US SEC Seeks Public Comments on BlackRock's Revised Ethereum Spot ETF Application
According to The Block, the U.S. Securities and Exchange Commission (SEC) is seeking public comments on the revised version of the Ethereum spot ETF proposed by BlackRock. The SEC requires the public to provide comments within 21 days. BlackRock submitted an application for an Ethereum spot ETF in November 2023. In January of this year, the SEC postponed its decision on the application, and Nasdaq subsequently submitted a revised version on April 19. The revised document discusses the cash creation and redemption process of the Ethereum spot ETF.
US SEC Delays Decision on Grayscale Ethereum Spot ETF
According to The Block, the U.S. Securities and Exchange Commission (SEC) said in a document filed on Tuesday that it would postpone its decision on the Grayscale Ethereum spot ETF to June 23, 2024. Grayscale and NYSE Arca jointly submitted a 19b-4 form to convert the Grayscale Ethereum Trust into an Ethereum spot ETF in October last year. Previously, the SEC had postponed the decision on the Franklin Ethereum spot ETF to June 11, 2024.
US SEC extends Franklin Ethereum spot ETF listing review period
The U.S. Securities and Exchange Commission (SEC) has decided to extend the review period for the proposed rule change for the listing and trading of the Franklin Ethereum ETF shares. This means that the SEC will take longer to decide whether to approve the Ethereum-based commodity trust shares to be classified under BZX Rule 14.11(e)(4).
According to China News Service, the draft revision of the Anti-Money Laundering Law has been submitted to the 14th National People's Congress Standing Committee for initial deliberation today. The draft revision consists of 7 chapters and 62 articles, stipulating that the State Council's anti-money laundering administrative department shall establish an anti-money laundering monitoring and analysis agency to carry out anti-money laundering fund monitoring and be responsible for receiving and analyzing large-value transactions and suspicious transaction reports.
According to Bloomberg, a spokesperson for HashKey Capital, an asset management company under HashKey Group, said on Wednesday that the spot Bitcoin and Ethereum ETFs launched in cooperation with Hong Kong asset management company Bosera International will begin trading on April 30.
Grayscale applies to launch a mini version of Ethereum Trust with the ticker “ETH”
Grayscale has applied to the U.S. Securities and Exchange Commission (SEC) on Tuesday to register the "Grayscale Ethereum Mini Trust" with the ticker "ETH," according to the Wall Street Journal. According to a regulatory filing, the mini Ethereum Trust will be a "spin-off" of the existing Grayscale Ethereum Trust (ETHE). If the fund is approved by regulators, most of the assets of each ETHE investor will automatically be transferred to the new fund, while their total Ethereum positions held through the two funds will remain unchanged.
Tesla's latest first quarter 2024 financial report shows that the company's total revenue in the first quarter of this year was US$12.3 billion, far below the expected US$21.4 billion. Free cash flow was negative US$2.5 billion. In addition, Tesla did not sell or buy any Bitcoin in the quarter, marking the seventh consecutive quarter without any buying and selling operations. Tesla currently holds about 9,720 bitcoins, with a current value of approximately US$647 million, a purchase cost of approximately US$337 million, and a floating profit of US$310 million. The last time Tesla reduced its holdings of Bitcoin was in the second quarter of 2022, when the company sold more than 30,000 bitcoins for US$936 million, accounting for about 75% of its holdings. Tesla initially purchased $1.5 billion worth of Bitcoin in early 2021.
