Today's Headlines:
- The net inflow of Ethereum spot ETF exceeded $106 million on the first trading day, with a total trading volume of over $1.1 billion
- CEO of Bitcoin Conference in talks with Harris campaign team to deliver a speech
- Mt.Gox has transferred about 61,560 BTC to exchanges for compensation, with 80,000 BTC still waiting to be distributed
- Tesla's total revenue in the second quarter of this year was $25.5 billion, and its Bitcoin holdings remained unchanged for eight consecutive quarters
- Bitlayer completes $11 million Series A financing, led by Franklin Templeton and ABCDE
- dYdX v3 website restored after hack, users are advised to clear cache and restart the browser before connecting
- BlackRock's spot Bitcoin ETF sees inflows surpassing those of the "Big Seven" US stocks
- BTC and ETH options with a total nominal value of approximately $5.72 billion will expire this Friday
Regulatory News:
CEO of Bitcoin Conference in talks with Harris campaign team to deliver a speech
Bitcoin Magazine tweeted that David Bailey, CEO of the Bitcoin Conference in 2024, is in talks with Kamala Harris' campaign team to speak at the conference. The Harris campaign team will make a decision today. In addition, Vice President Harris' team has consulted Mark Cuban on multiple issues regarding crypto policy.
Crypto custody firm Hex Trust receives provisional approval for MPI license in Singapore
According to The Block, crypto custody firm Hex Trust has received provisional approval for a Major Payment Institution (MPI) license in Singapore, allowing it to provide cryptocurrency custody and over-the-counter trading services in Singapore. Hex Trust previously obtained a Virtual Asset Service Provider license in Dubai in November 2023.
Latest poll: US election situation changes, Trump and Harris are evenly matched
According to Caixin, with Biden's withdrawal and Harris' almost certain succession, the market is beginning to focus on the effect of the temporary change in leadership of the US Democratic Party. Based on multiple polls, Harris and Trump are evenly matched, indicating a potential change in the presidential election situation.
Project Updates:
dYdX: Website restored, dYdX Chain and v3 protocol not compromised
dYdX tweeted that the dydx.exchange website has been restored by dYdX Trading Inc. Users are advised to clear cache and restart their browsers before connecting to the website. Some wallet extensions (such as Metamask and Phantom) may still display warnings when connecting to the site. This issue should be resolved soon. dYdX also stated that dYdX Chain, dydx.trade website, and v3 protocol were not compromised and can be used safely. In addition, dYdX Trading is exploring strategic alternatives related to v3 technology that do not involve Ethereum smart contracts. DYDX token holders must vote to approve any changes to the underlying smart contracts of v3.
According to Tree News citing Bloomberg Terminal, DEFI exchange DYDX is in negotiations to sell its trading platform. Sources said that Wintermute Trading and Selini Capital are potential buyers of the dYdX v3 software, as the negotiations have not been made public.
Binance is expected to suspend token deposits and withdrawals on the Conflux (CFX) network at 13:30 on August 13, 2024 (GMT+8) to support its network upgrade and hard fork. The project will undergo this upgrade and fork at block height 247,480,000.
According to Scam Sniffer, someone lost $4.69 million worth of Pendle re-staked tokens an hour ago due to signing multiple phishing signatures on the Permit network. According to blockchain detective ZachXBT, Pendle users have had over $23.2 million in assets stolen since March 2024.
AltLayer adjusts ALT token vesting schedule, suspends 6-month vesting plan
According to the official blog, AltLayer has announced an adjustment to the ALT token vesting schedule, suspending the 6-month vesting plan. As a result, no new tokens will be unlocked for investors, teams, advisors, finance department, and others within six months (July 26, 2024, to January 24, 2025). The next unlocking will take place on January 25, 2025, with tokens vesting linearly on a monthly basis for 2 years for investors and 3 years for teams, advisors, finance department, and others.
Binance Labs invests in Web3 game Catizen's launch platform Pluto Studio
According to the official blog, Binance Labs has announced that it has led the launch of Catizen's GameFi release platform, Pluto Studio Limited. In March of this year, Pluto Studio launched the flagship project Catizen. Catizen is a game bot on Telegram that seamlessly integrates Telegram with the TON blockchain. In just a few months, the Catizen community has grown to approximately 25 million players, about 1.5 million on-chain game players, and over 500,000 paying users worldwide. The game has also dominated the TON blockchain ecosystem, consistently ranking first in the Open League app rankings for three seasons.
