Bitpush editor selects Web3 news for you every day:
[US SEC Chairman: The process of approving Ethereum ETF is "smooth", and there are major violations in the encryption field]
In an interview today, Gary Gensler , Chairman of the U.S. Securities and Exchange Commission, reiterated that there are major violations in the cryptocurrency field. He also said that the process of approving the Ethereum ETF is going "smoothly", but refused to comment on the timetable for launching a spot Ethereum ETF.
[ Bitwise CIO predicts that the spot Ethereum ETF will attract $15 billion in net inflows within 18 months]
Bitwise Chief Investment Officer Matt Hougan said that a U.S. spot Ethereum ETF could attract $15 billion worth of net inflows in the first 18 months after its listing.
Hougan arrived at this figure by assessing the role of relative market capitalization, international ETP data and carry trades.
Hougan said he expects investors to allocate to the Bitcoin spot ETF and Ethereum spot ETF according to their market capitalizations ($1.2 trillion and $405 billion). This would provide a weighting of about 75% for the Bitcoin spot ETF and about 25% for the Ethereum spot ETF. Currently, assets managed through spot Bitcoin ETFs exceed $50 billion, and Hougan expects that number to reach at least $100 billion by the end of 2025. This number will rise as the product matures and is approved on platforms such as Morgan Stanley and Merrill Lynch.
VanEck has filed Form 8-A for its spot Ethereum ETF
Eric Balchunas, ETF analyst at Bloomberg, said on X Platform: “VanEck just filed a Form 8-A for the spot Ethereum ETF, which is just part of the process, but it’s worth noting that they also filed a Form 8-A exactly 7 days before the spot Bitcoin launch. This bodes well for our July 2nd prediction (7 days from now). But then again, anything is possible. We’ll definitely hear more soon.”
[ FTX creditors prepare to vote on restructuring plan]
At a bankruptcy hearing on Tuesday, lawyers for FTX and creditors debated a disclosure statement that gives creditors more information to decide on the exchange’s reorganization plan. Lawyers representing FTX said they plan to solicit a vote on the plan, saying one of the purposes of the vote is to get feedback from creditors.
FTX announced its restructuring plan in May and said it plans to provide at least 118% of permitted claims to 98% of its creditors. Under the plan, creditors with permitted claims of less than $50,000 will be eligible for 118% compensation upon court approval.
Some, including those representing FTX’s largest creditor group, have opposed the plan and said bankruptcy assets should be paid in cryptocurrency rather than their dollar value when the exchange filed for bankruptcy in November 2022.
The next hearings are scheduled for July 17 and August 15.
[ Federal Reserve Board Governor Lisa Cook: It would be appropriate to cut interest rates at some point]
Federal Reserve Board Governor Lisa Cook said in a speech that the labor market is tight but not overheated, and inflation is expected to slow significantly next year, and it would be appropriate to cut interest rates at some point. The Fed is still data-dependent, and the timing of any policy adjustments will depend on economic data and its impact on the outlook and risk balance.
[Bloomberg analyst: Among ETFs without Nvidia exposure, those that beat the S&P 500 are mainly crypto and other theme ETFs]
Data published by Bloomberg analyst Eric Balchunas on the X platform showed that among ETFs with little exposure to Nvidia, those that beat the S&P 500 were mainly crypto-themed ETFs, home builders, fintech and DXJ-themed funds.
[Yesterday, the net inflow of USDC on centralized exchanges hit a one-year high of US$228 million]
According to data released by Lucas, head of research at IntoTheBlock, on the X platform, the net inflow of USDC into centralized exchanges yesterday hit a one-year high of $228 million. It is possible that investors deposited stablecoins and started buying on dips.
[US consumer rights protection organization says Tether has "huge fraud risk"]
According to Fox Business reporter Eleanor Terrett, U.S. consumer advocacy group Consumers' Research brought its review of Tether to Washington, D.C., distributing flyers in House and Senate offices detailing the company's "huge risk of fraud," terrorist financing and other issues.
Author: BitpushNews Mary Liu
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