Headline
BitMEX co-founder claims rumors that a certain “big player” has been disposed of and sold all crypto assets, community speculates it refers to Jump Crypto
Odaily Planet Daily reports that BitMEX co-founder Arthur Hayes posted on X, stating that he learned through traditional financial channels that a certain “big player” has been disposed of and has sold all crypto assets. He added that he is unsure of the veracity of the information but would not disclose the specific name. The vast majority of the community speculates that he is referring to Jump Crypto.
Meeting to repair relations between U.S. Democrats and the crypto industry, led by Harris, to be postponed
Odaily Planet Daily reports that Forbes journalist Eleanor Terrett posted on X that a meeting hosted by California Congressman Ro Khanna to help U.S. Vice President Kamala Harris repair relations with the crypto industry will be postponed from this Monday to later this week, with the specific date yet to be determined.
Trump: U.S. government should not sell cryptocurrencies but should build them
Odaily Planet Daily reports that in an interview, Trump was asked about the U.S. government’s recent sale of cryptocurrencies and whether he would still support cryptocurrencies if he wins the November election. He stated that the U.S. government should not sell cryptocurrencies but should focus on building them. Additionally, Trump described cryptocurrencies as a “very modern currency” and compared them to artificial intelligence. He previously expressed a desire for the U.S. to become a major Bitcoin mining country. According to Arkham Intelligence, a wallet marked as belonging to the U.S. government transferred $2 billion worth of Bitcoin to an unknown wallet address last week. The U.S. government currently holds approximately $11.1 billion worth of cryptocurrencies. (The Block)
Market begins to price in unexpected early rate cuts by the Fed
Odaily Planet Daily reports that traders anticipate a 60% chance that the Fed will cut rates by 25 basis points within a week. (Jin Shi)
Industry News
F2 Pool: ASIC miners with a unit power consumption of 23 W/T or higher have fallen to shutdown prices
Odaily Planet Daily reports that Shenyu and F2 Pool posted on X that, based on a BTC price of $54,000 and an electricity cost of $0.07 per kilowatt-hour, ASIC miners with a unit power consumption of 23 W/T or higher will be operating at a loss.
Ethereum DeFi protocols clear over $350 million today, setting a historical record
Odaily Planet Daily reports that according to Parsec Finance data, the liquidation amount for Ethereum DeFi protocols has surpassed $350 million, setting a new record.
Since August 3, top 5 market makers have transferred over 130,000 ETH to CEX
Odaily Planet Daily reports that according to Scopescan monitoring, five leading market makers have transferred over 130,000 ETH directly or indirectly to CEX from August 3 to date. Among them: Wintermute: directly transferred 47,088 ETH to CEX and moved 51,972.19 ETH to other addresses on the mainnet; Jump Crypto: directly transferred 36,461.51 ETH to CEX and moved 28,232.79 ETH to other addresses on the mainnet; Flow Traders: directly transferred 3,620 ETH to CEX and moved 2,325.52 ETH to other addresses on the mainnet; GSR Markets: directly transferred 292.1 ETH to CEX and moved 233.63 ETH to other addresses on the mainnet; Amber Group: directly transferred 65.47 ETH to CEX and moved 15,444.48 ETH to other addresses on the mainnet.
Jump Trading has sold 83,000 wstETH since July 24, approximately $377 million
Odaily Planet Daily reports that according to Lookonchain monitoring, Jump Trading is selling 120,695 wstETH ($481 million), having sold 83,000 wstETH ($377 million) since July 24, with 37,604 wstETH ($104 million) remaining. The 120,695 wstETH ($481 million) represents funds successfully recovered from the Wormhole attackers.
