ChainCatcher news, Galaxy's Vice President of Research Christine Kim summarized the key points from the 198th Ethereum Core Developers Execution (ACDE) call:Developers are debugging Pectra Devnet 3;Developers plan to launch Pectra Devnet 4 before next Thursday (October 17);There are 2 new EIPs in Pectra for consideration, namely EIP7782 and EIP7783, both aimed at improving L1 scalability.

ChainCatcher news, according to Cointelegraph, Galaxy cryptocurrency researcher Christine Kim believes that due to the current complexity of the Pectra fork and the increased demand for upgrades, the possibility of splitting into two independent upgrades (Prague upgrade and Electra upgrade) is "very high." Christine Kim previously summarized the 196th Ethereum Core Developers Meeting (ACDE), stating that Ethereum developers are seriously considering executing the Pectra upgrade in two phases.In addition, Christine Kim also added that if developers decide to split the Pectra upgrade into two hard forks, the scope could change significantly. It is reported that Ethereum developers will make a decision on this during the next Ethereum All Core Developers teleconference on September 19.

ChainCatcher message, Galaxy Research posted on X platform revealing that since the Dencun upgrade, the revenue from Layer 2 for Ethereum L1 protocol has been almost 0."

ChainCatcher news, Galaxy Research stated in a report that the vast majority of Bitcoin rollups will be unsustainable. Due to transaction fees, Bitcoin rollups require millions of dollars annually to maintain.Galaxy wrote, "Each individual data publication transaction can occupy up to 400KB (0.4MB) of block space, effectively taking up 10% of an entire block." With multiple rollups expected, data is anticipated to be published every 6 to 8 blocks, which could quickly push the base layer fees to new highs and make small transactions too expensive. Given the competition for block space, only rollups that can generate the most fee revenue and pay block fees will be able to sustain operations.Galaxy estimates that in a low-fee environment, when the average transaction cost is 10 sat/VB, rollups will incur $460,000 in monthly fees to maintain Bitcoin's security. In a high-fee environment of 50 sat/VB, when Ordinals or tokens minted through Runes or the BRC-20 standard are frequently active, monthly costs could reach $2.3 million.

According to ChainCatcher news, at least seven current U.S. senators will attend the Bitcoin 2024 conference held in Nashville this week, as revealed by Alex Thorn, the research director of the cryptocurrency asset management company Galaxy Digital (this is just what I personally know).

ChainCatcher news, Galaxy Research Director Alex Thorn posted on social media that regarding today's "Mt.Gox wallet transferring out 47,228 BTC," Alex Thorn stated, "I suspect this transfer is being moved to one of the distribution agents. If correct, we may see more similar transfers, totaling around 100,000 BTC, unless the custodian unnecessarily readjusts the internal wallets like on May 27. I still believe that more of Mt.Gox's Bitcoin is being held long-term rather than being sold."

ChainCatcher news, according to CoinDesk, Galaxy (GLXY) Research indicates that the cryptocurrency venture capital market has continued the rebound momentum from the second quarter of this year, with a more active funding environment compared to previous quarters.The report states that the number of venture capital deals decreased from 603 in the first quarter to 577, while the investment capital increased from $2.5 billion in the second quarter to $3.2 billion. The median deal size slightly rose to $3.2 million, but the "median pre-investment valuation surged to nearly historical highs," reaching $37 million, indicating that the recovery of the cryptocurrency market in recent quarters has led to "intense competition among investors and fears of missing out (FOMO)."

ChainCatcher news, Galaxy Digital's research director Alex Thorn stated that the likelihood of a spot ETF for Ethereum being approved in May currently seems extremely unlikely.Thorn believes that if the SEC is seeking information about the interactions between cryptocurrency companies and the Ethereum Foundation, it may consider whether the Ethereum initial coin offering (ICO) from 2014 constitutes an unregistered securities offering, rather than simply categorizing the current secondary trading of ETH as securities trading. While the SEC may view the ICO and the current secondary trading of ETH separately, any enforcement action by the Ethereum Foundation nearly a decade after the ICO would become extremely non-compliant.

ChainCatcher news, Galaxy Research released a report stating that based on the total assets managed by the U.S. wealth management industry, a classification estimate of the growth rate of various channels entering Bitcoin spot ETFs was made. The conclusion is: the capital inflow in the first year after the launch of the Bitcoin spot ETF is expected to reach $14 billion, increasing to $27 billion in the second year, and rising to $39 billion in the third year after the launch.