Planet Daily | Franklin submits Ethereum Trust 8-A12B application documents; The average trading volume of the seven largest Bitcoin spot ETFs in the United States in the past week increased by 72% compared with the beginning of the month (July 11)

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Powell: Fed doesnt need inflation to be below 2% before cutting rates.

Planet Daily | Franklin submits Ethereum Trust 8-A12B application documents; The average trading volume of the seven largest Bitcoin spot ETFs in the United States in the past week increased by 72% compared with the beginning of the month (July 11)

Headlines

The average trading volume of the seven largest Bitcoin spot ETFs in the United States increased by 72% in the past week compared with the beginning of the month

According to Santiment monitoring, in July, the average daily trading volume of the seven largest Bitcoin spot ETFs in the United States was US$1.75 billion.

The average trading volume from July 1 to 3 was US$1.24 billion, and the average trading volume from July 4 to 10 was US$2.13 billion (an increase of 72%).

The German government address withdrew a total of 2,442 BTC from CEX and other addresses this morning

According to Arkham monitoring, a wallet address marked as German Government withdrew a total of 2,442 BTC (about 141 million US dollars) from CEX and other addresses this morning, of which 903 were withdrawn from Kraken.

Franklin Submits 8-A12B Application for Ethereum Trust

Traditional financial giant Franklin submitted its Ethereum Trust (Franklin Ethereum Trust) 8-A12B application document to the US SEC.

Industry News

Trump to Speak at 2024 Bitcoin Conference

Trump will deliver a speech at the 2024 Bitcoin Conference. It is reported that the 2024 Bitcoin Conference will be held from July 25 to 27.

Powell disputes suggestion September rate cut was linked to U.S. election

U.S. Representative Mike Lawler asked Powell at a hearing on Wednesday: Would a September rate cut (currently investors believe the probability is about 70%) be seen as a political act to try to change the campaign landscape before the November 5 election? Powell refuted the above statement, saying that the Fed will make interest rate decisions when necessary. Our commitment is to make decisions when necessary based on data, upcoming data, changing prospects and the balance of risks, rather than considering other factors, including political factors. We have always done this, including in election years... Everything we do will be based on evidence. For us, it is inappropriate to consider the election cycle (when making interest rate decisions) anyway.

Crypto.com Market Share Rises to 31%, Approaching Peak Market Share in 2022

Crypto exchange Crypto.com has reached a market share of 31%, gradually approaching the peak of 44% in April 2022. The main competitors Coinbase and Kraken are the dominant exchanges in the United States. Coinbase has always occupied a market share of about 45%, and Krakens market share has dropped slightly from 20% to 17% this year. Crypto.coms trading volume has remained relatively stable at about $30 billion per month. This shows that the exchange has strong user stickiness, while other exchanges have seen a decrease in trading volume.

CryptyQuant report: Bitcoin whales increased their holdings at a rate of 6.3% per month, the fastest rate since April 2023

CryptyQuant reported that Bitcoin whales are increasing their holdings of Bitcoin at a rate of 6.3% per month, the fastest rate since April 2023, indicating rising demand for Bitcoin. CryptoQuant reported that it may take longer for Bitcoin prices to bottom out and start a new round of increases because the growth of stablecoin liquidity has not yet fully unfolded. Stablecoin liquidity is a necessary condition for price increases.

The U.S. House of Representatives will vote on SAB 121 in the early hours of July 11, and the chances of overturning Bidens veto are expected to be slim

FOX Business reporter Eleanor Terrett posted on the X platform that the U.S. House of Representatives will vote on SAB 121/HJ Res.109 (Cryptocurrency Custody Accounting Standards Announcement) at 16:00 Eastern Time on July 10 (4:00 Beijing Time on July 11), but it is expected that lawmakers will not be able to get enough votes to reach the two-thirds majority required to overturn Bidens veto.

Ethereum throughput has exceeded 25 million gas/s, 3 times the data at the beginning of the year and 25 times the data at the beginning of 2021

growthepie.xyz quoted Vitalik’s speech at ETHCC on the X platform and published an article stating that Ethereum’s current throughput has exceeded 25 million gas/s, which is 3 times more than in January 2024 and 25 times more than in January 2021.

