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Review of this week | BitGo and BiT Global’s cooperation triggered a crisis of trust in WBTC; Putin signed a decree legalizing cryptocurrency mining

BlockBeatsBlockBeats2024/08/11 07:21
By:BlockBeats

Meson Network (MSN) was delisted after a 98% drop in price in 100 days. The founder's addiction to consumption caused community condemnation; Ethereum core developers questioned the significance of the crypto industry; this week, the international economic environment caused Bitcoin and Ethereum prices to experience large fluctuations; X platform tested payment services involving transactions, balances and transfers; Ronin Bridge was attacked and about 4,000 ETH were stolen, and some funds were returned

BlockBeats will organize the key industry news content of the week (8.5-8.11) in this article, and recommend in-depth articles to help readers better understand the market and learn about industry trends.


Important News Review

BitGo and BiT Global Create Joint Venture to Provide Multi-Jurisdictional Custody for WBTC

On August 11, BitGo and BiT Global announced that they are creating a joint venture to diversify WBTC's custody and cold storage business across multiple jurisdictions. BitGo will become a minority shareholder in the new joint venture with a transition period of 60 days. The new solution will use the same BitGo multi-signature technology and cold storage technology used to protect Bitcoin since 2019. BiT Global is a regulated trust and company service provider (TCSP) headquartered in Hong Kong, with a strategic partnership with Justin Sun and the Tron ecosystem.


The news sparked heated discussions, with MakerDAO's new proposal considering closing new WBTC lending and reducing Spark's WBTC lending ratio to 0. Jupiter co-founder meow said that Bitcoin held by WBTC should not be used for other purposes, and hoped that BitGo would clarify the community's doubts. In response, Jusitin said, "I want to clarify the following points. BTC has not changed from before. Audits are conducted in real time. The minting process is entirely managed by custodians Bitglobal and Bitgo, following the same procedures as before. In short, Bitglobal and Bitgo will not sign any unaudited transactions. Keys are still protected using the same Bitgo cold wallet technology and offline keys, and are backed up in multiple countries and regions. My personal participation in WBTC is entirely strategic. I do not control the private keys of the WBTC reserves, nor can I move any BTC reserves."

The market suffered an "extreme cold" on Monday, and the stock market crashed. Bitcoin lost $50,000 and rebounded to around $60,000 four days later

On August 5, the price of Bitcoin ushered in a "waterfall" after nearly a week of continuous decline, with the lowest price hitting $49,000, a 24-hour drop of 18.5%. But just four days later, the price of Bitcoin recovered its lost ground and broke through $60,000. As for the reasons for the sharp drop, many analysts and institutions said that the global stock market crash and the yen interest rate hike, and the weakening of carry trading funds were important factors. On the same day, the Nikkei 225 index plummeted 15%, falling more than 5,400 points during the day; South Korea's KOSPI index fell 8%, the largest drop since 2008, triggering the circuit breaker mechanism. After the Japanese Topix index triggered the circuit breaker mechanism downward, Japanese government bond futures triggered the circuit breaker mechanism. Related reading: "Bitcoin fell 20% during the day, the market liquidated more than $1 billion, is the bull market still there? ", "Global stock market panic plunge: The US economy is in recession, and Buffett has "half-retired""


On August 7, Shinichi Uchida, deputy governor of the Bank of Japan, said that the Bank of Japan would not raise its policy interest rate if the financial market was unstable. Related reading: "Arthur Hayes: Is the Bank of Japan out of trouble? How will it affect the crypto market? ", "The Japanese government's $20 trillion arbitrage transaction finally exploded"


The price of Ethereum collapsed, wiping out all gains this year. The community rumored that Jump Trading was one of the "culprits"

On August 5, the price of Ethereum fell to $2,272, wiping out all gains this year, which is equivalent to the starting price of the K line on January 1, 2024. During the Ethereum crash that day, a large amount of liquidation occurred, and 25 addresses were liquidated for a total of 63,732 ETH (about $150 million). The community speculates that the crypto market maker Jump Trading is one of the "culprits" that caused this big drop. From July 25 to date, Jump Trading has redeemed 83,000 wstETH, of which 66,000 ETH (about $191 million) have entered the trading platform. Jump Trading's current stablecoin position accounts for 96%, with a total position value of $595 million.


