Headlines
SEC considers ProShares’ spot Ethereum ETF application
In a June 10 filing, the U.S. Securities and Exchange Commission said that the New York Stock Exchange (NYSE) Arca has proposed a rule change that would allow it to list and trade shares of the ProShares Ethereum ETF. The SEC said it will seek public comment on the ETF application within 21 days of publication in the Federal Register, giving the SEC 45 days to approve, disapprove or extend the timeline for its decision.
On May 23, the U.S. Securities and Exchange Commission officially approved 19b-4 applications submitted by eight asset management companies, which applied for the first time to list and trade spot Ethereum ETFs on U.S. exchanges. Final approval requires the SEC to sign the S-1 registration statement for the spot ETH ETFs before they can officially begin trading - a process that may take several months, but some experts expect it to be completed sometime in July.
Optimism mainnet " fault proof" system is now online
Layer 2 blockchain Optimism aims to help Ethereum users transact quickly and with low fees. Its technology is the basis for some of the biggest names in blockchain, but for years, Optimism has had a problem. Until now, a core feature has been missing from Optimism’s security design: “proof of failure.” On Monday, the long-promised technology finally landed on Optimism’s mainnet.
Fault proofs are designed to ensure the honesty of Optimism-based Layer-2 chains. They help prevent Layer-2 chain operators from passing inaccurate transaction data to Ethereum's Layer-1 transaction ledger and provide support for the "decentralized" withdrawal mechanism of Layer-2 chains.
Quotes
As of press time, according to Coingecko data:
The latest transaction price of BTC is $69493.28, with a daily change of -0.2 % ;
ETH's latest transaction price is $3,666.59, with a daily change of -1.1 % ;
BNB's latest transaction price is $624.76, with a daily change of -7.3 % ;
SOL's latest trading price is $158.94, with a daily change of -2.0 % ;
DOGE's latest trading price is $0.1448, with a daily change of -1.4 % ;
XPR recently traded at $0.4967, with a daily change of -0.4 % .
policy
EU vote could lead to a more innovation-friendly policy framework
Voting for the 720 Members of Parliament (MEPs) began last week, with results from 27 countries rolling in since Sunday. The elected MEPs include Legislative Rapporteur for Markets in Crypto-Assets (MiCA) Stefan Berger, Ondrej Kovarik and former Chair of the Economic and Monetary Affairs Committee (ECON) Irene Tingali.
Mark Foster, EU policy lead at the Crypto Innovation Commission, said the election results showed a slight rightward shift, coupled with a stronger European People’s Party and weaker Greens, which is likely to make the EU more focused on competitiveness and growth over the next five years. This could lead to a more innovation-friendly policy framework.
Cryptocurrency is not a key theme in the EU elections, but the future of cryptocurrencies will depend on the commissioners who can propose legislation. Some members of the crypto community are seeking more blockchain policy, but MEPs cannot propose new legislation, they can only develop and decide on it. New commissioners will be chosen after the EU elections.
▌The Senate bill requires the crypto industry to transform to identify users, but industry insiders believe the bill has little chance of passing
A Senate bill aimed at funding U.S. intelligence operations includes a section that draws on a previous bill aimed at preventing the use of cryptocurrencies to support terrorism, according to sources. The provision could require a massive transformation of the crypto industry to identify users to prevent sanctions that could stifle digital asset businesses. If the bill becomes law, it would be the most significant crypto policy passed in the U.S. to date — and its merits have yet to spark major debate.
The conversations suggest the matter remains on the table as the spending package moves forward, awaiting broader Senate consideration and possible inclusion in the must-pass National Defense Authorization Act (NDAA), but industry insiders see limited chances of the bill surviving.
Blockchain Applications
▌ Starknet core developers launch Catnet to test Bitcoin Circle STARK Verifier deployment
Starknet core development member X Platform announced the launch of Catnet, a custom OP_CAT-enabled Bitcoin signet that will be used to test the deployment of Bitcoin Circle STARK Verifier. Abdel added that the Faucet is coming soon.
Cryptocurrency
▌Data : Bitcoin’s average annual return is as high as about 104%
Since its first trade in 2011, Bitcoin has had an average annual return of about 104%, outperforming the returns of Warren Buffett's portfolio and the U.S. stock market. According to Lazy Portfolio ETFs, Warren Buffett's portfolio has achieved a compound annual growth rate of 10.03% over the past 30 years, with a standard deviation of 13.67%. In contrast, a portfolio of U.S. corporate stocks has provided roughly the same return, but with a higher standard deviation. In contrast, Bitcoin has had an average annual return of about 104% since its first trade in 2011.
Bitcoin mining companies' output in May fell by about 40% month-on- month
According to Farside Investors data, major Bitcoin mining companies have announced production data for May 2024. May was the first full month since the halving, and production fell by about 40% month-on-month.
▌ Bitwise: Ethereum's Q1 revenue exceeds Robinhood, Etsy, Yel and Reddit
Bitwise research analyst Ryan Rasmussen posted on social media that crypto applications built on Ethereum generate revenue comparable to some public companies. In the first quarter of 2024, Ethereum's revenue exceeded Robinhood, Etsy, Yelp, and Reddit.
▌US Spot Bitcoin ETF increased its holdings by 1,805 Bitcoins on June 10
According to Lookonchain monitoring, data from U.S. spot Bitcoin ETFs on June 10 showed that BlackRock increased its holdings by 2,437 bitcoins, worth approximately US$170.24 million. BlackRock currently holds a total of 304,977 bitcoins, worth approximately US$21.3 billion; Grayscale reduced its holdings by 545 bitcoins, worth approximately US$38 million, and currently holds a total of 285,106 bitcoins, worth approximately US$19.92 billion; 9 Bitcoin ETFs increased their holdings by a total of 1,805 bitcoins, worth approximately US$126.12 million.
▌ Greeks.live: The cryptocurrency market is generally optimistic
Adam, a researcher at Greeks.live, said that this week's focus will be on the US CPI data on June 12, the Federal Reserve's interest rate decision on June 13, and the Bank of Japan's interest rate decision on June 14. He said that the volatility caused by the ETH ETF has completely subsided, BTCETF continues to flow in, and the cryptocurrency market is generally optimistic. In the short term, you can choose a price with a lower IV and purchase the current week's call options appropriately, which is still very cost-effective.
Important economic developments
▌The probability of the Federal Reserve keeping interest rates unchanged this week is 99.4%
According to CME's "Fed Watch": the probability of the Fed keeping interest rates unchanged in June is 99.4%, and the probability of a 25 basis point rate cut is 0.6%. The probability of the Fed keeping interest rates unchanged by August is 91.1%, the probability of a cumulative 25 basis point rate cut is 8.8%, and the probability of a cumulative 50 basis point rate cut is 0.1.
Golden Encyclopedia
Optimism is an Ethereum-compatible Layer 2 project that hopes to solve Ethereum's scalability issues while functioning similarly to the Ethereum blockchain. Optimism is an Ethereum Layer 2 scalability solution led by the Optimism Collective, an organization of dedicated communities dedicated to building a vision of a fair Internet. The organization encompasses all branches of Optimism, such as OP Labs, OP Chains, and the Optimism Foundation.
Disclaimer: As a blockchain information platform, Jinse Finance publishes articles for information reference only and is not intended as actual investment advice. Please establish a correct investment philosophy and be sure to raise your risk awareness.