The total TVL of the prediction market sector exceeded 77 million US dollars, setting a new record high

DefiLlama data shows that the TVL of the prediction market sector is US$77.42 million, a record high.

Among them, Polymarket topped the list with a TVL of US$47.69 million. Other protocol platforms with TVL exceeding US$1 million include Azuro, Gnosis Protocol V1, Lumi Finance, Augur, EtherFlip, and WINR Protocol.

Project News

Sanctum: CLOUD airdrop will be available on July 18

Solana ecosystem liquidity pledge protocol Sanctum posted on the X platform that the LFG website will be launched on Tuesday (July 16), and users can check airdrop allocations; Alpha Vault will be open. CLOUD will be officially launched on Thursday (July 18), and users can claim airdrops and start trading CLOUD.

Animoca Brands: Q1 2024 revenue up 72% from Q1 2023

Animoca Brands released its Q1 2024 investor update. The report shows that revenue in the first quarter of 2024 reached $90 million, a 72% increase from $52 million in 2023. This growth mainly came from digital asset consulting, which accounted for $65 million. In addition, Web3 subsidiaries and startup partnerships contributed $19 million, and investment management contributed $6 million.

VivoKey launches implantable cryptocurrency wallet

On July 11, Seattle-based Dangerous Things and VivoKey Technologies launched cryptocurrency wallets that can be implanted under the human skin using NFC and RFID technology to enable secure cryptocurrency transactions. According to officials, These wallets are hardware wallets used to send cryptocurrency. Your mobile app is your interface, but it does not have any private keys. The private key and the actual signature of the Bitcoin transaction or encrypted transaction are all done in the chip. The implantable device Apex Flex retails for $349. Several different Bitcoin and cryptocurrency wallets are currently supported.

Lava Network airdrop check page is online, airdrop share accounts for 6% of the total

Lava Network, a modular blockchain infrastructure developer, announced that it is taking a new approach to launch the LAVA token. The LAVA airdrop inspection page is now online. For the first time, 6% of the total LAVA tokens will be airdropped. Users who can receive the airdrop include early users (testnet participants, etc.), as well as Monad community members, node operators, researchers or technical contributors.

Worldcoin: The deadline for claiming unclaimed WLD reserved tokens has been extended by one year

Worldcoin released an announcement stating: “Soon after the launch of Worldcoin in July 2023, the Worldcoin Foundation introduced a WLD token reserve mechanism, allowing users who have not yet been verified to reserve WLD tokens for redemption at some point in the future. This is done to allow as many people as possible to participate in Worldcoin, regardless of whether orb devices are available.”

The announcement further stated that the original deadline for claiming these tokens was July 31, but it has now been extended by one year to July 31, 2025.

MATR1X announces MAX token economics, 94 million will be airdropped to NFT holders

MATR1X officially announced the token economics of its platform governance token MAX. The total supply of MAX is 1 billion, and 94 million MAX will be airdropped to MATR1X platform NFT holders, such as YATC and MATR1X KUKU NFT holders.

Its complete token distribution plan is as follows:
-NFT airdrop: 9.4% (94,000,000 pieces), airdropped to MATR1X platform NFT (such as YATC and KUKU);
-Platform contribution: 27.6% (276,000,000 tokens), used to support the innovation and development of the MATR1X platform;
-Ecosystem: 16% (160,000,000), to establish initial liquidity and promote the expansion of the ecosystem;
-Early Bird Event: 5.5% (55,000,000), rewarding early supporters, such as early testing and Apollo Project;
- Community: 10% (100,000,000 pieces), to encourage community members to participate in the construction;
- Investors and teams: 30% (300,000,000), for early investors and founding teams;
-Advisors: 1.5% (15,000,000 tokens), rewarded to advisors who provide strategic support to the platform.

AI Layer 2 Project Optopia Announces Token Economic Model, 10% of Which is Allocated to the Community

AI Layer 2 project Optopia announced the economic model of its token OPAI. The total supply of Optopias native token OPAI is 10 billion, 50% of which is reserved for Booster Events, 25% for ecological rewards, 10% for the community, 7% for token sales (Launchpad/IDO, KOL financing rounds and private financing rounds), 5% for marketing, and 3% for liquidity and MM funds.

