Daily Report | The ratio of DEX/CEX spot trading volume reached 13.76%, a record high; Leaders of the Democratic National Committee will confirm U.S. President Biden as the nominee by the end of July; The probability of the Federal Reserve maintaining interest rates unchanged until September is 0%
July 16 News SummaryOrganizer: Luan Peng, ChainCatcher
Important News:
- Hong Kong Financial Secretary: Stablecoin issuers must comply with three main requirements: full reserve, redemption services, and governance
- Data: Total net inflow of Bitcoin spot ETF in the US reached $301 million yesterday, continuing a 7-day net inflow
- Data: The ratio of DEX/CEX spot trading volume reached 13.76%, a historical high
- Gemini co-founders donate $500,000 to Trump's campaign team again
- Binance users' crypto asset holdings reach $115 billion, an increase of $54 billion from a year ago
- Analysis: The tokenized US Treasury market is expected to reach $3 billion by the end of 2024
- New York Times: Leaders of the Democratic National Committee will confirm President Biden as the nominee by the end of July
- CME Fed Watch: The probability of the Fed maintaining interest rates unchanged until September is 0%
What important events happened in the past 24 hours?
According to Ta Kung Pao, the Hong Kong Financial Secretary stated that the SAR government needs to establish a regulatory framework for fiat stablecoin issuers, regulating them in a risk-based and pragmatic manner. The three main requirements include reserve management and stabilization mechanisms (for example, requiring issuers to ensure that fiat stablecoins are fully backed by high-quality and highly liquid reserve assets), redemption requirements, and governance, knowledge, and experience regulatory requirements.
The Financial Secretary also suggested that only licensed fiat stablecoin issuers, banks, licensed corporations, and licensed virtual asset trading platforms should be allowed to sell fiat stablecoins in Hong Kong or actively promote related services to the public.
For existing stablecoin issuers, the proposed regulatory framework will also have corresponding transitional arrangements. Additionally, the Financial Secretary hopes that a regulatory framework for fiat stablecoin issuers that is appropriate and aligns with international regulatory recommendations can provide sufficient protection for users against potential risks to monetary and financial stability, allowing Hong Kong's virtual asset ecosystem to develop sustainably and responsibly.
According to SoSoValue data, yesterday (Eastern Time July 15), the total net inflow of Bitcoin spot ETFs reached $301 million. Yesterday, Grayscale's ETF GBTC had a net outflow of $0.00, with a historical net outflow of $18.638 billion.
The Bitcoin spot ETF with the highest net inflow yesterday was BlackRock's ETF IBIT, with a net inflow of $117 million, bringing its historical total net inflow to $18.379 billion. Following that was Ark Invest and 21Shares' ETF ARKB, with a net inflow of $117 million, and its historical total net inflow reached $2.621 billion.
As of the time of writing, the total net asset value of Bitcoin spot ETFs is $56.718 billion, with an ETF net asset ratio (market cap relative to total Bitcoin market cap) of 4.51%, and the historical cumulative net inflow has reached $16.112 billion.
Data: The ratio of DEX/CEX spot trading volume reached 13.76%, a historical high
According to The Block data, the ratio of DEX/CEX spot trading volume reached 13.76%, surpassing last year's peak of 13% in May. This may indicate that DEX's share in the cryptocurrency market is gradually increasing.
Gemini co-founders donate $500,000 to Trump's campaign team again
According to records from the Federal Election Commission on Monday, Gemini founders Tyler Winklevoss and Cameron Winklevoss each donated $250,000 to Trump's super PAC.
Previously reported, the Winklevoss brothers donated $1 million in Bitcoin to Trump's campaign team.
Binance users' crypto asset holdings reach $115 billion, an increase of $54 billion from a year ago
According to Binance's monthly proof of reserves, as of early July, the value of crypto assets held by Binance users has increased by $54 billion from a year ago, reaching $115 billion. This represents a 150% increase compared to December 2022.
Additionally, the proportion of Bitcoin in user funds on the Binance platform was 18% in December 2022, and it has now exceeded one-third. Similarly, the proportion of BNB has risen from 14% to 20%, while ETH has remained around 14%, possibly due to its relatively weak price growth compared to Bitcoin and BNB.
Analysis: The tokenized US Treasury market is expected to reach $3 billion by the end of 2024
Tom Wan, a strategy analyst at 21.co, stated on X that the tokenized US Treasury market is expected to reach $3 billion by the end of 2024. The industry is seeing a trend where DeFi projects' DAOs are diversifying their funds into RWA, including stablecoins and tokenized US Treasuries.
With the maturity of tokenized US Treasuries, there are already over 15 products on EVM chains, reaching nearly $2 billion in assets under management, and DAOs are beginning to incorporate yield products such as BUIDL, USTB, USDY, and USDM into their treasuries.
According to The New York Times, leaders of the Democratic National Committee will confirm President Biden as the nominee by the end of July.
CME Fed Watch: The probability of the Fed maintaining interest rates unchanged until September is 0%
According to CME Fed Watch: The probability of the Fed maintaining interest rates unchanged in August is 91.2%, while the probability of a 25 basis point rate cut is 8.8%.
The probability of the Fed maintaining interest rates unchanged until September is 0%, with a cumulative probability of a 25 basis point rate cut at 85.7%, a cumulative probability of a 50 basis point rate cut at 13.7%, and a cumulative probability of a 75 basis point rate cut at 0.5%.
