Headlines
Grayscale Investments and NYSE File 19b-4 for Solana ETF
According to the official website of the New York Stock Exchange, Grayscale Investments and the New York Stock Exchange (NYSE) submitted the 19 b-4 filing for the Solana ETF to the U.S. Securities and Exchange Commission (SEC).
According to multiple media reports, South Koreas ruling People Power Party held an emergency meeting on the 4th to discuss response measures after President Yoon Seok-yeol announced the lifting of martial law.
Many participants said that they had reached a certain consensus on issues such as Yoon Seok-yeols withdrawal from the party, the resignation of the entire cabinet, and the removal of the defense minister. Earlier, after Yoon Seok-yeol announced emergency martial law, Han Dong-hoon, a representative of the ruling party in South Korea, said that the presidents decision was wrong.
Arkham: US government address transfers $13 million worth of BUSD to a new wallet
Arkham monitoring data shows that the US government address transferred $13 million worth of BUSD to a new wallet.
South Korea-related assets plunge, with the won falling to a two-year low
South Korea-related assets plunged after the South Korean president declared martial law, sparking investor concerns about political instability and unrest. The iShares MSCI South Korea ETF fell 5.1% in the U.S. market, the biggest one-day drop since August 5. The won fell to its lowest level against the dollar in more than two years. Samsung Electronics, listed in London, fell 5%. Arup Chatterjee, a strategist at Wells Fargo in New York, said that domestic uncertainty in South Korea has increased under external pressure in recent weeks as the market began to digest the possibility of higher U.S. tariffs under the new Trump administration. Other South Korean company ADRs also fell. Coupang Inc. fell 6.9% in U.S. stocks, and Posco Holdings Inc. and KB Financial Group Inc. also fell.
The US spot Bitcoin ETFs Bitcoin holdings are only 13,000 less than Satoshi Nakamotos holdings
According to data disclosed by Cointelegraph, the Bitcoin held by US spot ETFs is only 13,000 away from surpassing Satoshi Nakamotos holdings. It currently holds 1,083,000 Bitcoins, while Satoshi Nakamoto holds approximately 1,096,000 Bitcoins.
According to Spot On Chain, the U.S. government transferred 19,800 BTC ($1.92 billion) 9 hours ago, of which 10,000 BTC ($962.9 million) were sent to Coinbase. So far in 2024, the U.S. government has transferred a total of 25,999 BTC ($2.49 billion) to Coinbase. However, these transfers appear to be custodial actions rather than sales. Currently, the U.S. government still holds approximately 183,850 BTC ($17.57 billion) in various known addresses.
Industry News
Ethereums on-chain transaction volume reached $183.7 billion in November, the highest in the year
According to data from The Block, Ethereums on-chain transaction volume reached $183.74 billion in November, the highest monthly transaction volume so far this year. This is also the highest on-chain transaction volume of Ethereum in nearly three years since $241 billion in December 2021. Although this figure is far from the all-time high of $404.93 billion set in May 2021, Novembers performance shows that trading activity levels have returned to stability. This figure has steadily increased by 9% compared to the annual high set in March, and is almost double the annual low on-chain transaction volume of $107.93 billion in January. Analysts say this growth may be driven by capital rotation as market participants lower the risk curve and reallocate funds from centralized exchanges (CEX) to on-chain activities.
Trump has chosen Paul Atkins to be SEC chairman, people familiar with the matter say
Trump has chosen Paul Atkins to serve as chairman of the Securities and Exchange Commission (SEC), according to three people familiar with the matter. Trump has contacted Atkins and is awaiting his acceptance, one source said. A spokesman for Atkins did not immediately respond to a request for comment.
Current SEC Chairman Gary Gensler will leave office on January 20. In addition, Atkins will need to be confirmed by the Senate unless Trump chooses to make a recess appointment while the Senate is not in session.
Paul Atkins, a former SEC commissioner during the George W. Bush administration, is known for opposing heavy fines for companies that violate securities laws. He has been a supporter of the crypto industry and is still working at Patomak Global Partners, the consulting firm he founded in 2009. At the same time, since 2017, he has also served as co-chairman of the Token Alliance, an industry association that advocates for the digital asset and blockchain industry.
Tether has minted 16 billion USDT on Ethereum and Tron since November 6
According to Lookonchain monitoring, Tether has minted 16 billion USDT on Ethereum and Tron since November 6.
Trent.sol, a core developer of Anza, the development team responsible for handling Solana network congestion, posted on X: “Any user using @solana/web3.js, versions 1.95.6 and 1.95.7 may be attacked by secret stealers who leak private keys. If you or your product is using these versions, please upgrade to 1.95.8 (1.95.5 is not affected).