Investment and Financing

Algorithmic crypto trading platform Tread.fi completes $3.5 million in funding

Tread.fi, an algorithmic crypto trading platform founded by former Morgan Stanley employees, has completed a $3.5 million seed round of financing, led by New Form Capital, with participation from Aquanow, Varys Capital, GBV Capital, Thanefield Capital, etc. David Jeong, founder and CEO of Tread.fi and former vice president of quantitative research at Morgan Stanley, declined to comment on the valuation, but said that this round of financing adopted a rolling future equity simple agreement (SAFE) structure with a symbolic side letter, laying the foundation for the next round of financing in the first quarter of 2025.

Frumtak Ventures raises $84 million for fourth fund, focusing on intersection of software, AI and deep tech

Icelandic early-stage investment firm Frumtak Ventures fourth fund, Frumtak IV, has been oversubscribed, raising a total of US$84 million.

With its fourth fund, Frumtak Ventures aims to further invest at the intersection of software, AI and deep tech, focusing on Iceland’s historical strengths in areas such as marine tech, logistics, healthcare, tourism, energy, climate and gender equality.

Multi-chain search engine Dora completes $5.5 million in financing, led by Dragonfly and Lemniscap

The CEO of multi-chain search engine Dora announced on the X platform that the project has completed $5.5 million in financing, led by Dragonfly and Lemniscap, with participation from Robot Ventures, Maven 11, Arche Capital, etc. Dora has currently created the Dora block browser and Dora discovery engine to promote on-chain adoption, and will enhance all interoperability solutions integrated into Dora.

Regulatory trends

U.S. Department of Justice: BitMEX admits to violating the Bank Secrecy Act in anti-money laundering case

According to an official statement from the U.S. Department of Justice, cryptocurrency exchange and derivatives trading platform BitMEX admitted on Wednesday to violating the Bank Secrecy Act, saying that BitMEX willfully failed to establish, implement and maintain an adequate anti-money laundering program. The law carries a maximum sentence of five years in prison and a fine, and the case has been assigned to U.S. District Judge John G. Koeltl. U.S. Attorney Damian Williams said: As BitMEX founder and long-time employee admitted in federal court in 2022, the company was one of the worlds leading cryptocurrency derivatives platforms from 2015 to 2020, but operated in the United States without any meaningful anti-money laundering program required by federal law. As a result, BitMEX became a tool for large-scale money laundering and sanctions evasion schemes, posing a serious threat to the integrity of the financial system. Todays guilty plea once again shows that if cryptocurrency companies take advantage of the U.S. market, they need to comply with U.S. law.

U.S. Department of Energy prepares second cryptocurrency mining survey, seeks industry input

The U.S. Department of Energy (DOE), which first attempted to investigate the energy use of cryptocurrency mining companies earlier this year but was stymied by a lawsuit, is now preparing to reopen the investigation but will first seek input from cryptocurrency industry participants. The U.S. Energy Information Administration (EIA), which oversees energy statistics and analysis, held a public webinar on Wednesday to hear input from interested members of the public, including crypto miners and industry participants, on how to develop such a survey ahead of a proposed rulemaking scheduled for publication in the Federal Register, with more than 100 attendees.

U.S. CFTC Chairman: The uniqueness of encryption technology forces the CFTC to re-evaluate cybersecurity

Fox Business reporter Eleanor Terrett tweeted that U.S. Senator Sherrod Brown asked Rostin Behnam, chairman of the U.S. Commodity Futures Trading Commission (CFTC), what the CFTC has learned from previous cryptocurrency frauds. Behnam said that the technology behind digital assets is very unique and different from traditional asset classes, which forces our agency to ask different questions around cybersecurity and operational resilience.

