Daily Report | Last week, digital asset investment products saw an inflow of $1.44 billion; South Korea is considering delaying the implementation of the "virtual asset investment income tax"; digital asset investment management platform Haruko completed a $6 million Series A financing
July 15 News OverviewOrganizer: Luan Peng, ChainCatcher
Important News:
- CoinShares: Last week, digital asset investment products saw inflows of $1.44 billion, the fifth highest weekly inflow for Bitcoin in history
- Musk: I faced two assassination attempts in the past 8 months, with the shooters both captured
- 10x Research: A larger-scale sell-off of Bitcoin is expected in the coming weeks and months
- Data: Global Bitcoin ETFs hold approximately 1.05 million BTC, valued at about $64.1 billion
- South Korea is considering postponing the implementation of "virtual asset investment income tax"
- Digital asset investment management platform Haruko completes $6 million Series A funding
- Data: If Bitcoin breaks through $65,000, mainstream CEXs will have $732 million in short liquidations
- Data: The trading volume of 6 Hong Kong virtual asset ETFs today is approximately HKD 48.19 million
What important events happened in the past 24 hours?
CoinShares' latest weekly report shows that last week, the inflow of funds into digital asset investment products reached $1.44 billion, bringing the year-to-date total inflow to a record $17.8 billion, far exceeding the $10.6 billion inflow in 2021.
Bitcoin recorded the fifth largest weekly inflow on record, reaching $1.35 billion, while shorting Bitcoin saw the largest weekly outflow since April, totaling $8.6 million. Ethereum saw an inflow of $7.2 million last week, possibly due to expectations that a spot ETF will soon be approved in the U.S.
Musk: I faced two assassination attempts in the past 8 months, with the shooters both captured
Musk stated yesterday that he faced two assassination attempts in the past 8 months, with the shooters captured about a 20-minute drive from Tesla's headquarters in Texas.
10x Research: A larger-scale sell-off of Bitcoin is expected in the coming weeks and months
10x Research stated in a report that concerns persist due to oversupply and a lack of solid market fundamentals, posing potential risks for mid-term traders. Last week, Bitcoin seemed to have rebounded from oversold levels before the Consumer Price Index (CPI) was released, which is expected to decline.
However, as this expectation has become widely known and Bitcoin has already risen, the price cannot be sustained. This trend of declining inflation may continue until October, when year-on-year data will be more challenging. Despite experiencing nearly a 20% pullback at its lowest point during the sale of $3 billion worth of Bitcoin in Saxony, it has withstood this test. However, a larger-scale sell-off is expected in the coming weeks and months, which may further impact the market.
Data: Global Bitcoin ETFs hold approximately 1.05 million BTC, valued at about $64.1 billion
According to monitoring by HODL15Capital, global Bitcoin ETFs (39 funds) currently hold 1,051,569 Bitcoins, valued at approximately $64.1 billion.
South Korea is considering postponing the implementation of "virtual asset investment income tax"
The South Korean government and the ruling party are considering postponing the inclusion of cryptocurrency investment income tax in next year's tax revision proposal. If the bill is passed, the taxation on cryptocurrency investments will be postponed from January 1, 2025, to January 1, 2028. The Ministry of Finance stated in a statement that no decision has been made regarding any further postponement of taxation.
Digital asset investment management platform Haruko completes $6 million Series A funding
UK-based digital asset investment management platform Haruko has completed $6 million in Series A funding, co-led by the digital asset fund of White Star Capital and MMC Ventures, bringing the company's total funding to $16 million. This funding will help the company enter the Southeast Asian market and further consolidate its global influence.
Haruko was founded in 2021 by Shamyl Malik, Adam Carlile, and Omer Suleman, providing the most comprehensive digital asset technology solutions for institutions deploying capital in the digital asset ecosystem. It has over 50 investment management institutional clients and offices in London and Singapore.
Previously reported, institutional-grade crypto investment intermediary Haruko announced the completion of a $10 million seed round, led by Portage Ventures and White Star Capital.
According to Coinglass data, based on the current positions in mainstream CEX contracts, if Bitcoin rebounds and breaks through $65,000, approximately $732 million in short positions are expected to be liquidated. If Bitcoin falls to around $61,000, approximately $942 million in long positions are expected to be liquidated.
