of this year, it has witnessed a series of positive developments and is experiencing a bullish trend with no signs of slowing down. However, this bullish sentiment is reflected in fundamental indicators and user engagement, rather than token prices. This article focuses not on token prices, but on analyzing the broader prospects to understand user behavior and trends within the ecosystem.
Mt.Gox Market Sell-off Strikes, BTC 24H Decline of 10% Breaks $54,000, Where is the Bottom?
At noon today, Bitcoin briefly fell below $54,000, hitting a low of $53,269, marking a new low since February 26 this year, with a maximum 24-hour decline of over 10%. As of the time of writing, it has rebounded to $64,600. Altcoins are also "pitiful," with an average decline of around 10%. Real-time quotes from Europe's OKX are as follows:
- ETH dropped to a low of 2806 USDT, currently at 2881.61 USDT, with a 24-hour decline of 8.01%;
- SOL dropped to a low of 120.65 USDT, currently at 126.74 USDT, with a 24-hour decline of 6.38%;
- PEPE dropped to a low of 0.000008221 USDT, currently at 0.000008326 USDT, with a 24-hour decline of 12.58%;
- OP dropped to a low of 1.22 USDT, currently at 1.3232 USDT, with a 24-hour decline of 13.36%;
- STRK dropped to a low of 0.4488 USDT, currently at 0.4951 USDT, with a 24-hour decline of 15.76%.
According to CoinGecko data, the total market value of cryptocurrencies has shrunk to $2.08 trillion, with a 9% decline in the past 24 hours due to the overall market downturn.
In derivative trading, Coinglass data shows that the total liquidation amount in the past 24 hours has reached $678 million, with the majority being long positions, totaling $588 million. Among them, BTC liquidations amounted to $226 million, and ETH liquidations amounted to $166 million.
How to Get Through the Trash Time in the Coin Circle?
There has been a recent popular article called "How to Get Through the Trash Time in History."
What is historical trash time?
In short, it is when a certain period of history goes against economic laws, and individuals find it difficult to reverse the situation, and the overall trend seems destined to fail.
For example, Japan's three decades of economic stagnation after the burst of the bubble in the 1990s, where young people had no opportunities, and the development of the country and individuals hit a ceiling.
For example, the period of great stagnation in the United States from 1970 to 1982, with high inflation, high unemployment, and low economic growth.
For example, the Soviet Union from 1979 to 1989, and even up to present-day Russia.
A speck of dust in the era becomes a mountain on an individual's head.
In the face of the overall trend, individuals are always insignificant. Warren Buffett became the "Stock God" because he was born in the United States and invested in American stocks; the rise of the wealthy class in China rode on the wind of China's reform and opening up over the past 40 years; some people gained tens or even hundreds of times returns by investing in altcoins/MEME coins because the rise of Bitcoin drove market sentiment and brought in incremental funds…
But if the entire market or country is in a downturn, individual efforts are in vain.
In the investment market, "trash time" is particularly vivid.
Taking Bitcoin as an example, most of the gains are concentrated in a few months, and the increases within those months are concentrated in a few days.
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