Today's Headlines:
Regulatory News
According to Sina Finance, the 2024 Tsinghua Wudaokou Chief Economist Forum was held in Beijing on September 28. Zhu Guangyao, former Deputy Minister of Finance, attended and delivered a speech. Zhu Guangyao called for attention to the development of research on cryptocurrency, stating, "It does have a negative impact, and we must fully recognize its risks and the harm it poses to the capital market, but we must study the latest international changes and policy adjustments, as it is a crucial aspect for the development of the digital economy." Zhu Guangyao reviewed the development of cryptocurrency, stating that for more than a decade, the United States has always believed that cryptocurrency has had a huge destructive impact on international anti-money laundering and anti-terrorist financing. In addition, the drastic fluctuations in the value of cryptocurrency have had a huge impact on the international financial market. However, this year, there has been a major evolution in US policy. Zhu Guangyao introduced that the Trump campaign platform explicitly included cryptocurrency, and he publicly stated, "We must embrace cryptocurrency, otherwise China will replace us." The US Securities and Exchange Commission has also approved the listing of 11 Bitcoin ETFs on the stock and futures markets. In emerging market countries and BRICS countries, Russia, South Africa, Brazil, and India have also taken action.
Galaxy stated on the X platform that the US Securities and Exchange Commission (SEC) had previously approved the listing and trading of spot Bitcoin ETF options on Nasdaq, but it still needs approval from the US Commodity Futures Trading Commission (CFTC) and the Office of the Comptroller of the Currency (OCC). There is currently no definite timetable, so the exact start date of trading is still pending. It is reported that there are certain restrictions on trading spot Bitcoin ETF options, such as strict monitoring of market manipulation and clear position limits. Nasdaq ISE plans to integrate these requirements with existing monitoring systems through cooperation with other exchanges. Galaxy added that in the long run, spot Bitcoin ETF options can stabilize the volatility of Bitcoin, enhance investor confidence, deepen market liquidity, and with the recent launch of digital asset custody services by the Bank of New York Mellon, the institutionalization of Bitcoin is accelerating.
Project Updates
According to Forbes, adding to the positive outlook for the cryptocurrency market in the fourth quarter is the ongoing FTX bankruptcy proceedings, which are expected to inject a large amount of funds into the market. The total amount of creditors' allocation is expected to be as high as $16 billion and is expected to begin in early October. Although rumors about immediate payments on October 1 are still speculative, the latest press release confirms that the final voting results will be announced before the confirmation hearing on October 7, 2024. Given that over 95% of the voting creditors preliminarily support FTX's revised restructuring plan, which aims to fully repay bankruptcy claims. These payments will be made in US dollars, with most expected to flow back into the market, and Bitcoin is expected to receive the largest share.
Additionally, the article analyzes factors favorable to Bitcoin's performance in the fourth quarter, including the US SEC's rapid approval of IBIT's options trading months in advance and more supportive global monetary policies. The article states that these factors collectively indicate that Bitcoin ETFs may regain momentum and see record inflows of funds before the end of the year. With price trends beginning to align with ETF fund flows, the conditions for an extremely bullish market for Bitcoin by the end of 2024 have matured.
According to Cryptonews, the recent decision by the Federal Reserve to cut interest rates for the first time since March 2020 is expected to affect the income flow of the five major centralized stablecoins. According to a report released by CCData on September 27, these stablecoins collectively hold nearly $125 billion in US Treasury bonds, and for every 50 basis point (bps) cut in interest rates, they may lose approximately $625 million in interest income.
The report shows that US Treasury bonds account for 80.2% of the reserves held by major stablecoins. Data from the Chicago Mercantile Exchange's FedWatch tool indicates that the market expects a total cut of 75 basis points in interest rates by the end of 2024, including a 50 basis point cut in November and another 25 basis point cut in December. If these predictions come true, stablecoins may face an additional income loss of $937.5 million, bringing the potential total loss caused by the Fed's loose policy to $1.5625 billion.
Among the affected stablecoins, Tether's USDT holds the largest share of US Treasury bond-backed reserves, totaling as high as $93.2 billion, including US Treasury bonds and repurchase agreements. Following closely is Circle's USD Coin (USDC), which holds $28.7 billion in US Treasury bonds through Circle's reserve fund. Other stablecoins, such as First Digital USD (FDUSD), PayPal USD (PYUSD), and TrueUSD (TUSD), hold smaller positions in US Treasury bonds, at $1.83 billion, $634 million, and $502 million, respectively. Despite these potential financial setbacks, the stablecoin market continues to show resilience. According to CCData, the total market value of stablecoins increased by 1.50% in September, reaching $172 billion, marking 12 consecutive months of growth.
