Today's News Highlights:
NYSE Arca applies for Grayscale's Cardano ETF
DIN launches airdrop query page and announces token economics
Binance Alpha lists Autonolas (OLAS)
Binance HODLer airdrop lists Solayer (LAYER)
Regulation/Macro
Former Thai Prime Minister proposes developing Phuket as a Bitcoin sandbox
According to Bitcoin News, former Thai Prime Minister Thaksin Shinawatra proposed developing Phuket as a Bitcoin sandbox, allowing foreign tourists to use Bitcoin to pay for real estate and tourism-related expenses without cash restrictions.
Four.Meme suffers a malicious attack and has urgently suspended DEX trading
According to an official announcement from Four.Meme, the project is currently facing a malicious attack, and the team has quickly intervened. To ensure safety, token trading on the decentralized exchange (DEX) has been temporarily suspended and will reopen once repairs are completed.
According to The Block, Tokyo-listed mobile game company Gumi Inc. announced plans to purchase 1 billion yen (approximately $6.6 million) in Bitcoin between February and May to strengthen its Web3 business and node operations. Gumi stated that the company will use excess Bitcoin funds to participate in the Babylon Bitcoin staking protocol, expecting to generate additional income through BTC price appreciation, staking rewards, and validator rewards. Gumi becomes the first publicly listed company in Japan to participate in the Babylon protocol and will conduct fair value assessments of its cryptocurrency holdings quarterly. Additionally, Japanese investment advisory firm Metaplanet Inc. previously announced the establishment of a Bitcoin reserve, currently holding 1,762 BTC, with plans to expand to 10,000 BTC by the end of the year.
According to Fox Business reporter Eleanor Terrett, the U.S. Securities and Exchange Commission (SEC) and Binance have jointly filed a motion with the court requesting a 60-day pause in the SEC's lawsuit against Binance. This is the first request for a pause in cryptocurrency litigation since Mark Uyeda took over as acting chairman of the SEC. The documents indicate that the SEC's newly formed crypto regulatory task force may influence potential resolutions in the case, prompting the SEC to propose a temporary pause in litigation, which Binance agreed to, believing it aligns with judicial economy principles. If the court approves, the case will be reassessed in 60 days. The market anticipates that other crypto companies with legal disputes with the SEC, such as Ripple, Coinbase, and Kraken, may also seek similar litigation pauses.
NYSE Arca applies for Grayscale's Cardano ETF
According to The Block, NYSE Arca, a subsidiary of the New York Stock Exchange, has submitted a 19b-4 filing to the SEC on behalf of Grayscale to launch a Cardano (ADA) spot exchange-traded fund (ETF). The ETF will be custodied by Coinbase Custody Trust Company, LLC, with BNY Mellon Asset Servicing as the manager. This is the first ADA-based ETF in the market. The application is the second step in submitting a spot crypto ETF to the SEC, and once accepted and published in the Federal Register, the approval process will officially begin. Recently, various crypto ETF proposals have been submitted to the market, including products based on Dogecoin, XRP, Litecoin, and Solana.
According to CNBC, U.S. federal prosecutors have charged prominent Supreme Court lawyer Tom Goldstein with concealing two cryptocurrency wallets that received over $8 million in funds and transferred $6 million in the past week, violating a court order, leading to his re-arrest. Goldstein was previously indicted in January for tax evasion, accused of failing to report millions in poker gambling income and using law firm funds to pay off gambling debts. He is alleged to owe over $5.3 million in taxes. Prosecutors stated he provided benefits such as cryptocurrency to a key witness, allegedly attempting to interfere with witness testimony. Court documents show that since November 2022, wallets controlled by Goldstein have received a total of $75.6 million and sent $73.6 million. Although the wallet had a zero balance at the time of the January indictment, on February 4, it received $10 in Tether (USDT), followed by an $8 million USDT transfer an hour later, which was quickly moved out. Prosecutors believe Goldstein poses a serious flight risk, has violated bail conditions, and deceived the court and pretrial services, requesting the revocation of his bail. Goldstein appeared in federal court in Maryland on Monday for a bail hearing. The case is still under further review.
