Biden will participate in Harris' campaign activities. US spot ETH ETF is officially approved

Headline

▌Biden: Will participate in Harris' campaign

US President Biden said on July 22 local time that he would participate in Vice President Kamala Harris' campaign after announcing his withdrawal from the 2024 US presidential election. In addition, regarding the issue that some members of the US Republican Party had previously asked Biden to step down immediately, Biden said he would do his best to perform his duties in the last few months of his presidency.

▌US spot Ethereum ETF officially approved

The US Securities and Exchange Commission (SEC) has notified at least two of the eight companies that applied to launch the first US spot Ethereum ETF that their products can begin trading on Tuesday (July 23). Products from BlackRock, VanEck and six other companies will begin trading on three different exchanges on Tuesday morning: the Chicago Board Options Exchange (CBOE), Nasdaq and the New York Stock Exchange, all of which have confirmed that they are ready to start trading.  

Bloomberg ETF analyst Eric Balchunas said: "The spot Ethereum ETF has taken effect at the SEC. Form 424(b) is being submitted in succession. This is the last step, which means that everything is ready and trading can be started at 9:30 a.m. on Tuesday (July 23) (9:30 p.m. Beijing time tonight). Game on."

Market

As of press time, according to Coingecko data:

BTC recently traded at $67,563.95, with a daily increase or decrease of -0.8%;

ETH recently traded at $3,440.00, with a daily increase or decrease of -2.7%；

BNB's latest transaction price is 587.54 US dollars, with a daily increase or decrease of -2.6%；

SOL's latest transaction price is 178.91 US dollars, with a daily increase or decrease of -3.1%；

DOGE's latest transaction price is 0.138 US dollars, with a daily increase or decrease of -1.7%；

XPR's latest transaction price is 0.6083 US dollars, with a daily increase or decrease of +1.8%。

Policy

▌U.S. House of Representatives passes cryptocurrency illicit financing bill, but may be vetoed by Senate

The U.S. House of Representatives passed the cryptocurrency illicit financing bill, which will establish a federal panel to assess the role of cryptocurrencies in terrorism and illicit finance and make recommendations to prevent such behavior, but the bill is not expected to be approved by the Senate.

▌21Shares files S-1 for its spot Solana ETF in the U.S.

21Shares filed an S-1 for its spot Solana ETF in the U.S., while its competitor VanEck filed the document before it. 21Shares became the second company to apply to launch a Solana ETF in the United States.  

Like VanEck, 21Shares has argued that Solana’s native token should be considered a commodity. However, the SEC’s enforcement division has said that SOL is a security, which could be a significant hurdle for the launch of these funds. 21Shares SOL will reportedly have its funds custodied by Coinbase Custody.

▌U.S. Secret Service Director Admits Failure to Stop Gunman, Takes Full Responsibility for Trump Assassination

U.S. Secret Service Director Kimberly Chettle said she takes full responsibility for security breaches related to the attempted assassination of Trump. “The Secret Service’s solemn mission is to protect our nation’s leaders,” Chettle will tell lawmakers on Monday. “On July 13, we failed to do that.” Chettle will make the comments at a congressional hearing on Monday, where she will face the toughest questioning since the shooting. The hearing will last for hours, with dozens of lawmakers asking questions, including some who have called for her resignation. The shooting at the Trump campaign rally has created a crisis for the U.S. Secret Service, which admitted over the weekend that it had rejected some previous requests for enhanced protection.

Blockchain Applications

▌Jupiter Co-founder: Will Launch Memecoin Metadata Platform ASIANMOM

Jupiter co-founder meow posted on the X platform that it will work with Irene Zhao to launch the memecoin metadata platform ASIANMOM, trying a new launch mechanism to improve memecoin metadata to solve the current memecoin release metadata There are some major PvP problems: including false widespread distribution, sniping, opaque development allocation, lying "influencers", using development dumps for large-scale pre-sales, and so on. It is reported that Jupiter DAO will receive 5% of ASIANMOM tokens, the ASIANMOM team will decide when to deliver them, and the Jupiter team will establish the required mechanisms and initial airdrop list.

Cryptocurrency

▌BlackRock Spot Ethereum ETF is expected to start trading tonight Beijing time

BlackRock (BLK.N) said that BlackRock's iShares Spot Ethereum ETF is about to be launched and is expected to start trading on Nasdaq on July 23 (tonight Beijing time).  

Previously reported, the US spot Ethereum ETF was officially approved.

▌After the US spot Ethereum ETF was officially approved, a large amount of ETH was transferred from Coinbase institutions to unknown new wallets

According to Whale Alert monitoring, after the US spot Ethereum ETF was officially approved, a large amount of ETH was transferred from Coinbase institutions to unknown new wallets. It is not clear whether it is for exchanges to organize wallets. As of press time, ETH is still being transferred out of Coinbase institutions to unknown new wallets.

