Daily Report | The Central Bank of Russia expects to test cryptocurrency payments for the first time this year; Grayscale's spot Bitcoin and Ethereum ETFs have seen a total outflow of over $20 billion; the U.S. SEC plans to amend the "third-party cryptocurrency asset securities" section in the Binance lawsuit documents
July 30 News OverviewOrganizer: Luan Peng, ChainCatcher
Important News:
- QCP Capital: The strong performance of ETH relative to BTC may stem from the market's immunity to outflow data
- Data: The total outflow of Grayscale's spot Bitcoin and Ethereum ETFs has exceeded $20 billion
- Governor of the Central Bank of Russia: The Central Bank of Russia expects to test crypto payments for the first time this year
- Vitalik: Smart contract wallets like Safe will be widely used in the next five years
- The Public Security Bureau of Tancheng County cracked a criminal gang that used virtual currency for money laundering, arresting 4 suspects
- US SEC plans to amend the "third-party crypto asset securities" section in the Binance lawsuit documents
- Real Vision analyst: Bitcoin may already be on the balance sheets of several countries, especially those with domestic mining operations
- DeFi protocol Liquorice announces completion of $1.2 million pre-seed funding round, led by Greenfield Capital
"What important events have occurred in the past 24 hours"
QCP Capital's latest report indicates that influenced by Trump's speech over the weekend, Bitcoin briefly tested $70,000, but fell over 3,000 points to below $67,000 around the opening of the US stock market. The recent large-scale transfers by the US government may have negatively impacted the market, exacerbating investor concerns.
In comparison to Bitcoin, Ethereum's performance has been relatively better. Since Trump's speech, ETH/BTC has risen by 5%. Despite the outflow of funds from the Ethereum spot ETF for the fourth consecutive day, market optimism about its performance continues to rise. The volatility premium of ETH relative to BTC has expanded from 4% last week to about 8%, suggesting that the market may be becoming immune to outflow data. When the Ethereum ETF achieves stable daily inflows, it could drive Ethereum prices to break through.
Data: The total outflow of Grayscale's spot Bitcoin and Ethereum ETFs has exceeded $20 billion
According to Cointelegraph, the total outflow of Grayscale Investments' spot Bitcoin and Ethereum ETFs has exceeded $20.4 billion.
Since its launch on January 11, Grayscale's spot Bitcoin ETF "GBTC" has seen an average daily outflow of about $137.7 million over nearly seven months.
As of July 29, the total outflow of GBTC was $18.86 billion. In contrast, the other nine Bitcoin ETFs approved in the US have maintained positive balances. The newly launched Grayscale Ethereum Trust (ETHE) has shown similar outflow performance to GBTC. Grayscale's Ethereum ETF has lost $1.72 billion in funds over five days, bringing the total outflow of Grayscale's cryptocurrency ETFs to $20.58 billion. In the process, Grayscale has lost 18.7% of its nearly $9.2 billion initial seed fund.
The Governor of the Central Bank of Russia, Nabiullina, stated that the Central Bank of Russia expects to test crypto payments for the first time this year. (Jin Shi)
Vitalik: Smart contract wallets like Safe will be widely used in the next five years
At the Ethereum Developer Community Conference EDCON 2024, Vitalik Buterin delivered a keynote speech titled "The Next 10 Years of Ethereum." He reviewed the significant progress Ethereum has made in terms of fees, transaction inclusion times, and wallet security, and anticipated that smart contract wallets like Safe will be widely used in the next five years. Vitalik mentioned that the decentralized Twitter project from 2015 was EtherTweet, while 2024 will see a more scalable Firefly (a client combining Farcaster, Twitter, and Lens).