Mt. Gox creditors have received returned Bitcoin and Bitcoin Cash on Kraken
According to The Block, Mt. Gox creditors have reported on Telegram that they have started receiving Bitcoin and Bitcoin Cash transfers in their Kraken accounts.
Cryptocurrency exchange BitForex has announced that its official website will go live on July 24, 2024, at 20:00 (GMT+8) and open withdrawal applications. The exchange has been in a state of shutdown since February this year. Users were unable to withdraw funds or access the website, leading to a warning from the Securities and Futures Commission (SFC) of Hong Kong in March. Last weekend, BitForex stated that it would reopen withdrawal services after a 5-month shutdown.
Solana's DEX trading volume surpasses Ethereum's for the first time in the past 30 days
Blockworks Researcher Ryan Connor posted on X platform that Solana's decentralized exchange (DEX) trading volume has surpassed Ethereum's for the past 30 days.
OKX Jumpstart to launch Matr1x (MAX) mining on July 29th
OKX Jumpstart will launch Matr1x (MAX) mining activity on July 29, 2024, at 14:00 (UTC +8). BTC and ETH holders can stake BTC/ETH to mine MAX tokens. The mining period will be from July 29, 2024, at 14:00 to August 5, 2024, at 14:00 (UTC +8), and staking and unstaking will be allowed. The maximum staking limit per person is 0.3 BTC or 3.5 ETH. Users from mainland China, Hong Kong, and South Korea are not eligible to participate.
Lista DAO adjusts LISTA unlocking schedule to meet evolving needs during the transition phase
According to the official blog, liquidity staking and decentralized stablecoin lending protocol Lista DAO has adjusted the LISTA unlocking schedule to meet the evolving needs during the transition phase of Lista. The specific details are as follows: 1. Binance Megadrop (10%): All tokens allocated to the Binance Megadrop will be unlocked on the release date. 2. Airdrop (10%): At launch, 85% of the tokens (8.5% of the total supply) allocated to the Lista DAO airdrop will be unlocked, and the remaining 15% (1.5% of the total supply) will be unlocked by the end of September. 3. Investors and advisors (19%): At launch, 1% of the total token supply will be unlocked, and the remaining 18% will be locked for one year until June 2025; from June 2025, this portion will be linearly vested and unlocked quarterly over the next two years until March 2027; 4. Team (3.5%): 100% of the token supply allocated to the Lista DAO team will be locked for one year until June 2025; from June 2025, this portion of tokens will be linearly vested and unlocked quarterly over the next five years until March 2029. 5. Community (40%): After the launch of veLISTA, the issuance of community incentive tokens will begin in July 2024, with the issuance rate decreasing by 1/√2 each year until June 2044; the current issuance rate for community incentives is set at 312,500 LISTA per week due to Lista DAO still being in the transition phase. 6. DAO funds (8%): 100% of the token supply allocated to the Lista DAO treasury will be locked for three months; from September 2024, this portion will be linearly vested and unlocked quarterly over the next four years until June 2028. 7. Ecosystem (9.5%): At launch, 3.50% of the total token supply will be unlocked, with 0.5% allocated to PancakeSwap's IF0, and the remaining 6% will be unlocked quarterly over the next five years until March 2029.
Additionally, during the transition of Lista DAO to a fully decentralized autonomous organization (DAO), the initially planned issuance of LISTA tokens (9,772,651 tokens/month for the first year) will be divided into two equal parts, each consisting of 4,886,325.5 LISTA tokens. The first half: The issuance of LISTA tokens (4,886,325.5 LISTA per month for the first year) will be dynamically adjusted monthly based on current demand; the community will be promptly notified before this issuance. The second half: The issuance of the second half of Lista tokens (4,886,325.5 LISTA per month for the first year) will be used for community incentives but will not be issued immediately. The issuance will gradually increase based on the progress of the Lista platform; in the long term, the upper limit of the issuance growth is 1,221,581 LISTA per week, in other words, 4,886,325.5 LISTA per month. As of now, the issuance rate for LISTA is set at 312,500 LISTA per week. All remaining unissued LISTA tokens will continue to be allocated for community incentives, and decisions regarding the issuance rate will be made through DAO voting. As the transition to DAO is completed, the power to adjust the current issuance parameters of LISTA will gradually shift to veLISTA holders.
