Planet Daily | US spot Ethereum ETF officially approved; Gensler may resign in early 2025 (07.23)

Headlines

US spot Ethereum ETF officially approved

The U.S. Securities and Exchange Commission (SEC) has notified at least two of the eight companies that have applied to launch the first U.S. spot Ethereum ETFs that their products can begin trading on Tuesday (July 23). Products from BlackRock, VanEck, and six other companies will begin trading on three different exchanges Tuesday morning: the Chicago Board Options Exchange (CBOE), Nasdaq, and the New York Stock Exchange, which all confirmed that they are ready to start trading.

Eric Balchunas, ETF analyst at Bloomberg, said: The spot Ethereum ETF has gone live with the SEC. Form 424(b) is being submitted, which is the last step, meaning everything is ready to start trading at 9:30 a.m. on Tuesday (9:30 p.m. Beijing time tonight). Game on.

Coinbase: Will provide custody services for 8 US spot Ethereum ETFs

Cryptocurrency trading platform Coinbase officially announced that today, the U.S. Securities and Exchange Commission (SEC) approved the applications of 9 spot Ethereum ETFs.

Following the approval of the spot Bitcoin ETF by the U.S. SEC in January this year, the approval of the spot Ethereum ETF marks another important milestone for cryptocurrencies, reflecting the continued innovation and increasingly mature regulatory environment surrounding crypto assets. Coinbase has also become a trusted partner and custodian for 10 Bitcoin spot ETFs and 8 newly approved Ethereum spot ETFs.

10x Research: Gensler may resign in January or February 2025

10x Research released a report stating that with Bidens withdrawal, a crypto-friendly government will take over the White House. Historically, this means that the SEC chairman resigns when a new government is elected, although SEC Chairman Genslers term will end on June 5, 2026. He is most likely to resign in January/February 2025.

Market News: NYSE ARCA Approves the Listing and Registration of Part of the Undivided Beneficial Common Shares of Grayscale Spot Ethereum ETF

According to market news, the New York Stock Exchange ARCA approved the listing and registration of common stock of part of the undivided beneficial interest of the Grayscale Ethereum Trust (ETH) in accordance with the Exchange Act of 1934.

Ethereum celebrates its 10th anniversary, ETH/BTC has increased more than 100 times in ten years

Justin Drake, an official researcher at the Ethereum Foundation, posted on X that today is Ethereum’s tenth birthday.
On July 22, 2014, Ethereum officially launched IC0. The fundraising price that year was 1 BTC for 2,000 ETH, without permission, VC, or lock-up. Ten years later, 1 BTC can be exchanged for less than 20 ETH, which means that ETH has increased more than 100 times relative to BTC in the past decade.

US election

CEHV Partner: Although Harris has no public position on cryptocurrency, many people associated with him have expressed support

CEHV partner Adam Cochran posted on the X platform that although Harris has not made a public position on cryptocurrency, many people associated with him have expressed support:
Buttigieg (potential running mate) said it should be a commodity rather than a security.
Shapiro (potential running mate) authorized cryptocurrency as “currency” in Pennsylvania during his tenure at the state banking department.
Montoya, one of her former advisors to the Advance Team, is a supporter of cryptocurrency.
Harris and Warren hate each other.

Biden concept meme coins fell across the board, THE JEO BODENS NFT floor price fell by more than 68%

Market information shows that as Biden announced his withdrawal from the election and will support Vice President Harriss campaign, Biden concept Meme coins fell across the board, including:
-JILLBODEN is currently trading at $0.00001776, down 76.1% in 24 hours;
-BODEN is currently trading at $0.009401, down 59.59% in 24 hours;
-HUNTBODEN is currently trading at $0.0001059, down 29.04% in 24 hours.
In addition, the floor price of THE JEO BODENS NFT series in the Solana ecosystem dropped to 0.050 SOL, a 24-hour drop of 68.02%.

Industry News

CSOP to launch Asia’s first inverse Bitcoin ETF in Hong Kong

CSOP Asset Management (CSOP) will launch Asia Pacific’s first cryptocurrency-linked inverse ETF, the CSOP Bitcoin Futures Daily (-1 x) inverse product, in Hong Kong on Tuesday morning.
Note: Inverse ETF, also known as short ETF or bear ETF, is an exchange-traded open-end index fund that uses leveraged investment tools such as stock index futures and swap contracts to achieve a certain multiple (such as -1, -2 or even -3) of the inverse of the target indexs daily returns.
Data shows that to date, inverse trading products on global cryptocurrency exchanges have attracted about $106 million.