Market News: Craig Wright handed over to UK prosecutors for alleged perjury
Market news indicates that Craig Wright, who claims to be the inventor of Bitcoin ("Satoshi Nakamoto"), has been handed over to UK prosecutors for alleged perjury.
According to Jin Shi, the Hong Kong Securities and Futures Commission today published a consultation summary on the subsidiary legislation, codes, and guidelines proposed for the implementation of a paperless securities market in Hong Kong. In response to market opinions, a five-year timeline is now proposed: after completing the relevant legislative procedures, the paperless securities market system will be implemented by the end of 2025. Companies that are compatible with the existing laws and the paperless securities market system must transition to the new system in batches by the end of 2030. The Hong Kong Securities and Futures Commission will set caps on certain fees related to the paperless securities market and consult the public separately.
"What are the exciting articles worth reading in the past 24 hours?"
Selling Trump: The former president's crypto political and business circle and "business acumen"
On July 13 at 6:11 PM Eastern Time, former President Trump, a popular figure in the election, was attacked during a campaign rally in Pennsylvania, and with the sound of gunfire, the call for Trump to win the election reached unprecedented heights.
As the suspense of the US election gradually becomes clear, this assassination attempt has also become a catalyst for market trends, leading to a rebound in cryptocurrency, which quickly broke through $60,000 and even surged to $65,000.
Two days after narrowly escaping assassination, Trump announced on his social media platform Truth Social that he had chosen Republican Senator JD Vance from Ohio as his vice-presidential candidate. Vance has been a long-time supporter of crypto technology and has publicly disclosed that he holds over $200,000 in crypto assets. He appreciates the freedom that cryptocurrencies provide through their censorship-resistant properties. This nomination of Vance undoubtedly strengthens Trump's camp's belief in cryptocurrencies.
During his presidency, Trump appointed several officials who were friendly towards cryptocurrencies, which may be one reason for the collective rise of crypto assets as Trump's election prospects improved.
RootData Space Review: How VCs view investment challenges and opportunities in a turbulent market
Recently, market conditions have been fluctuating, and both primary and secondary market investments are facing "hell-level difficulty." How can ordinary retail investors find opportunities? Last week, RootData invited six leading VCs and researchers to discuss investment challenges and opportunities in a turbulent market under the theme "Market Frontier - Finding Opportunities in a Turbulent Market."
On July 14, the Telegram game project Notcoin announced an upcoming $7 million airdrop, of which $5 million will be allocated to stakers and tier holders, while the remaining $2 million will be distributed to participating users over the next three months. After becoming a phenomenon with its Tap-to-Earn mechanism, Notcoin's current focus is on providing activities to continuously attract user attention, such as interacting with other newer Telegram games.
As a "model" of the Ton ecosystem project, Notcoin's explosive popularity has quickly led to imitation by various game studios, and "Notcoin-like" games now occupy a significant share of the Ton ecosystem games, with imitators still emerging. For example, at the end of June, the well-known blockchain game platform Gala Games launched two Telegram click games, "Treasure Tapper" and "Flower Frenzy"; the Web3 version of LinkedIn, Bondex, which raised tens of millions of dollars, also launched the point-earning game Bunny Blitz and initiated a $1 million reward campaign.
In the "imitation show" of Notcoin, several games such as Hamster Kombat have become star projects with tens of millions or even hundreds of millions of users, and when the airdrop will occur has become the most concerning issue for these projects, which is also a "difficult problem" they need to face.
Why did Trump choose Vance as his vice-presidential candidate?
Last Saturday, two hours after a twenty-year-old from Pennsylvania, with ambiguous political stance and unclear motives, attempted to assassinate Donald Trump, Ohio Republican Senator JD Vance posted a response on social media: "Today is not just an isolated incident. The core premise of Biden's campaign is that Donald Trump is an authoritarian fascist who must be stopped at all costs. Such rhetoric directly leads to assassination attempts against President Trump."
According to Washington's logic, it makes sense that Vance was chosen as Trump's running mate on Monday. Vance is the most conservative of the three nominees, the most outspokenly loyal, and the most combative partisan, traits that are very suitable for a candidate currently leading in polls and looking ahead to future struggles. However, Vance is also a figure who has quickly shifted from moderate reform conservatism to hard populism, which itself seems to be spreading again, all of which is a route of anti-elitism. He is Trump's attack dog, but he is also a newer and more interesting presence: he is the fuse ignited by Trump.
Is it the season for altcoins? Analysts say the altcoin market is nearing a momentum bottom
Cryptocurrency analysts indicate that the altcoin market has been on a downward trend for the past two weeks, but a key indicator suggests that the recent decline may signal a "relative momentum bottom," and if history repeats itself, a "coordinated lift-off" may occur soon.
Jamie Coutts, Chief Cryptocurrency Analyst at Real Vision, stated that the cryptocurrency top 200 equal-weight index "is still on a downward trend, but the altcoin season indicator shows that the recent drop of 10% is likely a relative momentum bottom."
The cryptocurrency top 200 equal-weight index is designed to track the performance of the top 200 cryptocurrencies by market capitalization relative to Bitcoin.
Coutts shared the chart below, showing that the index has been on a downward trend, with the altcoin season indicator reaching a low of 10%. This means "over a 90-day review, only 10% of the top 200 performed better than BTC," the analyst explained.
Historically, this marks a market bottom, after which altcoins will continue to rise.
"Before we see a coordinated lift-off, altcoins may still fluctuate around these levels for a while, and many altcoins have already begun to build a solid foundation."
