Organizer: Luan Peng, ChainCatcher

Important News:

• Fidelity submits updated S-1 filing for Ethereum spot ETF application
• Matrixport co-founder: If Ethereum ETF is approved, the best trading strategy is "buy SOL/ETH"
• Bitget appoints Gracy Chen as CEO
• Data: Currently, 90% of ETH holders are in profit
• Su Zhu: If Ethereum spot ETF is approved, Ethereum will rise to $5,400
• Vitalik: ENS is the most successful non-financial application in the Ethereum ecosystem
• Dragonfly partner: Biden may soften cryptocurrency policies before the election

"What important events happened in the past 24 hours"

Fidelity submits updated S-1 filing for Ethereum spot ETF application

Fidelity submitted an updated version of its S-1 filing for the Ethereum spot ETF application.

Vitalik: ENS is the most successful non-financial application in the Ethereum ecosystem

Ethereum co-founder Vitalik Buterin stated on social media: "ENS is our most successful non-financial application, I don't know why more people don't care about it!"

Geometry Capital HK approved for Hong Kong SFC licenses 4 and 9

According to information from the Hong Kong Securities and Futures Commission (SFC) website, Geometry Capital's wholly-owned subsidiary, Geometry Capital (Hong Kong) Limited, was approved on May 20, 2024, to engage in regulated activities centered around virtual assets under licenses 4 and 9. Geometry Capital can manage a portfolio that is 100% invested in virtual assets under license 9 and provide investment advice on virtual assets under license 4.

Data: Currently, 90% of ETH holders are in profit

According to data from IntoTheBlock, as Ethereum rises above $3,600, currently 90% of ETH holders are in profit.

Bitget appoints Gracy Chen as CEO

Bitget has appointed Gracy Chen as CEO, effective May this year, while former CEO Sandra Lou will leave the company to focus on personal endeavors.

Matrixport co-founder: If Ethereum ETF is approved, the best trading strategy is "buy SOL/ETH"

Matrixport co-founder Daniel Yan posted on platform X that if the Ethereum ETF is approved within two days, the best trading strategy is "buy SOL/ETH." The reasons are as follows: ETH has risen nearly 20% in the past 24 hours; SOL will be the next beneficiary after the ETH ETF approval; ETH/BTC rose 12% within a week after the BTC spot ETF was approved, as people anticipated the ETH ETF approval; this strategy has low market participation and is not a popular trade. He also reminded that BTC prices fell 15% in the weeks following the approval of the spot ETF on January 10.

Data: Yesterday, the net inflow of Bitcoin spot ETF in the U.S. was $235 million

According to monitoring by HODL15Capital, the net inflow of Bitcoin spot ETF in the U.S. yesterday was $235 million (3,518 BTC).

Su Zhu: If Ethereum spot ETF is approved, Ethereum will rise to $5,400

Su Zhu stated that if the Ethereum spot ETF is indeed approved, then ETH will rise 80% from $3,000 to $5,400, and Bitcoin will rise to $80,000 (with ETH/BTC rate reaching 0.0675), which would also be a new high for ETH prices.

Dragonfly partner: Biden may soften cryptocurrency policies before the election

Dragonfly partner Haseeb Qureshi stated that Biden may soften cryptocurrency policies before the election to avoid losing votes in a heated campaign. The approval of the ETF is the first sign of this change, and it is expected that other institutions will also relax policies in the coming months.

Data: Ethereum's market cap exceeds Mastercard and LVMH, ranking 26th globally

According to Infinite Market Cap data, Ethereum's current market cap is $443 billion, surpassing the market caps of companies like Mastercard and LVMH, ranking 26th globally.

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

U.S. SEC makes a 180-degree turn, Ethereum spot ETF approval reaches a critical moment

This morning, news revealed that the U.S. Securities and Exchange Commission has requested exchanges to expedite the update of their 19b-4 applications. Bloomberg ETF analysts Eric Balchunas and James Seyffart raised the probability of spot ETF approval from 25% to 75% after related rumors, and then corrected that 75% specifically refers to the approval probability of 19b-4.

As a result of this news, the ETH price quickly broke through $3,600, peaking at $3,693, with a 24-hour increase of over 19%.

"Buy new, not old" cryptocurrency investment theory, is it still valid?

Recently, the market has been discussing how, under the pressure of monopolistic groups like VC and CEX, project teams provide sufficient exit liquidity for early investors and insiders by launching at the highest possible FDV on leading CEXs, leaving small and medium investors as "bag holders."

Dragonfly managing partner Haseeb Qureshi responded in the article "From the VC Perspective: What is the Cause of the Decline of 'High FDV, Low Circulation' Tokens?" and provided data support. His core argument is that the poor performance of low circulation/high FDV tokens is part of the market's self-correction process. Meanwhile, the founder of Ambient presented a viewpoint from the "ETH standard" perspective: when priced in ETH, the FDV of newly issued tokens is not significantly different from the past.

Internal and external troubles of the Ethereum Foundation: Researchers and engineers at odds, conflicts of interest in serving as advisors for EigenLayer

Recently, some members of the Ethereum Foundation have found themselves in controversy over their viewpoints and actions. First, on May 16, Ethereum Foundation member and Geth development lead Péter Szilágyi tweeted his views on some current Ethereum solutions, stating that he believes that some current solutions do not fundamentally solve the problems but rather democratize them by distributing interests to eliminate dissent. This viewpoint sparked heated discussions, especially as it diverged from the views of Ethereum Foundation researcher Dankrad Feist, leading to intense debates between the two.

Following that, on May 21, Dankrad Feist announced that he and Ethereum Foundation researcher Justin Drake would become advisors for Eigenlayer, receiving millions of dollars in token incentives, which again raised questions and discussions within the community. As members of the Ethereum Foundation, their involvement in external projects with potential conflicts of interest with Ethereum and acceptance of project token incentives inevitably led the community to question their neutrality in positions and viewpoints.

HashKey Global: SEC accelerates decision-making process, 5 things you need to know about Ethereum spot ETF

Following the approval of the Bitcoin spot ETF at the beginning of the year, traditional financial capital has been continuously flowing into the cryptocurrency space over the past few months. The Bitcoin spot ETF currently holds about 830,000 Bitcoins, worth approximately $52 billion. The market has been looking for new narrative focal points, with April being Bitcoin's halving and May focusing on the Ethereum spot ETF. Now, as the critical date of May 23 for the Ethereum spot ETF approaches, the outlook seems to be shifting from pessimistic to optimistic based on statements from notable figures and market fluctuations. The reason is that on the morning of the 21st, Bloomberg analysts stated that the approval probability for the Ethereum spot ETF has significantly increased to 75%, which triggered a rapid rise in the crypto market, with Ethereum rising over 20% in a single day. Here are 5 things you need to know about the Ethereum spot ETF: