Weekly Report | The Federal Reserve announces a 25 basis point rate cut; the U.S. SEC approves Hashdex to launch the Nasdaq Bitcoin and Ethereum Crypto Index ETF; He Yi: Binance Alpha will focus on supporting BNB Chain ecosystem projects in the future
Powell: The Federal Reserve is not allowed to hold Bitcoin and has no intention of seeking to change the law; Craig Wright was sentenced to 12 months in prison for contempt of court, with a two-year probation; Zhao Changpeng wrote four years ago: BTC "crashed" from $101,000 to $85,000, waiting for news headlines.Organizer: Luan Peng, ChainCatcher
"What Important Events Happened This Week (12.16-12.22)"
Mark Longo (@Squirrel_Dad12), the owner of the internet-famous squirrel Peanut, stated in a post that he has sent a cease and desist letter to Binance through his law firm. The letter points out that Binance has used multiple intellectual properties, including the PNUT trademark and the cowboy hat squirrel image, without authorization.
According to the letter, Longo has been using the PNUT-related trademark in the United States since April 2017, primarily for educational and charitable projects related to animal protection, wildlife, and nature conservation. If the infringement is proven to be willful, the compensation could be as high as $150,000 for each infringement. The lawyer demands that Binance respond and cease all infringing activities by December 31.
According to CoinShares' latest weekly report, digital asset investment products continued to attract inflows last week, totaling $3.2 billion, marking the tenth consecutive week of inflows. Year-to-date, the total inflow has reached $44.5 billion, more than four times that of any other year. The average weekly trading volume of ETPs reached $21 billion, accounting for 30% of the total Bitcoin trading volume on reputable exchanges. In reputable exchanges, Bitcoin's trading volume is highly liquid, with an average daily trading volume of $8.3 billion this year, which is twice that of the FTSE 100 index. From a regional perspective, all regions experienced inflows, with overall sentiment being generally positive, particularly in the U.S., Switzerland, Germany, and Brazil, with inflows of $3.1 billion, $36 million, $33 million, and $25 million, respectively.
Bitcoin investment products attracted $2 billion in inflows, bringing the total inflow since the U.S. elections to $11.5 billion. Although the total assets under management (AuM) remain low at $130 million, recent price increases have attracted $14.6 million in inflows to Bitcoin short products. Ethereum has attracted inflows for the seventh consecutive week, totaling $1 billion, with total inflows over these seven weeks reaching $3.7 billion, indicating a significant improvement in market sentiment. With hopes for a U.S. listed ETF rising, altcoin XRP attracted $14.5 million in inflows, while Polkadot and Litecoin attracted $3.7 million and $2.2 million, respectively.
3、21Shares XRP Trust has been registered in the state of Delaware, USA
According to Phoenix News, 21Shares XRP Trust has been registered in the state of Delaware, USA, under the name "21Shares XRP Trust." The entity was established on June 3, 2024, and is classified as a statutory trust, with CSC Delaware Trust Company as the registered agent, located in Wilmington, Delaware.
According to Cointelegraph, the Economic and Financial Crimes Commission (EFCC) of Nigeria raided a cryptocurrency scam center in Lagos on December 10, arresting 792 suspects, including 148 Chinese citizens and 40 Filipino citizens.
Ken Gamble, co-founder of the cybercrime investigation company IFW Global, revealed that the scam gang offered Nigerian employees a monthly salary of $500 plus performance bonuses, which is ten times the local minimum wage.
5、Coinbase delists wBTC due to "unacceptable risks" posed by Justin Sun
According to CoinDesk, Coinbase announced that it decided to delist wBTC due to "unacceptable risks" posed by Justin Sun. Last week, the issuer of wBTC, BiT Global, filed a broad lawsuit accusing Coinbase of improperly favoring its competitor cbBTC.
However, in a 25-page response, Coinbase stated that this decision is related to Justin Sun, who has also been accused of fraud and market manipulation in the U.S. According to Coinbase's documents, Justin Sun is linked to wBTC through a partnership announced in August. Coinbase stated, "Given Justin Sun's involvement, like many other companies in the industry, we have serious doubts about BiT's ability to be a reliable manager."
Binance co-founder He Yi stated in an X Spaces session, "A few memes will survive, but most will go to zero. Whether it's VC coins or memes, we have a list of hundreds of hot projects, but some projects have issues with their token economic models, and some platform data may be inflated. For these projects, we have also heard rumors of insider trading during our ongoing observations.
Therefore, we will place these hot projects in the Binance Alpha (observation zone). Projects entering the observation zone do not guarantee listing on Binance. A project can only generate revenue and profit when it is beneficial to society, which may allow it to share profits with users."
