Daily Report | Mt. Gox will start repaying Bitcoin and BCH in early July; crypto mining company Hut 8 receives $150 million strategic investment from Coatue; EU preliminarily rules that Apple has violated the EU Digital Markets Act
June 24 News Overview整理：Fairy, ChainCatcher
Important News:
- Upbit will list Blast (BLAST)
- Crypto mining company Hut 8 receives $150 million strategic investment from Coatue to collaborate on building an AI infrastructure platform
- CoinShares sells FTX claims with a 116% recovery rate
- Mt. Gox will start repaying Bitcoin and BCH in early July 2024
- European Commission preliminarily rules that Apple's App Store rules violate the EU Digital Markets Act
- Metaplanet plans to issue 1 billion yen bonds to increase Bitcoin holdings
- Data: This week, tokens such as ALT, OP, SUI will see significant unlocks, totaling over $180 million in value
"What important events happened in the last 24 hours"
Upbit will list Blast (BLAST)
According to an official announcement, the South Korean crypto exchange Upbit will list Blast (BLAST), supporting trading pairs with KRW, BTC, and USDT.
Crypto mining company Hut 8 receives $150 million strategic investment from Coatue to collaborate on building an AI infrastructure platform
Crypto mining company Hut 8 announced that it has received a $150 million strategic investment from Coatue, and the two parties will collaborate to build an artificial intelligence infrastructure platform.
Coatue has agreed to invest $150 million in the company through convertible notes with an annual interest rate of 8.00% (compounded quarterly). The initial term of the notes is five years, with the company having the option to extend it for up to three additional one-year terms. The issuance of the notes is expected to be completed by July 11, 2024.
CoinShares sells FTX claims with a 116% recovery rate
According to Finance Feeds, CoinShares announced that it has successfully sold its FTX claims, resulting in a 116% recovery rate after deducting brokerage fees, yielding £31.32 million from a claim amount of £26.6 million.
The agreement was signed today and is subject to customary closing conditions. The company stated that this will significantly enhance CoinShares' financial position.
Mt. Gox will start repaying Bitcoin and BCH in early July 2024
According to Tree News, Mt. Gox will start repaying Bitcoin and BCH in early July 2024.
European Commission preliminarily rules that Apple's App Store rules violate the EU Digital Markets Act
According to Jinshi, the European Commission has preliminarily ruled that Apple's online App Store rules violate the EU Digital Markets Act. The Commission believes that Apple's rules hinder app developers from freely guiding consumers to obtain discounts and content through other channels. On the same day, the Commission also launched a new non-compliance investigation against Apple. Under the Digital Markets Act, if violations occur, the Commission can impose fines on Apple, with a maximum fine of up to 10% of the company's global total revenue.
10x Research founder: Bitcoin double top indicates BTC may drop to $50,000
Markus Thielen, founder of 10x Research, stated that technically, Bitcoin seems to be following a double top pattern, and the support level is being tested. Unless this pattern fails, it should be our base case. This pattern could easily drop to $50,000, or even $45,000.
It is reported that this is a bearish technical analysis pattern consisting of two peaks and a trough in between, typically occurring after a significant uptrend. The second peak represents the exhaustion of the uptrend, and a breakout below the low between the two peaks confirms the bearish trend reversal.
Bitcoin and Ethereum transaction fees drop to the lowest level in 7 months
According to Cointelegraph, on June 23, the average transaction fee for Bitcoin reached $1.93, the lowest level since October 2023.
Additionally, ETH gas fees are nearing historical lows, as activity has shifted from Ethereum to its Layer 2 network following the Dencun upgrade in March. Since the Dencun upgrade, the average gas price on Ethereum has decreased by approximately 92%. According to a report from Layer2 Insider, L2 networks generated $950,000 in revenue last week.
CoinShares: Digital asset investment products saw outflows of $584 million last week
CoinShares' weekly report shows that digital asset investment products experienced total outflows of $584 million last week, a decrease of $1.2 billion.
