Today's News Highlights:
Federal Reserve Cuts Interest Rates by 25 Basis Points as Expected
281 Pro-Crypto Candidates Elected to Congress, 263 in the House and 18 in the Senate
MakerDAO Votes to Maintain Its Rebranding to "Sky"
Detroit to Become the Largest U.S. City Accepting Cryptocurrency Payments for Taxes and Fees
Ethereum Foundation Releases 2024 Report: 99.45% of $788.7 Million in Crypto Assets is ETH
Bitcoin Spot ETF Sees $1.376 Billion in Net Inflows Yesterday, Setting a New Daily Record
49,000 BTC Options and 295,000 ETH Options Expiring Today, Total Notional Value of $4.56 Billion
Regulatory News
Federal Reserve Cuts Interest Rates by 25 Basis Points as Expected
The Federal Reserve has lowered the benchmark interest rate by 25 basis points to 4.50%-4.75%, marking the second consecutive rate cut in line with market expectations. The decision was unanimous, and the policy statement's wording remained largely unchanged, continuing to emphasize close monitoring of risks to dual objectives, but removed the phrase "more confident that inflation is sustainably moving toward the target." There was no clear signal regarding future rate cuts, nor any comments on the outcome of the U.S. elections.
Powell: No Plans to Lower Inflation Below 2%, Will Not Resign Due to Trump
Federal Reserve's Balance Sheet Falls Below $7 Trillion
281 Pro-Crypto Candidates Elected to Congress, 263 in the House and 18 in the Senate
According to statistics from the "Stand With Crypto Alliance," a total of 281 pro-crypto candidates were elected to Congress, with 263 entering the House and 18 entering the Senate. Coinbase Chief Policy Officer Faryar Shirzad stated on social media platform X that the influence of "crypto voters" has significantly increased, marking a win for the crypto industry across both parties.
UK House of Lords Supports Digital Asset Property Bill
According to CoinDesk, members of the UK House of Lords expressed support for the country's digital asset property bill during a second reading meeting on Wednesday. The House of Lords Grand Committee generally believes that the bill will provide more clarity on how the legal system treats cryptocurrencies and may mark another step for the UK in paving the way for domestic cryptocurrency use. The bill was drafted by the independent statutory body, the Law Commission, and was introduced in the UK in September. It adds a new category of "items" under the category of property to help resolve legal disputes involving cryptocurrencies. The bill will assist judges in criminal cases where cryptocurrencies are stolen due to fraud or hacking, and will also aid in the division of marital property.
According to Haibao News, on November 6, police in Leshan, Sichuan, disclosed an illegal operation case involving a massive cross-regional underground money laundering network that spanned 13 provinces nationwide, with an amount exceeding 38 billion yuan. Recently, the Leshan Intermediate People's Court made a ruling, sentencing three defendants to prison terms ranging from two years and six months to thirteen years and six months for illegal business operations and issuing false VAT invoices. It is reported that the case involved virtual currency transactions and cross-border fund transfers, with over 20 million pieces of information related to fund operations. The national police have opened 37 cases in total, arresting 176 suspects and successfully dismantling this massive cross-regional underground money laundering network. Currently, local authorities are further investigating and processing related cases. The main perpetrator of the case was sentenced to thirteen years and six months in prison by the Leshan Intermediate People's Court.
Project Updates
MakerDAO Votes to Maintain Its Rebranding to "Sky"
According to The Block, MakerDAO voted to maintain its rebranding to "Sky," which is part of founder Rune Christensen's "Endgame" plan aimed at launching new stablecoins and establishing "subDAOs" to build crypto applications and infrastructure. Although some members of the community expressed concerns about the brand change of the decentralized protocol, only four major entities controlled nearly 80% of the voting power among about 20 voting entities, all supporting the retention of the Sky brand.
As part of the Endgame plan, Sky plans to launch multiple new stablecoins, including the decentralized PureDAI and the regulatory-compliant NewStable, and will be launched on Solana and Ethereum L2 Base. Additionally, the project will integrate Aave, launch the SkyLink cross-chain bridge, and venture into asset tokenization.
Detroit to Become the Largest U.S. City Accepting Cryptocurrency Payments for Taxes and Fees
According to the Detroit City Finance Office, Detroit will become the largest U.S. city to accept cryptocurrency payments for taxes and other fees, with the payment option expected to go live by mid-2025. Through a secure platform provided in partnership with PayPal, Detroit residents will be able to pay municipal fees using cryptocurrency.
According to the 2020 U.S. Census, Detroit has approximately 630,000 residents, making it the 26th largest city in the U.S., down from being the fourth largest city in the 1950s with a population close to 2 million. Currently, only three states in the U.S. (Colorado, Utah, and Louisiana) allow cryptocurrency for state-level payments. Additionally, while Miami and New York City have shown strong interest in cryptocurrency, they have not yet launched payment options. Two cities in the U.S. currently accept crypto payments: Williston in North Dakota and Miami Lakes in Florida.