Arthur Hayes, co-founder of BitMEX, wrote that the current crypto bull market has just begun, and investors should boldly turn left (Left Curve), hold and increase positions. Hayes pointed out that 2024 is a critical year, and several major countries will hold presidential elections. Especially in the United States, the current ruling Democratic Party will be re-elected at all costs to reverse the policies of the Republican Party. In an election year, if people feel that the economy is in recession, the probability of the incumbent president's re-election will drop from 67% to 33%. Therefore, the easiest way for the ruling party that controls monetary and fiscal policies is to significantly increase government spending, push up the growth rate of nominal GDP, and create an illusion that there is no recession. Data shows that US government spending has accounted for 23% of nominal GDP, that is, as long as the government is willing to borrow money, nominal GDP can be as it pleases. According to the forecast of the Congressional Budget Office (CBO), whether Biden or Trump comes to power, the fiscal deficit of the US government will continue to expand in the future. In addition, geopolitical conflicts surrounding the United States are still escalating, and politicians are also happy to continue to provide billions of dollars in aid to allies. Hayes emphasized that as long as the government can borrow at an interest rate lower than the growth rate of nominal GDP, politicians will continue to increase spending. Therefore, in the future, the scale of money printing will only be more exaggerated. He suggested that investors take advantage of the recent pullback in cryptocurrency prices and slowly build positions. With the arrival of summer in the northern hemisphere, the volatility of the crypto market will also decrease, which is a great time to enter the market for non-pre-sale investors. Unless the real interest rate turns positive, investors should remain optimistic.
Renzo Announces REZ Token Economics and How to Claim Q1 Airdrop Rewards on May 2
Renzo, a liquid re-staking protocol, has announced the economic model and claim details of its native token REZ. The total amount of REZ is 10 billion, and the initial circulation is 1.05 billion. The community will allocate 30% of the tokens, investors will allocate 31.56%, core contributors will allocate 20%, the foundation will allocate 13.44%, and Binance Launchpool and liquidity mining will each account for 2.5%. Renzo's first quarter rewards will end on April 26, and any user who sells their ezETH holdings before this date may not be eligible for the airdrop. Users can claim REZ on May 2 through claim.renzoprotocol.com. The community will distribute 500 million REZ (5% of the total) linearly, based on the ezPoints accumulated by users. The top 5% of addresses will have 50% of the tokens unlocked immediately, and the rest will be released linearly over 6 months. The second quarter rewards will start immediately on April 26. In addition, 2% of the first quarter 5% airdrop (i.e. 0.1% of the total token supply) has been allocated to the following NFT communities: Milady Maker and SchizoPosters.
Coinbase has announced that it will support the Safe (SAFE) ERC-20 token on the Ethereum network. Transfers of SAFE tokens are now open on the Coinbase and Coinbase Exchange platforms. The SAFE-USD trading pair will be launched in phases later today if liquidity conditions are met. Certain supported jurisdictions may restrict support for SAFE. In addition, Coinbase will label the SAFE token as "experimental."
Jupiter acquires Ultimate Wallet and its mobile team
Jupiter, a decentralized trading platform in the Solana ecosystem, announced the acquisition of Ultimate Wallet and its mobile team. The Ultimate application will be shut down on May 22, 2024 as part of the integration. In addition, Jupiter will launch its new Jupiter Mobile program, which is expected to launch a beta version in May. The new mobile app will allow users to trade any token with one click, without charging any fees, aiming to provide a more convenient and economical trading experience to users of the Solana ecosystem.
Binance will update Renzo code from EZ to REZ
Due to the confusion in the community caused by the existence of another project in the market using "EZ" as the token code, Binance has negotiated with the Renzo project team and decided to update Renzo's token code from "EZ" to "REZ", and the change is effective immediately. Renzo's new smart contract address will be updated in its launchpool announcement within the next five hours. This adjustment is intended to eliminate market confusion and ensure that community members can accurately identify and trade Renzo tokens. Earlier today, Binance Launchpool will launch the 53rd project Renzo (EZ).
