BTC decentralization is related to national security. DePIN project is launched on ETH

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 mainstream projects and star projects this week.

Bitcoin

Auradine CEO: Bitcoin decentralization is related to national security

Golden Finance reported that Rajiv Khemani, co-founder and CEO of Bitcoin mining chip manufacturer Auradine, said that the decentralization of the entire Bitcoin stack is related to national security. The CEO explained that third-party firmware (which will be updated and changed over time) could theoretically be used to disrupt the power grid or launch a 51% attack on the Bitcoin network.

Bitwise to launch Bitcoin and Treasury rotation strategy ETF (BITC)

Golden Finance reported that according to CoinDesk, Bitwise announced the launch of the Bitwise Trendwise Bitcoin and Treasury Rotation Strategy ETF (BITC), which combines the Bitwise Bitcoin Strategy OptmRollETF (BITC), the Bitwise Ethereum Strategy ETF (AETH) and the Bitwise Bitcoin and EthEqWghStrETF (BTOP). Bitwise said in a statement that asset managers can rotate between 100% exposure to crypto futures contracts and 100% exposure to U.S. Treasury bonds according to market trends, thereby better managing volatility in the crypto market. The conversion may take place on December 3. The new fund will charge investors a 0.85% expense rate.

Bitcoin liquidations exceed $500 million after a sharp market adjustment

Golden Finance reported that the cryptocurrency market suffered a sharp sell-off on Tuesday night, with Bitcoin prices falling by more than 5%, resulting in a total liquidation of $526 million within 24 hours. Among them, long position liquidations amounted to $453 million and short position liquidations amounted to $73 million. But analysts said that despite the sharp price drops, these are temporary and not a harbinger of a long bear market. In the coming months, Bitcoin is expected to benefit from China's stimulus plan, US employment data, the announcement of FTX's payment to creditors, and the end of the US election season.

JPMorgan Chase: Geopolitical conflicts may attract investors to favor gold and Bitcoin

JPMorgan analysts said that the growing geopolitical tensions and the November presidential election are prompting investors to view gold and Bitcoin as safe-haven assets, or "depreciation trades," according to Golden Finance. Analysts said that this "depreciation trade" is driven by a variety of factors, including increased geopolitical uncertainty since 2022, continued inflation concerns, huge government deficits in major economies, and weakening confidence in fiat currencies, especially in some emerging markets.

The historical cumulative net inflow of Bitcoin spot ETFs has reached 18.499 billion US dollars

Golden Finance reported that according to SoSoValue data, yesterday (October 4, Eastern Time), the total net inflow of Bitcoin spot ETFs was 25.5859 million US dollars. Yesterday, Grayscale ETF GBTC had a single-day net outflow of 13.9096 million US dollars, and the current historical net outflow of GBTC is 20.138 billion US dollars. Grayscale Bitcoin Mini Trust ETF BTC had a single-day net outflow of 0.00 US dollars, and the current historical total net inflow of Grayscale Bitcoin Mini Trust BTC is 422 million US dollars. The Bitcoin spot ETF with the largest single-day net inflow yesterday was Bitwise ETF BITB, with a single-day net inflow of 15.2854 million US dollars, and the current historical total net inflow of BITB reached 2.112 billion US dollars. The second is Fidelity ETF FBTC, with a single-day net inflow of US$13.6262 million. Currently, FBTC's total historical net inflow has reached US$9.848 billion. As of press time, the total net asset value of Bitcoin spot ETF is US$57.734 billion, the ETF net asset ratio (market value to the total market value of Bitcoin) is 4.68%, and the historical cumulative net inflow has reached US$18.499 billion.

10x Research: Speculative traders may have turned from Bitcoin to A shares

Golden Finance reported on October 1 that 10x Research said in its latest report that the crypto market is undergoing some major changes. Although short-term concerns are obvious, larger trends may soon overshadow these concerns. Last night's market adjustment may be due to weak Chinese economic data, which suggests that additional stimulus measures are needed. Therefore, speculative traders may have turned from Bitcoin to Chinese stocks to gain higher beta exposure. People are also concerned about the weakness at the beginning of the month. In addition, Bitcoin's short-term technical indicators appear to be overbought.