IntoTheBlock: 93% of Bitcoin addresses are profitable again

IntoTheBlock posted on X that after Bitcoin’s strong rise to $67,000, 93% of Bitcoin addresses are once again in profit.

Market News: NYSE ARCA Approves Bitwise Spot Ethereum ETF Beneficial Common Stock Listing and Registration

According to market news, the New York Stock Exchange ARCA approved the listing and registration of common shares in which the Bitwise Spot Ethereum ETF has a beneficial interest in accordance with the Exchange Act of 1934.

Market Forecast

Analysis: Bitcoin traders prepare for a fat tail effect, focusing on Trumps Bitcoin conference speech

Options market activity on Deribit showed a significant increase in the “butterfly index,” indicating that the market is expecting more extreme volatility.
“This week, we’ll hear Trump speak at the Nashville Bitcoin Conference. As long as Trump is still leading the race, this is a potential catalyst for ‘something big’ to happen this week,” Greg Magadini, head of derivatives at Amberdata, said in an email. “The derivatives market seems to agree, and the pricing we’re seeing supports that narrative.”
“We don’t talk about it often, but what was notable this week was the spike in 25-delta wing volatility relative to ATM. This type of activity in the options market reflects expectations of higher Kurtosis or fat tails in the return distribution,” Magadini added.

CryptoQuant CEO: Bearish investors who held Bitcoin for 2 to 3 years have sold about 67% of their holdings

CryptoQuant CEO Ki Young Ju said in a post on X: “If you are selling Bitcoin now, you may not hold Bitcoin for more than 3 years because veteran holders will not sell.
- Bull investors (holding time 6 months to 2 years) sold most of their BTC holdings when Bitcoin was close to its previous all-time high;
- Bearish investors (holding period 2 to 3 years) sold about 67% of their holdings;
- Experienced investors (holding time > 3 years) who have experienced multiple cycles show all-time highs in UTXO supply across all age bands.”

Project News

OKX Web3 Wallet Mobile Officially Launches Meme Mode

OKX Web3 wallet mobile terminal has launched Meme mode, which aims to help users trade Meme tokens on Solana blockchain quickly, safely and for free on mobile terminals. It is reported that the OKX Web3 Meme mode does not charge any handling fees, adopts a decentralized custody solution, and simultaneously connects the market and currency details functions in the OKX Web3 wallet, providing users with a one-stop trading service on mobile terminals.
It is reported that the OKX Web3 wallet is a one-stop Web3 portal that now supports 100 popular public chains, with unified App, plug-ins and web pages.

MakerDAO related addresses transferred the last 2228 MKR to Binance

According to Embers monitoring, the MakerDAO-related address transferred the last 2,228 MKR to Binance, starting from March 18 and ending on July 22. In the past four months, the address has continued to transfer hundreds of MKR per transaction to transfer all 30,971 MKR (worth about 92.08 million US dollars) to the exchange, with an average transfer price of about 2,973 USDT.

The whale that was once the second largest PENDLE holder transferred 250,000 PENDLE to Binance

According to on-chain analyst @ai_9684 xtpa, the whale that was once the second largest holder of PENDLE transferred 250,000 PENDLE to Binance, worth $1.13 million. If sold, it will make a profit of $1.03 million.
The whale’s opening cost was only 0.35 USDT, and he opened the position at the low point of the bear market (2023.02.08 - 10.20); in the past three months, he has allegedly sold 2.68 million tokens (about 12.33 million US dollars) at an average price of 4.58 USDT.

Optimism announces Retro Funding 4 progress: Zora is redistributing 300,000 OP to its creator community

Optimism released some highlights about Retro Funding 4 on X:
-Zora is redistributing 300,000 OP to its creator community;
-sound.xyz will redistribute all of its Retro Funding grants to artists on the platform;
-30% of Retro Funding 4 rewards to builders on Mode;
-The Layer 3 team will reallocate the Retro Funding grant to the community.

TON Foundation and Animoca Brands’ Mocaverse Partner to Launch $20 Million Ecosystem Development Plan

The TON Foundation announced a partnership with Animoca Brands’ Mocaverse and MOCA Foundation to promote cross-ecological development and build TON into a major platform for content, games and communities, marking the next stage in the partnership between the two parties.
The TON Foundation, Mocaverse, and MOCA Foundation agreed to create a $20 million MOCA Coin and Toncoin reserve that will incentivize developer and user adoption of the TON ecosystem through joint incentives such as The Open League, hackathons, and accelerator programs.