BitMEX co-founder Arthur Hayes published an article titled "Trump Truth," stating that while he does not believe the U.S. government will buy Bitcoin, it does not affect his optimistic outlook on its price prospects. Ultimately, the devaluation of gold will create dollars, which must find a place in real goods/services and financial assets. From experience, due to the limited supply of Bitcoin and the decreasing amount in circulation, the fiat price of Bitcoin is rising faster than the growth rate of global dollar supply.
At the end of his article, he stated that before entering the collapse phase of a bull market, the cryptocurrency market will experience a painful crash around the inauguration of Trump on January 20, 2025. Maelstrom (Arthur Hayes's fund) will reduce certain positions in advance and hopes to buy back at lower prices sometime in the first half of 2025.
Arthur Hayes added, "If the market forcefully breaks through around January 20, we will also acknowledge our misjudgment and will re-enter after licking our wounds."
8、He Yi: Binance Alpha will focus on supporting BNB Chain ecosystem projects in the future
Binance co-founder He Yi stated in an X Spaces session that projects launched on Binance Alpha do not equate to future listings on the Binance platform, and Binance Alpha will focus on supporting BNB Chain ecosystem projects.
9、The Federal Reserve announces a 25 basis point rate cut
The Federal Reserve concluded its annual interest rate decision for 2024, deciding to lower the benchmark interest rate by 25 basis points to a range of 4.25%-4.50%, marking the third consecutive rate cut, in line with expectations.
In this year's eight decisions, the Federal Reserve has cumulatively cut rates by 100 basis points, including one 50 basis point cut, two 25 basis point cuts, and five instances of maintaining rates.
10、Powell: The Federal Reserve is not allowed to hold Bitcoin and has no intention of seeking to change the law
According to Jinshi, Federal Reserve Chairman Powell stated that the Federal Reserve has no intention of holding Bitcoin. Powell said at a press conference following the FOMC meeting, "We are not allowed to hold Bitcoin. This is something for Congress to consider, but we have no intention of seeking to change the law."
Michael Saylor, co-founder and chairman of MicroStrategy, stated that once the current fundraising plan is exhausted, the company will shift from a leveraged Bitcoin proxy plan to a more focused approach on fixed income securities to raise funds for cryptocurrency purchases.
When asked how he plans to fund future cryptocurrency purchases, Saylor expressed this preference in an interview. So far, MicroStrategy has used a combination of new stock and convertible bond sales to fund purchases, which have already provided returns to shareholders as its stock has risen to a price that can be converted into shares.
Saylor stated, "We have $7.2 billion in convertible bonds, but $4 billion of that is essentially equity, traded through exercise prices and call prices, with a delta of about 100%, looking like equity. We want to go back and establish smarter leverage to benefit our common stock shareholders."
He mentioned that the company uses regulated exchanges like Coinbase to purchase Bitcoin. MicroStrategy's stock price has risen about 500% this year, far exceeding Bitcoin's approximately 150% increase.
Hedge funds have been looking for fixed income securities to implement convertible arbitrage strategies, buying bonds and shorting stocks, essentially betting on the volatility of the underlying stocks. This demand has driven MicroStrategy to issue $6.2 billion in convertible bonds this year.
12、Zhao Changpeng meets with the King of Bhutan and introduces Bitcoin to him
Binance co-founder Zhao Changpeng posted a photo of his meeting with the King of Bhutan on the X platform, captioning it, "Inspiring conversation."
Additionally, when responding to a comment asking, "Did you introduce Bitcoin to them?" Zhao Changpeng replied, "Of course."
13、The U.S. SEC has accepted the submission of the Franklin Crypto Index ETF amendment
According to official SEC documents, the U.S. SEC has accepted the submission of the Franklin Crypto Index ETF amendment. On August 17, Franklin Templeton submitted an S-1 application for a new crypto index ETF, aiming to become a one-stop cryptocurrency portfolio. The Franklin Crypto Index ETF will track the performance of the CF Institutional Digital Asset Index, which currently includes only Bitcoin and Ethereum.
If approved, the proposed Franklin Crypto Index ETF will be listed on the Cboe BZX exchange and will use Coinbase Custody Trust Company LLC as its digital asset custodian. The ETF plans to invest in crypto assets with weights similar to those of the underlying index, with the possibility of adding other types of cryptocurrencies in the future. Katalin Tischhauser, head of investment research at Sygnum Crypto Bank, stated that index ETFs are the next logical step in cryptocurrency investment, similar to how investors purchase S&P 500 ETFs. Currently, due to regulatory restrictions, cryptocurrency index ETFs are limited to Bitcoin and Ethereum. The ETF cannot be traded on exchanges until the SEC approves its registration application and allows at least one public stock exchange to list the product.