JP Morgan: Bitcoin mining profitability fell for the third consecutive month in September

According to a report by Golden Finance, Bitcoin mining daily revenue and gross profit fell for the third consecutive month in September, and block reward gross profit fell to the lowest level in "recent records". Despite a slight increase in Bitcoin prices and network computing power, with computing power increasing by 2% from August, miners' daily block reward revenue per EH/s decreased by 6% to $16,100. In addition, transaction fees did not exceed 5% of block rewards.

Analyst: The current pullback is a necessary foundation for the expected parabolic trend of Bitcoin

According to Golden Finance, Crypto Capital Venture analysts believe that the current pullback is a necessary foundation for the expected parabolic trend of Bitcoin. He acknowledged that the cryptocurrency market may pull back further. However, he believes that this pullback is "an incredible reset" that will lay the foundation for the continued rise of the market.

Ethereum

More than half of DePIN projects are launched on Ethereum

Golden Finance reported that more than half (57.5%) of DePIN projects were launched on Ethereum, with Solana accounting for 5.4% of DePIN projects, Polygon accounting for 5.1%, Binance accounting for 0.6%, Arbitrum and Cosmos accounting for 2.4% and 1.8% respectively. These non-Ethereum platforms together account for about 42.5% of the projects launched, leaving room for competition.

Ethereum traders expect "more extreme trends" before the US election

Golden Finance reported that Derive founder Nick Forster pointed out in an analyst report on October 2 that the forward volatility of Ethereum (that is, the expected future volatility of Ethereum prices) is expected to surge between October 25 and November 8, coinciding with the US presidential election on November 5.

Bitcoin and Ethereum options open interest and trading volume fell across the board in September

Golden Finance reported that according to data from The Block Pro, Bitcoin and Ethereum options open interest and trading volume fell across the board in September, with Bitcoin options open interest falling by 1.6% and Ethereum options open interest also falling by 8.4%. In addition, in terms of Bitcoin and Ethereum options trading volume, Bitcoin monthly options trading volume reached US$38.6 billion, down 28.1%; Ethereum options trading volume was US$9.7 billion, down 37.5%. In addition, the average monthly trading volume of Ethereum futures fell to US$465.5 billion in September, a drop of 20.8%. CME Bitcoin futures open interest increased by 14.3% to US$10.3 billion, and the average daily avg volume fell by 4.7% to about US$4.8 billion.

Merlin Chain: MERL and MBTC are now available on the Ethereum mainnet

Golden Finance reported that Merlin Chain announced on X that users can now bridge MERL and MBTC directly from Merlin Chain to the Ethereum mainnet. In addition, the Merlin Foundation will provide additional incentives to guide liquidity.

Other projects

Sui mainnet upgraded to V1.34.2

According to official news, the Sui mainnet has been upgraded to version V1.34.2, and the protocol has been upgraded to version 60. Other upgrade highlights include increasing the size of the maximum type layout in the virtual machine, and starting from protocol version 60, transactions containing unresolvable types will no longer be signed by verification nodes.

The total number of users of Yescoin, a TON ecological game project, exceeds 40 million

On September 29, Yescoin, a TON ecological game project, announced on the X platform that the total number of platform users exceeded 40 million, and the number of daily active users exceeded 7 million.

Trump: WLFI project whitelist registration is open to qualified investors

Golden Finance reported that Trump posted on the X platform that the whitelist registration of his family DeFi project World Liberty Financial (WLFI) is open to qualified investors. Due to current US policies and regulatory restrictions, WLFI has established two independent whitelists: one for US accredited investors and the other for all non-US individuals.

Source: Former Japanese Web3 Project Chairman Masaki Taira may serve as Digital Minister

On September 29, Japanese Liberal Democratic Party President Shigeru Ishiba plans to appoint House of Representatives members Shironouchi Minoru and Masaki Taira to the cabinet in the next government. According to multiple sources, adjustments are being made to Shirouchi Minoru as Minister of Economic Security and Taira as Minister of Digital. Startale CEO Sota said on social media that Masaaki Taira, former chairman of the Japanese government's web3 project, is likely to become the Japanese government's digital minister next week. Sota welcomed this, saying "The future of web3 in Japan is very bright! He (Taira) knows a lot about web3 and has been supporting the industry."