Data: The trading volume of 6 Hong Kong virtual asset ETFs today is approximately HKD 48.19 million
Hong Kong stock market data shows that as of the close, the trading volume of 6 Hong Kong virtual asset ETFs today is approximately HKD 48.19 million, including: Huaxia Bitcoin ETF (3042.HK) trading volume of HKD 25.85 million; Huaxia Ethereum ETF (3046.HK) trading volume of HKD 3.64 million; Harvest Bitcoin ETF (3439.HK) trading volume of HKD 6.31 million; Harvest Ethereum ETF (3179.HK) trading volume of HKD 4.68 million; Bosera HashKey Bitcoin ETF (3008.HK) trading volume of HKD 6.84 million; Bosera HashKey Ethereum ETF (3009.HK) trading volume of HKD 0.8574 million.
The Hong Kong Financial Services and the Treasury Bureau stated that following the implementation of the virtual asset service provider licensing regime last June, the Bureau and the Monetary Authority consulted the public on the proposed regulatory framework for stablecoin issuers at the end of last year and will soon publish a summary of the consultation to prepare a draft regulation for the Legislative Council's review.
The Bureau pointed out that a regulatory framework for fiat-backed stablecoin issuers that is appropriate and in line with international regulatory recommendations can provide sufficient protection for fiat-backed stablecoin users and address the potential risks that fiat-backed stablecoins pose to monetary and financial stability, allowing Hong Kong's virtual asset ecosystem to develop sustainably and responsibly.
Given the important role of fiat-backed stablecoins in the Web3 and virtual asset ecosystem, and the increasingly close ties between the traditional financial system and the virtual asset market, the government needs to establish a regulatory framework for fiat-backed stablecoin issuers, with key requirements including: reserve management and stabilization mechanisms, including requiring issuers to ensure that fiat-backed stablecoins are fully backed by high-quality and highly liquid reserve assets; redemption requirements; as well as governance, knowledge, and experience regulatory requirements.
At the same time, to protect fiat-backed stablecoin users, it is proposed that only the following entities can sell fiat-backed stablecoins in Hong Kong or actively promote related services to the public: licensed fiat-backed stablecoin issuers; recognized institutions (i.e., banks); licensed corporations; and licensed virtual asset trading platforms. For existing stablecoin issuers, the proposed regulatory framework will also include corresponding transitional arrangements.
Data: After winning the European Championship, the Spanish national fan token (SNFT) plummets 20%
According to Coindesk, the Spanish national fan token (SNFT) has plummeted 20% in the past 24 hours, currently priced at $0.024, with a total market capitalization of $565,000.
Despite Spain defeating England in the final of the 2024 European Championship to win their fourth European title, the SNFT token experienced a "sell the fact" effect. In contrast, the fan tokens of Paris Saint-Germain and Barcelona rose by 2% to 4%.
The SNFT token was launched in 2021 in collaboration between the Royal Spanish Football Federation and the Turkish blockchain platform Bitci, aimed at enhancing fan interaction and providing privileged experiences for sports enthusiasts and investors.
"What are some exciting articles worth reading in the past 24 hours?"
In April, ChainCatcher reviewed the re-staking protocols on Ethereum and LRT protocols in the article "Frequent capital injections and project airdrops make the re-staking LRT track a 'new gold mine'," which includes EigenLayer and its based LRT protocols such as Renzo, Ether.fi, Kelp DAO, EigenPie, YieldNest, Swell, Pendle Finance, and more.
Although the issuance of Renzo tokens and the airdrop of EigenLayer have been anticipated, the market heat for the re-staking track has remained high over the past three months, with "points battles + multiple benefits" still fervently pursued in the crypto community, leading to frequent large-scale financing in the tens of millions.
For instance, on June 18, Renzo announced the completion of a $17 million financing led by Galaxy Ventures; on June 11, the re-staking project Symbiotic announced the completion of a $5.8 million seed round, led by Paradigm and Cyber Fund.
Data shows that 16.3% of all staked ETH are participating in re-staking through Eigenlayer, Karak_Network, and others.
Perhaps seeing the wealth opportunities in re-staking, the narrative around re-staking has recently spilled over from its main base on Ethereum to Bitcoin, Solana, and other ecosystems.
It is reported that at least six teams in the Solana ecosystem are building Solana re-staking projects.
Recently, the Bitcoin ecosystem has seen two financings exceeding tens of millions; on May 30, Babylon completed a $70 million financing led by Paradigm; on July 2, the Bitcoin re-staking protocol Lombard completed a $16 million seed round, led by Polychain Capital.