BitMEX co-founder Arthur Hayes posted on social media that he learned through news channels in the traditional financial field that a "big guy" fell and sold all his crypto assets. At present, most of the community speculates that it refers to Jump Crypto. Fortune reported on June 20 that the U.S. Commodity Futures Trading Commission (CFTC) is investigating Jump Crypto. Related reading: "The "culprit" of the currency circle collapse has appeared, and the top market maker Jump has become the target of public criticism?", "Jump Crypto Past: An intern was promoted to president in 4 months, and now it is time to step down", "In addition to ETH and SOL, what other tokens are deeply bound to Jump? 》

Meson Network (MSN) was delisted from OKX only four months after it was launched, and its price plummeted by 90%; the community revealed that its founder was addicted to pleasure and inaction

Meson Network was launched on OKX Jumpstart at the end of April this year. Its token reached a high of $10 after it was launched, and then fell all the way to less than $0.2 by the time it was delisted, with an FDV of only $12 million. According to official information, Meson Network announced at the end of January this year that it had completed strategic financing at a valuation of $1 billion, led by Presto Labs. The community revealed that its founder was addicted to consumption and pleasure after completing the financing, buying yachts and luxury cars, etc., and the price of the project development progress token plummeted.


On the same day, meson.network responded to the community's doubts and said that it had noticed the recent news and the concerns it caused. From an official perspective, it is committed to maintaining a high signal-to-noise ratio strategy, where the signal is the product, business model and cash flow, and the noise includes anxiety-provoking issues. Many projects and individuals have succumbed to external pressure and interference and ultimately lost their due value. meson.network will not make the same mistake and will remain steadfast in its beliefs for the long term.


Ethereum core developer: I often wonder if I have chosen the wrong industry

Péter Szilágyi, head of Geth development and a member of the Ethereum Foundation, said, "I often wonder if I have chosen the wrong industry. For example, SpaceX, they sent rockets to Mars... All the results have brought progress. In contrast, the encryption industry is simply a casino for fools (apologies to a few exceptions)... Everyone wants to be the next Vitalik, no one wants to build useful things, everyone just thinks about how to extract value... I haven't seen any substantial value creation. This industry should have started to create something really useful that people are willing to use, otherwise it should be closed down. At least Bitcoin tried (although it failed) to become a safe-haven asset. But the others are all selling shovels, and there is no sign of a gold rush at all."


The number of initial jobless claims in the United States last week fell by the largest amount in nearly a year

The number of initial jobless claims in the United States for the week ending August 3 was 233,000, and the expected number was 24. The previous value was revised from 249,000 to 250,000, the lowest since the week of July 6. On August 8, the number of initial jobless claims in the United States last week fell by the largest amount in nearly a year, which may ease some people's concerns that the labor market is cooling too quickly. Last week's lower-than-expected non-farm report led to a global market sell-off and triggered calls for the Federal Reserve to start cutting interest rates before the September meeting. Initial claims data fluctuate at this time of year due to summer vacations in schools and restructuring of auto factories.


BlackRock, Grayscale and Bitwise jointly proposed to the NYSE to launch Ethereum spot ETF options trading

On August 7, Nasdaq trading platform and the world's largest asset management company BlackRock plan to launch options for its spot Ethereum ETF and trade them. The deadline for comments on the proposal is 21 days. Bloomberg analyst James Seyffart said that the US SEC may make a final decision on the proposal in early April 2025.


Binance will list Toncoin (TON)

On August 8, according to the official announcement, Binance will list Toncoin (TON) at 18:00 (Eastern Time) on August 8, 2024, and open the following spot trading pairs: TON/BTC, TON/USDT, TON/FDUSD, TON/TRY.


