Daily Report | Ethereum spot ETF net inflow of $106 million on its first day; JD.com to issue stablecoin in Hong Kong; Uber CEO hopes to accept cryptocurrency as a payment method
July 24 News Overview整理：Fairy，ChainCatcher
Important News:
- OKX Jumpstart will launch Matr1x (MAX)
- Data: Ethereum spot ETF saw a total net inflow of $106 million yesterday, with trading volume exceeding $1.11 billion on its first trading day
- Riot Platforms acquires Block Mining for $92.5 million
- BlackRock's IBIT inflow has surpassed that of the "Seven Sisters" of U.S. stocks
- Uber CEO hopes to accept Bitcoin and cryptocurrencies as payment methods
- JD.com will issue a stablecoin pegged 1:1 to the Hong Kong dollar based on public blockchain
- Democratic presidential candidate Harris leads Trump with 44% support among registered voters compared to Trump's 42%
What important events happened in the past 24 hours?
JD.com will issue a stablecoin pegged 1:1 to the Hong Kong dollar based on public blockchain
According to information from JD Coin Chain Technology (Hong Kong), a subsidiary of JD Technology Group, JD.com will issue a cryptocurrency stablecoin pegged 1:1 to the Hong Kong dollar.
The JD stablecoin will be issued on a public blockchain, with reserves consisting of highly liquid and trustworthy assets, securely stored in independent accounts at licensed financial institutions, and subject to strict verification of reserve integrity through regular disclosures and audit reports.
BlackRock's IBIT inflow has surpassed that of the "Seven Sisters" of U.S. stocks
According to Cointelegraph, the inflow of funds into BlackRock's Bitcoin ETF IBIT in 2024 has surpassed that of the "Seven Sisters" of U.S. stocks (Microsoft, Apple, Tesla, Amazon, Meta, Alphabet, and Nvidia), potentially driving the price of Bitcoin to $88,000 by September.
IBIT has accumulated nearly $19 billion in Bitcoin year-to-date, and Blockland Smart Asset Fund founder Jeroen Blockland stated that this puzzling inflow is larger than the inflow of the "Seven Sisters" stocks in 2024.
This is more than Invesco's Nasdaq 100 ETF, which includes the seven heavily promoted stocks and the AI boom. Additionally, Fidelity's spot Bitcoin ETF ranks 11th, gathering $10 billion in inflows.
South Korea's Financial Supervisory Service convenes five major virtual asset exchanges including Upbit and Bithumb to discuss deposit utilization rates
South Korea's Financial Supervisory Service (FSS) has urgently convened five major virtual asset exchanges, including Upbit and Bithumb, to discuss deposit utilization rates.
This move comes amid intensified competition among exchanges over rates, particularly after Bithumb temporarily raised its annualized rate to 4.0% before retracting it. The FSS emphasized that utilization rates should be reasonably calculated and required exchanges to report in detail on deposit operations and rate calculation methods.
Riot Platforms acquires Block Mining for $92.5 million
According to The Block, Bitcoin mining company Riot Platforms has acquired Kentucky-based Bitcoin miner Block Mining for $92.5 million.
Riot stated that this acquisition will add 60 megawatts of existing operational capacity. The transaction immediately increases Riot's existing self-mining hash rate by 1 EH/s, with the total hash rate potentially reaching 16 EH/s by the end of 2025.
Uber CEO hopes to accept Bitcoin and cryptocurrencies as payment methods
According to BITCOINLFG, Uber CEO Dara Khosrowshahi hopes to accept Bitcoin and cryptocurrencies as payment methods.
Data: Ethereum spot ETF saw a total net inflow of $106 million yesterday, with trading volume exceeding $1.11 billion on its first trading day
According to SoSoValue data, yesterday (Eastern Time, July 23) marked the first trading day of the Ethereum spot ETF, with a total net inflow of $106 million.
Yesterday, Grayscale's Ethereum Trust ETF ETHE saw a net outflow of $484 million, while Grayscale's Ethereum Mini Trust ETF saw a net inflow of $15.15 million. The Ethereum spot ETF with the highest net inflow yesterday was BlackRock ETF ETHA, with a net inflow of $266 million, followed by Bitwise ETF ETHW, with a net inflow of $204 million. Additionally, Fidelity's ETF FETH had a net inflow of $71.31 million.
As of now, the total net asset value of U.S. Ethereum spot ETFs is $10.24 billion, with an ETF net asset ratio (market cap relative to total Ethereum market cap) of 2.45%.
Data: Bitcoin spot ETF saw a total net outflow of $77.97 million yesterday, marking the first net outflow after 12 days of net inflows
According to SoSoValue data, yesterday (Eastern Time, July 23) the Bitcoin spot ETF saw a total net outflow of $77.97 million. Yesterday, Grayscale's ETF GBTC had a net outflow of $27.30 million, with a historical net outflow of $18.72 billion.
The Bitcoin spot ETF with the highest net inflow yesterday was BlackRock's ETF IBIT, with a net inflow of $71.94 million, bringing IBIT's historical total net inflow to $19.567 billion.
As of now, the total net asset value of Bitcoin spot ETFs is $59.97 billion, with an ETF net asset ratio (market cap relative to total Bitcoin market cap) of 4.62%, and a historical cumulative net inflow of $17.46 billion.
