Daily Report | The US SEC has officially approved the spot Ethereum ETF; OKX will launch spot trading for DEGEN and SLERF; Gate.io has suspended services in Japan
July 23 News Overview整理：Fairy，ChainCatcher
Important News:
- Coinbase: Will provide custody services for 8 US spot Ethereum ETFs
- Bitcoin L2 project Bitlayer Labs completes $11 million Series A funding, led by Franklin Templeton and others
- Data: Seed funding amounts for Ethereum spot ETFs from all issuers except Invesco have been announced
- US SEC issues validity notices for multiple Ethereum spot ETF S-1 applications
- BlackRock's Ethereum spot ETF is now trading in pre-market
- Gate.io announces cessation of services in Japan
- OKX is about to launch DEGEN and SLERF spot trading
- Bitcoin mining company Marathon Digital faces $138 million fine for breaching non-circumvention agreement
What important events happened in the past 24 hours?
Bitcoin L2 project Bitlayer Labs completes $11 million Series A funding, led by Franklin Templeton and others
According to Fortune, Bitcoin L2 project Bitlayer Labs announced the completion of $11 million in Series A funding, led by Franklin Templeton, ABCDE, and Framework Ventures, with participation from Stake Capital Group, WAGMI Ventures, Flow Traders, GSR Ventures, and FalconX. This round of funding brings Bitlayer's total funding to $16 million.
It is reported that Bitlayer is the first Bitcoin infrastructure project to receive ETF-licensed institutional investment, aiming to address the technical challenges of Bitcoin scalability through crypto innovation and blockchain protocol engineering. The project will support various protocols within the ecosystem and continue to develop its Mainnet-V2.
Data: Seed funding amounts for Ethereum spot ETFs from all issuers except Invesco have been announced
According to data from Farside Investors, seed funding amounts for Ethereum spot ETFs from all issuers except Invesco have been announced.
- BlackRock's spot Ethereum ETF ETHA has a seed fund of $10.6 million;
- 21 Shares' spot Ethereum ETF CETH has a seed fund of $2.3 million;
- Bitwise's spot Ethereum ETF ETHW has a seed fund of $2.5 million;
- Franklin Templeton's spot Ethereum ETF EZET has a seed fund of $2.7 million;
- Fidelity's spot Ethereum ETF CETH has a seed fund of $4.4 million.
Toyota explores building "MOA" based on account abstraction standard ERC-4337 in the Ethereum ecosystem
Toyota's blockchain lab published a blog post stating that it is researching how to bring mobility to public blockchains. It is exploring the construction of "MOA" (Mobility Oriented Account) based on the account abstraction standard ERC-4337 in the Ethereum ecosystem.
MOA account abstraction separates the authentication process from key management, ensuring that even if the private key is lost, the account itself can be retained. This makes account management more secure and flexible. By preserving a state that can be referenced externally, it allows for more transparent and efficient management of information related to vehicles (such as usage history and maintenance records).
Additionally, MOA allows operations to be executed with approvals from multiple entities (rather than a single entity). This enables various stakeholders, including vehicle users, owners, manufacturers, dealers, and regulatory bodies, to participate in the approval process for transactions related to vehicles.
It is reported that Toyota's blockchain lab was established within the Toyota Group in 2019 to promote the use of blockchain. Initially focused on corporate projects related to material and information traceability, its activities have recently expanded to include public chain-related topics such as web3 and innovative finance.
US SEC issues validity notices for multiple Ethereum spot ETF S-1 applications
The US Securities and Exchange Commission has issued validity notices for the S-1 applications of INVESCO & GALAXY spot Ethereum ETF, Fidelity spot Ethereum ETF, 21SHARES spot Ethereum ETF, FRANKLIN spot Ethereum ETF, BlackRock spot Ethereum ETF, and Grayscale spot Ethereum mini ETF.
BlackRock's Ethereum spot ETF is now trading in pre-market
According to market data, BlackRock's Ethereum spot ETF is now trading in pre-market, with the latest quote at $28.27.
Grayscale announces that two of its spot Ethereum ETFs are listed on the NYSE
According to Cointelegraph, Grayscale confirmed that its two spot Ethereum ETFs have officially begun trading on the New York Stock Exchange, marking a "milestone" moment for its investors and the broader ETF market.
Grayscale Managing Director John Hoffman stated in a press release: "ETH and ETHE will allow investors to invest in the potential of Ethereum, create markets, transform the financial system, leverage DeFi, and drive innovation through trusted ETP-wrapped products without the need to directly purchase, store, or manage Ethereum."
BlockFi completes sale of FTX claims, preparing for distribution to final creditors
According to The Block, BlockFi has completed the sale of FTX claims, preparing for distribution to final creditors.
BlockFi's plan administrator and M3 Partners managing partner Mohsin Y. Meghji reported the sale to the U.S. Bankruptcy Court in New Jersey on Monday. Meghji stated that the sale process began on June 24 and ended on July 10, with the "highest and best bid" determined at a price "far above its face value" and monetized through an undisclosed third party.
In March, BlockFi reached a $874.5 million principle settlement with FTX and Alameda Research, allowing the plan administrator to begin planning subsequent distributions to BlockFi creditors based on expected value. The company stated that this sale will allow for a "recent" final distribution of 100% of qualified customer and general unsecured creditor claims in statutory form.