Russian President Putin signed a law legalizing cryptocurrency mining; and said that cryptocurrency is full of prospects and Russia must "seize the opportunity"

On August 8, according to TASS, Russian President Putin signed a law legalizing cryptocurrency mining in Russia. The signed law introduces new concepts, including digital currency mining, mining pools, mining infrastructure operators, address identifiers, and individuals who organize mining pool activities. According to the document, only registered Russian legal entities and individual entrepreneurs are entitled to mine. Individuals who are not included in the register but do not exceed the energy consumption limit set by the Russian government are also entitled to engage in cryptocurrency mining. Foreign digital financial assets can be traded on the Russian blockchain platform, and the Russian Central Bank will have the right to ban certain issuances if they are found to pose a threat to Russia's financial stability. Earlier, Putin discussed the introduction and use of cryptocurrencies with the government at a meeting on economic issues. He pointed out that this is a promising economic field and Russia must "seize the opportunity" to quickly establish a legal framework and supervision, develop infrastructure, and create conditions for circulation. Related reading: "Polar Bear's Turn: Legalization of Russian Mining is Expected to Reshape the New Global Crypto Market Landscape"


Trump's promise to fire the chairman of the US SEC on his first day in office may face obstacles; Harris's approval rating has rebounded

On August 6, according to Fortune, Tonya Evans, a professor at the Dickinson School of Law at Pennsylvania State University, pointed out that Trump declared at the Bitcoin 2024 Conference that if elected president, he would fire Gary Gensler, chairman of the US Securities and Exchange Commission, on the first day and push the federal government to hold Bitcoin. However, the promise to fire Gensler faces many obstacles. The dismissal procedure is very complicated, and Trump must prove that Gary Gensler has been inefficient, derelict of duty, or malfeasance before he can initiate the dismissal procedure. Although some politicians and crypto industry representatives believe that Gensler's performance is poor and that there is reason to fire him, the whole process may take months, even longer than Gary Gensler's five-year term. Therefore, unless Gary Gensler resigns on the first day, his departure will not be realized quickly.


Trump's second son plans to launch a crypto project, and the price of related memes has experienced a "roller coaster" due to his remarks

On August 7, Eric Trump, the second son of former US President Donald Trump and current executive vice president of the Trump Group, posted on social media, "I really fell in love with cryptocurrency/DeFi (decentralized finance). Stay tuned for major announcements." On August 9, he said, "Be careful of fake tokens. The only official Trump project has not yet been announced, and the news will be announced on Twitter as soon as possible." On the same day, he said in a live Q&A session on the subscription platform Locals that he personally likes Memecoin and this culture, but Meme cannot be confused with the project they are going to do. The rumors about Restore The Republic (RTR) and their project are "absolutely false", and the token has nothing to do with the project he and Eric Trump are building. The project will be a non-Memecoin project designed for "long-term development", and they will announce it directly when they are ready.


Synthetix liquidation member lost all SNX due to liquidation and received about $112,000 in donations from the founder

Former Synthetix liquidation member SynthaMan said that he lost all SNX due to liquidation. He has held SNX since IC0 and has never sold one, but now he has nothing. As a father of a family of five, he admitted that he didn't know how to make a living. He also mentioned that if someone is willing to donate or lend him money until his ILV is unlocked in September, it can be sent to the wallet address. On August 7, Kain Warwick, the founder of Synthetix, funded 2,000 ILVs ($86,000) to SNX liquidation member SynthaMan. SynthaMan received about $112,000 in donations in 2 days.


Ronin Bridge was attacked and about 4,000 ETH were stolen. Later that day, it was announced that the white hat hacker returned some assets

On August 6, according to Paidun monitoring, Ronin Bridge was suspected to have been attacked and about 4,000 ETH were stolen, worth about 10 million US dollars. Community users said that they were currently unable to display assets and withdraw cash. Later, Ronin COO Psycheout said that they were investigating hackers' reports on potential MEV vulnerabilities. The Ronin Network bridge has been suspended and Ronin Bridge's current $850 million in funds are safe. According to SlowMist, the reason for the total vulnerability of Ronin Bridge was that the weight was modified to an unexpected value, and the funds could be withdrawn without any multi-signature threshold check. On the same day, the white hat hacker returned about $10 million in ETH, and USDC is expected to be returned later. The Hole Bounty Program will reward white hat hackers with a bounty of $500,000. The Ronin bridge will be audited before reopening, and updates will be provided as the audit progresses.


It is reported that the relevant addresses of the Ronin project have been hacked twice before: in February 2024, the wallet address of the co-founder of Axie/Ronin was hacked and lost $9.7 million; on March 29, 2022, the Axie Infinity sidechain Ronin issued a statement that the validator node was hacked, 173,600 ETH and 25.5 million USDC were stolen, with a total amount of approximately $615 million.