Gitcoin Launches 20th Grant Program on Arbitrum
PANews reported on April 23 that Gitcoin announced the launch of its 20th grant program (Gitcoin Grants 20, GG20 for short), which will last until May 8. The grant activity will be conducted on Arbitrum and aims to further promote the development of open source software (OSS) and community projects through matching funds. In GG20, Gitcoin allocated a matching fund pool of $1 million for the open source software program, covering four dedicated OSS rounds, including Hackathon Alumni, dApps & Apps, developer tools and libraries, and Web3 infrastructure. In addition, GG20 also includes five community rounds with a total matching fund of $476,000, covering areas such as ENS, climate solutions, Open Civics, Hypercerts ecosystem, and Token Engineering Commons. This grant activity uses Gitcoin Passport for witch attack protection, which is now automated and does not require users to collect stamps. The goal of GG20 is to accelerate the development of open source software and community projects through strategic funding allocation and support, as well as to promote broader technological and social progress.
Fidelity FBTC receives $40 million in investment from two U.S. asset management companies
According to Cointelegraph, Fidelity Bitcoin Spot ETF FBTC received a total of $40 million in investment from two traditional asset management companies in the United States. Bloomberg analyst Eric Balchunas said that financial advisory companies Legacy Wealth Management and United Capital Management of Kansas recently invested $20 million in FBTC respectively, becoming major shareholders of the fund. It is reported that Legacy Wealth Management manages assets of more than $359 million, while United Capital Management of Kansas manages assets of more than $436 million. Data from investment research company Fintel shows that Bitcoin accounts for 6% and 5% of the investment portfolios of these two companies respectively.
FTX to Auction More Solana Tokens This Week, Potential Bidder Says
According to Bloomberg, people familiar with the matter revealed that the bankruptcy estate of the bankrupt FTX cryptocurrency exchange plans to auction an unknown number of Solana tokens again this week. The next batch of SOL will be "blind auctioned." A person familiar with the matter said the auction deadline is Wednesday and the results will be announced on Thursday. In its most recent monthly operating report, FTX disclosed that it sold about $307.6 million of SOL and ZBC tokens in March. The sales in April have not yet been announced. A spokesman for the bankruptcy estate declined to comment. Possible bidders include Figure Markets, Pantera Capital and Abra. Figure said on its website that it is raising funds through a special purpose vehicle to bid for the token. Abra CEO Bill Barhydt said in an interview that the trading platform will also bid. People familiar with the matter said that Pantera won part of the early sales and intends to participate in the latest sales. The company is weighing whether to bid on its own or through an SPV.
LayerZero Labs: As the first half of the year draws to a close, the TGE schedule is getting closer
LayerZero Labs said on the X platform that the first half of 2024 is coming to an end, which means the timeline for the TGE (Token Generation Event) is getting closer. Please note that applications should ensure that the contract information is registered on LayerZero Scan. Expect to see continuous updates in the coming months.
Injective’s INJ 3.0 governance proposal passed, will quadruple INJ’s deflation
The Injective community approved the INJ 3.0 token economic system proposal with a high approval rate of 99.99% through on-chain voting, which increased the deflation of INJ by four times. The INJ 3.0 proposal mainly includes two aspects: first, changing the upper and lower limits of INJ's inflation, adjusting the lower limit to 4% and the upper limit to 7%, and planning to reconsider its deflation parameters in the second quarter of 2026; second, increasing the "inflation rate change parameter" from 0.1 to 0.5 to enhance its responsiveness to staking activities. This is the biggest upgrade of the Injective token economic system. This move reduces the minting properties of the token and adds new parameters to make INJ "one of the most deflationary assets" in the crypto space. According to the governance proposal on April 19, INJ is the native token of Injective, the first-layer blockchain based on Cosmos, and is governed by the non-profit Injective Foundation. The approval of this proposal marks the next stage in the development of Injective; billions of dollars have flowed in since its inception. Jenna Peterson, CEO of the Injective Foundation, said that to ensure the ecosystem’s long-term partnership with institutional players, INJ must function as an ultrasound currency to reward early adopters and attract new participants.
The decentralized liquidity aggregation protocol Magpie Protocol recently issued a warning on its official Twitter account, reminding users to be aware of fraud. The protocol recommends that all users who have authorized and hold funds in their wallets immediately revoke the authorization for the Magpie contract. Users can revoke authorization by visiting the revoke.cash website. The Magpie Protocol team said that it is actively assessing the scope of the vulnerability and will provide a detailed post-analysis update soon.