U.S. announces 25% tariffs on all steel and aluminum imports
According to news reports, U.S. President Trump signed an executive order announcing a 25% tariff on all steel and aluminum imported into the U.S. Trump stated that there would be "no exceptions or exemptions" for the related requirements. During his first term, Trump imposed a 25% tariff on steel entering the U.S. and a 10% tariff on aluminum, later granting tariff-free quotas to trade partners such as Canada, Mexico, the EU, and the UK.
SEC accepts 21Shares Bitcoin and Ethereum spot ETF physical redemption application
According to Solid Intel, the SEC has accepted an application to allow 21Shares Bitcoin and Ethereum spot ETFs to conduct physical redemptions.
According to Decrypt, North Carolina lawmakers proposed that up to 10% of the state's public fund and retirement system funds be invested in a Bitcoin ETF. The proposal was submitted by Representative Deborah Ross (D-NC) on Monday, and if approved, the state government could invest over $10 billion in Bitcoin-related funds. The bill does not directly mention Bitcoin but requires investments to track ETFs of digital assets with a market capitalization of at least $750 billion, with Bitcoin being the only crypto asset currently meeting that standard. North Carolina has actively promoted crypto-friendly legislation in recent years, previously passing a bill prohibiting the state government from accepting central bank digital currency (CBDC) payments. However, some legislators in the state remain cautious about the crypto industry and have proposed banning or strictly regulating crypto mining in counties such as Henderson, Polk, and Rutherford. The bill allows the state treasury to invest directly in Bitcoin ETFs or manage through third-party institutions, but third-party institutions must provide annual audited financial reports unless exempted by the treasury based on cost-benefit analysis.
AI
Musk leads $97.4 billion proposal to acquire OpenAI, rejected by Altman
According to The Wall Street Journal, a group of investors led by Elon Musk has proposed a $97.4 billion acquisition of the nonprofit organization that controls OpenAI, aiming to restore it as a "public benefit organization focused on open source and safety." In response, OpenAI CEO Sam Altman stated on the X platform, "No, thank you, but if you're willing, we can acquire Twitter for $9.74 billion." The acquisition proposal is spearheaded by Musk's AI company xAI, with investors including Valor Equity Partners, Baron Capital, Atreides Management, Vy Capital, 8VC, and Ari Emanuel's investment fund. OpenAI has not responded.
Project Updates
The Web3 gaming ecosystem Treasure DAO announced the upcoming launch of the Mage platform, which focuses on AI agents and aims to bring a new experience to gaming and entertainment through multi-agent collaboration. Mage is built on the @elizaOS framework and is deeply integrated with Treasure's gaming infrastructure, supporting all major game engines and capable of generating and managing individual or groups of AI agents. The core of the Mage platform is the $MAGIC token, which will serve as "magic" fuel for summoning and maintaining the operation of AI agents. In the future, Mage will not only support the gaming sector but will also expand to broader application scenarios, enabling interaction, collaboration, and creation between humans and AI agents. The first application scenario for Mage is Smolworld, and the platform is expected to go live on the Treasure chain in the coming weeks, with initial features including the agent launch platform and the initial version of the agent coordination engine. Previously, the Web3 gaming ecosystem Treasure officially launched its mainnet after migrating to ZKsync.
DIN launches airdrop query page and announces token economics
According to official news, the first AI Agent blockchain DIN has launched a $DIN token airdrop query page. This airdrop is primarily aimed at active contributors to the DIN ecosystem and will be conducted in two phases: Phase 1: Open to xDIN holders and Chipper node holders, users can check their airdrop shares starting February 11 and begin claiming on February 14; Phase 2: Open to participants of the Binance wallet airdrop event and DIN testnet activities, with queries and claims to be conducted within 7 days after the TGE. Additionally, the DIN team announced the $DIN token economics: 61.5% of DIN tokens are allocated to the community and ecosystem, 17.5% to the team and advisors, 16% to investors, and 5% for marketing and liquidity.
Binance Alpha lists Autonolas (OLAS)
The Binance Alpha platform has now listed Autonolas (OLAS). It is important to note that this does not mean the project will officially be listed on the Binance exchange.
Bithumb to support Solayer (LAYER) trading in Korean Won
Bithumb has announced the upcoming launch of the Solayer (LAYER) trading market in Korean Won. LAYER will support the Solana network, and deposits from other networks will not be supported. Deposit and withdrawal services are expected to open on February 11, 2025, at 21:00, but the trading start time will be announced later once liquidity is sufficient.
