Daily Report | Goldman Sachs holds a Bitcoin spot ETF worth $418 million; During the interview between Trump and Musk, there were 10,000 types of meme coins conducting ICOs on Pump.fun; AI intelligence layer Rivalz Network completes $9 million in funding
August 14 News OverviewOrganizer: Luan Peng, ChainCatcher
Important News:
- Data: Solana's market cap is approximately $68.04 billion, ranking 299th in asset market cap
- Data: 6 Hong Kong virtual asset ETFs have a trading volume exceeding HKD 5.86 million today
- AI Smart Layer Rivalz Network completes $9 million financing, with participation from Delphi Ventures and others
- CryptoQuant: Bitcoin miners "capitulating" and record high hash rates indicate prices may have bottomed out
- Former TON Foundation executive launches $40 million TON Ventures fund
- Mantle initiates budget discussion proposal for the second budget cycle, with a total MNT cap set at 200 million
- Australian regulators sue the Australian Securities Exchange (ASX) over misleading statements regarding blockchain projects
- Base protocol leader: A massive Bitcoin economy will be built on Base
"What important events occurred in the last 24 hours"
Data: Solana's market cap is approximately $68.04 billion, ranking 299th in asset market cap
According to the latest data from 8marketcap, Solana's market cap is approximately $68.04 billion, ranking 299th in asset market cap; Mercedes-Benz has a market cap of approximately $67.96 billion, ranking 300th.
Data: 6 Hong Kong virtual asset ETFs have a trading volume exceeding HKD 5.86 million today
Hong Kong stock market data shows that as of the close, the trading volume of 6 Hong Kong virtual asset ETFs today was HKD 5.86 million.
Among them:
The trading volume of Huaxia Bitcoin ETF (3042.HK) was HKD 2.4509 million;
The trading volume of Huaxia Ethereum ETF (3046.HK) was HKD 0.9923 million;
The trading volume of Harvest Bitcoin ETF (3439.HK) was HKD 0.7516 million;
The trading volume of Harvest Ethereum ETF (3179.HK) was HKD 0.2518 million;
The trading volume of Bosera HashKey Bitcoin ETF (3008.HK) was HKD 0.9178 million;
The trading volume of Bosera HashKey Ethereum ETF (3009.HK) was HKD 0.4953 million.
According to Cointelegraph, AI Smart Layer Rivalz Network has completed $9 million in financing, with participation from Delphi Ventures, D1 Ventures, Gate.io, Magnus Capital, and Cogitent Ventures. Rivalz Network aims to transform the AI field by introducing the first AI smart layer.
According to CoinDesk, on-chain analytics firm CryptoQuant reported that Bitcoin miners are once again expanding their capacity, as the network hash rate reached an all-time high this week following a "capitulation" event. On Tuesday, the network hash rate set a new record of 627 exahashes per second, recovering from a drop of 8.5% in early July. The hash price (the average revenue per unit of mining capacity) also hit an all-time low, but miners are still expanding capacity, indicating that their sentiment remains optimistic despite the sell-off in recent months.
CryptoQuant stated, "Last week we may have seen a miner capitulation event, as Bitcoin outflows from miners surged after the price hit $49,000. On August 5, daily miner outflows of Bitcoin soared to 19,000 BTC, the highest level since March 18. Miners sold some Bitcoin as their average operating profit margin was squeezed to 25%, the lowest level since January 22." During bull markets, miner capitulation events typically occur near local price bottoms.
Former TON Foundation executive launches $40 million TON Ventures fund
A new venture capital (VC) firm, The Open Network Ventures, has officially launched a $40 million fund to support early cryptocurrency projects within the TON ecosystem. This new venture capital firm was founded by former senior members of the TON Foundation and aims to connect investors with builders to promote the development and innovation of TON.
TON Ventures will focus on leveraging consumer applications on the Telegram social platform, utilizing Telegram's social graph and tools for building mass-appeal applications through Telegram Mini Apps.