BlackRock's spot Bitcoin ETF sees inflows surpassing those of the "Big Seven" US stocks
According to Cointelegraph, the inflow of funds into the 2024 BlackRock spot Bitcoin ETF IBIT has surpassed the inflow of funds into the "Big Seven" US stocks (Microsoft, Apple, Tesla, Amazon, Meta, Alphabet, and Nvidia), potentially driving the price of Bitcoin to $88,000 by September. IBIT has accumulated nearly $19 billion worth of Bitcoin from the beginning of the year to date. Jeroen Blockland, founder of Blockland Smart Asset Fund, stated that the perplexing inflow of funds is larger than that of the "Big Seven" stocks in 2024, making Bitcoin the second-largest asset class in terms of global inflows this year.
Ferrari to expand its cryptocurrency payment service to Europe by the end of July
According to CoinDesk, Ferrari is set to expand its cryptocurrency payment service to Europe by the end of July. The luxury sports car manufacturer, based in Maranello, Italy, began accepting cryptocurrencies in the United States in October last year through a partnership with BitPay. The accepted tokens include Bitcoin, Ethereum, and USDC. Reuters cited a statement from Ferrari, indicating that the company is currently expanding the program to Europe "to better support dealers in meeting the evolving needs of customers." The company plans to extend this service to other markets by the end of 2024.
Jingdong to issue stablecoin pegged to the Hong Kong dollar on public blockchain
According to Caixin, Jingdong will issue a cryptocurrency stablecoin pegged 1:1 to the Hong Kong dollar. According to information on the official website of Jingdong's subsidiary Jingdong Coinlink Technology (Hong Kong), the Jingdong stablecoin is a stablecoin pegged 1:1 to the Hong Kong dollar (HKD) and will be issued on a public blockchain. Its reserves will consist of highly liquid and trusted assets held in independent accounts at licensed financial institutions, with the integrity of the reserves being rigorously verified through regular disclosure and audit reports. On July 18, the Hong Kong Monetary Authority published a list of participants in the stablecoin issuer "sandbox," including Jingdong Coinlink Technology (Hong Kong).
Franklin Templeton starts to focus on other cryptocurrency ETFs including Solana
According to Cointelegraph, Franklin Templeton, one of the first companies in the United States to issue a spot Bitcoin ETF, has a positive outlook on new cryptocurrency ETFs, including Solana. On July 23, Franklin Templeton wrote on the X platform, "In addition to Bitcoin and Ethereum, there are other exciting developments that we believe will drive the cryptocurrency space forward. Solana has demonstrated broad acceptance and continues to mature, overcoming the pains of technical growth and highlighting the potential of high throughput, single-layer architecture." On the same day as the launch of the second spot cryptocurrency ETF—Franklin Ethereum ETF (EZET), the company issued a statement regarding the potential Solana (SOL) ETF.
Financing News
Bitlayer completes $11 million Series A financing, led by Franklin Templeton and ABCDE
The Bitcoin-native Layer 2 network Bitlayer has announced the completion of an $11 million Series A financing round, co-led by Franklin Templeton Digital Assets and ABCDE. Other participating institutions in this round of financing include Stake Capital Group, WAGMI Ventures, Skyland Ventures, Flow Traders, GSR Ventures, FalconX, Metalpha, 280 Capital, Presto Labs, and Caladan, among others. Additionally, well-known angel investors such as DOMO, founder of BRC20, and Brian Kang, co-founder of FactBlock KBW, also participated in this round of financing. The funds raised in this Series A financing round will be used for global market expansion, supporting more developers to build and deploy more protocols on Bitlayer.
Bitlayer is the first Bitcoin-secured Layer 2 based on BitVM, aiming to introduce super scalability to Bitcoin while maintaining its security, providing users with a high-throughput, low-cost trading experience.
The parent company of Pudgy Penguins, Igloo, Inc. (referred to as "Igloo"), has announced the completion of over $11 million in financing led by Founders Fund, with participation from Distributed Capital, 1kx, Everest Ventures Group, and Selini Capital. Igloo plans to invest this strategic financing in the development of its new business, Cube Labs, which will oversee and participate in the development of Abstract as a contributor.
Abstract is a new consumer-focused blockchain incubated by the non-profit organization Abstract Foundation, and its testnet will be launched soon.
According to The Wall Street Journal, the digital bank Revolut plans to sell approximately $500 million worth of employee-held shares. This transaction is expected to value Revolut at $45 billion. Revolut has been in negotiations with investment firm Greenoaks for this sale, which could pave the way for its potential initial public offering (IPO). It is reported that early employees of startups typically receive stock as part of their compensation, which they can sell when the company goes public. Revolut's goal may be to allow employees to cash out their shares while increasing the company's valuation before the IPO.
