Last night, the crypto market experienced large fluctuations, resulting in a double explosion of long and short positions. The specific reason is not very clear, but the German government address that had been selling Bitcoin received Bitcoin returned from CEX. It is reported that it may have failed to sell successfully within the target price range. The German government's sale of Bitcoin is seen as one of the black hands behind the plunge in the crypto market in the past few days. Now that the market has been hit, the coins have not been successfully sold. On the other hand, there has been new progress in the Ethereum spot ETF, and about 6 issuers have resubmitted the S-1 documents. If the previous estimate is followed, the Ethereum spot ETF is expected to be approved for trading in the next week.
1) CEX returned more than $200 million in Bitcoin to the German government address, possibly because it failed to sell within the target price range
According to Arkham monitoring, the German government address received a total of 3,673 bitcoins (worth over $200 million) early this morning, of which 3,623 bitcoins came from Coinbase, Kraken and Bitstamp, and 50 bitcoins came from an address starting with bc1qxw.
Steven Zheng, head of research at The Block, said the exchanges were likely returning the bitcoins to German government addresses because they were unable to sell their bitcoins within the target price range.
“Considering that some bitcoins have been returned from Coinbase to the German government address, it can be assumed that they are unsold bitcoins that were part of a sales agreement between the cryptocurrency exchange and the country,” said Steven Zheng.
Data shows that the German government address currently holds 27,461 bitcoins, equivalent to about $1.56 billion. According to previous estimates, before this refund, the German government has transferred a total of 26,071 BTC (US$1.5279 billion) since it started selling coins on June 19.
2) DeBank has opened the initial DeBank XP airdrop application
On-chain visualization wallet tool DeBank announced on X that the DeBank XP snapshot was completed at 8:00 on July 4, and all active addresses have the opportunity to claim the initial XP airdrop. The XP claim page is open and the claim window will last for one month. This move may mean that Debank is not far from issuing coins.
DeBank said that XP has been distributed to addresses holding assets greater than 0 and meeting any of the following conditions:
1. Active addresses on the chain (initiated at least one transaction) in 2024;
2. Active addresses on DeBank in 2024: The initial XP of each address will be confirmed by its on-chain assets, credit, and Web3 social ranking on DeBank.
3) Blast: The first Gold distribution of the second phase has been launched, and 10 million Gold will be distributed
Concept currency: $BLAST (+7.8%)
Blast announced that the first Gold allocation of the second phase has gone live. The main purpose of the second phase is to support the development of mobile DApps and incentivize users to use these DApps through the Blast App. In the first Gold allocation of the second phase, 10 million Gold will be allocated to DApps, 9.5 million Gold will be reserved for existing DApps, and 500,000 Gold will be allocated to new DApps. The new category is prediction market, with a weight of 4.
4) Ethereum Spot ETF Latest Progress
Concept currency: $ETH (+1.8%)
Six Ethereum spot ETF applicants in the United States have submitted revised S-1 documents
Six Ethereum spot ETF applicants in the United States have submitted revised S-1 documents, including Fidelity, VanEck, Franklin Templeton, 21Shares, Grayscale, and BlackRock.
VanEck said it would waive fees on its Ethereum spot ETF at the outset, while Franklin Templeton set its rate at 0.19%. Some issuers, such as BlackRock, have yet to set rates.
Grayscale: ETHE will distribute 10% of its ETH to the Ethereum Mini Trust, with July 18 as the registration date
Grayscale announced that July 18, 2024 will be set as the registration date for the first creation and distribution of Grayscale Ethereum Mini Trust shares to Grayscale Ethereum Trust (ETHE) shareholders.
Grayscale plans to launch the Ethereum Mini Trust on the New York Stock Exchange Arca under the trading symbol "ETH" after obtaining regulatory approval.
In addition, in the first distribution, ETHE will contribute 10% of its Ethereum holdings as of 16:00 ET on the Record Date to the ETH Mini Trust, and each holder of ETHE units as of 16:00 ET on the Record Date will be entitled to receive Ethereum Mini Trust units on a 1:1 basis.
Matrixport: SEC may approve spot Ethereum ETF this week, and the price of the currency may rebound
Matrixport published today's chart and said that on May 20, the ETH ETF made great progress, and the SEC asked the exchanges that submitted the ETF to amend their applications. Three days later, on May 23, the SEC approved the 19b-4 document, but the ETF issuer's S-1 application was still not approved, and ETH subsequently rose 20%. Due to the July 4th holiday and the long weekend, the SEC may postpone the approval until the week of July 8 (today). Matrixport pointed out that since ETH has fully reflected the positive approval sentiment, if the SEC takes action this week, the ETH price may rebound.