If you run a service that can blacklist addresses, use FnvLGtucz4E1ppJHRTev6Qv4X7g8Pw6WPStHCcbAKbfx to do so. ”
CryptoQuant: Bitcoin exchange reserves fall to lowest level in years
Bitcoin exchange reserves have plummeted to their lowest level in years, suggesting that investors are growing more confident in long-term holdings. CryptoQuant data shows that more than 171,000 bitcoins have been withdrawn from major crypto exchanges since Trump won the US election on November 5. The trend reduces the liquid supply of bitcoin, suggesting that investors are moving their holdings to cold wallets, possibly as part of their long-term strategy. Exchange reserves have been falling since 2021, reflecting a broader long-term holding trend. According to CryptoQuant, exchange reserves were around 3.2 million bitcoins in October 2021 and have now fallen to 2.46 million, the lowest level in years. Similarly, data from Glassnode shows that its illiquid supply indicator, which is bitcoin held by long-term investors and not actively traded, has increased by 185,000 bitcoins in the past 30 days to a record 14.8 million bitcoins. This accounts for about 75% of the current circulating supply (about 19.79 million bitcoins).
Arbitrum One TVL exceeds $20 billion
Arbitrum announced that Arbitrum One has just become the first L2 with a TVL of $20 billion. With the second phase approaching and the ecosystem growing in various verticals, Arbitrum One will continue to push its expansion capabilities.
Animoca Brands: Telegram revenue could reach $1 billion by 2024
Animoca Brands Research, the research arm of Animoca Brands, released an analysis of TON and Telegram, noting that the TON Foundation’s three-step plan is crucial to guiding Telegram users into the crypto space:
1. Promote click-to-earn social games in Telegram mini-apps.
2. Convert mini program players into cryptocurrency owners through token airdrops.
3. Retain users through DeFi applications.
Animoca Brands said it forecasts Telegram could reach $1 billion in revenue this year, a significant turning point compared to 2022 and 2023.
Saxo Bank strategist John Hardy said that if the trade tariffs proposed by US President-elect Trump prompt other countries to look for alternatives to the dollar, the cryptocurrency market and gold may benefit. Tariffs will have a terrible impact on global trade because it will cut off the supply of needed dollars. The BRICS countries may use methods such as digital currencies backed by gold to conduct transactions. Crypto stablecoins pegged to gold may also be used. The crypto market may quadruple to more than $10 trillion, while the dollar may depreciate by 20% against major currencies and 30% against gold.
Data: Hong Kongs three Bitcoin ETFs traded 1.2 billion yuan last month, setting a record high
Data from the Hong Kong Stock Exchange showed that the total trading volume of Hong Kongs three Bitcoin spot ETFs in November was about 1.2 billion yuan, setting a new monthly trading volume record. Among them, the Bitcoin ETF under China Asset Management and the Bitcoin ETF under Harvest Asset Management, jointly launched by OSL, China Asset Management (Hong Kong) and Carnival Group, had a total trading volume of 1.06 billion yuan last month, accounting for about 88%.
As the price of bitcoin surpassed $99,500 last month, the share prices of some publicly traded bitcoin mining companies also rose significantly, according to a research report released by JPMorgan Chase on Monday.
The report noted that the market value of the 14 bitcoin mining companies tracked by JPMorgan Chase increased by 52% month-on-month to $36.2 billion. Among the best performers in November, Singapore-based Bitdeers shares rose 83% during the period to $14.27. Overall, last month, the shares of listed bitcoin mining companies rose after the US election. Argo Blockchain was the only mining company to lose money at the end of November, with its shares falling 3% during the month to $1.08 last Friday.
Analysts say Bitcoin mining revenue has fallen 50% since the halving event in April. Although the rewards are still relatively low, the rise in Bitcoin prices has led to a rise in mining returns in November. Based on 1 EH, Bitcoin miners daily revenue in November increased by 24% to $52,000 from around $42,000 in October.
Bitcoin long-term holders holdings fell to 12.45 million, the lowest since July 2022
According to IntoTheBlock, the current holdings of long-term Bitcoin holders have dropped to 12.45 million, a new low since July 2022. Data shows that the balance of long-term holders has dropped by 9.8% in this cycle, which is significantly narrower than the 15% in the 2021 bull market cycle and the 26% in the 2017 bull market cycle.
CoinShares reported Monday that inflows into XRP digital asset products reached $95 million over the past week, accounting for 67% of total inflows into such products this year, pushing investors’ allocations to XRP to more than $141 million so far this year.
James Butterfill, head of research at CoinShares, said traders are likely betting on the approval of an XRP ETF, a trend that Ripple CEO Brad Garlinghouse called inevitable in October. We believe (XRPs record weekly inflows) are due to anticipation of a potential XRP ETF launch in the U.S., Butterfill wrote.