Looking ahead to the next 10 years, Vitalik stated that by 2034, Ethereum's scalability and transaction fees will improve significantly, and user experience and security will combine to provide a safer experience than traditional Web2 services. Using Ethereum L2 will be as smooth as using the mainnet directly. He emphasized that developers should go beyond Web2 and explore new fields such as wearables, local AI, AR, and BCI. Additionally, he mentioned the possibility of embedding community notes, prediction markets, and other technologies directly into wallets or browsers to enhance security verification.
According to the official WeChat account of the Tancheng team of the Linyi City Public Security Bureau's Traffic Police Division, the bureau recently dismantled a criminal gang that laundered money for fraudsters, arresting 4 suspects. On July 1, after receiving a tip from a local resident, Ms. Li, about a possible telecom fraud related to investment and financial management, the bureau immediately contacted her. Ms. Li admitted that she had been lured by a "successful man" to recharge over 600,000 yuan on a fake investment platform a month ago.
The police identified the suspects and pursued them overnight for over 1,500 kilometers, successfully capturing two suspects, Li and Qiu, in Changning, Hunan. Subsequently, they captured Zeng and Miao, who were counting cash in the outskirts of Tancheng.
Investigations revealed that the criminal gang used virtual currency transactions to conspire multiple times with overseas fraud suspects to transfer the scammed funds, illegally profiting over 50,000 yuan.
The US Securities and Exchange Commission (SEC) stated in a document submitted to the court that it requests to amend the motion regarding "third-party crypto asset securities" in the lawsuit against Binance, and the court does not need to rule on whether the allegations regarding these tokens are sufficient at this time.
The defendants in the case, Binance Holdings Limited, BAM Trading Services Inc., BAM Management US Holdings Inc., and Binance founder Changpeng Zhao, must submit a response agreeing or opposing the amendment within 30 days. If the defendants do not oppose, the SEC will begin further litigation procedures.
Real Vision analyst Jamie Coutts CMT stated on X: "Bitcoin may already be on the balance sheets of several countries, especially those with domestic mining operations. Trump's and Robert Kennedy Jr.'s announcements to make it a reserve asset for the US will be preemptively implemented by other countries. Regardless of whether these candidates are elected, the situation has changed."
DeFi protocol Liquorice announced the completion of a $1.2 million pre-seed funding round, led by Greenfield Capital. L2 Iterative Ventures, Polymorphic Capital, Horadrim.Capital, HASH CIB, and the founder of 1inch also participated. The funding will be used for the development of Liquorice.
According to the Web3 asset data platform RootData, Liquorice is a DeFi protocol that enables auction-based price discovery and unilateral liquidity pools. Liquorice's main mission is to provide efficient inventory management tools for professional trading firms and connect to core DeFi protocols like 1inch and Uniswap X when settling trades based on intent.
VaporFund and Ellipsis to merge tokens into VPX
VISA-backed Vaporfund announced on X that Vaporfund and the automated market maker Ellipsis will merge to form VPX ($VPX), with VPR and EPX unified under the new token symbol VPX. The total supply will be 3 billion, with EPX accounting for 65% of the total VPX and VPR accounting for 35% of the total VPX. The merger date has not yet been disclosed.
Ton ecosystem game Catizen announces airdrop delay
Telegram game Catizen announced on X that it is delaying its airdrop. It stated: "We are doing everything possible to achieve the best airdrop results for the community, but we are also considering the long-term development and sustainability of the CATI token." Catizen also explained that to optimize a successful listing, it must comprehensively consider factors such as leading exchanges, ensuring sufficient liquidity, providing trading options, determining listing prices, compliance, and market sentiment. Some aspects are not entirely within control, which is also a reason for the potential delay of the airdrop.
Additionally, during the TGE period, seed round investors, advisors, and the team will not receive CATI tokens. When they receive the tokens after a 12-month lock-up, there will also be a 12-month cliff period, after which the tokens will vest over 4 years.
Previously reported, Catizen initially stated in its official documentation that it would airdrop in the second quarter, then announced that the airdrop would occur in July. Furthermore, Catizen is about to launch its gaming platform.