14、The U.S. SEC approves Hashdex to launch the Nasdaq Bitcoin and Ethereum Crypto Index ETF
According to documents released by the U.S. Securities and Exchange Commission (SEC), the SEC has approved the listing of the Hashdex Nasdaq Crypto Index US ETF and the Franklin Crypto Index ETF. These funds will be listed on the Nasdaq and Cboe BZX exchanges, allowing investors to indirectly invest in Bitcoin and Ethereum through traditional financial markets. The approval includes comprehensive market monitoring agreements to prevent fraud and manipulation.
Australian scientist Craig Wright, who claims to be Satoshi Nakamoto, has been sentenced to 12 months in prison for contempt of court, with a two-year probation. He reportedly appeared via video link and refused to disclose his exact location but stated that he would appeal.
Previous reports indicated that COPA accused Craig Wright of contempt of court and sought a two-year prison sentence.
16、Doodles NFT founder hints at token launch, Doodles floor price surges 61%
Doodles NFT founder burnt toast posted an ambiguous message on social media this morning, but the first letters of each word spell "token is coming," suggesting a potential token launch.
As a result of this news, the Doodles floor price briefly surged, exceeding 8 ETH before retreating, currently reported at 6.77 ETH, with a 24-hour increase of 61.77%.
According to community users, Binance co-founder Zhao Changpeng stated on social media on December 17, 2020, that he was waiting for new headlines: BTC "crashed" from $101,000 to $85,000, saving this tweet.
18、Federal Reserve's Daly: The Fed is very satisfied with the prediction of two rate cuts in 2025
Federal Reserve's Daly stated that the Fed is very satisfied with the prediction of two rate cuts in 2025.
According to Bitcoin Magazine, Max Keiser, senior Bitcoin advisor to President Bukele of El Salvador, revealed that the president has increased daily Bitcoin purchases, with a medium-term goal of adding 20,000 Bitcoins.
20、Michael Saylor: Trump is seriously considering establishing a national Bitcoin reserve
According to CNBC, Michael Saylor, co-founder and executive chairman of MicroStrategy, stated, "I believe Trump is serious about establishing a National Bitcoin Reserve."
Yesterday's news reported that Michael Saylor released a digital asset framework that includes a strategic Bitcoin reserve, emphasizing the opportunity to position the U.S. as a global leader in the digital economy of the 21st century.
In the proposal, he stated, "By establishing a clear taxonomy, a legitimate rights framework, and practical compliance obligations, the U.S. can lead the global digital economy. A revival of capital markets driven by digital assets will unleash trillions of dollars in wealth, empower millions of businesses, and solidify the dollar's status as the foundation of the 21st-century digital financial system."
"What Exciting Articles Are Worth Reading This Week (12.16-12.22)"
In the first and second parts about LayerZero, we introduced the mechanisms, business models, and dynamics of the entire cross-chain field. In this third part, we will focus on the protocol token $ZRO.
As we enter 2025, the cryptocurrency landscape continues to evolve at an astonishing pace, influenced by political turmoil, technological innovation, and changing market dynamics. Next year is expected to be the most transformative year for the industry, impacting regulation, adoption, and innovation.
CoinShares is committed to analyzing these key developments, and our 2025 outlook aims to provide the insights and foresight needed to navigate this rapidly changing field. In this report, we delve into the major forces reshaping crypto technology today, such as:
The far-reaching impact of U.S. political changes
Significant growth in Bitcoin mining
The rise of companies focused on Bitcoin returns
Issues surrounding the development of Solana
The fragile growth trajectory of Ethereum
At the "DeInsight 2024" annual summit co-hosted by Web3 asset data platform RootData and ChainCatcher during Devcon in Bangkok, the "RootData: 2024 Web3 Industry Development Research Report and Annual List" was officially released.
This report analyzes and interprets the development characteristics of the Web3 venture capital market in 2024 and prominently releases the RootData List 2024. This list is the second annual selection launched by RootData following its first release in 2023, and its results are gaining attention from more entrepreneurs, investors, LPs, and crypto enthusiasts.
The RootData List 2024 covers five lists, specifically: Top 50 Projects (completed TGE), Top 50 Projects (not yet TGE), Crypto VC Top 50 Investment Institutions, Top 10 Angel Investors, and Top 20 Best CEOs.
ChainCatcher will publish a series of articles to dialogue with the projects and institutions on the RootData List 2024, seeking builders who navigate through bull and bear markets and tracking the latest trends in Web3.
Today's featured project Alliance DAO has been selected for the RootData List 2024 Annual List "Top 50 Investment Institutions."
Only a few Web3 brands can attract as many mainstream consumers as the NFT series Pudgy Penguins.
This is why Igloo Inc., the parent company of Pudgy Penguins, is confident in replicating its script with its new blockchain Abstract, which is an Ethereum Layer 2 designed to be the leading blockchain for consumer crypto products and applications.
In this article, we will explore the concept of "consumer crypto" in Abstract and how it is building to bring the next billion users on-chain.
