Today's Headline Highlights:
The U.S. House of Representatives plans to vote next week to overturn Biden's veto of the SAB 121-related resolution.
The second phase airdrop of ether.fi is delayed and will be launched tomorrow, airdropping 150 ETHFI to all small investors.
The Zircuit mainnet is set to be released, with the first quarter points snapshot scheduled for July 7th.
The German government, U.S. government, and Mt.Gox addresses collectively transferred 14,817.1 BTC within 16 days, equivalent to approximately $898 million.
CryptoQuant founder: Government sales of Bitcoin are overestimated, accounting for only 4% of the $224 billion bull market inflow.
The Lido community has initiated a proposal to "hire legal advisors to attend the Lido DAO collective lawsuit."
Yesterday, the total net inflow of the U.S. Bitcoin spot ETF was $143 million.
Regulatory News
The Washington Post: U.S. Senator Warner leads the push for Biden to withdraw from the election
According to The Washington Post, U.S. Senator Mark Warner is trying to gather a group of Democratic senators to urge Biden to withdraw from the presidential election. Two informed sources revealed that due to Biden's poor performance in previous debates, Warner is telling Democratic senators that Biden cannot continue to run for president. Warner is deeply concerned that Biden is unable to conduct a campaign that can defeat Trump.
The U.S. House of Representatives plans to hold a crucial vote next week to overturn Biden's veto of the announcement of the SEC's cryptocurrency custody accounting standard (SAB 121). Although the House passed a resolution aimed at overturning SAB 121 with a vote of 228-182 in May, Biden subsequently vetoed the resolution. SAB 121 was first released in 2022 and has sparked controversy over the past year. It requires cryptocurrency custodians to record customer-held cryptocurrencies on their balance sheets as liabilities. The crypto industry is concerned that this move may hinder banks from protecting digital assets.
Nigerian Central Bank accuses Binance of unauthorized transactions
According to Cointelegraph, the trial of money laundering against Binance and its two executives took place on July 5th in Nigeria. Deputy Governor of the Nigerian Central Bank, Olubukola Akinwunmi, testified before Justice Emeka Nwite of the Federal High Court in Abuja, asserting that Binance's deposits and withdrawals lacked the necessary licenses and regulatory approvals.
Tornado Cash co-founder Roman Storm requests judge to postpone trial until January or February 2025
Project Updates
Zircuit mainnet is set to be released, with the first quarter points snapshot scheduled for July 7th
EVM-compatible zkRollup network Zircuit officially announced the upcoming mainnet release. The Zircuit points snapshot obtained from the first quarter (staking and previous activities) will be taken on July 7th. The second quarter will commence on July 8th.
According to a previous report by PANews, Binance Labs announced an investment in Ethereum Layer 2 network developer Zircuit, with the specific amount undisclosed. Since its establishment in mid-2022, Zircuit has also received support from Pantera Capital and Dragonfly. Zircuit plans to launch its mainnet in the coming months.
The ether.fi Foundation updated the information for the second phase airdrop on the X platform, which has been delayed until July 7th and will airdrop up to 150 ETHFI to all small investors. The team has partnered with Chaos Labs to detect witch activities and other suspicious behavior. To receive the airdrop, it is necessary to prove that the wallet is not part of a witch cluster. Providing false proof will result in the loss of eligibility for the airdrop and all wallet airdrops belonging to the witch cluster. Users identified as witches can still receive the basic linear airdrop but cannot receive additional rewards.
CryptoQuant's founder and CEO Ki Young Ju stated on the X platform that government sales of Bitcoin are overestimated. Ki Young Ju believes that the amount of Bitcoin sold by governments is minimal compared to the overall inflow into the Bitcoin space. Since 2023, $224 billion has flowed into the market. The BTC seized by governments accounts for only 4% of the cumulative realized value since 2023, approximately $9 billion.
Lido community initiates proposal to "hire legal advisors to attend Lido DAO collective lawsuit"
According to the Snapshot page, the Lido community has initiated a proposal to "appoint an entity to respond to the pending collective lawsuit against Lido DAO." The proposal suggests appointing and hiring Delaware limited liability company Dolphin CL, LLC ("Dolphin") as legal counsel and appearing in the lawsuit on behalf of "Lido DAO," with funding of 200,000 DAI. The proposal will be voted on until July 10th.
Bitfinex to refund investors in El Salvador Hilton hotel project
Digital asset platform Bitfinex Securities stated that due to the failure to attract the minimum $500,000 funding required to continue operations, it will refund the funds of its investors in the El Salvador International Airport Hilton hotel project. The project was El Salvador's first public offering of digital debt assets but only raised $342,000 from investors before the first deadline, only 5% of its targeted $6.25 million. However, Bitfinex will not take immediate action. "We expect the issuer to adjust the offer." Currently, Bitfinex has removed the public offering information from its website.
Key Data
According to on-chain analyst Yu Jin's monitoring, recent BTC outflow data from the three major selling pressures (German government, U.S. government, and Mt. Gox) are as follows:
The German government address has transferred a total of 9,332.3 BTC (approximately $5.7213 billion) since June 19th, with an average transfer price of $61,306.
The U.S. government address transferred 3,940.2 BTC (approximately $2.4122 billion) on June 26th, with an average transfer price of $61,219.
The Mt. Gox address transferred 1,544.6 BTC (approximately $84.87 million) on July 5th, with an average transfer price of $54,944.
In summary, the three entities collectively transferred 14,817.1 BTC (approximately $8.9822 billion) within 16 days from June 19th, while the BTC price dropped by 14.3% during this period ($65,590 to $56,225).
Yesterday's total net inflow of U.S. Bitcoin spot ETF was $143 million
Data from SoSoValue shows that yesterday (July 5th, U.S. Eastern Time), the total net inflow of U.S. Bitcoin spot ETF was $143 million. The daily net outflow of Grayscale GBTC was $28.5713 million, bringing the historical net outflow of GBTC to $18.603 billion.
The Bitcoin spot ETF with the highest net inflow yesterday was Fidelity FBTC, with a daily net inflow of $117 million, bringing the total historical net inflow of FBTC to $9.361 billion. This was followed by Bitwise ETF BITB, with a daily net inflow of $30.1948 million, bringing the total historical net inflow of BITB to $2.085 billion.
As of the time of writing, the total net asset value of U.S. Bitcoin spot ETF is $49.146 billion, with an ETF net asset ratio (percentage of market value to total Bitcoin market value) of 4.42%, and the historical cumulative net inflow has reached $14.763 billion.
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