Arthur Hayes: No matter who is the president of the United States, the government will print money and benefit cryptocurrencies

On August 6, BitMEX co-founder Arthur Hayes said in an interview with DL News that it does not matter to the crypto industry whether Trump or Harris wins the next US presidential election. Regarding Bitcoin and monetary policy, Hayes said that both the Trump and Harris governments will print money; they just have different ways. But money will be printed, so cryptocurrencies will rise, the road may be very bumpy, but in the end we know where it will go. In addition, regarding Gary Gensler, chairman of the U.S. Securities and Exchange Commission, Hayes said that this is a political issue, Gensler is not the problem, and the SEC is not the problem. If the regulatory rules that you are not satisfied with from the beginning still exist, then firing Gary Gensler will not have any effect because your elected representatives choose to consider other things instead of developing a framework for cryptocurrencies. Regarding the Bitcoin reserve plan, Arthur Hayes said that even if Trump is elected, this is almost impossible to achieve. Related reading: "Exclusive Interview with Arthur Hayes: Bitcoin Strategic Reserve Plan is Impossible, the US Government Will Buy Gold First"


Paris Olympic Venues Under Cyberattack, Hackers Demand Cryptocurrency to Pay Ransom

On August 7, according to Decrypt, hackers launched a cyber attack on the 2024 Paris Olympic venues and dozens of museum shops in France, and allegedly demanded ransom in cryptocurrency. Last weekend, cyber attackers exploited the data processing systems of about 40 French tourist attractions to collect sensitive financial data from these tourist attractions. The attacked tourist attractions include the Grand Palais Museum, which will host the martial arts and fencing competitions of the 2024 Paris Olympics. The hackers threatened that unless a cryptocurrency ransom was paid, they would leak the financial data of the travel website.


60% of the top 50 cryptocurrencies have wiped out their gains in the past year

On August 6, crypto analyst Binhdangg posted on X that after Black Monday, 60% of the top 50 currencies have wiped out all gains since the beginning of 2024, and even suffered losses. Coins that have performed poorly year-to-date include: ADA down 44.45%, AVAX down 45.92%, DOT down 46.41%, LINK down 32.94%, MATIC down 57.40%, ICP down 43.68%, XLM down 29%, APT down 44.18%, OKB down 37.53%, HBAR down 34.92%, FIL down 50.12%, ATOM down 53.70%, VET down 34.04%, IMX down 42.27%, ARB down 67.12%, INJ down 53.63%, OP down 64.51%, and SUI down 24.71%, which is a huge challenge for all altcoin investors.


Brazilian Securities and Exchange Commission has approved the issuance of the world's first Solana spot ETF

On August 8, according to Cointelegraph, the Brazilian Securities and Exchange Commission (CVM) approved the issuance of the world's first Solana spot ETF, which is provided by QR and will be managed by Vortx. The Solana ETF approved by CVM will use the CME CF Solana Dollar Reference Rate F as the reference price, which is intended to provide a reliable and transparent measure of the value of Solana (SOL) against the US dollar (USD).


Buffett's Berkshire Hathaway cash reserves exceed Ethereum market value

On August 5, Buffett's Berkshire Hathaway reduced its Apple stock holdings by nearly half in the second quarter, from 789 million shares in Q1 to about 400 million shares, with an overall net sale of $75.5 billion worth of stocks, bringing its cash reserves to a record $276.94 billion, including cash equivalents. On August 5, based on the Ethereum price of $2,310 (which fell to $2,100 this morning), the market value was approximately $276 billion. Related reading: "Cash reserves have exceeded the market value of Ethereum, taking stock of Buffett's "escape from the top" record in the past 20 years"


Affected by the market crash, Ethereum L2 total locked value (TVL) fell 16.23% in 7 days

On August 8, according to L2BEAT data, Ethereum Layer2 total locked value (TVL) fell to 34.75 billion US dollars, a 7-day drop of 16.23%. Among them, the top three locked values are: Arbitrum One (US$14.12 billion, a 7-day drop of 15.17%); Base (US$6.08 billion, a 7-day drop of 13.26%); OP Mainnet (US$5.32 billion, a 7-day drop of 14.81%)


X platform was exposed to test payment services: involving transactions, balances and transfers

On August 7, developer Nima Owji tweeted yesterday that Musk's X platform will launch XPayments payment services, involving transactions, balances and transfers. Musk previously revealed plans to provide financial services on the X platform, including deposits, transfers to others, access to high-yield currency markets, and more.