SEC explains: Why were MATIC, MANA, CHZ, SAND, and LUNA classified as securities?
Consensys' crypto assets have been targeted by SEC enforcement actions for being classified as crypto asset securities. These crypto assets include, but are not limited to, the following: AMP (AMP token, available through MetaMask Swaps since October 2020), AXS (Axie Infinity Shards, available since November 2020), BNB (native token of the BNB Chain ecosystem, available since March 2021), CHZ (details below), COTI (COTI token, available since October 2020), DDX (DerivaDAO token, available since December 2020), FLOW (FLOW token, available since November 2020), HEX (HEX token, available since October 2020), LCX (LCX token, available since October 2020), MANA (details below), MATIC (details below), NEXO (NEXO platform token, available since October 2020), OMG (OMG Network token, available since October 2020), POWR (Powerledger token, available since October 2020), SAND (details below), LUNA (details below), RLY (Rally token, available since October 2020), XYO (XYO token, available since October 2020).
Below are details of some crypto asset securities traded for investor accounts through Consensys' MetaMask Swaps platform (not an exhaustive list).
Since their initial issuance or sale, each of these crypto asset securities has been issued and sold as investment contracts, thus classified as securities. For each crypto asset security, the statements of the issuers and promoters create a reasonable expectation for investors to anticipate profits from the management or entrepreneurial efforts of these issuers and promoters (and related third parties). This reasonable expectation exists whether investors acquire these crypto asset securities through the initial issuance, from previous investors, or through crypto asset brokerage platforms, including MetaMask Swaps.
What is the current state of the venture capital industry? If you ask a venture capitalist for their view of the current market, you might hear three consistent statements:
A) The market is too crowded
B) Competition is extremely fierce
C) Returns are concentrated at the top.
This is an interesting and consistent comment, especially considering the key role venture capitalists play in the startup ecosystem. So, is venture capital a dying asset class? Certainly not. But does it face structural challenges? Undoubtedly.
Let’s explore the reasons from a macro perspective.
"German address" ends the sell-off, will Trump's assassination bring dramatic changes to the market?
Today, Bitcoin prices steadily rose, briefly breaking through $63,000, while ETH also surpassed $3,300, with altcoins following the overall market surge, resulting in $90 million in short liquidations over the past 24 hours.
A major bearish factor hanging over the market has finally been erased: On July 13, the balance of Bitcoin addresses seized by the German government indicated that their sell-off may have ended, marking the conclusion of significant sell-offs since mid-June. It is important to note that the pressure from these 50,000 BTC caused Bitcoin to drop from $65,000 to around $53,500, leading to widespread panic and creating a new annual low that affected the altcoin market.
And Trump, who just escaped an assassination attempt, has gone viral worldwide with a photo of him raising his fist. Following the incident, Trump's campaign win probability on the prediction market platform Polymarket has soared to 71%, reaching a recent high, far exceeding the current president Biden's 18%. Based on his series of statements during this election cycle, if Trump ultimately wins, it would undoubtedly be a significant positive for the cryptocurrency market.
Dialogue with He Yi: Is Binance the "scapegoat" for the bleak market? Let time prove everything
On July 14, 2024, Binance celebrates its 7th anniversary.
Looking back at the entire history of cryptocurrency development, Binance is undoubtedly a key player, as co-founder He Yi often says, "We are not starting a business; we are creating history."
Whether you like it or not, you have to admit that Binance has, to some extent, shaped the history of the crypto industry over the past seven years.
In 2017, amidst the wild west of cryptocurrency, Binance emerged, and just six months later, its user base surpassed 6 million, becoming the world's leading cryptocurrency exchange by trading volume, with CZ gracing the cover of Forbes magazine and He Yi becoming the only "sister" in the crypto industry.
In 2019, the crypto market experienced a bear market low, with both project teams and retail investors severely lacking confidence. During this low period, Binance launched Launchpad (IEO), and the first project raised $7 million in less than 15 minutes, achieving over 10 times the increase after opening, bringing a glimmer of hope for the sluggish market. Subsequently, other exchanges followed suit, and the crypto market gradually regained vitality.
As of July 2024, the cumulative investment return rate of all projects on Binance Launchpad is still over 16 times, far ahead, with the highest historical ROI nearing 200 times!
