Bitpush's Weekly Web3 News Highlights:
[Data: 13 of the top 25 hedge funds in the United States already hold Bitcoin ETF exposure]
Data from investment firm River shows that as of the end of the first quarter of 2024, 13 of the top 25 hedge funds in the United States already have exposure to Bitcoin ETFs. Among them, Millennium Management, which owns 27,263 BTC worth $1.69 billion, accounts for about 2.5% of its total assets under management (valued at $67.7 billion).
Other significant players include Schonfeld Strategic Advisors (holding 6,734 BTC) and Point72 Asset Management (holding 1,089 BTC). In contrast, some top hedge funds, such as Bridgewater Associates, AQR Capital Management, and Balyasny Asset Management, have not yet invested in a Bitcoin ETF.
[Bloomberg analyst: Spot Ethereum ETF may be listed later next week or the week of July 15]
Bloomberg analyst James Seyffart wrote on the X platform that he saw Bitwise Invest submit another revised S-1 form for its Ethereum ETF, and more issuers are expected to submit the form during the rest of this week. We believe that the spot Ethereum ETF product may be listed later next week or during the week of July 15.
Another Bloomberg analyst, Eric Balchunas, commented: "No one really knows why the SEC is taking so long to process these forms. Given so few comments, the listing should be quick, but it could be that a 'problem' issuer slowed down the process, or it could just be summer laziness/people are on vacation, not sure. That being said, all signs point to the listing happening this month, with more details to be revealed next week."
[ Siena College poll shows Trump's support rate leads Biden by 6%]
According to a poll by the New York Times and Siena College, Trump leads Biden by 6 percentage points among potential voters, which will put more pressure on Biden.
It is reported that the New York Times/Siena College poll is one of the most watched polls in American politics.
The poll released on Wednesday showed Trump's approval rating at 49% and Biden's at 43%, and the survey showed that concerns about Biden's age were the main reason for the reversal of the election. Nearly three-quarters of voters (about 74%) believed Biden was too old, a 5 percentage point increase from last week's poll results.
Circle gets first stablecoin license under EU's new MiCA cryptocurrency rules
Stablecoin issuer Circle announced that it has obtained the first stablecoin license under the EU's new MiCA cryptocurrency rules. The company said that with the EMI license issued by the French banking regulator, Circle Mint France will issue euro-denominated EURC stablecoins "onshore" to the EU and issue USDC for customers in the 27-nation trading area through the same entity.
The company claims to be the first global stablecoin issuer to comply with MiCA. Ahead of the rules coming into effect on June 30, some cryptocurrency exchanges have delisted euro-denominated stablecoins, such as Tether’s EURT.
[Silvergate will pay $63 million to reach a settlement with the US SEC, the Federal Reserve and California regulators]
Silvergate Capital Corp., the parent company of crypto-friendly bank Silvergate Bank, has agreed to pay $63 million to settle with the U.S. SEC, the Federal Reserve, and the California Department of Financial Protection and Innovation (DFPI).
The regulator accused it of failing to maintain an adequate anti-money laundering program and making misleading disclosures about the effectiveness of that program.
Silvergate was fined $43 million by the Federal Reserve and $20 million by California regulators, who also cited deficiencies in the bank's tracking of internal transactions. The SEC also fined it $50 million, but is not expected to increase the total fine. The SEC said any fines owed by Silvergate could be offset by the amount it pays to bank regulators, and the settlement is subject to court approval.
[Crypto mining company Genesis Digital Assets considers IPO in the United States and will seek pre-IPO financing as early as the next few weeks]
According to Bloomberg, people familiar with the matter revealed that as the recovery of the encryption industry accelerates, Genesis Digital Assets is considering an initial public offering (IPO) in the United States, and it is reported that it will seek pre-IPO financing as early as the next few weeks.
The cryptocurrency mining company, whose investors include Sam Bankman-Fried’s former hedge fund Alameda Research, is working with advisers on a potential listing, the people said, asking not to be identified because the information isn’t public.
[VanEck executives: The election results and whether Gensler continues to serve as SEC chairman will be the key to the success or failure of Solana spot ETF]
According to Decypt, Matthew Sigel, head of digital asset research at VanEck, believes that the likelihood of its bid to launch a spot Solana ETF varies greatly, depending on the outcome of the presidential election and whether Gary Gensler continues to serve as chairman of the U.S. Securities and Exchange Commission.
Sigel noted that crypto voters could play a key role in the election and that the regulatory environment in Washington is moving in a direction that supports cryptocurrencies. He also mentioned that if Ethereum-related products are allowed to trade, it will help establish its commodity status, and Solana could also benefit from similar regulatory changes.
[CryptoQuant: Miner "capitulation" indicator is close to the market bottom level after the FTX crash]
CryptoQuant says miners’ capitulation metric is currently comparable to levels seen at the end of 2022, the market bottom following the FTX crash.
Bitcoin is currently trading at $60,300, down 3% on Wednesday. This level has served as a key support level since April, with Bitcoin bouncing off this area three times before returning to the $70,000 mark. CryptoQuant believes that this is likely to happen again in the near future.