Today's Headlines:
Former Binance CEO Zhao Changpeng: Plans for the Future
Former Binance CEO Zhao Changpeng posted on the X platform, stating, "I know some of you may have many questions. I won't answer all of them. I want to thank everyone for their support. It means a lot to me and has kept me strong in the darkest moments. Some quick updates/thoughts: Giggle Academy is progressing well and will be a significant part of my life in the coming years. I will continue to invest in blockchain, decentralized technology, artificial intelligence, and biotechnology. I am a long-term investor focused on impact rather than returns. I will also dedicate more time and funds to charity (and education). I have some rough ideas. I am also writing a book. I think I'm about two-thirds done. Writing a book is much harder than I expected, but I will persevere to finish it. Binance seems to be doing well without me, which is great and every founder's dream."
Zilliqa: Network Encounters New Issue, Funds Are Safe
Public blockchain Zilliqa posted on the X platform, stating that the network has encountered a new issue, which the team has identified and will resolve as soon as possible. All funds are safe. The Zilliqa team is investigating the issue, debugging, and attempting to restore the network.
CATIZEN Launches $CATI Token Recharge Channel and Updates Next Quarter Airdrop Mechanism
CATIZEN has officially launched the CATI token recharge channel and updated the token application scenarios. Using CATI tokens to purchase assets in the CATIZEN Ecological Application Center will enjoy a 30% discount. The updated features also include participation and distribution mechanisms for the next quarter's airdrop. CATIZEN will distribute 1% of its CATI airdrop (approximately 10 million CATI) every 90 days in the future, and every player can participate in the airdrop event and view their airdrop share in real-time.
Japanese Listed Company Remixpoint Acquires Cryptocurrency Worth Approximately $5.27 Million
According to Coinpost, the Japanese listed company Remixpoint officially disclosed details of its latest round of cryptocurrency investments on September 27, totaling 750 million yen (approximately $5.27 million). The investment includes the purchase of 64.4 BTC (600 million yen), 130.1 ETH (50 million yen), 2,260.5 SOL (50 million yen), and 12,269.9 AVAX (50 million yen). This investment is the first phase of the company's announced plan to purchase virtual currencies totaling 1.5 billion yen (approximately $10.55 million), aiming to diversify investments to reduce the risk of yen depreciation and optimize cash management strategies.
At a board meeting held on September 26, the decision-making layer of Remixpoint unanimously agreed to allocate a portion of surplus funds to virtual currencies to diversify asset portfolio risks, reduce exposure to the yen, and enhance the company's financial resilience. The company has clarified its investment and management strategy, with Bitcoin accounting for the majority of the total amount (1.2 billion yen), while Ethereum, Solana, and Avalanche each receive 100 million yen in investment. These investments will be carried out in stages, with the goal of completing them by the end of this year based on market conditions.
Worldcoin Expands Business to Guatemala, Poland, and Malaysia with Facial Recognition Technology
According to Bitcoin.com, decentralized identity project Worldcoin has announced the launch of Orb verification (iris scanning) services in Guatemala, Poland, and Malaysia, along with the introduction of the Face Auth feature. Face Auth is a new feature of its World ID suite, allowing other applications to verify if the person using the ID is the same person verified through the orb device (iris scanning device) at the Worldcoin center. This process only uses information from the user's phone, protecting user data privacy and preventing potential fraud in case of device theft.
FTX Creditors: FTX Creditors Only Able to Recover "10-25% of Cryptocurrency"
According to Cointelegraph, based on the latest revised bankruptcy filing shared by FTX creditor Sunil Kavuri, creditors are only able to recover 10% to 25% of their cryptocurrency investments, and the compensation is based on prices far below the current market, with Bitcoin at only around $16,000 at the time of application. Kavuri stated that this decision has angered creditors, with many customers facing mental distress due to the loss of their life savings, which have not been returned. Other creditors have echoed these sentiments, accusing FTX of being a scam and expressing double deception. Kavuri also pointed out that former FTX CEO SBF misappropriated customer funds to repay outstanding debts, violating the terms of service. Previously, the FTX bankruptcy estate had reached an agreement with Emergent Technologies, founded by SBF, to use $600 million worth of Robinhood stock to repay debts. In addition, the bankruptcy restructuring plan faces multiple challenges, including questioning from the US trustee and SEC, who believe the plan provides too much legal protection for the managers and may object to the stablecoin compensation plan.
Today, it was revealed that the victim of a phishing attack involving over 12,000 spWETH sent a message on-chain to the phisher, proposing to resolve the issue in a "peaceful manner," and offering a 20% reward if the phisher agrees to refund the funds. Earlier reports indicated that an address lost 12,083 spWETH, worth approximately $32.43 million, after signing a "permit" phishing signature, and Lookonchain posted on the X platform stating that the address is suspected to be associated with Cobo co-founder and CEO Lookonchain.