Upbit to launch Solayer (LAYER) trading in Korean Won, BTC, and USDT
Upbit has announced that it will add support for trading the digital asset Solayer (LAYER) on the Solana network. LAYER will support KRW, BTC, and USDT market trading. Currently, LAYER's deposit service is expected to open on February 11 at 21:00, but the trading support time will be announced later once liquidity is sufficient.
Binance HODLer airdrop launches Solayer (LAYER)
According to Binance's announcement, the HODLer airdrop has launched the eighth project, Solayer (LAYER), and users can obtain LAYER airdrops by purchasing earn products with BNB. The event runs from February 1 at 08:00 to February 6 at 07:59 (UTC+8), and the airdrop tokens will be distributed to users' spot wallets one hour before trading opens. Binance will list LAYER on February 11 at 22:00 (UTC+8) and open trading pairs for BTC, USDT, USDC, BNB, FDUSD, and TRY, subject to seed label trading rules. LAYER airdrop and token details: • Total supply: 1 billion tokens • Total HODLer airdrop: 30 million tokens, accounting for 3% of the maximum supply • Additional marketing allocation: 20 million tokens, to be distributed three months after listing • Circulating supply before listing: 210 million tokens, accounting for 21% of the maximum supply • BNB holding cap: single user holding ratio ≤ 4%
Bithumb to launch Story (IP) trading pair in Korean Won, trading opens on February 13
According to Bithumb's announcement, Story (IP) will soon launch in the Korean Won (KRW) market, with the following arrangements: • Supported market: Korean Won (KRW) trading pair • Supported network: Story (other networks are not supported for deposits) • Deposit/withdrawal opening time: expected on February 13 (time to be determined) • Trading opening time: expected on February 13 (time to be determined)
OKX to launch IP spot trading on February 13
According to OKX's announcement, IP (Story Protocol) will officially launch spot trading on February 13, with the following arrangements: • Deposit opening: February 11 at 09:30 (UTC+8) • Collective auction: February 13 from 16:00 to 17:00 (UTC+8) • IP/USDT spot trading opening: February 13 at 17:00 (UTC+8) • Withdrawal opening: February 14 at 17:00 (UTC+8)
Story mainnet to launch on February 13, $IP claiming and query functions to open simultaneously
According to the official announcement from Story, its public mainnet will officially launch on February 13. At the same time, the $IP token claiming and query functions will also open, allowing users to check and claim their respective allocations.
Berachain opens RFB and social airdrop claims, does not affect BERA circulating supply
According to the Berachain Foundation's announcement, RFB and Social airdrops are now open for claims, and users can go to airdrop.berachain.com to claim. The RFB allocation is aimed at applications and communities that have been building in the Berachain ecosystem for a long time, and claimants must adhere to official guidelines. Additionally, Berachain emphasizes that the RFB and social allocations are included in the initial circulating supply of tokens and will not affect the current circulation of BERA.
Coinbase has now launched B3 on the Base network
According to Coinbase Assets' announcement, Coinbase will support the B3 (Base) token, limited to the Base network. The transfer function for B3 has been opened on Coinbase and Coinbase Exchange. B3 (Base) is now available on the Coinbase website and iOS and Android applications, marked as an "experimental" asset. Coinbase users can log in to the platform to buy, sell, convert, send, receive, and store B3.
Opinions
FTX creditors: If SBF had not filed for bankruptcy, his asset valuation could exceed $65 billion
According to FTX creditor representative Sunil's analysis, if SBF had not filed for bankruptcy, the valuation of his held assets could exceed $65 billion, including: 55 million Solana (approximately $11 billion), Anthropic ($4.2 billion), 890 million Sui tokens and equity ($3.2 billion), GDA investments (over $1.2 billion), K5 investments ($700 million, including $190 million from SpaceX), FTX business valuation (net income of $40 million corresponding to a $4 billion valuation), and 280 million FTT tokens (approximately $5 billion). Previously, it was reported that the total net worth of the top 500 billionaires globally surpassed $10 trillion, with CZ's wealth increasing by 60% to $55 billion.