WonderFi CEO of Canadian Crypto Company Kidnapped, Released After Paying $1 Million Ransom
According to CBC (Canadian Broadcasting Corporation), Dean Skurka, the CEO of Canadian crypto company WonderFi, was kidnapped and released after paying a $1 million ransom. The incident occurred in downtown Toronto, where Skurka was forcibly taken into a vehicle and held captive, later released only after the ransom was paid electronically. Skurka stated that he is now safe and that the company's clients' funds and data were not affected.
Police have launched an investigation but have not disclosed further details. In recent years, executives in the crypto industry have frequently become targets of crime; in July of this year, a Bitcoin holder was kidnapped and killed, losing three Bitcoins. WonderFi claimed last year to own nearly half of the regulated cryptocurrency exchanges in Canada.
Jito Labs Achieves $78.92 Million in Monthly Fee Revenue in October, Surpassing Lido and Uniswap
According to The Block, Jito Labs achieved $78.92 million in monthly fee revenue in October, doubling the previous record of $39.45 million set in May. This growth has allowed Jito Labs to surpass Lido and Uniswap, becoming the leading fee generator in the DeFi space.
Jito Labs saw particularly significant earnings on October 24, with a single-day tip revenue of $6.14 million, highlighting the growing demand for MEV (Maximum Extractable Value) services on the Solana chain. Jito Labs' success is attributed to its MEV infrastructure, including the Jito-Solana validator client and block engine, which effectively extract value from on-chain trading activities. Additionally, the JitoSOL staking token further broadens revenue sources by combining staking rewards with MEV extraction profits.
The rise of Jito Labs signifies a potential shift in the fee model in the DeFi space towards MEV optimization, but its sustainability may depend on high trading volumes on Solana, particularly those driven by memecoin transactions.
Coinbase: cbBTC Launched on Solana Blockchain
Coinbase announced the official launch of its first SPL token cbBTC on the Solana blockchain. cbBTC is a token pegged 1:1 to Bitcoin (BTC), backed by BTC assets held in custody by Coinbase.
Upbit to Launch Trading for Drift (DRIFT) in KRW, BTC, and USDT Markets
South Korean digital asset exchange Upbit has announced support for trading the new digital asset Drift (DRIFT). DRIFT will be supported through the Solana network and will launch in KRW, BTC, and USDT markets. The deposit opening time will be within 3 hours after the announcement, with trading support expected to start on November 8 at 18:00 (Korean time). Users must confirm the correct network when depositing, as deposits and withdrawals on other networks will not be supported.
Ethereum Foundation Releases 2024 Report: 99.45% of $788.7 Million in Crypto Assets is ETH
The Ethereum Foundation (EF) released its 2024 report, emphasizing its core values of long-term thinking, decentralization, and value preservation. The report shows that EF's expenditures in 2023 reached $134.9 million, with 37.2% allocated to internal operations, 35.2% supporting the development of new institutions, and 25.7% invested in L1 research and development. EF holds $970.2 million in assets and implements a conservative financial strategy to cope with market fluctuations. The report also highlights ecosystem organizations funded by EF, including the Nomic Foundation, L2BEAT, and 0xPARC. Additionally, EF has implemented a conflict of interest policy to ensure its actions align with the long-term interests of the Ethereum ecosystem.
Of the EF's $970.2 million asset reserve, $788.7 million is in crypto assets, and $181.5 million is in non-crypto investments and assets. 99.45% of the crypto holdings are in the form of ETH. These ETH represent 0.26% of the total ETH supply as of October 31, 2024.
Coinbase International to Launch Raydium Perpetual Futures Contracts
Coinbase International announced on the X platform that it will add support for Raydium perpetual futures contracts, with the RAY-PERP market expected to open on November 14, 2024, at 17:30 Beijing time or later.
Fake App Impersonating Curve Finance Reappears in Apple App Store, Attracting Many Downloads
According to Cointelegraph, a fake application impersonating the DeFi platform Curve Finance has appeared in the Apple App Store for the third time this year, once again targeting unsuspecting users. Despite previous warnings and removals, the app continues to land in the App Store, attracting many downloads and ranking high in the financial category in several regions. The app disguises itself as a legitimate tool for token swapping and liquidity staking, leading to numerous user reports of financial losses and security issues. Babu Lal, co-founder of Indian cybersecurity firm Frautect, stated that they have "identified, reported, and removed" over 6,500 fake public applications, most of which "belong to the financial category." Despite numerous user reports, warnings from security experts, and even removals of these applications, deceptive apps continue to emerge, putting users at risk of exploitation. Lal noted that the current situation is that "new methods of operation appear every day," and without improved security measures, the situation will continue to spiral out of control.
According to Bloomberg, following his appearance in Dubai, just a day before Trump won the U.S. presidential election, causing cryptocurrency prices to surge, Zhao Changpeng reflected on his forced departure from Binance and his four-month prison experience during an interview. During that time, he passed the time by exercising, writing, and discussing cryptocurrencies with fellow inmates. Zhao stated, "I feel like I don't want to go back to being the CEO of Binance. I've led the company for seven years. I enjoy the job, even though it's demanding. But I think that chapter is over." Additionally, Zhao mentioned that he has even received offers to sell his stake in the exchange—these stakes constitute a significant portion of his personal net worth—but he declined to disclose who the buyers are or the price. Zhao added, "I'm not saying I will hold these stakes forever; I'm happy to review every offer, but so far, I haven't done anything. But you know, I'm just an ordinary shareholder now."