On August 5, U.S. Ethereum ETFs experienced a net outflow of 22,779 ETH, Bitcoin ETFs saw a net outflow of 1,205 BTC
Odaily Planet Daily reports that Lookonchain monitored data for U.S. Ethereum and Bitcoin ETFs on August 5, showing: 1. Nine U.S. Ethereum ETFs experienced a total net outflow of 22,779 ETH, approximately $54.94 million, with Grayscale experiencing an outflow of 25,045 ETH, approximately $60.41 million, bringing Grayscale’s current holdings to 2,004,828 ETH, valued at approximately $4.84 billion; 2. Ten U.S. Bitcoin ETFs experienced a total net outflow of 1,205 BTC, approximately $65.49 million, with Fidelity experiencing an outflow of 1,661 Bitcoins, approximately $90.26 million, bringing Fidelity’s current holdings to 178,088 Bitcoins, valued at approximately $9.68 billion.
Binance: Projects issuing false listing statements will not be considered for listing in the future
Odaily Planet Daily reports that Binance issued a reminder on X, stating that users should only trust partnership and listing information released by Binance’s official channels and beware of false statements. Projects that issue false listing statements will not be considered for listing in the future.
Sun Yuchen denies rumors of leveraged positions being liquidated
Odaily Planet Daily reports that Sun Yuchen posted on X stating, “The rumors about our positions being liquidated are false. We rarely engage in leveraged trading strategies because we believe such trading does not benefit the industry significantly. Instead, we prefer to engage in activities that provide greater support to the industry and entrepreneurs, such as staking, running nodes, project development, liquidity provision, and providing TVL.”
Market news: Elon Musk restarts lawsuit against OpenAI and its CEO Sam Altman
Odaily Planet Daily reports that market news indicates The New York Times has disclosed that Elon Musk has restarted his lawsuit against OpenAI and its CEO Sam Altman, again claiming that OpenAI prioritizes profit and commercial interests over the public good. (Jin Shi)
Coinbase International reports over $38 billion in perpetual futures trading volume for July
Odaily Planet Daily reports that Coinbase International posted on X that as of the end of July, its monthly perpetual futures trading volume exceeded $38 billion.
In July, Bitcoin mining company Argo mined 48 BTC, with a mining profit margin of approximately 20%
Odaily Planet Daily reports that Bitcoin mining company Argo Blockchain PLC released its operational update for July 2024, reporting that it mined 48 BTC, averaging 1.5 BTC per day, consistent with June 2024. The company generated $3 million in mining revenue, with a mining profit margin of around 20%, slightly lower than the previous month due to lower hash prices achieved in July. (Bitcoin.com)
Project News
Binance Pay will gradually stop supporting Pay ID
Odaily Planet Daily reports that according to an official announcement, Binance Pay will gradually stop supporting Pay ID starting from August 6, 2024 (UTC). Users can continue to transfer or receive cryptocurrencies via Binance ID, email, or phone. Binance encourages users to switch to the available Binance payment methods mentioned above. The decision to gradually stop supporting Pay ID will simplify the Binance payment process to provide a better user experience. Note: Affected Binance payment products include transfers, multi-person transfers, merchant platform single payment, and merchant platform bulk payments; historical transaction records of transfers or receipts via Pay ID will be retained; the merchant payment API (Payout API) will continue to support Pay ID until further notice. Users are advised to switch to other available options as soon as possible.
Aave founder: Aave treasury earned $6 million through liquidation revenue
Odaily Planet Daily reports that Aave founder Stani Kulechov posted on X that the Aave treasury earned $6 million overnight through decentralized liquidations to maintain market security.
Ethena founder: USDe collateralization ratio remains above 101%, proof of custodial assets will be released this week
Odaily Planet Daily reports that Ethena founder Guy Young posted on X that USDe processed over $50 million in redemptions overnight, the largest redemption to date, with no issues occurring. The collateral assets and reserves of USDe maintain a ratio above 101% against the USDe supply. While the next monthly proof of custodial assets was originally scheduled for the end of the month, it will be released this week to provide greater transparency to the community.
