Bitpush editor selects Web3 news for you every day:
[Data: The profit percentage of ETH supply hit a new low in 2024]
The Block data shows that the 7DMA of ETH supply profitability was 85.66% over the past week, the lowest point since November 2023.
Just three weeks ago, this figure was at 94%, but has since dropped significantly, which may be partly due to the overall market sell-off that occurred during this period, causing the price of ETH to fall by more than 30%.
Analysts say this further supports the view that ETH’s current price is below the cost basis of most buyers this year. However, it is worth noting that although this figure is at a low point in 2024, it does not necessarily indicate that most ETH holders are in a net loss so far this year.
[ Fed Board Governor Bowman reiterated that if inflation continues to slow, it is appropriate to cut interest rates]
Federal Reserve Board Governor Bowman reiterated that a rate cut would be appropriate if inflation continued to slow.
He said: "We have made some progress in reducing inflation recently, but inflation remains uncomfortably above the Committee's 2 percent objective. Although the unemployment rate has risen, it remains at historically low levels, and we need to be patient and avoid undermining the continued progress in reducing inflation by overreacting to any single data point. I will remain cautious on any changes in the stance of policy."
[Analyst: Even if volatility increases, institutional investors are more inclined to maintain their Bitcoin holdings]
Despite Bitcoin’s recent volatility, analysts say institutional investors have shown significant perseverance and commitment to their spot exchange-traded fund (ETF) holdings.
“Institutional investors are not fleeing from the heightened volatility of Bitcoin, but are remaining fairly stable and tending to hold,” said André Dragosch, head of European research at Bitwise .
Dragosch highlighted recent 13F filing data for the second quarter of 2024, which he noted shows that institutional investors have shown an optimistic commitment to Bitcoin-based ETFs compared to other asset class ETFs such as gold. "Among institutional investors that allocated to spot Bitcoin ETFs in the first quarter of this year, the majority either increased their holdings or purchased more shares this spring," Dragosch said. "Among Q1 registrants, 44% increased their holdings, 22% held steady, 21% reduced their holdings, and 13% withdrew their Bitcoin ETF holdings in the second quarter. This result is really good compared to other ETFs."
State Street Bank selects Taurus for cryptocurrency custody and tokenization
According to CoinDesk, State Street is a global custody bank with $44.3 trillion in assets under management. In order to meet the more relaxed regulatory environment in the United States, State Street has chosen Taurus, a cryptocurrency custody and tokenization company, to provide digital asset services. State Street said that the bank's initial focus is on launching tokenized versions of traditional assets and will announce its first customer soon.
State Street has been “very vocal” about the need to amend SAB 121, which could force banks seeking to hold cryptocurrencies to maintain significant capital to compensate for the risk, said Donna Milrod, chief product officer and head of digital asset solutions at State Street. “While we started with tokenization, that’s not where we end up, and we will also offer digital custody services once U.S. regulations help us,” Milrod said in an interview. “We know how to be a custodian. We don’t do it on the balance sheet, we do it off the balance sheet. They are not our assets.”
Lamine Brahimi, co-founder and managing partner of Swiss-based Taurus, pointed out the benefits of tokenization, such as the ability to trade around the clock and optimize collateral management, while also echoing the need for an improved regulatory environment in the U.S. “I am sure that this partnership with State Street will send a positive signal to the U.S. financial markets in general, which have been lagging behind Europe due to the impact of SAB 121,” Brahimi said in an interview.
[Vitalik: As a bystander, I hope Musk can focus on building multiple alternatives]
In the comment section of Musk's tweet on the X platform, "Sometimes I wonder if I'm too rebellious?", Ethereum co-founder Vitalik replied: "There are important virtues in challenges. There are also important virtues in focusing on building fascinating and admirable alternatives. I think that focusing more on the latter will help achieve your goals for humanity and your happiness. Although, I'm just a bystander."
[Former Binance CEO CZ faces new lawsuit]
Cryptocurrency giant Binance and its former CEO CZ have been hit with a new class-action lawsuit in Seattle federal court alleging that the exchange’s money laundering activities harmed consumers. The lawsuit accuses the defendants of putting profits above the law as they allegedly made massive gains by allowing bad actors to make their funds untraceable.
In November last year, Binance CEO CZ pleaded guilty to money laundering and resigned as CEO. According to U.Today, the former Binance boss was sentenced to four months in prison in late April. He began serving his sentence in early June.
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