Payments firm Block plans to develop complete Bitcoin mining system
According to Cointelegraph, Jack Dorsey's payment company Block announced plans to develop a complete Bitcoin mining system to meet the challenges faced by miners. Block said in its latest blog post that it has completed the development of a three-nanometer chip for Bitcoin mining. The company is currently working with a semiconductor foundry to complete the design of the chip. Block said this will bring it closer to its goal of supporting decentralized mining, including providing independent mining chips and its own complete mining system. Jack Dorsey proposed a collaborative approach to decentralized Bitcoin mining in October 2021.
According to HODL15Capital monitoring, the trading volume data of Bitcoin spot ETFs on April 23 are as follows: BlackRock IBIT US$661 million, Grayscale GBTC US$224 million, Fidelity FBTC US$233 million, ProShares BITO US$170 million, ARKB US$61.53 million, and BITB US$60.51 million.
According to Farside Investors data monitoring, on April 23, Grayscale GBTC had a net outflow of $66.9 million, Bitwise's BITB had an inflow of about $23.2 million, Ark 21Shares' ARKB had an inflow of about $33.3 million, Franklin's EZBC had an inflow of $1.9 million, and VanEck's HODL had an outflow of about $1.9 million. In addition, according to Tree News, BlackRock's IBIT had an inflow of about $37.7 million on April 23. Some ETF data has not yet been released.
According to the monitoring of on-chain analyst @ai_9684xtpa, the whale(suspected to be the address of Justin Sun) who has increased his holdings of 48,875 ETH since April 17 transferred out 15,389 ETH from Binance again seven hours ago, worth $49.79 million. Combined with the information that "Justin Sun associated address transferred out 95 million USDT from JustLend in the past three days", it is suspected that he used this part of the stablecoin to purchase ETH. At present, the whale holds a total of 147,442 ETH, with a total value of $476 million, and the average cost of the increased holdings is $3,044.
Turnkey, a cryptocurrency wallet startup founded by former Coinbase employees, has successfully raised $15 million in its Series A funding round, CoinDesk reported. The round was led by Lightspeed Faction and Galaxy Ventures, with participation from Sequoia, Coinbase Ventures, Alchemy, Figment Capital and Mirana Ventures. The round was completed last October, following the company's $7.5 million seed round in 2022. Turnkey's product suite was released to the public last August and has been used by several companies and financial institutions, including blockchain development platform Alchemy, which uses tools provided by Turnkey as a backend [transaction] signer for its "wallet as a service" product. Other customers include enterprise-focused wallets such as Mural, as well as transaction terminals using Turnkey embedded wallets.
Justin Sun holds approximately $4.165 billion in crypto assets in multiple on-chain addresses
According to statistics from on-chain analyst Ember, Justin Sun Sun's on-chain operations since this round of bull market show that his capital movement and strategy are clear. The specific operations are as follows: Justin Sun destroyed 1 billion TUSD through his TT2T...kU9N address from December 7, 2023 to January 30, 2024, and minted 2.1 billion USDT from December 9 to February 23, involving multiple addresses including TWGH...jeFP and TA6b...aPAL. A total of 2.525 billion USDT was transferred to Binance, mainly through three addresses: TT2T...kU9N, TWGH...jeFP, and TA6b...aPAL. Since December 26, 2023, Justin Sun has purchased a total of 323,799 ETH through centralized exchange withdrawals and on-chain purchases, with a total value of approximately US$1.0248 billion and an average purchase price of US$2,942. The main assets that Justin Sun currently holds through multiple Tron and Ethereum addresses include: 598,900 ETH (worth approximately US$1.902 billion), 5.364 billion TRX (worth approximately US$602 million), 458 million USDD (worth US$458 million), 315 million TUSD (worth US$315 million), 300 million USDT (worth US$300 million), and 158.9T BTT (worth US$209 million), with a total value of approximately US$4.165 billion.
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