Bitcoin mining company Marathon Digital faces $138 million fine for breaching non-circumvention agreement
According to Cointelegraph, Bitcoin mining company Marathon Digital has been fined $138 million for breaching confidentiality or non-circumvention agreements. Michael Ho, former co-founder of US Bitcoin Corp and Chief Strategy Officer of mining company Hut 8, won a unanimous jury verdict in a breach of contract lawsuit against Marathon Digital Holdings.
OKX is about to launch DEGEN and SLERF spot trading
According to an official announcement, OKX is about to launch DEGEN and SLERF spot trading.
- DEGEN and SLERF deposit opening time: July 23, 2:00 PM (UTC+8)
- SLERF/USDT trading opening time: July 23, 4:00 PM (UTC+8)
- DEGEN/USDT trading opening time: July 23, 5:00 PM (UTC+8)
- DEGEN and SLERF withdrawal opening time: July 24, 6:00 PM (UTC+8)
Gate.io announces cessation of services in Japan
Cryptocurrency exchange Gate.io announced the cessation of services in Japan, stopping the opening of new accounts for residents of Japan on July 22. It will support customers wishing to migrate their trading to compliant cryptocurrency asset trading providers in Japan. Additionally, it will implement detailed plans for stopping services and transitioning trading in accordance with compliance requirements from authorities such as the Financial Services Agency, and will announce updates in a timely manner.
Bitwise announces it will donate 10% of spot Ethereum ETF profits to Ethereum open-source developers
According to official news, Bitwise announced it will donate 10% of its spot Ethereum ETF profits to Ethereum open-source developers.
US Democrats will determine presidential candidates by August 7
According to an official statement, the Democratic National Committee (DNC) is committed to adhering to ballot access deadlines to ensure candidates appear on ballots in all 50 states and Washington, D.C. The process for nominating presidential candidates before August 7 allows for the simultaneous nomination of vice presidential candidates.
DNC Chair Harrison stated: The Democrats will determine the presidential candidate by August 7. A "transparent, swift, and orderly" process will be adopted to advance the nomination work.
Coinbase: Will provide custody services for 8 US spot Ethereum ETFs
Coinbase officially stated that today, the US Securities and Exchange Commission (SEC) approved the applications for 9 spot Ethereum ETFs. Following the SEC's approval of spot Bitcoin ETFs in January, the approval of spot Ethereum ETFs marks another significant milestone for cryptocurrencies, reflecting ongoing innovation and an increasingly mature regulatory environment surrounding crypto assets.
Coinbase has also become a trusted partner and custodian for 10 Bitcoin spot ETFs and 8 newly approved spot Ethereum ETFs.
US SEC officially approves spot Ethereum ETFs, products to start trading on Tuesday
The US Securities and Exchange Commission (SEC) has notified at least two of the eight companies applying to launch the first spot Ethereum ETFs in the US that their products can start trading on Tuesday.
Products from BlackRock, VanEck, and six other companies will begin trading on Tuesday morning on three different exchanges: the Chicago Board Options Exchange (CBOE), the Nasdaq, and the New York Stock Exchange, all of which have confirmed they are ready to begin trading.
"What are the noteworthy articles to read in the past 24 hours?"
Ethereum spot ETFs start trading today, what is the inflow and selling pressure?
On Monday local time, according to regulatory documents and announcements from relevant companies, the US SEC officially approved the listing and trading applications for Ethereum spot ETFs from multiple companies. The Ethereum spot ETF has officially come into effect, with Form 424(b) being released in succession, and now we are just waiting for the relevant ETFs to be listed at 9:30 AM Eastern Time (9:30 PM Beijing Time on July 23).
It is worth mentioning that, like Grayscale's GBTC, Grayscale will convert its existing Grayscale Ethereum Trust ETHE into an ETF, maintaining the previous fee rate of 2.5%. Last October, Grayscale and NYSE Arca jointly applied to convert Grayscale's Ethereum Trust Fund into a spot Ethereum ETF.
Biden withdraws from the race, a look at the cryptocurrency policies of Democratic candidates
Last Sunday, 81-year-old US President Biden announced he would not seek re-election, and Vice President Kamala Harris immediately stated that she would seek the Democratic nomination in Biden's place. After Biden gave her his full support, many Democrats quickly expressed their support for her.
Although Biden's support adds a strong endorsement to Harris's candidacy, the outcome remains uncertain. Previously, four of the most influential figures in the Democratic Party issued statements praising Biden but remained silent on their support for Harris, including former President Barack Obama, who is said to remain neutral, just as he did in the 2020 primaries.
Today, California Congressman and former House Speaker Nancy Pelosi officially expressed her support for Harris. While many Democrats on Capitol Hill support Harris, the leaders of the New York Democratic Party, Senator Chuck Schumer and Congressman Hakeem Jeffries, have yet to express their support for her.
So, besides Harris, who else might become the Democratic candidate? What cryptocurrency policies will they bring?
10x Research: What will happen to ETH prices in the post-ETF era?
Editor's note: In the early hours of July 23, Beijing time, the US Securities and Exchange Commission (SEC) officially approved the Ethereum spot ETF, allowing multiple ETFs to officially start trading on Tuesday. However, perhaps due to the market having already digested the expectations of ETF approval, the price of ETH did not show significant fluctuations after the SEC's announcement, reporting at 3442.62 USDT, with a 24-hour decline of 1.3%.
Currently, one of the most concerning issues in the market is undoubtedly the subsequent trend of ETH prices, especially after the ETF officially opens for trading tomorrow. Will the inflow of funds brought by the ETF boost ETH prices? Will there be a potential "buy the rumor, sell the news" trend? In response to these questions, the investment institution 10x Research has released an analysis of the market direction for ETH.