Celsius sued Tether for the return of $2.4 billion worth of Bitcoin, and Tether responded that it would defend Celsius' "extortion" lawsuit

On August 10, Celsius Network Limited filed a lawsuit against Tether Limited and some of its affiliates in the United States Bankruptcy Court for the Southern District of New York through Blockchain Recovery Investment Consortium, LLC, demanding that Tether return approximately $2.4 billion worth of Bitcoin. Tether said the allegations in the lawsuit stemmed from an agreement in 2022, under which Tether provided Celsius with USDT at its request. Celsius provided Bitcoin (BTC) to Tether as collateral. When the price of Bitcoin began to fall in June 2022, the agreement required Celsius to provide additional collateral to avoid liquidation of its Bitcoin. When Celsius chose not to provide additional Bitcoin, it instructed Tether to liquidate its Bitcoin collateral to close its approximately $815 million USDT position held in Tether. Tether said it would respond to this "artificially fabricated and baseless" extortion lawsuit in court, and would actively defend itself against the unfounded accusations against it and expect to win the lawsuit.


Hot Articles This Week


What's Wrong with the Crypto Industry?

Since 2024, the market has experienced several ups and downs. Retail investors lost money, VCs cried poor, and many project parties ran away. The violent bull market that everyone expected did not arrive as expected. The Bitcoin ETF has been up and down since its approval, and the altcoins are even more difficult to describe. Recently, Ethereum core developers have raised questions, have they entered the wrong industry? What happened to blockchain? Crypto KOL Ryanqyz made a comprehensive review of VCs, project parties, new and old projects, exchanges, etc. in this cycle on X, trying to find the reasons for the current situation.


《Annual revenue has been reduced by more than 90%. Can Ethena survive this round of hell market? 》

The market crash at the beginning of this week made the originally cold crypto market worse, and the DeFi field, which had no improvement, was hit hard. According to DeFiLlama data, Ethena Labs' revenue has shrunk significantly since March, with monthly revenue currently only $1.03 million, down about 96% from the peak of $26.26 million. If calculated based on current revenue (revenue in the past 30 days x 12), Ethena Labs' annual revenue is only $12.55 million. Ethena has made TVL exceed several billion dollars in a very short period of time, and its rapid growth has caused panic in the community. Opponents' views are nothing more than questioning USDe's ability to resist risks in the environment, believing that its value is greatly affected by market conditions. Ethena was born at the last moment of the bull market, but the ensuing bear market continues to test Ethena's ability to withstand pressure. Now that the funding rates of Bitcoin and Ethereum are negative, the annual revenue of the protocol is also shrinking. Whether Ethena can withstand the huge market correction and prove the availability of its mechanism still needs time to consider.


《Japan's $20 Trillion Carry Trade Finally Explodes》

At the end of last year, when the yen carry trade cycle was still in its relatively early stages, some media outlets argued that the Japanese economy was effectively dead, and the only thing missing was an announcement of when it would happen. The reason: the $20 trillion carry trade that the Japanese government had been participating in for the past 40 years was a giant time bomb, and once it exploded, the Bank of Japan was doomed. The collapse of these trades would require central banks to coordinate a rescue operation within days. Not surprisingly, central banks around the world had no idea what was going on, usually panicked afterwards, and unleashed a historic wave of rate cuts within weeks to stabilize the situation. This time the carry trade has broken, and the Bank of Japan can either do nothing and watch the economy collapse, or panic and reverse last week's foolish rate hike and increase easing to curb the crash that just pushed the Nikkei into a bear market; in either case, however, it will be game over for Japan.