Character Voice

Fox reporter: US CFTC chairman is happy to put the crypto market under CFTC jurisdiction

Fox Business reporter Eleanor Terrett wrote that U.S. Senator Roger Marshall talked about the power struggle between the U.S. Securities and Exchange Commission (SEC) and the U.S. Commodity Futures Trading Commission (CFTC) to determine which digital assets are securities and which are commodities. Marshall asked CFTC Chairman Rostin Behnam, Wouldnt it be simpler if we put the whole thing under the jurisdiction of the U.S. Commodity Futures Trading Commission? Behnam said, I speak for myself, but Im happy to do it. I think we have the expertise and the ability. He said, Under this system, some changes need to be made to the definition of securities and commodities.

FOX reporter: CFTC chairman says 70-80% of cryptocurrencies are not securities

FOX Business reporter Eleanor Terrett followed the progress of the digital goods regulation hearing held on the evening of July 10 on the X platform.

At the hearing, Rostin Behnam, chairman of the Commodity Futures Trading Commission (CFT), said that an Illinois court had ruled that both BTC and ETH were commodities under the Commodity Exchange Act. Behnam also mentioned that 70-80% of the cryptocurrency market does not constitute securities.

Bloomberg ETF Analyst: US SEC May Approve Spot Ethereum ETF on July 18

Bloomberg ETF analyst Eric Balchunas predicts that the US SEC may approve a spot Ethereum ETF on July 18.

Powell: I havent spoken to Biden for two years and I havent noticed any cognitive decline in him before

Federal Reserve Chairman Powell said he had not seen any signs of Bidens mental or cognitive decline during phone calls or meetings with President Biden. The last time they spoke was more than two years ago. Rep. Mike Lawler asked Powell if he had any private talks with Biden since their public meeting in May 2022. Powell said, I havent met with him yet. He has no plans to arrange a meeting with me, and of course, I have no plans to do so. Its not surprising that there has been no meeting with the president recently, because the Federal Reserve is an independent institution, and Biden has always respected that.

NYDIG Research Director: German government, Mt. Gox and miners selling pressure may cause Bitcoins decline to be exaggerated

Many market observers have blamed the recent BTC crash on selling pressure from Bitcoin mining operators, Mt. Gox refunds, and the recent German government sell-off. NYDIG head of research Greg Cipolaro said in a report on Wednesday that the above claims are exaggerated. He added: While sentiment and psychology may play a leading role in the short term, our analysis suggests that the impact of a potential sell-off on prices may be exaggerated. We are not unaware that there are other factors at play, but we can reasonably assume that rational investors may find this to be an interesting opportunity created by irrational fear.

Bitwise CIO: Bitcoin may reach $100,000 by the end of the year, and ETH will also hit a record high

Bitwise CIO Matt Hougan said that all the current selling pressure is a one-time sale, causing a short-term liquidity shock, and the seasonal period of low liquidity in cryptocurrencies is coming to an end.

In contrast, spot Bitcoin ETF inflows, Bitcoin halving, shifting political attitudes towards spot Ethereum ETFs, and the prospect of Fed rate cuts all create a better long-term environment for cryptocurrencies. Coupled with strong growth in the stablecoin market, Layer 2 development, and increasing involvement of institutions such as BlackRock in the space, the right combination of developments in the second half of the year could easily push Bitcoin to $100,000 and ETH to a new all-time high.

Vitalik: Ethereum network should respond to 51% attacks in a more automated way

Ethereum co-founder Vitalik Buterin advocated for a push to make the Ethereum network better prepared for a 51% attack in his keynote speech at the ETHCC in Brussels. He believes that an automated response to such attacks should be prepared, which would reduce the pressure on the social layer.

A potential response to such an attack would be for honest validators to move to a fork of the chain, and current plans would rely heavily on social consensus, with community members working together to agree on a fork. However, he believes it would be better if the network was better prepared for such a response, which he says is largely automated and planned in advance.

StarkWare CEO: Starknet will be open for staking by the end of the year

StarkWare CEO Eli Ben-Sasson said at the ETHCC Summit in Brussels, Belgium that Starknet will open staking on its ecosystem by the end of 2024. Ben-Sasson submitted a Starknet Improvement Proposal to the community, suggesting that users can choose whether to become stakers, and that participation rewards are proportional to the number of staked STRK tokens.

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