Project News
Phantom: Not affected by @solana/web3.js vulnerability, not using compromised version
Regarding the hack of @solana/web3.js, Phantom posted on X: “Phantom is not affected by this vulnerability. Our security team confirmed that we have never used the hacked version of @solana/web3.js.”
Earlier today, trent.sol, a core developer of Anza, the development team responsible for handling Solana network congestion, posted on X: “Any user using @solana/web3.js, versions 1.95.6 and 1.95.7 may be attacked by secret stealers who leak private keys. If you or your product is using these versions, please upgrade to 1.95.8 (1.95.5 is not affected).
Layer 1 blockchain Namada launches mainnet and token airdrop
Privacy-focused Layer 1 blockchain Namada has officially launched its mainnet and enabled the network’s genesis block. This kicks off the first phase of its decentralized mainnet rollout, which involves staking and governance. The Anoma Foundation, the group of organizations developing the project, came up with the initial mainnet software and genesis balance. The foundation clarified that it does not run validators, so the Namada community retains full control. The launch includes a user airdrop. Eligible wallets will receive NAM tokens today, which they can use immediately for staking and governance. Token transferability will be activated in Phase 5, which is expected to be completed in a few months.
The launch will be accompanied by the issuance of native tokens with a total supply of 1 billion NAM tokens. The Anoma Foundation has proposed an initial Genesis allocation plan with no lock-up period, which will be distributed among community members, early contributors, and future development plans. The launch of the Genesis mainnet will be divided into five phases, each of which will be driven by community decisions through on-chain governance.
SynFutures announces F token airdrop rules, to be available on December 6
SynFutures announced the rules of its F token airdrop, which will be open for collection on December 6. This airdrop will distribute 750,000,000 F tokens to community users, accounting for 7.5% of the total supply. Users who meet the airdrop qualifications include active users of v1 and v2, active users of the Oyster Odyssey points program, and long-term active traders.
According to the on-chain analyst Ember, the ZKasino project just stopped profit early this morning and ended the leveraged long position in ETH. As a result, after the decline tonight, the ZKasino project restarted leveraged long position in ETH 1 hour ago: borrowed 15 million DAI from Aave through 2 addresses to buy 4,185 ETH at an average price of $3,584.
CleanSpark: As of September 30, the company held 8,049 BTC and had total assets of $2 billion.
Nasdaq-listed mining company CleanSpark released its financial report for the fiscal year ending September 30, 2024, which disclosed key data including:
1. Annual revenue was $378.9 million, an increase of $210.5 million, or 125%, from $168.4 million in the previous fiscal year.
2. Cash held: US$122.2 million;
3. As of September 30, 2024, it holds 8,049 bitcoins, which is worth approximately $509.5 million based on the price of $63,301;
4. Total assets: US$2 billion.
pump.funs November revenue exceeds $93 million, a record high
According to Solana Floor, pump.funs revenue in November reached $93.88 million, a record high.
Aethir announces second round of funding for its $100 million ecosystem fund
Mark, co-founder of decentralized cloud infrastructure provider Aethir, published a post announcing the second round of projects supported by its $100 million ecological fund. This round focuses on artificial intelligence agents themselves, with a preference for agents that do more than just perform on social media. Supported projects include: BitGPT, Humans.ai, Church of The Overseer, ARC Agents, and OPUS.
Arbitrum becomes the first L2 blockchain on Uniswap to exceed $20 billion in monthly trading volume
Uniswap Labs shared Dune data showing that Arbitrum became the first L2 on the Uniswap protocol to have a monthly trading volume of over $20 billion.
Investment and Financing
Bitcoin mining company MARA announces acquisition of wind farm in Texas, USA
According to documents submitted to the Federal Energy Regulatory Commission, Bitcoin listed mining company MARA announced the acquisition of a wind farm in Texas, USA from a joint venture between State Grid Corporation and the Washington State Investment Commission. The specific purchase price has not been disclosed. (Bloomberg)
According to previous news, MARA will increase the issuance size of convertible senior notes to US$850 million, and part of the proceeds will be used to increase Bitcoin holdings.
Brighty, a digital financial platform based in Switzerland, announced the completion of a $10 million financing round, with Futurecraft Ventures participating in the investment. Brighty supports real-world crypto card payments and aims to solve financial pain points such as poor crypto user experience and lack of transparency. The new funds are intended to be used to expand business in Europe and the UK.
Pantera Capital completes $20 million fundraising to support TON blockchain ecosystem
Pantera Capital raised $20 million from at least 29 investors through two separate funds, intending to use the funds to support the TON blockchain ecosystem and the cryptocurrency Toncoin. It is reported that Pantera Capital began to contact investors in June. The minimum amount of participation is $250,000. The two new funds established by the venture capital company for Toncoin were established after the announcement of a bet on Telegram-related cryptocurrencies in May.