Jupiter co-founder: Core improvements and new products will be launched in the coming months while expanding the team
Odaily Planet Daily reports that Jupiter co-founder Meow posted on X”In the coming months, we will implement core improvements, launch new social experiments, products, and spiritual movements, and double our investment in teams and talent. Our aim is not only to make Jupiter better but also to enhance the entire industry.”
Whales Market Founder: GM Release May Be Delayed Again, Monitoring Market Conditions
Odaily Planet Daily reports that Whales Market founder Dexter stated on the X platform that discussions have been ongoing with both primary and secondary market CEXs over the past two days, all of which advised against launching this month, especially if utilizing methods such as launchpool. They are currently monitoring market conditions, and if the current market trend continues, the GM release may be postponed again.
Zircuit: Total Supply of ZRC Token is 10 Billion, 7% Allocated to Q1 Airdrop
Odaily Planet Daily reports that Zircuit, which features AI-enhanced sorting security and EVM-compatible ZK rollup, officially announced a total supply of 10,000,000,000 ZRC tokens. The Q1 airdrop plan allocates 7% of the total supply to Q1 points, with 262,200 unique addresses eligible to claim. The snapshot for the Q1 airdrop will occur on July 7, 2024, at 16:00:00 UTC.
Solana On-Chain Mining Project ORE to Resume Mining on August 6 at 8:00
Odaily Planet Daily reports that the Solana on-chain mining project ORE announced on X that it will resume mining on August 6 at 8:00, marking the final phase of the ORE v2 launch.
Bubblemaps: Insiders Have Sold $6.5 Million NEIRO
Odaily Planet Daily reports that according to Bubblemaps monitoring, insiders have currently sold $6.5 million of NEIRO. Ethereum chain NEIRO snipers continuously sell through hundreds of addresses for decentralized holdings, averaging daily sales of $500,000. Previously, Bubblemaps reported that 78% of the NEIRO token supply on Ethereum was sniped upon release, distributed across 80 addresses, and later spread to 400 addresses, with individual sales rarely exceeding $3,000. This group of addresses still holds 66% of the total supply.
MATR1X Burns 200 Million MAX, Accounting for 20% of Total Supply
Odaily Planet Daily reports that MATR1X officially announced that 200 million MAX has been burned, accounting for 20% of the total supply; among them, 50 million came from the team and investors, 80 million from the community portion, and 70 million from the platform portion. MAX will start trading today at 18:00 on exchanges such as OKX, BingX, Bitget, HashKey Global, Kucoin, Gate, and Backpack.
Regulatory Trends
Traders Bet ECB Will Follow Fed with 50 Basis Points Rate Cut
Odaily Planet Daily reports that the money market has increased its bets on the Federal Reserve easing monetary policy, exceeding the expectations of policymakers. Shortly thereafter, the market also intensified its bets that the European Central Bank would follow the Fed’s lead in cutting rates. Traders currently believe there is a 60% chance the ECB will cut rates by 50 basis points in September, having already fully digested the expectation of a 50 basis points cut by the Fed in September. Meanwhile, the likelihood of a 25 basis points cut by the Bank of England is rising. These bets may continue as the market generally flees from risk assets, increasing safe-haven buying of bonds.
Fed’s Goolsbee: Rate Hike and Cut Options Remain on the Table, Will Respond to Economic Conditions
Odaily Planet Daily reports that Fed’s Goolsbee, when asked about an emergency rate cut, stated that options including both rate hikes and cuts have always been on the table. If the economy deteriorates, the Fed will take measures to address it. The extent of constraint on the Fed regarding real interest rates is at its highest in decades, and it will respond according to economic conditions. The Fed still maintains a balanced risk posture, must pay attention to the weakness in the labor market, and should adjust based on the overall situation; inflation has significantly decreased, and the employment situation is relatively good. Ahead of the September meeting, the Fed can wait for more data, as its duty is not to react to a month’s employment data.