Matrixport: Ethereum may rebound due to low RSI and upgrade plans
Matrixport's report today indicates that Ethereum's Relative Strength Index (RSI) has fallen to a historical low, approaching the extreme oversold zone, which may create conditions for a rebound in ETH prices. Additionally, Ethereum's highly anticipated Pectra upgrade is set to launch in March 2025, integrating the previously planned Prague and Electra versions, and is expected to significantly enhance the network's scalability, efficiency, and user experience. The report also mentions that prior to the official launch of the March upgrade, the market may release multiple testnet announcements, which could further boost market sentiment. Although historical upgrade events for Ethereum are often accompanied by "sell the news" trends, the current oversold market backdrop may create opportunities for ETH price recovery.
Analysts predict approval probabilities for LTC, DOGE, SOL, and XRP spot ETFs, with LTC at 90%
According to analysts James Seyffart and Eric Balchunas, the current market has a relatively high probability of approval for spot ETFs for Litecoin (LTC), Dogecoin (DOGE), Solana (SOL), and XRP. Among them: • Litecoin (LTC): 90%, as it is viewed by the SEC as a high-probability commodity • Dogecoin (DOGE): 75%, also likely to be recognized as a commodity by the SEC • Solana (SOL): 70%, but the SEC still considers it a security • XRP: 65%, primarily affected by the SEC lawsuit, which needs to resolve regulatory disputes Seyffart stated that the ETF applications for XRP and DOGE are expected to be accepted by the SEC this week, while the SEC and Commissioner Hester Peirce's crypto working group is expected to resolve some "security vs. commodity" regulatory disputes by the end of 2025. He pointed out that if the SEC remains dominated by Democrats, the probability of approval for these ETFs would be "very low." Additionally, Seyffart emphasized that the biggest obstacle to XRP ETF approval remains the lawsuit with the SEC, which needs to clarify the Ripple case before the ETF has a higher chance of passing.
Important Data
According to crypto KOL AB Kuai.Dong, Binance significantly reduced its own BTC and ETH holdings in January and converted most of its assets into the stablecoin USDC. Specifically, BTC holdings dropped from 46,896 to 2,747 (a decrease of 94.1%), ETH holdings fell from 216,313 to 175 (a decrease of 99.9%), SOL holdings decreased by 99%, and USDT holdings were nearly zeroed out (a decrease of 99.9%). In contrast, the reduction ratio for BNB was relatively low at only 16.6%, dropping from 5.839 million to 4.869 million, with a change in value of approximately $615 million. Meanwhile, Binance's USDC holdings increased by 57.5%, rising from 805 million to 1.268 billion, appreciating by $463 million. The data comes from Binance's proof of reserves, primarily involving the platform's own funds rather than user deposits. Analysts believe this move may be aimed at realizing profits, adjusting asset structures, enhancing liquidity, or preparing for future regulatory and market fluctuations. Some users also suggested that the reduction was likely to pay fines to U.S. regulators.
According to SoSoValue data, the total net outflow from Bitcoin spot ETFs yesterday (February 10, Eastern Time) was $186 million. Among them, Grayscale's ETF GBTC had a net outflow of $46.2605 million in a single day, with a historical net outflow reaching $21.952 billion, while Grayscale's Bitcoin Mini Trust ETF BTC saw no fund movement yesterday, with a historical total net inflow of $1.237 billion. BlackRock's ETF IBIT had a net inflow of $55.3647 million yesterday, making it the Bitcoin spot ETF with the highest inflow for the day, with a historical total net inflow of $40.850 billion. As of the time of writing, the total net asset value of Bitcoin spot ETFs is $114.437 billion, with an ETF net asset ratio (market cap as a percentage of Bitcoin's total market cap) of 5.93%, and a historical cumulative net inflow of $40.514 billion.
According to Lookonchain monitoring, whale addresses are significantly increasing their ETH holdings. Among them, address 0xb99a…BcF5 withdrew 56,909 ETH (approximately $151.6 million) from Binance four hours ago, while address 0xEd0C…4312 withdrew 64,603 ETH (approximately $171.8 million) from Binance and Bitfinex in the past 48 hours.
Ambraxas Capital withdrew 24,000 ETH from Binance, approximately $64 million
According to The Data Nerd monitoring, six hours ago, Ambraxas Capital's related wallet withdrew 24,000 ETH (approximately $64.04 million) from Binance. Currently, the total value of the institution's portfolio has exceeded $500 million, with approximately 50% of the holdings in ETH.
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