《Aidatify: Fake VC "invests" in a $17.5 million AI project》

This week, a media report reported such a news: Aidatify, a full-chain AI aggregator, completed a $17.5 million Series A financing with a valuation of $150 million, led by SMCapital. The author of this article raised doubts after seeing the news, and then confirmed through investigation and research that the project was indeed a "fake" project invested by a fake VC. BlockBeats would like to remind readers not to blindly rely on information from a single source, but to conduct multi-party cross-verification to ensure the accuracy of the information and avoid being deceived.


《After the 8.5 crash, what did the big investors buy at the bottom? 》

On August 5, the global capital market suffered a historic plunge. Although the market has recovered, the shadow of "Black Monday" has not yet dissipated. This article sorts out the trading trends of whales with a single swap transaction amount of more than 100,000 US dollars on the Ethereum chain from August 5 to August 6, to see which tokens the whales bought/sold during this wave of plunge.


《What operations did the six major market makers carry out before and after the "85" crash? 》

In addition to the influence of macro factors such as traditional financial markets, the sell-off of the top market maker Jump Trading was once considered an important factor in causing the "85" decline in this big crash on Monday. So, before and after Jump sold off the market and fell, what operations did other top crypto market makers have? Did they follow the trend and sell ETH, hold a large amount of stablecoins for risk aversion, or buy high-quality assets at the bottom? This article analyzes the on-chain public addresses of the other 6 major market makers from a data perspective, analyzes their position changes before and after the "85" crash, and summarizes them for readers' reference.


《The "culprit" of the currency circle collapse appeared, and the top market maker Jump became the target of public criticism? 》

This Monday, global financial markets collapsed across the board. Nvidia fell 14% in the night session, and the stock markets in Japan and South Korea were even more tragic at a historical level, and the market was in a mess. The liquidation volume of DeFi platforms soared to US$320 million, a record high for the year. As for the reasons for this plunge, many voices and eyes have focused on the top market maker Jump Trading. At the end of 2021, Jump's address had nearly US$10 billion, but now there are only less than US$600 million in assets in this address, and it has shifted significantly to stablecoins, with USDC and USDT holdings accounting for 96%. Why did Jump, which was once gradually opening up, return to its mysterious state three years ago and become "hidden" again? After reading this article, you may be able to find some clues.


《Jump Crypto Past: Intern promoted to president in 4 months, now the time to exit has come》

In June this year, Fortune reported that the U.S. Commodity Futures Trading Commission (CFTC) was investigating Jump Crypto. Just a few days after the news broke, Kanav Kariya, then president of Jump Crypto, announced his resignation. This inevitably aroused people's attention and speculation. The article reviews how Kanav Kariya was promoted from an intern to president in 4 months. All signs indicate that Jump is no longer the cryptocurrency giant it once was, and the time to exit may have come.


《In addition to ETH and SOL, what other tokens are deeply bound to Jump? 》

This week, the crypto industry once again ushered in the "darkest moment", with BTC falling below $49,000 at one point, and the daily decline approaching 20%. Looking into the reasons for the plunge, in addition to the influence of macro factors, Jump's potential black swan is also seen as an important driving factor for the market decline. As one of the industry's major service providers and the most active investment institutions, if Jump falls, it will inevitably have a huge impact on the market, and projects that directly invest and work with the institution may be the first to bear the brunt. This article sorts out the major tokens that are most deeply bound to Jump.


《Exclusive Interview with Arthur Hayes: Bitcoin Strategic Reserve Plan is Impossible, the US Government Will Buy Gold First》

In this article, Arthur Hayes delves into the current state and future direction of the cryptocurrency sector, analyzes the impact that Trump and his policy tendencies may have on the cryptocurrency sector, and emphasizes how different political leadership can affect the future development of cryptocurrency. He also talks about the impact of large financial institutions such as BlackRock entering the crypto market. He believes that whether the cryptocurrency market can still maintain its original intention and avoid leaning towards the centralization of the traditional financial system has become a question worthy of attention. In addition, Hayes expressed extremely high expectations for the future trend of Bitcoin prices, believing that the huge changes in the global monetary system will greatly push up the value of Bitcoin.


