【Link to FM】Celsius hired a new team of lawyers to take charge of the company's restructuring, and the open interest of Bitfinex ETH perpetual futures hit an 18-month low

【Data Intelligence】

The computing power of the entire Bitcoin network is 205.18EH/s

According to BTC.com data, the current number of unconfirmed transactions on the entire Bitcoin network is 4084, the computing power of the entire network is 205.18EH/s, the 24-hour transaction rate is 2.64 transactions/s, and the current difficulty of the entire network is 29.15T. The difficulty has been raised by 0.82% to 29.39T, and there are 10 days and 2 hours left before the adjustment.

Data: Crypto Economy Lost $2 Trillion in 8 Months

Over the past eight months, bitcoin has fallen 69% since Nov. 10, 2021, when the digital currency was worth $69,000. At the time of writing, the entire crypto economy stands at $983.65 billion after losing more than $2 trillion over the past eight months. The dollar value of the top ten major cryptoassets (excluding stablecoins) has all fallen by more than 65% or more.

【 Regulatory News 】

Reuters: Russia's first draft encryption regulation legislation will be submitted to parliament this fall

On July 10, according to Reuters, a spokesman for Russia's financial regulator Rosfinmonitoring said that the official hopes to regulate the encryption industry later this year and is currently improving its ability to track cryptocurrency transactions. In response, Anatoly Aksakov, chairman of the Finance Committee of the Russian lower house of parliament, said that draft legislation on regulating cryptocurrencies will be submitted this fall.

【Industry Trends】

Open interest in ETH perpetual futures on Bitfinex hits 18-month low

News on July 11, according to Glassnode data, the current open interest of the ETH perpetual futures contract on the Bitfinex exchange is $71,668,890.86, reaching an 18-month low.

Glassnode: Binance has replaced Coinbase as the exchange with the largest supply of Bitcoin

According to data from the blockchain analysis company Glassnode, Coinbase continues to see a net outflow of bitcoins, with a cumulative decrease of 450,000 bitcoins in the past two years. Coinbase’s Bitcoin balance continues to decline in steps of 10,000 to 30,000. These bitcoins are being transferred to new wallets not associated with the Coinbase entity. Given their holdings, these are likely institutional custody options. Binance, on the other hand, increased its net balance by approximately 300,000 BTC during the same time period. As a result, Binance has now replaced Coinbase as the exchange with the largest supply of Bitcoin.

The Generalist founders set up a $12.25 million fund, Generalist Capital

On July 11th, Mario Gabriele, founder of the group blog The Generalist, announced the establishment of a fund, Generalist Capital, with a scale of US$12.25 million. Investors (LP) include Marc Andreessen and Chris Dixon from a16z, Tushar Jain and Kyle Samani from Multicoin Capital, Digital Currency Group, Polygon, LayerZero, etc. plan to invest in about 20 companies in the next 18 months, focusing on encryption, financial technology, and emerging markets. Mario Gabriele said that a lot of time will be spent in these areas, especially cryptocurrencies.

Yam Finance: Blocked Malicious Governance Attack Intended to Give Control of Its Reserves to Unknown Third Party

According to news on July 10, the DeFi protocol Yam Finance prevented a malicious governance attack intended to hand over control of its reserves to an unknown third party. According to a preliminary report released by Yam DAO, the attacker submitted a governance proposal through an internal transaction on July 7. The malicious governance proposal included an unverified contract designed to transfer control of Yam’s reserves to a wallet address controlled by the attacker. The proposal was in danger of being passed before being blocked by the Yam Finance team. If the attack is successful, it would be able to drain the Yam Finance treasury, which currently holds $3.1 million worth of crypto assets, according to DeepDAO. Yam Finance said the attack was similar to another attempted attack in December 2021. Another controversial governance vote on Yam Finance, aimed at making the project’s treasury redeemable proportionally, initially took a snapshot vote with a majority of over 54%, but now community members have submitted new proposals for a re-vote.

OMNI: Client Funds Not Affected by Attack, Now in Investigation and Audit Phase

On July 10, OMNI, the decentralized NFT financialization protocol, posted on social media that OMNI is still in the beta phase (beta version), there is no loss of customer funds, and only internal test funds are affected. OMNI has suspended the protocol until the investigation is completed and everything is reviewed again by an external security and audit firm. According to previous news, the decentralized NFT financialization agreement OMNI was attacked earlier tonight, and the amount of stolen funds has not yet been determined.

【Elite Viewpoint】

Investment Strategist: Bitcoin Is in Some Kind of Deep Value Zone

Equity research analyst and investment strategistLyn Alden chats with Emmy reporter Natalie Brunell about Bitcoin. Alden had this to say about bitcoin prices: When bitcoin was trading around $30,000, there were some signs that a bottom might have been reached. But in terms of the macro environment, there aren't a lot of bullish catalysts right now so I wouldn't rule out the possibility of significantly further price declines, but I do think we're in some sort of Deep value zone. As long as the macro picture is so uncertain, I don't think investors should ever rule out more downside.

CertiK: The NFT project WitLink is suspected of having a Rug Pull, and the social account on the official website has been deleted

News on July 10, according to CertiK detection, the NFT project WitLink is suspected of Rug Pull, which deleted Twitter accounts, Discord, Facebook, Instagram and websites.

【What to watch today】

Crypto Lending Platform Celsius Hires New Legal Team to Oversee Corporate Restructuring Plan

According to news on July 11, the encrypted lending platform Celsius hired lawyers from Kirk land & Ellis LLP, replacing the lawyers of AkinGump Strauss Hauer & FeldLLP hired last month after Celsius ceased operations. People familiar with the matter also said that Celsius wants to avoid lengthy bankruptcy proceedings and believes that most of its customers do not want the company to go bankrupt. Users can show their support by using "HODL mode" in Celsius accounts, which is a security feature. , indicating that the user will not transfer funds when the withdrawal function is activated. Celsius did not respond to a request for comment. It is reported that Voyager Digital, an encryption broker that filed for bankruptcy protection last week, has also hired the Kirkland & Ellis team to carry out its restructuring plan.

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