Democratic Party bigwigs persuade Biden to withdraw from the election. The fees of 9 US spot Ethereum ETFs are announced

Headline

▌US media reveals again: Democratic bigwigs advise Biden to withdraw from the election

When meeting with Biden last Saturday, U.S. Senate Majority Leader Schumer said that if Biden ends his re-election campaign, it will be better for the country. Earlier, other media reported that Schumer privately signaled to Democratic donors that he was willing to accept Democratic presidential candidates other than Biden.

▌Currently, the fees of 9 U.S. spot Ethereum ETFs have been announced

As U.S. issuers have successively submitted S-1/A and other documents of spot Ethereum ETFs to the U.S. SEC, the fees of 9 spot Ethereum ETFs have been announced. The specific data are as follows:

BlackRock spot Ethereum ETF fees are 0.25% (0.12% for the first $250 million), code ETHA;

Fidelity spot Ethereum The fee of the Bitwise ETF is 0.25% (no management fee in 2024), and the code is FETH; the fee of the Bitwise spot Ethereum ETF is 0.20% (0% for the first $500 million or the first 6 months), and the code is ETHW; the fee of the 21Shares spot Ethereum ETF is 0.21% (0% for the first $500 million or the first 6 months), and the code is GETH; the fee of the VanEck spot Ethereum ETF is 0.20% (0% for the first $150 million or the first 12 months), and the code is ETHV; Galaxy spot Ethereum ETF has a fee of 0.25% and is code QETH; Franklin spot Ethereum ETF has a fee of 0.19% (0% before January 21, 2025 or the first $1 billion) and is code EZET; Grayscale spot Ethereum ETF has a fee of 2.50% and is code ETHE; Grayscale spot Ethereum mini ETF has a fee of 0.25% (0.12% for the first $2 billion or the first 12 months) and is code ETH. Note: The methodology used in this data focuses on speed rather than accuracy. The data is based on multiple sources, including ETF provider websites and third-party financial information providers. The data contains estimates and is likely to contain errors.

Market

As of press time, according to Coingecko data:

BTC's latest transaction price is $64122.59, with a daily increase or decrease of -1.4%;

ETH's latest transaction price is $3389.25, with a daily increase or decrease of -1.5%;

BNB's latest transaction price is $568.54, with a daily increase or decrease of -1.4%;

SOL's latest transaction price is $155.50, with a daily increase or decrease of -3.1%；

DOGE's latest transaction price is $0.1218, with a daily increase or decrease of -2.5%；

XPR's latest transaction price is $0.6263, with a daily increase or decrease of +8.2%。

Policy

▌US SEC sues former Digital World CEO Patrick Orlando

The U.S. Securities and Exchange Commission (SEC) has sued former Digital World CEO Patrick Orlando, accusing him of securities fraud violations.

▌The U.S. SEC approved Grayscale's spot Ethereum mini ETF 19b-4 filing

According to the documents disclosed on the U.S. SEC's official website, the U.S. SEC approved the Grayscale spot Ethereum mini ETF, and approved the rule change order for listing and trading Grayscale Ethereum Mini Trust and ProShares Ethereum ETF shares.  

In response to this, Bloomberg ETF analyst James Seyffart said, "I think this means that the mini Ethereum ETF will be launched at the same time as other ETFs. ETH will be seeded with 10% of ETHE assets from the beginning. This should help alleviate some potential capital outflows. However, the fees for both are still unknown. This is a 19b-4 approval that all other issuers already have. This just means that Grayscale Ethereum Mini Trust ($ETH) and ProShares Ethereum ETF are likely to be launched at the same time as other ETFs. It is still necessary to wait for the approval of the S-1 document, which has not yet been obtained, but is expected to be available next week."

▌U.S. judge agrees to reduce Ethereum developer Virgil Griffith's sentence by 7 months to 56 months

Ethereum developer Virgil Griffith traveled to North Korea in 2019 to "demonstrate and provide technical advice on the use of cryptocurrency and blockchain technology to evade sanctions," in violation of sanctions law. In 2022, he was sentenced to 63 months in prison, equivalent to about 5 years in prison.  