Mantle announced on X that a new proposal from the Mantle Core contributor team has been published on the Mantle forum, detailing the Mantle core budget for the budget cycle from July 2024 to June 2025.
The new proposal authorizes a USDx cap of 52 million and sets a total MNT cap of 200 million.
In the second budget cycle, the interim budget for Mantle core contributors is 15 million USDx and 50 million MNT. The MNT allocation accounts for approximately 1.5% of the circulating supply of MNT, which is below the industry standard.
According to Cointelegraph, the Australian Securities and Investments Commission (ASIC) has filed a lawsuit against the Australian Securities Exchange (ASX) in federal court.
ASIC accuses ASX of making misleading statements, claiming that its project to replace the clearinghouse electronic sub-register system (CHESS) trading platform with blockchain technology was "on schedule" for launch in April 2023 and that it was "progressing smoothly," while in reality, the project was not proceeding as planned or meeting its milestones at that time. After experiencing significant delays and budget overruns, ASX ultimately abandoned the project in November 2022.
Base protocol leader: A massive Bitcoin economy will be built on Base
Base protocol leader Jesse Pollak stated on X, "Say it loud: I love Bitcoin, and I am very grateful for its pioneering role in the cryptocurrency space. We will build a massive Bitcoin economy on Base."
Additionally, the cryptocurrency exchange Coinbase announced "cbBTC," which may launch related products under this name.
Mining company Cipher reports a net loss of $15 million in the second quarter
Bitcoin miner Cipher Mining reported a net loss of $15 million for the second quarter of 2024, slightly higher than the net loss of $13.2 million reported in the same period last year.
Despite the widening losses, the company's revenue, cash on hand, and power supply have also increased year-on-year. Its second-quarter revenue surged from $31.22 million in the same period last year to $36.81 million, while the cost of revenue decreased from $15.87 million to $14.28 million. The company's cash and cash equivalents amounted to $122.56 million, significantly up from $86.11 million at the end of 2023, mainly due to the issuance of common stock valued at $163.28 million.
Cipher also reported that its current hash rate is approximately 8.7 EH/s, with a target of reaching 13.5 EH/s by the end of 2024 and 35.0 EH/s by the end of 2025, having signed an agreement to exercise options to acquire three new energy sites with a cumulative power capacity of 1.5 GW.
During the interview between Trump and Musk, 10,000 meme coins launched ICOs on Pump.fun
Elon Musk's conversation with Donald Trump on X Spaces triggered a surge of meme coins launching on the token launchpad Pump.fun. In just three hours, 10,000 new tokens were launched on the platform.
According to Dune data, during yesterday's surge, only 250 tokens were able to list on Raydium, representing a mere 1% success rate.
In the past 24 hours, over 23,000 tokens were launched, setting a record of $5 million in fees for the platform, more than double the previous historical high of $2.3 million.
Goldman Sachs holds $418 million in Bitcoin spot ETFs
According to Bitcoin News, Goldman Sachs' latest 13F filing shows that as of June 30, the company held a total of $418 million in Bitcoin spot ETFs.
Among them, the BlackRock iShares Bitcoin Trust holds $238.6 million, the Fidelity Bitcoin ETF holds $79.5 million, the Grayscale Bitcoin Trust holds $35.1 million, the Invesco Galaxy Bitcoin ETF holds $5.61 million, the Bitwise Bitcoin ETF holds $830,000, the WisdomTree Bitcoin ETF holds $749,469, and the ARK 21Shares Bitcoin ETF holds $299,900.
"What are the exciting articles worth reading in the last 24 hours"
Staking 2024 Tokyo: The largest gathering of Staking globally, exploring a new era of Web3
In today's rapidly evolving blockchain and Web3 technology landscape, staking, as a crucial part of the cryptocurrency field, is leading a new trend of asset appreciation and ecological prosperity. With the booming digital economy, staking has gradually become a focal point for investors and blockchain project parties. As a highlight event in this field, the "World's Largest Staking Gathering | Tokyo Station" will grandly kick off on August 28, 2024, at the Prince Park Tower Hotel in Tokyo, building a bridge for global staking enthusiasts and industry elites to communicate and collaborate.
