Daily Report | ARK and 21Shares Bitcoin Spot ETF not yet listed on DTCC website; Opinion: U.S. Middle East policy may lead to a new round of inflation and a cryptocurrency bull market

整理：bayemon.eth, ChainCatcher

"What important events have occurred in the past 24 hours"

1. BlackRock's Bitcoin Spot ETF has been removed from DTCC

The ticker symbol IBTC for BlackRock's spot Bitcoin ETF has been removed from the DTCC website. Crypto industry expert Gabor Gurbacs explained that it is clear that certain things can be done in advance for issuers (but perhaps shouldn't be).

In this case, it would be more prudent to verify with regulators in advance. Bloomberg analyst James Seyffart stated, "I guess the SEC called BlackRock." (source link)

2. Paradigm co-founder Fred Ehrsam resigns, will continue to participate as a general partner

Paradigm co-founder Fred Ehrsam announced his resignation from his position but will remain with the company as a general partner. However, he will reduce his involvement in day-to-day operations.

Before founding this venture capital firm, Ehrsam was a co-founder of Coinbase, and he told employees that he plans to spend more time researching and investing in future health technologies, citing the interest of other cryptocurrency leaders in aging treatments and cryogenic technologies. (source link)

3. DTCC: BlackRock's IBTC was added to its qualified list in August, but does not represent any regulatory approval outcome

According to Reuters, a spokesperson for the Depository Trust & Clearing Corporation (DTCC) stated in a statement that BlackRock's iShares Bitcoin Trust ETF was added to the DTCC's qualified list in August. The spokesperson said, "DTCC adds securities to the NSCC qualified list to prepare for the launch of new ETFs in the market, which is standard practice. Being on the list does not indicate the outcome of any pending regulatory or other approval processes." (source link)

4. ARK submits the 4th amendment to its Bitcoin spot ETF application

Bloomberg ETF analyst Eric Balchunas stated that ARK has submitted the 4th amendment to its 19b-4 filing for its spot ETF, seemingly in response to feedback from the SEC regarding its S-1. (source link)

5. Arthur Hayes: U.S. Middle East policy may lead to a new round of inflation and a cryptocurrency bull market

Arthur Hayes, founder of the crypto trading platform BitMEX, wrote in his blog that the U.S. policy choices in the Ukraine crisis and the Israel-Palestine conflict may further escalate tensions, leading to a significant increase in U.S. military spending, which in turn raises inflation expectations and Treasury yields. In this environment, investors will reduce their holdings of U.S. Treasuries and increase their positions in gold and Bitcoin as safe-haven assets. Hayes believes this could lead to the onset of a new cryptocurrency bull market. (source link)

6. BlockFi announces completion of bankruptcy restructuring and initiation of compensation plan

Cryptocurrency lending company BlockFi announced that it has successfully completed its bankruptcy proceedings and is beginning to implement its bankruptcy plan. BlockFi will start executing the planned measures, including repaying creditors according to the planned terms, working to recover assets from FTX, 3AC, and other companies, continuing to distribute digital assets to customers, and ensuring fair and equitable distribution of customer rights.

For Wallet customers, they can now withdraw funds. BlockFi interest account (BIA) and loan customers will begin receiving their first distributions in early 2024. (source link)

7. Coinbase submits response brief to SEC allegations, claims SEC exceeds jurisdiction

Coinbase submitted a response brief to the SEC's June allegations that it was operating as an unregistered securities exchange, broker, and clearing agency. Coinbase stated that the SEC's allegations exceed its jurisdiction.

The Coinbase filing stated, "Because the SEC's complaint does not and cannot argue that the simple asset transactions it identifies involve ongoing contractual obligations related to a business, Coinbase is entitled to make a judgment on the complaint. Furthermore, the SEC's view that any purchase behavior by buyers seeking appreciation constitutes an investment contract, and therefore a security, is an attempt to fundamentally expand its own power. As the major questions doctrine makes clear, if an agency wants to make decisions on significant issues, it must have explicit congressional authorization to do so; expanding federal securities law is the province of Congress." (source link)

8. Saudi Crown Prince-led investment fund NEOM completes new round of investment in companies like Animoca Brands

The NEOM Tech & Digital, a tech subsidiary of the NEOM city project led by Saudi Crown Prince Mohammed bin Salman, announced the establishment of the NEOM Investment Fund (NIF) to support the construction and development of 14 priority areas in NEOM. NIF will invest in tech startups globally through mergers and acquisitions and venture capital, focusing on pioneering growth companies and next-generation industries. NIF will also establish joint ventures and partnerships with large multinational companies, institutional investors, and innovators within NEOM. As part of its establishment, NIF announced a new round of investments in companies such as Pony.ai, Regent, Boom Technology, BlueNalu, and Animoca Brands.