"What are some great articles worth reading in the past 24 hours"
Meme Carnival Night, Trump defeated by a dog
As the annual Bitcoin conference in the cryptocurrency circle has always attracted attention from all walks of life, coupled with Trump's high-profile announcement of a speech as a key figure in the US election, this conference has naturally become one of the hottest events recently.
However, the hottest meme winner that night was not the Trump concept, but the new Shiba Inu of Kabosu, the original Doge.
Vitalik Buterin EDCON 2024 Speech Highlights: The Next Decade of Ethereum
Since its inception, Ethereum has led the innovation and development of blockchain technology. Since the Ethereum blockchain officially launched on July 30, 2015, it has attracted the attention of developers worldwide with its unique charm, collectively painting the blueprint for a decentralized future.
At EDCON 2024, Ethereum co-founder Vitalik Buterin once again stood in the spotlight, delivering a keynote speech on "The Next 10 Years of Ethereum," reviewing the significant progress Ethereum has made in terms of fees, transaction inclusion times, and wallet security, and anticipating that smart contract wallets will be widely used in the next five years.
On July 29, "499,000 COMP tokens worth $25 million" were "legally" transferred from the Compound treasury to an unfamiliar and unmonitorable multi-signature address through a community vote, triggering a DAO governance attack.
After the proposal to transfer COMP was approved, the price of COMP tokens fell nearly 7% within 24 hours, from $50 to $46.6.
On July 30, Compound's growth officer Bryan Colligan stated that after communicating with the whale behind this proposal, they would launch a staking product for COMP tokens called Stake COMP (stCOMP), which will be controlled by the Compound DAO. In the future, 30% of the new market reserve funds added by the Compound protocol each year will be allocated to COMP stakers as a condition for canceling the proposal.
Currently, the "transfer of $24 million worth of COMP" proposal 289 has been canceled, and in response to this news, the price of COMP tokens rose over 13% in a day, currently quoted at $51.4.
After touching $70,000, did it drop $4,000? Is the bull market gone?
Bitcoin has once again experienced a rollercoaster market.
OKX market data shows that around 21:00 last night, BTC broke through $70,000 again after more than a month, peaking at $70,050. However, just as the market speculated whether this would be a precursor to BTC reaching new highs, BTC encountered a rapid and significant correction. As of 10:00 today, BTC briefly fell below $66,000, currently quoted at $66,175.1, with a 24-hour decline of 3.51%.
The situation for ETH is slightly different; possibly influenced by favorable ETF news and Grayscale outflows, ETH's upward momentum before BTC broke through $70,000 was not ideal. However, perhaps the market is anticipating a potential inflow/outflow turning point, so ETH's correction is not too pronounced. As of 10:00, ETH is currently quoted at $3,299.2, still recording a slight increase of 0.67% in 24 hours.
The performance of altcoins is relatively noteworthy. Breaking the previous pattern of "altcoins not moving when BTC rises, and crashing when BTC falls," during this significant correction of BTC, altcoins generally did not experience large corrections, with most coins' 24-hour declines being smaller than BTC's. Some altcoins like PEPE, AAVE, and LDO even recorded positive values temporarily.
Alternative data shows that today's fear and greed index, although still in a "greed" state, has dropped from 74 to 67, indicating a significant decline.
In terms of derivatives data, Coinglass data shows that in the past 24 hours, the total liquidation across the network was $197 million, with the vast majority being long liquidations, amounting to $140 million. In terms of specific coins, BTC saw liquidations of $87.144 million, and ETH saw liquidations of $51.584 million.
The continuous development of Ethereum over the past decade has given rise to various use cases for ETH and different perspectives on its value. Cryptocurrency investors who have experienced the rise in ETH prices may view it as "ultrasound money." Technological purists may see it as a credible neutral global computer. New participants may regard it as "digital oil" powering decentralized, open-source app stores.