This Staking conference is co-hosted by authoritative institutions such as DP CAPITAL, Japan's cryptocurrency/Web3 entity CoinPost, the decentralized Bitcoin reserve protocol Solv Protocol, and well-known Web3 media ChainCatcher, aiming to gather the most secure, best risk-managed, and reliable liquidity staking projects globally to explore opportunities and future trends in staking business development. This event not only showcases the latest advancements in staking technology but also provides attendees with a valuable platform to gain insights into market trends, share experiences, and expand cooperation networks.
Japan, as a leader in the cryptocurrency market in Asia and globally, provides unique conditions for the prosperity of staking business with its mature market environment and high user retention rates. In recent years, Japan has made significant progress in blockchain technology and digital currency, with the government’s friendly policies and improved regulatory environment further promoting the industry's development. Therefore, choosing to hold this global staking conference in Japan will undoubtedly bring more business opportunities and development prospects for attendees.
Staking and re-staking, as popular fields, have always attracted attention. With numerous emerging projects springing up on major public chains, discussions about the liquidity of digital assets have become increasingly heated. Is it a panacea for market prosperity or a mirage of a false ecosystem? How to balance asset security and systemic risk? How to break the liquidity dilemma of BTC?
From the Bedrock project, we discover solutions to unlock Babylon's liquidity and see the potential abstracted from the logic of the re-staking industry. Bedrock began its journey from Rock X and has gradually entered the staking and re-staking industry, deeply cultivating this field for many years. To date, it has not only secured financing from OKX Venture and LongHash but has also gained recognition from Babylon's co-founders, recently winning the championship in the "BNB Incubation Alliance (BIA)" amid fierce competition. How does it solve the common systemic risks of re-staking? How does it balance returns and security? We had an in-depth conversation with the founder of Bedrock regarding these questions.
SUI rises 141% in a week, dubbed the "Solana Killer," is the bullish sentiment justified?
Sui has recently gained considerable attention on social media, with many comparing it to the "Solana Killer" and conducting various analyses on Sui's network performance and the K-line trends of the SUI token. A bullish sentiment towards SUI seems to be spreading. But is this claim really justified? How is Sui's ecological development progressing?
Hong Kong is accelerating the establishment of a regulatory framework for stablecoin issuers and has recently released a summary of public consultations on stablecoin regulation. From the consultation summary, it appears that the proposed stablecoin regulatory framework in Hong Kong maintains significant flexibility and openness on many issues while ensuring effectiveness and leadership, striving to balance effective investor protection with greater innovation space for potential issuers.
Incorporating stablecoins into regulation is another important measure for Hong Kong to continuously improve its regulatory framework and vigorously promote the development of virtual assets. Over the past two years, Hong Kong has made positive progress in compliance for virtual asset trading platforms (VATP), tokenization, and exchange-traded funds (ETFs), but the overall pace in building a cryptocurrency ecosystem has been relatively slow. We understand that the premise for Hong Kong's development of virtual assets is safety and compliance, but in the face of increasingly fierce global competition, Hong Kong needs to accelerate its layout in the Web3.0 field, not only exploring compliance in financial transactions but also delving into the Web3.0 ecosystem to attempt more innovations from the asset side.
The introduction of a stablecoin regulatory framework will provide Hong Kong with a new opportunity to leverage stablecoins to accelerate the promotion of real-world assets (RWA) and tokenization practices within a compliant environment. This may bring more innovative vitality and space to Hong Kong's virtual asset ecosystem, helping it truly gain a voice in the global Web3.0 competition.
As discussions about the US election intensify, Polymarket has already "broken out."