Bitcoin saw outflows of $630 million, but recent negative sentiment did not lead investors to increase short positions. Inflows into multi-asset products reached $98 million, indicating that investors view the weakness in the altcoin market as a buying opportunity.
Last week, global ETP trading volume also hit its lowest level since the launch of U.S. ETFs in January, with trading volume of only $6.9 billion that week.
Data: The index of the top 100 digital assets by market capitalization fell by about 5%, marking the largest drop since April this year
According to Bloomberg, the digital asset market experienced its second-largest weekly drop of 2024, primarily due to cooling demand for Bitcoin spot ETFs and uncertainty in monetary policy.
In the seven days ending last Sunday, the index covering the top 100 digital assets by market capitalization fell by about 5%, the largest drop since April this year. Bitcoin fell below $63,000, marking its lowest point in over a month. Experts point out that the current dynamics of the crypto market are characterized by low volatility and weak trading volume, and as prices begin to move toward the edge of the range, the order book becomes unbalanced.
a16z crypto submits feedback on the IRS 1099-DA form draft
a16z crypto recently commented on the IRS's draft of the 1099-DA form, with the following key points:
- Each digital asset transaction requires multiple brokers to submit a 1099-DA form, resulting in unnecessary duplicate information reporting and an unreasonable burden on filers;
- Requiring brokers to report wallet addresses is unnecessary and puts sensitive taxpayer information at significant risk;
- The cost of providing the information required by the 1099-DA form is too high and, in some cases, may not be achievable;
- Final regulations should delay or "phase in" the effective date of digital asset information reporting requirements;
- Non-custodial wallets and digital asset payment processors should be removed from the "broker" category listed in the 1099-DA form;
- The IRS should not require the submission of a 1099-DA form when disposing of fiat-backed stablecoins and most NFTs (non-fungible tokens);
- The requirement to submit a 1099-DA form should include a minimum threshold, allowing brokers to aggregate transactions for reporting purposes.
Metaplanet plans to issue 1 billion yen bonds to increase Bitcoin holdings
Japanese listed company Metaplanet announced that its board has approved the use of 1 billion yen (approximately $6.26 million) to increase its Bitcoin holdings. This funding will come from the proceeds of the company's second issuance of ordinary bonds (secured).
The official announcement states that these bonds have an annual interest rate of 0.5%, will be paid on June 26, 2024, and will mature on June 25, 2025.
Cathie Wood: Based on economic reasons, I will vote for Trump in the presidential election
Cathie Wood, CEO of American investment firm Ark Invest, stated that she plans to vote for former U.S. President and Republican presumptive nominee Donald Trump in the upcoming presidential election.
Wood stated, "When it comes to economic issues, I am a voter, and based on that, I choose Trump." She noted that the first three years of the Trump administration before the COVID-19 outbreak were "the best three years in American economic history." The CEO of Ark Invest has long been a supporter of cryptocurrencies, and Trump has recently expressed strong support for the cryptocurrency industry.
Data: This week, tokens such as ALT, OP, SUI will see significant unlocks, totaling over $180 million in value
According to Token Unlocks data, mainstream crypto projects will unlock tokens worth a total of $188 million in the next 7 days, with 7 projects set to experience significant one-time unlocks, including:
- AltLayer will unlock 10.5 million ALT on June 25 at 18:00, accounting for 6.92% of the circulating supply, valued at approximately $19.88 million;
- Yield Guild Games will unlock 16.69 million YGG on June 27 at 22:00, accounting for 4.48% of the circulating supply, valued at approximately $10.65 million;
- SingularityNET will unlock 8.57 million AGIX on June 28 at 8:00, accounting for 0.67% of the circulating supply, valued at approximately $5.30 million;
- Echelon Prime will unlock 750,000 PRIME on June 30 at 8:00, accounting for 1.83% of the circulating supply, valued at approximately $7.79 million;
- Optimism will unlock 31.34 million OP on June 30 at 8:00, accounting for 2.88% of the circulating supply, valued at approximately $56.10 million;
- Ethena Labs will unlock 14.89 million ENA on June 30 at 15:00, accounting for 0.87% of the circulating supply, valued at approximately $8.96 million;
- Sui will unlock 64.19 million SUI on June 30 at 8:00, accounting for 2.65% of the circulating supply, valued at approximately $57.15 million.
