BlackRock BTC ETF approved, Ethereum Foundation has sold 3,466 ETH this year

Golden Weekly is a weekly blockchain industry summary column launched by Golden Finance, covering the week's key news, market and contract data, mining information, project dynamics, technological progress and other industry dynamics. This article is a project weekly, taking you to see the progress of this week's mainstream projects and star projects.

Bitcoin

The US SEC approved BlackRock's Bitcoin spot ETF option trading

According to financefeeds, the US SEC approved the listing of options products for BlackRock iShares Bitcoin ETF (IBIT) on Nasdaq. Trading of this derivative still requires approval from the US Office of the Comptroller of the Currency (OCC) and the US Commodity Futures Trading Commission (CFTC). Nasdaq said that the trading platform will treat Bitcoin ETF options similarly to other ETF options, subject to the same rules and trading procedures. The SEC's notice stated that IBIT options will be physically settled in an American exercise manner. This means that options can be exercised at any time before expiration.

Analyst: Bitcoin is approaching the end of a typical mid-cycle adjustment

Anonymous crypto analyst CryptoCon pointed out that BTC reached mid-cycle peaks in 2016 and 2020, followed by months of sideways trading, and finally broke out higher at the end of the year. Bitcoin's halving event occurs automatically every four years, reducing the issuance of new tokens by 50%, which is widely believed to affect Bitcoin's supply and create scarcity. This year, BTC peaked at $73,000 in March and then fell back about 33% to a low in early August. CryptoCon pointed out that it is approaching the end of a typical mid-cycle adjustment. "Whether it is a cycle peak prediction or a recession prediction, everyone has reason to worry about the worst, while the cycle continues to proceed as expected. All signs point to a real bull market for Bitcoin in 2025," he added.

Standard Chartered: Bitcoin and the broader crypto market will continue to rise after the Fed's rate cut

Standard Chartered analyst Geoff Kendrick predicts that Bitcoin and digital assets will continue to rise after the Fed's recent rate cut, which is driven more by favorable macroeconomic conditions than the results of the US presidential election. Kendrick noted in an email on Thursday: "Digital assets have topped the list in terms of performance for the first time after the FOMC meeting. This is the case even though Polymarket showed Kamala Harris' approval rating at 52/47 today." He attributed this positive performance to macroeconomic drivers beginning to overwhelm election-related uncertainty. Kendrick insisted that the US presidential election is no longer as influential on Bitcoin prices as it used to be. "While the US election is important, macro drivers are beginning to dominate," he said, saying that he is monitoring the difference between short-term and long-term US Treasury yields as an indicator of market conditions that are favorable to digital assets. "I look at the US 2s10s curve, and a steeper US yield curve is favorable for digital assets."

Louisiana government now accepts Bitcoin payments

According to Bitcoin Magazine, Louisiana government now accepts Bitcoin payments.

Trump used Bitcoin to pay for meal at a New York bar for the first time

According to Fox News, former US President Trump used Bitcoin to pay for meal at a New York bar for the first time.

BlackRock: Bitcoin's characteristics may make it a hedging tool for risks that traditional assets cannot cope with

BlackRock released the report "Bitcoin: A Unique Diversifier", which analyzed the role of Bitcoin in investment portfolios and particularly emphasized its potential as a unique asset for diversified investment. The main points are as follows: 1. Bitcoin is described as a "global, decentralized, fixed-supply non-sovereign asset", which makes it fundamentally different from traditional financial assets. In its 15-year history, Bitcoin's adoption rate has continued to grow, but due to its high volatility and relatively short history, discussions about its role in investment portfolios continue. 2. Low-correlation assets: Bitcoin's long-term performance shows low correlation with stocks and bonds, which makes it attractive for diversification. Although in the short term, Bitcoin's price movements occasionally synchronize with traditional risky assets, these are considered temporary phenomena. 3. Volatility and risk: Bitcoin is considered a risky asset due to its high volatility and vulnerability to regulatory changes, market sentiment, and technological development. However, these risks are unique to Bitcoin, and its decentralized nature protects it from many macroeconomic forces that affect traditional assets. 4. Long-term value: The article emphasizes that the value of Bitcoin may grow as global monetary instability, fiscal sustainability, and geopolitical tensions increase. Its fixed supply and decentralized, borderless nature may drive future demand. 5. Impact on portfolios: When Bitcoin is included in a portfolio at a moderate proportion, it has shown the potential to enhance diversified investment. However, a larger proportion of allocation may significantly increase the volatility of the portfolio. The report's conclusion reiterates that Bitcoin's unique characteristics may make it a hedging tool for risks that traditional assets cannot cope with, especially in the context of increased geopolitical and economic uncertainty.

Ethereum

The Ethereum Foundation has sold a total of 3,466 ETH so far this year

According to Lookonchain monitoring, the Ethereum Foundation sold another 300 ETH (US$763,000) 4 hours ago. Since January 1, 2024, the Ethereum Foundation has sold a total of 3,466 ETH (US$9.67 million) at an average price of US$2,791, an average of once every 11 days, and an average of 151 ETH (US$421,000) each time.

