SEC Considers ProShares ETH Optimism ETF Failure Proof of Launch

Headline

▌SEC Considers ProShares' Spot Ethereum ETF Application

In a June 10 filing, the SEC said that the New York Stock Exchange (NYSE) Arca has proposed a rule change that would allow it to list and trade shares of the ProShares Ethereum ETF. The SEC said it would seek public comment on the ETF application within 21 days of publication in the Federal Register, giving the SEC 45 days to approve, disapprove or extend the timeline for its decision.

On May 23, the SEC formally approved 19b-4 applications submitted by eight asset management companies, which applied for the first time to list and trade spot Ethereum ETFs on U.S. exchanges. Final approval requires the SEC to sign the S-1 registration statement for the spot ETH ETFs before they can officially begin trading - a process that could take several months, but some experts expect it to be completed sometime in July.

▌Optimism Mainnet ‘Proof of Fault’ System Now Live

Optimism, a layer 2 blockchain, aims to help Ethereum users transact quickly and with low fees. Its technology is the basis for some of the biggest names in blockchain, but for years, Optimism has had a problem. Until now, a core feature has been missing from Optimism’s security design: “Proof of Fault.” On Monday, the long-promised technology finally landed on Optimism’s mainnet.  

Proofs of Fault are designed to ensure the honesty of Layer-2 chains built on Optimism. They help prevent Layer-2 chain operators from passing inaccurate transaction data to Ethereum’s Layer-1 transaction ledger, and provide support for Layer-2 chains’ “decentralized” withdrawal mechanisms.

Market

As of press time, according to Coingecko data:

BTC's latest transaction price is $69493.28, with a daily increase or decrease of -0.2%;

ETH's latest transaction price is $3666.59, with a daily increase or decrease of -1.1%;

BNB's latest transaction price is $624.76, with a daily increase or decrease of -7.3%;

SOL's latest transaction price is $158.94, with a daily increase or decrease of -2.0%；

DOGE's latest transaction price is $0.1448, with a daily increase or decrease of -1.4%；

XPR's latest transaction price is $0.4967, with a daily increase or decrease of -0.4%.

Policy

▌EU vote may lead to a more innovation-friendly policy framework

Voting by 720 members of parliament (MEPs) began last week, and results from 27 countries have been released since Sunday. The elected MEPs include Stefan Berger, legislative rapporteur for Markets in Crypto-Assets (MiCA), Ondrej Kovarik and Irene Tingali, former chair of the Economic and Monetary Affairs Committee (ECON).  

Mark Foster, head of EU policy at the Crypto Innovation Commission, said the election results show that a slight shift to the right, combined with a stronger European People's Party and a weaker Green Party, is likely to make the EU more focused on competitiveness and growth over the next five years. This could lead to a more innovation-friendly policy framework.  

Cryptocurrency was not a key theme in the EU elections, but the future of cryptocurrencies will depend on the commissioners who can propose legislation. Some members of the crypto community are seeking more blockchain policy, but MEPs cannot propose new legislation, they can only develop and decide on it. New commissioners will be elected after the EU elections.

▌Senate bill requires crypto industry to transform to identify users, industry insiders believe the bill has little chance of passing

A Senate bill aimed at funding U.S. intelligence operations borrows a section from a previous bill aimed at preventing the use of cryptocurrencies to support terrorism, according to sources. The provision could require a massive transformation of the crypto industry to identify users to prevent sanctions that could stifle digital asset businesses. If the bill becomes law, it would be the most important crypto policy passed in the United States to date - and its pros and cons have not yet caused major controversy.  

Conversations indicate that the matter is still under discussion as the spending package moves forward, awaiting broader Senate deliberations and possible inclusion in the must-pass National Defense Authorization Act (NDAA). But industry insiders believe the bill has limited chances of surviving.

Blockchain Applications

▌Starknet Core Developers Launch Catnet to Test Bitcoin Circle STARK Verifier Deployment

Starknet core development members announced the launch of Catnet, a custom Bitcoin signet with OP_CAT enabled, which will be used to test the deployment of Bitcoin Circle STARK Verifier. Abdel added that the faucet is coming soon.

Cryptocurrency

▌Data: Bitcoin's average annual return is as high as about 104%

Since its first transaction in 2011, Bitcoin has an average annual return of about 104%, exceeding the return of Warren Buffett's portfolio and the US stock market. According to data from the Lazy Portfolio ETF, Warren Buffett's portfolio has achieved a compound annual growth rate of 10.03% over the past 30 years, with a standard deviation of 13.67%. In contrast, a portfolio of U.S. corporate stocks has provided roughly the same returns, but with a higher standard deviation. In contrast, Bitcoin has averaged an annual return of around 104% since it was first traded in 2011.

▌Bitcoin mining companies' production fell by about 40% month-on-month in May

According to Farside Investors data, major Bitcoin mining companies have announced production data for May 2024. May was the first full month since the halving, and production fell by about 40% month-on-month.

▌Bitwise: Ethereum Q1 revenue exceeds Robinhood, Etsy, Yelp and Reddit

Bitwise research analyst Ryan Rasmussen posted on social media that crypto applications built on Ethereum generate revenue comparable to some listed companies. In the first quarter of 2024, Ethereum's revenue exceeded Robinhood, Etsy, Yelp and Reddit.

▌US Spot Bitcoin ETF Increased 1,805 Bitcoins on June 10

According to Lookonchain monitoring, US spot Bitcoin ETF data on June 10 showed that BlackRock increased its holdings by 2,437 bitcoins, worth approximately US$170.24 million. BlackRock currently holds a total of 304,977 bitcoins, worth approximately US$21.3 billion; Grayscale reduced its holdings by 545 bitcoins, worth approximately US$38 million, and currently holds a total of 285,106 bitcoins, worth approximately US$19.92 billion; 9 Bitcoin ETFs increased their holdings by a total of 1,805 bitcoins, worth approximately US$126.12 million.

▌Greeks.live: The cryptocurrency market is generally optimistic

Adam, a researcher at Greeks.live, said that this week's focus will be on the US CPI data on June 12, the Federal Reserve's interest rate decision on June 13, and the Bank of Japan's interest rate decision on June 14. He said that the volatility caused by the ETH ETF has completely subsided, BTCETF continues to flow in, and the cryptocurrency market is generally optimistic. In the short term, you can choose a price with a lower IV and purchase call options for the week appropriately, which is still very cost-effective.

Important Economic Dynamics

▌The probability that the Federal Reserve will keep interest rates unchanged this week is 99.4%

According to CME's "Fed Watch": The probability that the Federal Reserve will keep interest rates unchanged in June is 99.4%, and the probability of a 25 basis point rate cut is 0.6%. The probability that the Federal Reserve will keep interest rates unchanged by August is 91.1%, the probability of a cumulative interest rate cut of 25 basis points is 8.8%, and the probability of a cumulative interest rate cut of 50 basis points is 0.1.

Golden Encyclopedia

▌What is Optimism

Optimism is an Ethereum-compatible Layer 2 project that hopes to solve Ethereum's scalability problems while functioning similarly to the Ethereum blockchain. Optimism is an Ethereum Layer 2 scalability solution led by the Optimism Collective, an organization of dedicated communities that aims to build a vision of a fair Internet. The organization covers all branches of Optimism, such as OP Labs, OP Chains, and the Optimism Foundation.

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.