OKX Jumpstart will launch Matr1x (MAX)
OKX announced that it will launch the Jumpstart mining event for Matr1x (MAX) on July 29, 2024, at 6:00 UTC. The main details of the event are as follows:
Mining mechanism: Users can stake BTC or ETH to mine MAX tokens.
Mining pool size: A total of 20 million MAX tokens can be mined from the BTC and ETH staking pools.
Event duration: From July 29, 2024, 6:00 UTC to August 5, 2024, 6:00 UTC.
Staking limit: Each person can stake a maximum of 0.3 BTC or 3.5 ETH, with no minimum staking requirement.
Trading open: The mined MAX tokens will be available for trading on August 5, 2024.
The following countries and regions are not eligible for this event: Mainland China, Hong Kong, and South Korea.
Biden makes first public appearance since announcing withdrawal from the race
Biden made his first public appearance since July 17, marking his first public appearance after withdrawing from the presidential race. During the event, Biden did not respond to reporters' questions about the election and his health.
Earlier reports indicated that Biden would deliver a national address on Wednesday evening at 8 PM Eastern Time (8 AM Thursday Beijing Time).
Democratic presidential candidate Harris leads Trump with 44% support among registered voters compared to Trump's 42%
According to a Reuters/Ipsos poll, within a margin of error of 3 percentage points, Democratic presidential candidate Harris leads Republican candidate Trump with 44% support among registered voters compared to Trump's 42%.
56% of registered voters believe Harris is "clear-minded," while 49% believe Trump performed well.
"What are some interesting articles worth reading in the past 24 hours?"
Is Harris also going to the Bitcoin conference? Is crypto becoming the first battlefield for politicians?
Bitcoin doesn't need politicians, but politicians need Bitcoin.
With President Biden announcing he will not seek re-election, Vice President Kamala Harris has become the strongest contender for the Democratic nomination. Although we previously learned that Harris was not familiar with cryptocurrencies, recent developments suggest she seems to be quickly learning about the field.
Prior to today, Harris's only connection to cryptocurrency was hiring the former CTO of the world's first team to accept Bitcoin as her scheduling and advancement director. Financial disclosures also show that Harris and her husband have never ventured into the cryptocurrency space, preferring to invest in government bonds and emerging markets.
However, less than 48 hours after announcing her presidential campaign, Harris has begun to "catch up" on cryptocurrency.
If Sam Altman gave you $7,000 a month, how would your life change?
After the rise of ChatGPT, concerns began to arise about job losses.
When the AGI era truly arrives, and AI can do anything humans can do, and do it faster and better, how can humans compete for jobs?
One of the answers given by politicians and corporate leaders is the UBI plan, or Universal Basic Income. It assumes that after the significant productivity boost brought by AI, people will no longer need to work, and the government and businesses will provide unconditional money to sustain their lives. This sounds appealing, but can it really benefit people's lives? This has been a topic of ongoing debate in political and academic circles.
For years, OpenAI CEO Sam Altman has openly expressed concerns that as artificial intelligence replaces traditional jobs and a few accumulate vast wealth, basic income will become essential. He wrote in 2021, "If public policy fails to adjust accordingly, most people will end up living worse than they do today."
Altman is not alone in his concerns. Many prominent figures in the tech industry, from Elon Musk to Geoffrey Hinton, known as the "father of AI," believe that artificial intelligence will trigger a wave of technological unemployment, and basic income guarantees will become necessary for sustaining our livelihoods.
Sam Altman has not only expressed concerns but has also funded a research organization called OpenResearch, which collaborates with the U.S. government to provide unconditional money to observe how people's lives change.
U.S. Ethereum spot ETF launches, with long-term significance outweighing short-term impact
On July 23, 2024, the U.S. Ethereum spot ETF officially launched for trading, exactly 10 years after Ethereum's first public sale (ICO) on July 22, 2014. Whether the launch date of the Ethereum ETF was intentionally chosen to coincide with this significant anniversary or is merely a coincidence, this event will have epic significance for the future sustainable development of the entire crypto world, as it marks an important step for POS public chains entering the mainstream financial world, which will undoubtedly attract more dimensions and numbers of builders to join the construction of the Ethereum ecosystem, and pave the way for subsequent infrastructures in the crypto world, such as Solana, to enter the mainstream world, having substantial significance for the popularization process of blockchain ecology.
On the other hand, since Ethereum ETFs are currently not allowed to stake from a regulatory perspective, investors holding ETFs will receive 3%-5% less staking mining yield (the risk-free rate of return in the Ethereum world) compared to directly holding Ethereum tokens, and the understanding threshold for retail investors regarding Ethereum is relatively higher than that for Bitcoin. Therefore, the short-term impact of the U.S. Ethereum spot ETF on Ethereum's price may not be as significant as the short-term impact on BTC's price following the approval of the Bitcoin spot ETF, but it has increased the relative stability of Ethereum's price and reduced volatility.
The following text will analyze the impact of the Ethereum spot ETF launch on the buying and selling power of Ethereum tokens in the short term, as well as its long-term impact on the crypto ecosystem.