Additionally, Open Campus posted on social media stating, "Middle East Web3 education will collaborate with the NEOM Investment Fund for significant developments," with specific details yet to be announced. (source link)

9. Binance has opened deposits, withdrawals, and conversions for USDC.e on the Optimism network, with the code OPUSDCE

Binance announced that it has opened deposits, withdrawals, and conversions for USD Coin Bridged (USDC.e) on the Optimism network, with the code "OPUSDCE." Users can now deposit and withdraw USDC.e on the Optimism network and convert OPUSDCE tokens to USDC on Binance Convert. (source link)

10. Data: FTX and Alameda are transferring $8.6 million worth of cryptocurrency to Binance

Nansen tweeted that FTX and Alameda are transferring funds to Binance, including $2.2 million in LINK, $1 million in AAVE, $2 million in MKR, and $3.4 million in ETH. These funds were transferred to address 0xde9 before being sent to Binance deposit address 0xaee. (source link)

11. Correction: ARK Invest and 21Shares' Bitcoin spot ETF is not yet listed on the DTCC website

The Bitcoin spot ETF code for ARK Invest and 21Shares is not yet listed on the DTCC website; the code for ARK Invest and 21Shares' Bitcoin spot ETF is "ARKB."

Previous reports indicated that "ARKA" listed on the DTCC website is the Bitcoin futures ETF code for ARK Invest and 21Shares, which is a fund that has not yet been approved and will provide investors with investment opportunities in Bitcoin futures contracts. (source link)

"What are some interesting articles worth reading in the past 24 hours"

1. 《What other financial giants are doing besides BlackRock?》

As Bitcoin is a native on-chain asset, it is not ruled out that after the registration of the Bitcoin spot ETF is approved, other on-chain assets (cryptocurrencies) may enter the traditional financial market in this way. BlackRock, as a giant with asset management scale reaching $10 trillion (yes, ten times the global crypto market cap), had its CEO Larry Fink publicly state at the end of last year: "The next generation of markets, the next generation of securities, are tokenized securities."

In fact, traditional finance has long been laying the groundwork for asset tokenization, which will provide a large amount of assets and capital for future markets.

2. 《Arthur Hayes: Turmoil from the periphery will become a new driving force for Bitcoin prices》

When yields rise too high, the ultimate result will be that the Federal Reserve ends all pretenses of the U.S. Treasury market being a free market. Instead, it will reveal its true nature: a Peter Minack village where the Federal Reserve sets interest rates at politically convenient levels. Once everyone realizes the game we are playing, the Bitcoin and cryptocurrency bull market will fully unfold.

This is the trigger; it is time to start shifting short-term U.S. Treasuries into cryptocurrencies. The first stop is always Bitcoin, then Ethereum, and finally my beloved altcoins. I will start small in case I am wrong, but you cannot sit on the sidelines forever waiting for the perfect opportunity. The perfect opportunity is often right in front of you, and you are just too focused on the past to notice.

3. 《In-depth analysis: A comprehensive look at DeFi token economics?》

This article delves into the token mechanisms driving DeFi, from liquidity mining, staking, voting escrow to yield-sharing models, revealing how they shape the current landscape of blockchain protocols and how they are adopted by different protocols.

4. 《Galaxy Research Report: How much capital inflow could a Bitcoin spot ETF approval bring?》

For a decade, applicants have been seeking to list a spot-based Bitcoin ETF. During this time, Bitcoin's market cap has risen from less than $1 billion to today's $600 billion (and peaked at $1.27 trillion in 2021). During this period, global Bitcoin holdings and usage have surged, with many different types of wallets, cryptocurrency exchanges, and custodians emerging worldwide, along with traditional market access tools. However, the largest capital market in the world, the U.S., still lacks the most effective market access tool for Bitcoin—the spot-based ETF. Expectations are rising that the ETF will soon be approved, and our analysis indicates that these products could see significant capital inflows, primarily driven by wealth management channels that currently cannot gain large-scale, safe, and efficient exposure to Bitcoin.

The inflow of funds from ETFs, the market narrative surrounding Bitcoin's upcoming halving (April 2024), and the possibility that interest rates have already peaked or will peak in the short term all suggest that 2024 could be significant for Bitcoin.