U.S. District Judge Kevin Castel ordered this week that Griffith's sentence be reduced by 7 months to 56 months. The judge said: "While the court does note the defendant's 'irregularities' during his time in the custody of the Bureau of Prisons, the need to protect the public from further crimes by the defendant has diminished, and the court also notes the great difficulties the defendant has experienced during his incarceration."

▌Crypto Custody Company Copper Obtains Hong Kong TCSP License

Crypto custodian Copper has obtained a Trust or Company Service Provider (TCSP) license in Hong Kong, a legal authorization granted by the Hong Kong Companies Registry that allows the holder to provide trust and company services to institutions in the region. Dmitry Tokarev, founder and CEO of Copper, said that the license in Hong Kong is a key development in Copper's expansion in the Asia-Pacific market.

Blockchain Applications

▌StarkWare Runs OP_CAT Technology in Bitcoin Test Environment Signet

Layer 2 developer StarkWare used its new STARK validator and used OP_CAT technology in the Bitcoin test environment Signet network, a proposed upgrade to Bitcoin that aims to bring Ethereum-style "smart contract" programmability.  

While OP_CAT has no shortage of supporters, it is still in the early stages of gaining the consensus needed to be incorporated into the Bitcoin Core software. "StarkWare publicly supports the approval of this proposal because it will bring clear benefits to the Bitcoin community as well as the broader blockchain ecosystem," the company said in a press release.

Cryptocurrency

▌Mark Cuban: Inflation is still the fundamental reason for BTC's rise, and BTC will become a global safe haven for funds

Billionaire and well-known investor Mark Cuban posted on social media that Trump's support for cryptocurrency is good news, but it has not really affected the price of cryptocurrency. What drives BTC prices is lower tax rates and tariffs. If history is a guide, the fundamental reason is still inflation. Coupled with global uncertainty about the geopolitical role of the United States and the impact on the dollar as a reserve currency.  

As for how high it can go, Mark Cuban said that the price of BTC will be much higher than imagined. Because the BTC market is global, the ultimate limit of supply is 21 million pieces, which can be fragmented without limit. When geopolitical uncertainty increases and the size of the US dollar as a reserve currency decreases, BTC will become a global safe haven, which means that BTC may be something that countries and all of us want to buy as a means of protecting our savings. For a country that is already facing hyperinflation, this is not crazy. If things really go further than imagined, then BTC becomes a global currency.

▌Vitalik Buterin: Oppose making political voting choices based on "whether to support encryption"

Ethereum co-founder Vitalik Buterin issued a statement saying that he opposes making political voting choices based on "whether to support encryption". Supporting a politician should be because of their entire platform and views, not just because they support cryptocurrency.  

Vitalik wrote in the article that the cryptocurrency field is increasingly active in politics and supports political parties and candidates almost entirely based on whether they are willing to be tolerant and friendly to cryptocurrencies. But decisions made in this way are likely to go against the values ​​that originally brought you into the crypto field. In the crypto field, people tend to focus too much on the centrality of money and the freedom to hold and spend money (which can also be tokens). Bitcoin is seen as an extension of the libertarian spirit in the field of Internet payments.  

Vitalik believes that freedom is important, and decentralized networks are good at protecting freedom. Money is an important area where such networks can be applied-but it is only one of several important areas. And being friendly to cryptocurrencies now does not mean that it will still be friendly to cryptocurrencies five years later.

▌Solana Network Daily Non-Voting Transactions 7DMA Reaches 46 Million, Highest Since January 2022

According to data from The Block, the seven-day moving average (7DMA) of Solana network daily non-vote transactions reached 46 million, the highest level since January 2022, which is almost double the 21.9 million transactions in late April 2024.  

Non-voting transactions refer to all transactions on the network that are not related to the validator voting process, which can include a variety of activities such as transfers, smart contract interactions, and decentralized application (dApp) usage. The surge in non-voting transactions can be attributed to the thriving "memecoin" economy in the Solana ecosystem, with platforms such as pump.fun contributing significantly to this growth.  