《Arthur Hayes: Is the Bank of Japan out of trouble? How will it affect the crypto market? 》

The biggest trouble for the Bank of Japan is how to sell its large amount of Japanese government bonds. As the yen depreciates, more and more investors around the world are encouraged to borrow yen and buy U.S. stocks and bonds. Because the leverage ratio is high, as the yen appreciates, everyone will rush to buy at the same time. Is the Bank of Japan out of trouble? At present, we can see that the positive force of liquidity is that after a quarter of net restrictive policy, the US Treasury will inject net dollar liquidity because it will issue Treasury bills and may deplete the total treasury account. The negative force of liquidity is: the strengthening of the yen. The unwinding of the trade leads to a coordinated global sell-off of all financial assets because increasingly expensive yen debts must be repaid. However, which force will be stronger depends on the speed of carry trade unwinding, which we cannot know in advance.


《Analysis: Once the "arbitrage spread" between Bitcoin ETF and futures disappears, BTC may be at risk of a sharp drop》

This article is an analysis of the Web3 market and major events by Herman, former Executive Director of Goldman Sachs' Asian FICC business. He pointed out that the current price of Bitcoin is mainly due to arbitrage between spot ETFs and futures contracts. Once the spread disappears, Bitcoin will be at risk of a sharp drop in the short term. At the same time, BTC is highly correlated with the U.S. stock market, and insufficient liquidity and high interest rates may also suppress the bull market in the altcoin market.


《JLP, the "best fixed-price bid" in the cryptocurrency circle, why is it so resistant to declines? 》

This year, Jupiter's perpetual contract platform JLP (Jupiter liquidity provider) has become one of the best performing and most profitable casinos. According to Dune data, the opening fee on August 5 alone reached $2.475 million, and each opening fee was only $0.0006. But according to flyingfish data, from the beginning of this year to date, players who play contracts on Jupiter have only earned a total of $3.7 million, and they have contributed $136.8 million in fees to JLP. On August 5, the market plummeted, crypto assets collapsed across the board, Ethereum wiped out the year's gains, and SOL also fell all the way to $110. However, in the case that the underlying assets are all Bitcoin, Ethereum and SOL, JLP's decline is smaller than the underlying assets. Many people began to wonder, why is JLP so resistant to declines? After reading the article, perhaps you can find the answer.


《Looking back at the history of the Fed's interest rate cuts, can this round of interest rate cuts pull Bitcoin back to the bull market? 》

On August 5, the Bank of Japan's interest rate hike triggered a violent shock in the global financial market. Japanese and US stocks collapsed, the Bitcoin panic index in the crypto market soared by nearly 70%, and the stock markets of many countries were circuit-breakers several times. Even the European and emerging market stock markets also suffered a significant blow. Under the huge market pressure, people began to seek a good way to alleviate the situation and called on the Fed to cut interest rates to save the market. The Fed's interest rate cut may come soon, which means that a "bigger" rate hike than the Bank of Japan is coming. This article reviews the history of the Fed's several interest rate cuts. Can this interest rate cut pull Bitcoin back to the bull market? Let's wait and see.


《Polar Bear's Turn: Legalization of Mining in Russia is Expected to Reshape the New Pattern of the Global Crypto Market》

On August 8, Russian President Vladimir Putin signed a law legalizing cryptocurrency mining in Russia. The law introduces new concepts, including digital currency mining, mining pools, mining infrastructure operators, address identifiers, and individuals who organize mining pool activities. Mining itself is recognized as a component of turnover, not the issuance of digital currency. Earlier, Putin also pointed out at the meeting on economic issues that this is a promising economic field, and Russia must "seize the opportunity" to quickly establish a legal framework and regulations to create conditions for the circulation of digital assets. Russia's adoption of new mining regulations is an important step in breaking through the Western economic blockade. Russia has chosen to embrace the decentralized world. In this emerging financial door, the spirit of equality and freedom behind Bitcoin may bring hope of rebirth to the Russian economy. The crypto world will also become more realistic with the participation of the "Polar Bear", showing the charming appeal of the cryptopunk world.