Vitalik: The key goal of Ethereum in the next decade is to meet mainstream adoption while maintaining open source and decentralized value

Golden Finance reported live that Ethereum founder Vitalik delivered a keynote speech on "What Excites Me About the Next Decade" at Token2049 held on September 18. Vitalik said in his speech that the main goal of Ethereum in the next decade is to meet mainstream adoption while maintaining open source and decentralized value. Vitalik also cited 6 examples to illustrate, namely: 1. Wallet security; 1.5. Decentralized social media user experience; 2. Payment; 3. Privacy tools; 4. zk social media; 5. Ethereum L1 (Oribit SSF, Verkle Tree/stateless Validation, solving MEV problems, Ethereum L1 ZK-SNARK and light client).

Ethereum Pectra upgrade confirmed to be executed in two parts

Ethereum developers confirmed that the hard fork Pectra will be split into two parts to minimize the risk of mistakes or errors. Pectra is expected to be the largest hard fork of Ethereum to date. The core developers decided to include a total of 8 Ethereum Improvement Proposals (EIPs) in the first software package, including EIP-7702, which aims to improve the user experience of the wallet. The second package will be revised in the coming months, but for now it may include proposals aimed at changing the Ethereum Virtual Machine (known as EOF), while introducing a feature called PeerDAS that improves data availability sampling, ultimately benefiting L2 blockchains.

Steno Research: ETH's decline is over, interest rate cuts are good for Ethereum

Ethereum's (ETH) recent underperformance may be over, and ETH may shine again, both in terms of fiat exchange rates and BTC exchange rates, Steno Research said in a report on Thursday. The report pointed out that ETH rose sharply during the last round of altcoin season, with the ETH/BTC exchange rate rising by more than 1 times in less than two months. This shift was triggered by a surge in on-chain activity, including decentralized finance (DeFi), stablecoin issuance, and the boom in non-fungible tokens (NFTs), all of which occurred primarily on the Ethereum blockchain. The Fed's rate cut earlier this week will lead to an increase in on-chain activity, which will greatly benefit Ethereum.

Vitalik: An Ethereum Story will be shown on the chain streaming platform for 30 days and will be available on mainstream platforms in 2025

The documentary "Vitalik: An Ethereum Story" was released on the chain streaming platform ethereumfilm on Wednesday for 30 days. The film records the story of Ethereum founder Vitalik Buterin and his community's struggle for an open Internet, and interviews Vitalik, his family and several technical experts. The film raised 1,036 ETH (about $2.6 million) through crowdfunding and is scheduled to be broadcast on mainstream streaming platforms in 2025. The sponsor is Ethereum Layer 2 solution Base.

Other Projects

WisdomTree Launches WisdomTree Connect for Enterprises and Institutions to Promote RWA Development

Asset management company WisdomTree launches WisdomTree Connect for enterprises and institutions to promote the tokenization of real-world assets (RWA). Users will be able to hold WisdomTree tokenized funds in their own digital wallets, which can be self-custodied or kept in a third-party custodian. Investors can purchase fund tokens using US dollars or Circle's USDC stablecoin. WisdomTree Connect will initially mint tokens on the Ethereum blockchain, but more blockchains will be added over time.

Former Coinbase Employees Launch Cryptocurrency Platform TrueX and Complete $9 Million Funding

Two former senior employees of Coinbase Global Inc. are launching a cryptocurrency platform called TrueX that will use PayPal Holdings Inc.'s stablecoin as its preferred trading token. Prior to co-founding TrueX, Vishal Gupta was the head of exchange at Coinbase. He oversaw the launch of the USDC stablecoin while at Circle Internet Financial Ltd. Patrick McCreary previously served as a senior engineer at Coinbase. Both worked at Goldman Sachs Group. In addition, Paxos was also one of the investors involved in the startup's seed round of financing. TrueX raised $9 million from venture investors such as RRE Ventures and Hack VC.

Hamster Kombat launches anti-cheat detection to protect the interests of ordinary players

Hamster Kombat posted on social media that it has launched anti-cheat detection, and some cheaters will unlock the "Cheating is Bad" achievement as early as today to convey an important reminder to cheaters. The official said that it hopes to protect players and community members who work hard in the game and give them the opportunity to get a fair share of airdrops.

TON Foundation and Curve Finance Collaborate to Launch a New Stablecoin Swap Project Based on TON

The TON Foundation has announced a partnership with Curve Finance. The collaboration will jointly "incubate a new stablecoin swap project based on TON" to improve user experience and stablecoin transactions on the TON blockchain. Curve's CFMM technology will enhance stablecoin swap functions, aiming to achieve smoother transactions and reduce price impact.

Mocaverse and Magic Eden jointly launch MagicMoca NFT Launchpad

According to the official announcement, Mocaverse and Magic Eden will jointly launch MagicMoca NFT Launchpad, an NFT Launchpad platform designed for the Mocaverse community to promote the release of game and IP NFT projects. MagicMoca will adopt MOCA Coin as the main currency for its sales activities, and Magic Eden will accept MOCA Coin as one of the preferred currencies for its market transactions. In addition, Magic Eden will fully integrate Mocaverse products, enabling Moca ID users to participate in NFT issuance and build their on-chain reputation through NFT.