As a hot emerging narrative for 2024, every move in the DePIN field is under the spotlight. In this track, Roam leads the market with excellent data, becoming a top DePIN project. As of December 15, 2024, Roam's globally self-built node count has surpassed one million, with user registrations exceeding 1.72 million, and the number of global hardware nodes ranks first on DePINScan.
Roam's technological advantage is one of the key factors leading its position in the track. It employs advanced OpenRoaming™ technology and is the only Web3 IDP project among the 15 corporate alliances in the Wireless Broadband Alliance (WBA) OpenRoaming™ program, supporting over 4 million OpenRoaming™ available WiFi hotspots in more than 190 countries worldwide.
The above data also proves the feasibility of large-scale adoption of Web3 applications in areas closely related to users' daily lives, and Roam's user-friendly business model has undoubtedly proven successful in the decentralized wireless network field.
In October this year, Roam announced plans to build a global Telecom Data Layer, while launching Roam eSIM to rapidly accumulate a large user base for the ecosystem in a cost-effective, secure, and convenient manner, laying a solid foundation for Roam Telecom Data Layer's ecosystem layout.
Now, as one of the four major modules of Roam Telecom Data Layer, Roam Growth is about to launch, marking the arrival of a new era of continuous income generation for network participants.
In simple terms, Roam's DePIN Yields are coming.
6、Extending from a16z crypto's "2025 Crypto Predictions": What Top Projects to Watch Next Year?
Earlier this month, a16z crypto released their list of "Big Ideas" for 2025. So, which protocols are already building in these key areas? Let's explore together in this newly published article.
7、Chris Dixon's Latest View: In 2025, Blockchain Will Further "Decentralize" the AI-Driven Internet
In 2025, blockchain alternatives will provide more choices, open-source innovations, and community control options. They will carry the "torch" of the open internet. Cryptocurrencies will begin to take power away from large tech companies and return it to users.
8、Dialogue with "Meme Wizard" 0xWizard: How to Capture the Next 500 Billion-Dollar Memes
0xWizard is a crypto KOL on X with nearly 200,000 followers, known as the "Meme Wizard."
Memes can be said to be a main thread throughout this bull market cycle, although some people find it emotionally difficult to acknowledge.
"Bravely participate in the second wave of opportunities" is 0xWizard's motto. Considering the bottom-up market recognition and reflections on the essential reasons, he believes that while the bull market has started, on-chain memes are just beginning.
"There could be 500 more billion-dollar memes in the future, but it may be difficult to see another $50 billion asset." In an exclusive interview with ChainCatcher, 0xWizard stated. However, the primary and secondary gameplay of memes are completely different, and for some highly valued meme projects about to flow into the secondary market, he recommends observing before building positions.
In the interview, 0xWizard also shared his methodology for capturing new tracks and narratives, including the "Three Laws of Bull Market Engines" and the essence of the track, discussing several currently popular AI memes and meme investment experiences.
9、Capture the LINE+Kaia Ecosystem Dividend, Yuliverse Builds a Web3 Version of "Xiaohongshu"
Following the Web3 version of "Twitter," Web3 versions of "Trip.com" and "Xiaohongshu" based on crypto have also begun to attract market attention.
Last week, Zhao Changpeng revealed on the X platform that he invested in the crypto travel platform Travala, causing its token to surge 300% within an hour.
Additionally, the communication giant LINE and Kakao's public chain Kaia announced last week that the first batch of Mini Dapps on LINE will launch in January 2025, with the gamified social metadata platform Yuliverse successfully selected.
Yuliverse plans to launch a social Mini Dapp YuliGo on the LINE Mini Dapp ecosystem and Kaia blockchain, allowing users to "Social to Earn" based on location, earning token rewards while sharing real-time lifestyle experiences such as dining and entertainment.
According to Yuliverse, it is the first TGE project launched on Kaia. Community users who missed out on Travala can also pay attention to Yuliverse's upcoming developments.
On December 13, Mega Labs, the developer of the real-time blockchain MegaETH, raised $10 million on the renowned angel investment platform Echo, with shares being snapped up in 50 seconds.
As the first "real-time" blockchain on Ethereum, MegaETH received investments from industry leaders and well-known VCs such as Vitalik Buterin, Joseph Lubin, and Sreeram Kannan in June this year. This time, MegaETH chose to forgo the opportunity to raise funds from VCs at a higher valuation. Co-founder Shuyao revealed to ChainCatcher that the new round of financing maintains the same valuation of over $100 million as in June, aiming to open the investment window equally to every community participant.
Breaking the mold is MegaETH's consistent style. While the Ethereum community discusses longevity and AI at Zuzalu, planning for ten thousand years ahead, Shuyao finds that no one is addressing the most urgent issue: the lack of a sufficiently fast and cheap chain. MegaETH chooses to be an anti-hero, pulling Ethereum out of the ten-thousand-year dream, seizing the day.