Several U.S. Senators Urge CFTC to Ban Betting on Presidential Elections
Odaily Planet Daily reports that five U.S. senators and three House representatives once again called on the CFTC to prohibit betting on the 2024 presidential election. In a letter to CFTC Chairman Rostin Benham dated August 5, they stated that such a market “could influence and interfere with elections and further undermine public trust in democracy,” urging swift finalization and implementation of this regulation to prevent the commodification of U.S. elections. The letter was signed by Senators Jeff Merkley, Richard Blumenthal, Chris Van Hollen, Elizabeth Warren, Sheldon Whitehouse, as well as Representatives Jamie Raskin, John Sarbanes, and Eleanor Holmes Norton.
Japanese Finance Minister: Will Strive to Manage Economy and Finance and Collaborate with BOJ, Calmly Assess Current Situation
Odaily Planet Daily reports that Japanese Finance Minister Shunichi Suzuki stated that he will do his utmost to manage the economy and finance while collaborating with the Bank of Japan and calmly assessing the current situation. Positive signs have been observed in wages and investments in the Japanese economy.
Investment and Financing
Gaming Infrastructure Provider Cartridge Completes $7.5 Million Series A Funding, Led by Bitkraft Ventures
Odaily Planet Daily reports that gaming infrastructure provider Cartridge has completed $7.5 million in Series A funding, led by Bitkraft Ventures, with participation from Fabric, Dune, StarkWare, Primitive, and Ergodic. Following the completion of this funding round, Cartridge announced the launch of Dojo 1.0, an open-source development toolkit and framework for building verifiable games.
Voices of Influential Figures
Vitalik: Solving Cross-L2 Interoperability Issues Will Provide a Smooth User Experience for Ethereum
Odaily Planet Daily reports that Ethereum co-founder Vitalik Buterin stated on the X platform that people will be surprised at how quickly the “cross-L2 interoperability issue” has become a non-issue, as we are achieving a smooth user experience across the entire Ethereum ecosystem, including L1, rollups, validiums, and even sidechains. There is also significant energy and willingness to achieve this goal.
Ethereum Foundation Member: People Only Want to Extract Value from the Crypto Industry Without Building Anything Useful
Odaily Planet Daily reports that Péter Szilágyi, head of Geth development and a member of the Ethereum Foundation, expressed on social media that he often questions whether he chose the wrong industry. He compared it to SpaceX, stating that the crypto industry, in contrast, is merely a casino for “fools” with no contribution to humanity. Everyone wants to be the next Vitalik, but no one wants to build something useful; they only think about how to extract value. Only Bitcoin attempts (albeit unsuccessfully) to become a safe-haven asset, while others are merely selling shovels, showing no signs of a gold rush.
Binance CEO: Recent Declines in Cryptocurrency and Stock Prices Do Not Indicate Long-Term Negative Trends
Odaily Planet Daily reports that Binance CEO Richard Teng stated on the X platform that the recent significant declines in cryptocurrency and stock prices are influenced by macroeconomic factors. We believe this does not indicate a long-term negative trend. Due to the possibility of the Fed cutting rates and geopolitical fluctuations, the potential for market volatility remains high.
Circle CEO: Still Bullish, Focus Should Be on Technology, Industry, and Adoption Rather than Price Amid Global Macro Fluctuations
Odaily Planet Daily reports that Jeremy Allaire, co-founder and CEO of Circle, stated on X: “I am as bullish (on the crypto industry) as I was six weeks ago. Focus on technology, industry, and adoption. When facing global macro fluctuations, do not focus on the prices of digital assets unless you are just here to trade.”
Andrew Kang: Expects ETH Will Not Continue to Decline, While Overall Market May Further Decline
Odaily Planet Daily reports that Andrew Kang, co-founder and partner at Mechanism Capital, stated on X: “I will no longer bet that ETH will further decline. The overall market may still continue to decline, but it is best to focus on finding future buying opportunities.”