▌Stables launches stablecoin virtual card in Europe

Australian stablecoin payment startup Stables launches Mastercard virtual card in Europe. Last year, Stables partnered with Mastercard in Australia to launch the first stablecoin wallet in the Asia-Pacific region, using a single stablecoin balance for payments. Now, Stables has obtained a virtual asset service provider license to provide contactless in-store and online payment services to Europeans through Apple Pay and Google Pay in Mastercard's merchant network.

▌Bloomberg ETF Analyst: $1 billion worth of spot Ethereum ETF will switch from ETHE to Mini ETH

Bloomberg ETF analyst Eric Balchunas said, "The spot Ethereum ETF competition has begun, and the $1 billion spot Ethereum ETF will switch from ETHE to Mini ETH. The fees are among the lowest in the same category. This is a new variable in this competition that has not been encountered in the Bitcoin competition."

▌Wintermute: Spot Ethereum ETF is expected to inflow $4 billion in the next year, and ETH will rise 24%

Market maker Wintermute expects that the spot Ethereum ETF can receive a maximum of $4 billion in inflows from investors in the next year. This is lower than the $4.5 billion to $6.5 billion expected by most analysts, and the figure is about 62% less than the $17 billion raised by the Bitcoin ETF since it began trading in the United States six months ago.  

However, Wintermute does expect the price of ether to rise 24% over the next 12 months, driven by these inflows. 

U.S. regulators have rejected requests from issuers to allow Ethereum ETFs to collateralize their cryptocurrency holdings, which would have generated income that could be shared with investors. Wintermute said in its report: "Compared with direct holding, this loss reduces the competitiveness of ETH ETFs because investors can still benefit from staking."

▌Viewpoint: Spot Ethereum ETF fund inflows may be smaller than Bitcoin

According to Farside Investors on the X platform, "We believe that spot Ethereum ETF fund inflows may be smaller than Bitcoin for the following reasons:

1. Spot Bitcoin ETF was approved first and received more attention;

2. Before the approval of the US spot ETF, the BTC ETP market size was larger than ETH;

3. The lack of staking makes the Ethereum ETF relatively less attractive;

4. BTC is more relevant as a financial asset, while ETH is more focused on DAPP and on-chain applications.

▌BTC options market data shows traders are ready for "extreme" volatility this week

According to data on options market activity on Deribit tracked by Amberdata, the "butterfly index" of the BTC options market has risen significantly. The index measures the volatility of out-of-the-money (OTM) 25-delta (∆25) call and put options that are far from the Bitcoin spot market price relative to the at-the-money (ATM) options that are close to the spot price. The surge in the index indicates that the market expects more extreme volatility.  

Greg Magadini, head of derivatives at Amberdata, said: "We will listen to Trump's speech at the Nashville Bitcoin Conference this week. This will be a potential catalyst for 'something is about to happen' this week. The derivatives market seems to agree with this view, and we see that pricing does support the claim that 'something is about to happen'. ” 

Previous news, Trump may announce that BTC will play a more important role in the US financial system. Many industry insiders said that Trump will then announce that Bitcoin will be a strategic reserve asset. Markus Thielen, founder of 10x Research, believes that this situation will trigger a parabolic rise in the price of Bitcoin.

▌Bloomberg ETF analyst: BTC, ETH and SOL combined spot ETFs are expected to appear in the future, but the potential may be limited

Bloomberg ETF analyst Eric Balchunas responded to The ETF Store President Nate Geraci's view on social media that "issuers are expected to apply for a combined spot ETF of BTC, ETH and SOL in the next few months" and said that this situation will indeed happen, but how much potential it has is unknown, precious metal basket ETFs GLTR has a size of $1 billion, which is good, but still less than 1% of the assets of gold ETFs.

Important Economic Dynamics

▌The probability of the Fed keeping interest rates unchanged in August is 97.4%

According to CME's "Fed Watch", the probability of the Fed keeping interest rates unchanged in August is 97.4%, and the probability of a 25 basis point rate cut is 2.6%. The probability of the Fed keeping interest rates unchanged by September is 6.8%, the probability of a cumulative 25 basis point rate cut is 90.8%, and the probability of a cumulative 50 basis point rate cut is 2.4%.

Golden Encyclopedia

▌What is Liquidity Staking?

Liquidity staking allows stakers to maintain liquidity of staked tokens by using alternative tokens, which they can use to earn additional returns through DeFi protocols. Liquidity staking enables cryptocurrency holders to participate in staking without giving up control of their holdings. This changes the way users stake. Projects such as Lido have introduced liquidity staking to provide tokenization of staked assets in the form of tokens and derivatives.

Disclaimer: As a blockchain information platform, Jinse Finance publishes articles for information reference only and is not intended as actual investment advice. Please establish correct investment concepts and be sure to increase risk awareness.