《What tools are smart money using to play meme? This is an advanced meme tutorial》

Amid the ups and downs of the market, meme has produced several golden dogs. Several screenshots of high returns on meme began to circulate in the community. Behind the few lucky ones, there are many runners-up who have been defeated repeatedly. The meme market is a field full of opportunities and challenges. In addition to luck, traders also need to have comprehensive abilities such as market insight, the use of technical tools, psychological quality, and flexible response to changes to obtain satisfactory returns. Among them, the ability to use tools can be improved quickly. In this article, BlockBeats sorted out some on-chain analysis tools designed specifically for meme transactions, which are suitable for meme coins with small market capitalization and not long ago, hoping to provide some help for traders who want to participate in the meme market.


《Solana Financial Report Debate: Is it a real loss or a misunderstanding caused by data dimensions? 》

This Tuesday, crypto KOL Bear Biscuit.eth posted on the X platform that Solana may face major hidden dangers and that the price of SOL will be difficult to return to $200. The article pointed out the continuous quarterly losses and the unlimited issuance of SOL exposed in Solana's financial report. The article caused a lot of retail investors to have FUD about SOL. The next day, crypto KOL Riyue Xiaochu refuted the view of Bear Biscuit.eth. He believed that SOL's inflation was within a reasonable range and would not hinder the rise in the price of the currency, and the loss was just a data illusion caused by the dollar denominated price.


《The most active community produces the most disappointing Launchpad, what did Jupiter do wrong? 》

Since the beginning of this year, the market has been extremely lacking in new narratives, and the short-lived bull market brought about by ETFs has not really injected new vitality into the crypto market. Meme has become the most profitable field, and the corresponding VC coins have been criticized many times. In order to restore value, value coins are looking for their own breakthroughs. "Community consensus" is the unified answer they give. Jupiter has invested a lot of energy in building and maintaining the community, and has also attracted enough attention to the community, but this attention does not seem to bring much value increment to JUP. At the end of July, Jupiter launched a new meme Launch-CAT Launch Mechanisms, and announced the first Launch project ASIANMOM, but the result was not successful. This article combines interviews with KOLs such as Irene Zhao and Crypto Wei Tuo to discuss the future development of Jupiter.


《Tether 2024 Q2 Financial Report: Earning nearly $30 million a day, but still at risk of "exit"? 》

Last week, Tether released its 2024 Q2 financial report. Tether's Q2 net operating profit reached $1.3 billion, and its profit in the first half of 2024 was as high as $5.2 billion, a record high. Since its establishment in 2014, Tether, which has experienced many crypto-currency storms and regulatory FUD, has now grown into a behemoth. However, Tether's future is not "too big to fail." The view that Tether is FUDed due to regulatory compliance issues has never stopped. In addition to the hidden dangers of supervision, Tether has never lacked challengers. Although Tether and Circle currently occupy almost most of the stablecoin market, the stablecoin landscape is still subject to huge adjustments, providing disruptive opportunities for latecomers in terms of compliance, centralization risks, and how the benefits are distributed to users.


《Review of 15-year evolution of crypto venture capital: difficult but generally upward》

This article describes the dynamic evolution of venture capital in blockchain-related entities over the past 10 years, focusing on the shift of some companies to liquidity investments. In these investments, VCs did not acquire equity, but acquired tokens with vesting plans. In the early days of Bitcoin's development, from 2009 to 2012, venture capital had little interest in the crypto field. Therefore, this article starts the analysis from 2012. It is also worth noting that the long-term correlation between Bitcoin price and financing amount does not disappear until 2023. In addition, it also lists the first investments of top investment institutions such as a16z in the crypto field.


《Why has Cosmos never received as much attention as Solana? 》

This article is a reply from Cryptocito, co-founder of Stakecito, to the tweet of Rooter, co-founder of Solend and Suilend, about "Why has Cosmos never received as much attention as Solana?" The article mentions the reasons that Cosmos is not equal to Cosmos Hub, the inaction of the Interchain Foundation, and the lack of a "unified currency" in the ecosystem, and gives some suggestions for improvement.


《A look at 10 new projects worth paying attention to on Arweave's new chain AO》

Not many people have been talking about AO recently. Attention is crucial in the world of cryptocurrency, but AO is not a typical new cycle narrative. Most people don't realize how vibrant the AO ecosystem is. So, what's so exciting about AO? AO's vision is clear: to redefine the meaning of on-chain computing. It merges the idea of decentralization with the local state of each network process. This article summarizes the 10 AO projects that the author believes are worth paying attention to.


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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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