Now, Zhao describes himself as a passive investor in the cryptocurrency space, with the Binance logo tattooed on his arm, claiming that his "criminal identity" has not deterred people from doing business with him. Furthermore, Zhao declined to comment on the U.S. elections but expressed satisfaction with the direction of X (formerly Twitter). Zhao stated, "I think Twitter has developed much faster since Musk took over; it has launched new features, and the pace of change has accelerated significantly. I'm not too worried about the fluctuations in investment value. We are long-term investors."
Nethermind Launches Ethereum Layer 2 Network Called "Surge Rollup"
According to The Block, Ethereum client Nethermind has launched a new Ethereum Layer 2 solution called Surge Rollup, focusing on performance. Additionally, according to Nethermind's official website, Surge Rollup is an ULTRABASED rollup with gigabit speeds, built on the Taiko stack, designed for developers, builders, and autonomous agents; it launches as the second phase, prioritizing activity, censorship resistance, security, and permissionless functionality; it is sorted by Ethereum validators rather than centralized sorters; it uses ETH as gas, with no need for any native tokens, points, or airdrops; and it provides Ethereum performance through the Nethermind client.
Financing News
AI Company Focused on Crypto, Pond, Completes $7.5 Million Seed Round Financing, Led by Archetype
According to The Block, AI startup Pond, focused on the cryptocurrency space, raised $7.5 million in a seed round of financing, led by Archetype, with other investors including PAKA, Web3.com Ventures, Cyber Fund, Delphi Ventures, Coinbase Ventures, Near Foundation, and several angel investors. Pond aims to build a decentralized AI model layer to provide AI support for blockchain.
Important Data
Pump.fun Transfers 78,000 SOL to Kraken 8 Hours Ago
According to on-chain analyst Yu Jin's monitoring, the price increase has accelerated the selling frequency of pump.fun, which has been selling SOL: they transferred 78,000 SOL ($15.13M) to Kraken 8 hours ago. So far, pump.fun has generated a total fee income of 1.153 million SOL. The total amount sold is 823,400 SOL ($133.81M), with an average price of $162.
Paradigm Transfers 6.938 Million LDO to Coinbase Prime 2 Hours Ago
According to on-chain analyst Yu Jin's monitoring, Paradigm transferred 6.938 million LDO, worth approximately $9.23 million, to Coinbase Prime 2 hours ago. To date, Paradigm has transferred 15.118 million LDO (approximately $20.52 million) from the 70 million LDO purchased from the Lido treasury to Coinbase Prime, with an average price of $1.36.
Suspected Paradigm Capital Wallet Deposits 6.939 Million LDO to Coinbase Prime 5 Hours Ago
According to The Data Nerd's monitoring, 5 hours ago, a wallet suspected to belong to Paradigm Capital deposited 6.939 million LDO, approximately $9.23 million, to Coinbase Prime. The previous day, this wallet received 61.82 million LDO from Paradigm Capital's main wallet, approximately $85.31 million.
Bitcoin Spot ETF Sees $1.376 Billion in Net Inflows Yesterday, Setting a New Daily Record
According to SoSoValue data, yesterday (Eastern Time, November 7), the total net inflow for Bitcoin spot ETFs reached $1.376 billion, setting a new daily record. Among them, BlackRock's Bitcoin ETF IBIT saw a net inflow of $1.12 billion in a single day, accounting for 81.4% of the total net inflow for the day, and breaking its single-day net inflow record, bringing its historical total net inflow to $27.181 billion. Grayscale's ETF GBTC had a single-day net inflow of $7.309 million, while Grayscale's Bitcoin mini trust ETF BTC had a single-day net inflow of $20.3787 million. Additionally, Fidelity's ETF FBTC had a single-day net inflow of $191 million, with a historical total net inflow of $10.728 billion.
As of the time of writing, the total net asset value of Bitcoin spot ETFs is $78.5 billion, accounting for 5.19% of Bitcoin's total market capitalization, with a cumulative historical net inflow of $25.495 billion.
49,000 BTC Options and 295,000 ETH Options Expiring Today, Total Notional Value of $4.56 Billion
Greeks.live macro analyst Adam posted on the X platform that the options market is experiencing a concentrated expiration of BTC and ETH options today. Data shows that 49,000 BTC options are expiring, with a Put Call Ratio of 0.72 and a maximum pain point of $69,000, with a notional value of $3.7 billion; for ETH options, the number expiring reaches 295,000, with a Put Call Ratio of 0.65 and a maximum pain point of $2,500, with a notional value of $860 million.
Adam analyzed that with Trump's victory, Bitcoin surged significantly this week, breaking through $75,000 to set a new historical high, which drove Ethereum to rebound to $2,900. Today's expiring options account for 15% of the total open interest, but the maximum pain point remains unaffected. Due to the election, the implied volatility (IV) of short-term options has decreased significantly, and market sentiment is optimistic, suggesting that the strong trend may continue into the fourth quarter.
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