Macro Outlook for Next Week: Non-Farm Payrolls Week, Key Data Releases, Fed Chair Speech
According to Jin10, next week will see the release of several key macroeconomic events in the United States, including the following: Monday 09:30 - China's official manufacturing PMI; Tuesday 01:00 - Fed Chair Powell speaks at the National Association for Business Economics; Tuesday 22:00 - US ISM Manufacturing PMI for September; Tuesday 23:00 - FOMC voting members, Atlanta Fed President Bostic, and Fed Governor Brainard co-host a meeting; Wednesday 06:15 - FOMC voting members Bostic, Barkin, and FOMC voting member Collins participate in a group activity; Wednesday 20:15 - US ADP Employment Change for September; Wednesday 21:00 - FOMC voting members, Cleveland Fed President Mester speaks; Wednesday 22:05 - FOMC voting members, St. Louis Fed President Bullard delivers opening remarks at an event; Wednesday 23:00 - Fed Governor Bowman speaks; Thursday 20:30 - US Initial Jobless Claims for the week ending September 28; Thursday 22:40 - Minneapolis Fed President Kashkari and Atlanta Fed President Bostic have a fireside chat on inclusive economics; Friday 20:30 - US Non-Farm Payrolls for September; Friday 21:00 - FOMC permanent voting member, New York Fed President Williams delivers opening remarks at a meeting; Friday 20:30 - US Unemployment Rate for September.
Funding News
According to official sources, the full homomorphic encryption network Mind Network has announced the completion of a $10 million Pre-A round financing. The main investors include Animoca Brands, Arkstream Capital, Cogitent Ventures, G Ventures, MH Ventures, Master Ventures, Moonhill Capital, SwissBorg Ventures, IBC Group, and well-known angel investors such as Mike Silagadze, CEO of Ether.fi, and prominent figures in the crypto field Mario Nawfal, Mr. Block, and Kyle Chassé. Following this financing, Mind Network plans to expand its business by integrating more staking protocols and continue to release supporting infrastructure. Users holding staked assets from partner protocols can exchange vFHE and participate in FHE voting on Mind Network.
Mind Network is a fully homomorphic encryption (FHE) layer for AI and POS networks. The layer accepts re-staked tokens from ETH, BTC, and AI blue-chip tokens and operates as an FHE validation network, providing consensus, data, and cryptographic economic security for decentralized AI, DePIN, EigenLayer, Symbiotic, and Babylon AVS POS networks. Mind Network has previously received support from Binance Labs, Hashkey, Big Brain, Chainlink, and funding from the Ethereum Foundation for its FHE research on Ethereum.
Important Data
A Whale Recharges 2990 ETH to Kraken, Worth Approximately $7.97 Million
According to on-chain analyst @ai_9684xtpa, an ancient whale of Ethereum IC0 recharged 2990 ETH (worth $7.97 million) to Kraken approximately nine hours ago, suspected to be for selling. In the past six days, the whale has transferred a total of 15000 ETH to exchanges, with a total value of $39.33 million. The ETH from this address has all been sold, and the remaining four addresses still hold 60,000 tokens.
A Whale Spends 27,848 SOL to Purchase MOODENG, Becoming the Second Largest Holder of the Token
According to Lookonchain monitoring, a whale withdrew 2,000 SOL (approximately $311,000) from OKX to purchase MOODENG. So far, the whale has spent 27,848 SOL (approximately $4.34 million) at a price of $0.245 to purchase 17.73 million MOODENG, becoming the second-largest holder of MOODENG.
An Address Buys MOODENG at a Cost of 6 SOL, Currently Profiting Over 10,000 Times
According to Lookonchain monitoring, an address bought 30.1 million MOODENG for 6 SOL (approximately $815) 17 days ago, which is now worth $9.4 million, resulting in a profit of 11,534 times the initial investment.
Coingecko data shows that the market cap of Solana meme coin MOODENG, inspired by the Thai internet celebrity hippo "Moo Deng," reached a new high of $320 million last night, but has now fallen to $285 million. MOODENG is currently trading at $0.288, with a 7.5% increase in the past 24 hours.
Lin Chen, Head of Deribit Asia-Pacific Business, posted on X that this week's BTC ETFs have significantly improved compared to previous weeks, with five consecutive days of net inflows, totaling $1.1085 billion (increasing holdings by 17,265.54 BTC). Among them, BlackRock has changed from zero to five consecutive days of net inflows, accumulating an additional 7,808.46 BTC, accounting for 45% of the total net inflow. This indirectly reflects the gradual restoration of confidence in institutional investors' buying this week, indicating a warming market sentiment. This week, ETH ETFs overall showed a net inflow state, with a total net inflow of $85 million (increasing holdings by 31,522.88 ETH). ETHE remains the main seller. As of now, ETHE holds a total of 1,673,190.24 ETH, with a cumulative sale of approximately 942,039.67 ETH, accounting for 36.03% of the total.
IntoTheBlock: Current 1% of Bitcoin Supply Locked in DeFi
According to IntoTheBlock data, the current 1% of the Bitcoin supply is locked in decentralized finance (DeFi). This growth is driven by the increased demand for Bitcoin yields in the market, especially the impact of Coinbase's launch of the Bitcoin-pegged token $cbBTC.
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