OpenPad AI, a data-driven investment strategy platform that uses decentralized AI analysis, announced the completion of a $2 million financing round, led by Basics Capital, with participation from Protein Capital, Spicy Capital, Green Arrow Adventures, VivaTech Ventures, Brinc, Boba Network, Avalon Wealth Club, Coin Bold, TechFarm, etc. OpenPad AI combines blockchain technology with artificial intelligence, allowing users to access investment strategies, project ratings, and real-time market insight analysis while maintaining control over their data.
Bitcoin mining company Argo Blockchain raises £4.2 million via share subscription
Bitcoin mining company Argo Blockchain announced that it has raised 4.2 million pounds through stock subscription. After this transaction, the total number of Argos issued shares has now exceeded 717 million shares. It is reported that an undisclosed institutional investor participated in this stock subscription. The new funds will drive Argo to relocate its Bitcoin mining facilities to Texas.
Multi-asset investment platform Public completes $135 million D-2 round of financing, led by Accel
Public, a multi-asset investment platform, announced the completion of a $135 million Series D-2 round of financing, including $105 million in equity financing and $30 million in debt financing, led by Accel. Since its launch in 2019, Public has grown from a social stock trading app to a comprehensive investment platform supporting five major asset classes (including cryptocurrencies), with a profitable core brokerage business and billions of dollars in deposits per year. Its AI assistant Alpha is used by more than 90% of users, facilitating a quarter of interactions to complete transactions within 3 hours, and the average user profit has increased for three consecutive years. The company plans to expand to more asset classes and AI capabilities.
Bitcoin mining company Core Scientific announced a private placement of $500 million of convertible senior notes due 2031 to qualified institutional buyers. Core Scientific also intends to grant the initial purchasers of the notes an option to purchase up to an additional $75 million in principal amount of notes, to be settled within 13 days (inclusive) from the date of the initial issuance of the notes.
Core Scientific intends to use the net proceeds from the offering for general corporate purposes, including working capital, operating expenses, capital expenditures, acquisition of complementary businesses or repurchase of its securities.
Regulatory trends
South Korean regulator: ready to deploy 10 trillion won stock market stabilization fund
South Korean regulators said they are ready to deploy a 10 trillion won stock market stabilization fund, according to Yonhap News Agency. Earlier, the South Korean government said that South Korea will provide unlimited liquidity to the market when necessary. Brad Bechtel, global head of foreign exchange at Jefferies, said that South Korean leadership has used this approach in the past during major political turmoil or power transfers, but it is still worrying. He believes that the won will remain volatile for the time being. This will largely depend on the reaction of overseas investors to the South Korean stock market. If they start selling aggressively, the dollar against the won may rise to 1450.
Character Voice
Bloomberg ETF analyst James Seyffart wrote: “I’ve mentioned a lot of posts that are very optimistic about the approval of the Solana ETF. I do think that under the SEC’s management after Trump took office, it is only a matter of time, not if it will happen, but this is by no means the same as ‘it’s about to happen’.”
ZachXBT: An OTC scammer was seized $17 million in Europe and had defrauded $7.1 million from TAO
On-chain detective ZachXBT said an OTC scammer was raided in Europe and $17 million was seized.
In February 2024, it defrauded $7.1 million (14,600 TAO) from a TAO whale, and this year it defrauded more than $8 million from ZYN, MOG, Kondux, Ordiswap, Landwolf and Hash AI whales.
Cosine: Beware of @solana/web3.js supply chain poisoning, the poisoned version has been removed
SlowMist Yuxian posted a message saying: Pay attention to @solana/web3.js supply chain poisoning. The known 1.95.6 and 1.95.7 versions have backdoor code that will steal user private keys. The new version no longer has this risk. It is known that well-known wallets have not discovered this risk, but the real attack has occurred. It is speculated that it may be a third-party private key-related tool (including bot) that updates the dependency package in a timely manner. Because the poisoned version only survived for a few hours, it was quickly discovered and removed from the shelves. If you use this package, pay attention to troubleshooting.
“The Bitcoin network is a bastion of digital power that is resilient to nation-state-level attacks,” said hedge fund manager James Lavish.
Coinbase CEO Brian Armstrong said in response to a netizen on X: About 25% of our balance sheet (net of debt) is cryptocurrency (about half of which is Bitcoin, similar to the percentage of total market value). However, almost all of our liabilities are still denominated in US dollars, so the question is just how much risk to take. We are not a hedge fund. I think there are reasonable reasons to think that the proportion of cryptocurrency may be higher, its just a matter of how much and why.