According to its 7DMA, the Solana network has 1.45 million daily active addresses, which means that the average active user conducts more than 30 transactions per day. This is in stark contrast to Ethereum, where the average active address conducts only two transactions per day.

▌Analysis: The current bullish force is significantly stronger than the bearish, but it has not yet entered the FOMO stage

According to Greeks.live analyst Adam YuX, the upward trend of BTC and ETH has stagnated, but the implied volatility IV of major maturities continues to rise. As we mentioned yesterday, IV has always been relatively lagging in its response to the market.  

More than half of the trading volume of BTC option block trading comes from actively buying call options, while more than half of ETH's ordinary trading volume comes from actively buying call options. Now the bullish force is significantly stronger than the bearish, but the sentiment is relatively calm and has not yet entered the Fomo stage.

▌Nine out of 10 Ethereum ETFs that may be launched next week have announced their fees, and only Proshares ETF has not yet announced them

Bloomberg ETF analyst James Seyffart wrote that the fee information of the spot Ethereum ETF expected to be launched next week is currently missing only the fee information of Proshares ETF, and nine out of 10 ETFs have announced their fees.

Important Economic Dynamics

▌The U.S. 10-year Treasury yield fell to 4.15%, the lowest level in four months

The U.S. 10-year Treasury yield fell to 4.15%, the lowest level in four months.  

In addition, the U.S. Treasury issued $13 billion of 20-year bonds with a winning yield of 4.466%, and the pre-issuance trading level was 4.467% when the bids closed at 1 pm New York time. Long-term bonds strengthened slightly after the bidding results were announced, and 20-year bonds rose slightly during the day. The flattening trend of the yield curve remained unchanged, and the 2s20s yield spread narrowed by 3.5 basis points during the day, close to the intraday low. Primary dealers were allocated 8.5%, up from the record low of the previous month; the allocation ratio of indirect bidders fell to 77.2%, and the allocation ratio of direct bidders was 14.3%; the bid-to-cover ratio was 2.68 times, compared with the average level of 2.67 times in the past six issuances.

▌Analysis: Details of the Fed's Beige Book will boost confidence in rate cuts

Some analysts said that the Beige Book in July may boost the Fed's confidence in cutting interest rates at the upcoming meeting. The description of "small to moderate" economic growth is similar to the May report, but the details show marginal weakness in the economy - including stabilization of input costs, slowing wage growth and lower growth expectations. Analysts expect policymakers to begin to gradually remove policy restrictiveness at the September FOMC meeting, and these developments should bring comfort to them.

▌The probability of the Fed keeping interest rates unchanged in August is 96.4%

According to CME's "Fed Watch", the probability of the Fed keeping interest rates unchanged in August is 96.4%, and the probability of a 25 basis point rate cut is 3.6%. The probability of the Fed keeping interest rates unchanged by September is 1.0%, the probability of a cumulative 25 basis point rate cut is 95.5%, and the probability of a cumulative 50 basis point rate cut is 3.6%.

▌Goldman Sachs: Global hedge funds have reduced their exposure to U.S. stocks for five consecutive days

Goldman Sachs said in a report on Wednesday that global hedge funds have reduced their exposure to U.S. stocks for five consecutive days as large-cap technology stocks generally fell. Goldman Sachs said that the value of stocks sold by hedge funds in the past five trading days was the highest since November 2022, close to a five-year record high. In addition, the report pointed out that hedge funds sold U.S. technology stocks on seven of the past eight trading days. Goldman Sachs said that the information technology industry was the leader in reducing risks, followed by the industrial, health care, non-essential consumer goods and communication services industries.

▌UBS: Expect the Fed to Cut Rates for the First Time in September

UBS (UBS.N) said it expects the Fed to cut rates for the first time in September and that investors should "act now and put cash to work" because the attractive yields of "high-quality fixed income" are unlikely to last long.

Golden Encyclopedia

▌What is an unlimited minting attack?

An unlimited minting attack is when an attacker manipulates the contract code to continuously mint new tokens that exceed the authorized supply limit. This hack is most common in decentralized finance (DeFi) protocols. This attack compromises the integrity and value of a cryptocurrency or token by creating an unlimited number of tokens.

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