"What are the exciting articles worth reading in the last 24 hours"
Feature: Nearly 500 projects compete for 8 years to finally produce a unicorn, is Web3 Social Summer coming?
In the two years leading up to becoming a unicorn, Farcaster's founder took the most primitive approach to promote his social application: he personally persuaded Web3 people in his social circle to join the platform, including Vitalik, who promoted Farcaster.
After thousands of grassroots promotions, Farcaster gained a group of elite seed users.
Web3 users led by early Twitter investor Fred Wilson announced their migration to Farcaster, with many of Vitalik's views first published on Farcaster.
On May 21, Farcaster announced a $150 million financing at a valuation of $1 billion.
Since the launch of the decentralized content platform Steemit in 2016, which opened the narrative of Web3 social, Web3 social has experienced eight years.
Compared to the rise and fall of DeFi and GameFi, Web3 social is a more lonely story. Most of the early gold miners like Steemit and CoinHaven have ceased operations, while Lens, Damus, and friend.tech quickly fell silent after creating brief sparks.
Farcaster seems to bring a glimmer of hope to Web3 social.
Interview with Maverick COO Ada: How to build a one-stop liquidity operating system in the DeFi space?
On the evening of June 19, Maverick V2 was launched as scheduled, and as a result of this positive news, the MAV token rose more than 10% that day.
Maverick has been working to improve LP yield and capital efficiency.
High capital efficiency means that, under the same liquidity volume, the pools on the Maverick platform can generate more trading volume, and the more trading volume the pools have, the more LP yield will be directly converted.
Ada, who previously achieved outstanding results in traditional finance, now serves as Maverick's COO. In an interview with ChainCatcher, she stated, Maverick V2 makes the platform not just an AMM or DEX solution provider, but a one-stop liquidity operating system (LiquidityOS).
She explained that the LiquidityOS concept proposed by Maverick is analogous to Apple's iOS operating system, supporting developers to customize and develop any liquidity tools and solutions on the platform.
Andrew Kang's new article: Why I believe Ethereum cannot replicate the success of Bitcoin ETFs?
BTC ETFs have opened the door for many new buyers to allocate Bitcoin in their portfolios. The impact of ETH ETFs is less significant.
When Blackrock submitted its ETF application, Bitcoin was priced at $25,000. I was very bullish on Bitcoin at that time, and now Bitcoin's return rate has reached 2.6 times, while ETH's return rate is 2.1 times. From the cycle bottom, BTC's return rate is 4.0 times, and ETH's return rate is also 4.0 times. So, how much upside can ETH ETFs bring? I don't think it will be significant unless Ethereum develops a convincing way to improve its economic efficiency.
Debate: How to evaluate the controversy over Binance's frequent listings? Is He Yi right that the era of "ripping off" may be over?
Last weekend, the conflict between VC coins, exchanges, and retail investors reached a recent peak under the catalysis of two long articles by Binance co-founder He Yi. On June 20, the project token named Lista DAO was launched as the second Launchpad project on Binance Megadrop. Since the Lista DAO team includes former Binance employees and the project had previously received investment from Binance Labs, many users were optimistic about LISTA and participated in secondary trading. However, in the overall weak market, LISTA did not bring any surprises to retail investors and instead fell continuously, which seemed to become the last straw that broke the camel's back. The market's anger gradually spread from dissatisfaction with VC coins to Binance's frequent listings while ignoring the interests of secondary users.
On June 21, He Yi responded, stating, "Even if Binance does not list new projects, funds will still be diverted due to token unlocks, meme coins, etc.; some VCs are indeed the core reason for inflated prices, but VCs generally have a 7-year lock-up period with a 4+3 structure for LP fundraising, collecting management fees + dividends; the general unlock for VCs occurs one year after TGE (not all), so many crypto VCs are also going bankrupt, and some VCs' LP investments in the crypto space may also go to zero."