Tesla's latest financial report for the second quarter of 2024 shows that the company's total revenue for the second quarter of this year is $25.5 billion, exceeding the expected $24.63 billion. The net profit under generally accepted accounting principles is $1.5 billion, and the free cash flow is $1.34 billion. Additionally, Tesla did not buy or sell any Bitcoin in this quarter, marking the eighth consecutive quarter without any trading activity. Tesla currently holds approximately 9,720 Bitcoins, with a purchase cost of approximately $337 million. The last time Tesla divested Bitcoin was in the second quarter of 2022 when the company sold over 30,000 Bitcoins for approximately $936 million, representing about 75% of its Bitcoin holdings. Tesla initially purchased $1.5 billion worth of Bitcoin in early 2021. Furthermore, Musk stated during the earnings call that the company will launch its autonomous taxi service Robotaxi on October 10, originally scheduled for August 8.
Mining News
Riot Platforms acquires Bitcoin miner Block Mining for $92.5 million
According to The Block, Bitcoin mining company Riot Platforms has acquired Block Mining, a Bitcoin miner based in Kentucky, for $92.5 million. The acquisition is expected to immediately add 60 megawatts of operational capacity and plans to expand its self-mining operations to 110 megawatts by the end of 2024. The transaction includes $18.5 million in cash and $74 million in Riot common stock. Riot's goal is to expand its total power capacity to 2 gigawatts.
Key Data
According to SoSoValue data, the Ethereum spot ETF had a total net inflow of $106.78 million on its first day of listing (July 23, Eastern Time). Grayscale's Ethereum Trust ETF ETHE had a net outflow of $484 million, while Grayscale's Ethereum Mini Trust ETF had a net inflow of $15.15 million. The Ethereum spot ETF with the highest net inflow yesterday was the BlackRock ETF ETHA, with a net inflow of $266 million, followed by the Bitwise ETF ETHW, with a net inflow of $204 million. In addition, Fidelity's ETF FETH had a net inflow of $71.31 million.
As of the time of writing, the total net asset value of the US Ethereum spot ETF is $10.24 billion, with an ETF net asset ratio (market value as a percentage of total Ethereum market value) of 2.45%.
According to SoSoValue data, the Bitcoin spot ETF had a total net outflow of $77.97 million yesterday (July 23, Eastern Time). Grayscale's ETF GBTC had a net outflow of $27.30 million, bringing its historical net outflow to $18.722 billion.
The Bitcoin spot ETF with the highest net inflow yesterday was the BlackRock ETF IBIT, with a net inflow of $71.9426 million, bringing its total historical net inflow to $19.567 billion. As of the time of writing, the total net asset value of the Bitcoin spot ETF is $59.97 billion, with an ETF net asset ratio of 4.62%, and a total cumulative net inflow of $17.46 billion.
Mt.Gox transfers 32,371 BTC worth approximately $2.13 billion
According to Arkham data, at 12:46 Beijing time, the Mt.Gox cold wallet address (starting with "15yPUCW9XRmPpNtQkzYogtfgi99pk8rvwe") transferred 32,371 BTC to an address starting with "12Gws9," worth approximately $2.13 billion. It is worth noting that the cold wallet address starting with "15yPUC" received 42,587 BTC (worth approximately $2.85 billion) from Mt.Gox addresses yesterday.
According to on-chain analyst Yu Jin, Mt.Gox addresses transferred 5,106 BTC (approximately $335.76 million) to Bitstamp for compensation distribution today. So far, a total of 61,558.9 BTC (approximately $3.894 billion) has been transferred to exchanges for compensation distribution, with 51,342.8 BTC (approximately $3.218 billion) already distributed to Bitbank, SBI VC Trade, and Kraken. Currently, Mt.Gox still has 80,126 BTC (approximately $5.288 billion) waiting to be transferred to exchanges for compensation distribution.
Bitcoin network transaction fees drop to 4 satoshis/byte, approximately $0.37
Mempool data shows that the Bitcoin network transaction fees are currently 4 satoshis/byte, with high, medium, and low priority levels all at 4 satoshis/byte, approximately $0.37.
According to unfolded, citing Deribit data, the nominal value of approximately $5.72 billion worth of BTC options and ETH options is set to expire this Friday. The nominal value of expiring BTC options is $3.99 billion, with a Put Call Ratio of 0.62 and a maximum pain point of $63,000. The nominal value of expiring ETH options is $1.73 billion, with a Put Call Ratio of 0.47 and a maximum pain point of $3,400.
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