Golden Weekly is a weekly blockchain industry summary column launched by Golden Finance. The content covers key news of the week, market and contract data, mining information, project trends, technology progress and other industry trends. This article is a project weekly, giving you an overview of the progress of mainstream projects and star projects this week.
Bitcoin
Ten U.S. spot Bitcoin ETFs experienced net outflows for the first time in a full week
According to Spot On Chain monitoring, on March 22, 2024, the U.S. spot Bitcoin ETF had a net outflow of US$52 million. This is the first time there has been a full week of net outflows so far. The total outflow of 10 spot Bitcoin ETFs is US$888 million; the cumulative net inflow after 50 trading days is currently US$11.27 billion; the single-day net inflow of IBIT is only US$18.9 million. , hitting the lowest inflow on the 20th, even lagging behind EZBC and BRRR.
JPMorgan: Bitcoin could fall to $42,000 after halving
A report from investment bank JPMorgan says Bitcoin (BTC) Still in overbought territory. Cryptocurrencies have been suffering losses since the beginning of the week. Bitcoin positions improved slightly on Thursday, but on Friday, BTC had fallen to $64,808. JPMorgan analysts predict that pressure will intensify in the coming days. They did not rule out Bitcoin falling below $50,000 if sellers become more active. After the halving, the pressure will not weaken, it will only increase. Therefore, the digital currency may fall to $42,000. JPMorgan head of research Nikolaos Panigirtzoglou said futures prices remain higher than spot prices, suggesting the asset is overbought.
BlackRock: Bitcoin and Ethereum are the first choice for customers, and other crypto products have received little attention
Fox reporter Eleanor Terrett revealed that BlackRock Digital Robert Mitchnick, head of assets, explained how the asset management giant is considering cryptocurrency products. Mitchnick pointed out that Bitcoin is undoubtedly the top priority for our customers. This is followed by Ethereum, with other cryptocurrencies receiving less attention. He said that while the cryptocurrency community would like to see BlackRock launch more other crypto products, he made it clear that this is not our main focus area.
Meitu Financial Report: Loss of 170 million yuan and 94.8 million yuan respectively from investing in Bitcoin and Ethereum in 2023
Meitu recently disclosed its 2023 performance , achieving revenue of approximately 2.696 billion yuan, a year-on-year increase of 29.27%; adjusted net profit attributable to the parent company was 370 million yuan (excluding the impact of cryptocurrency impairment reversals and other effects), a year-on-year increase of 233.2%. However, Meitu is still losing money on cryptocurrency investments. In 2023, Meitu lost 170 million yuan and 94.8 million yuan respectively when investing in Bitcoin and Ethereum. In 2022, it lost 198.2 million yuan and 86.6 million yuan respectively.
Meitu said that the company's total revenue and net profit growth were mainly due to AI driving the growth of its main business revenue.
JPMorgan Chase: Looking only at the flow of ETFs to infer the Bitcoin market and investment direction is misleading
JPMorgan Chase believes that looking only at the flows of ETFs is misleading It is misleading to infer the Bitcoin market and investment direction. Its latest research data shows that since the beginning of 2024, Bitcoin fund inflows have reached US$10.6 billion, while physical gold ETFs have outflowed US$7.6 billion. However, this phenomenon cannot explain the funds. transfer. JPMorgan Chase pointed out that the outflow of gold ETFs is mainly due to individual investors buying gold bars, while the growth of Bitcoin ETFs is mainly due to investors transferring funds from their original Bitcoin wallets. This estimate underestimates individuals and private investors. Investors were buying gold in the form of bars and coins while overestimating their Bitcoin purchases.
Ethereum
The U.S. SEC launches a legal campaign to classify Ethereum as a security< /strong>
The U.S. Securities and Exchange Commission (SEC) is launching a legal campaign to classify Ethereum as a security, according to U.S. companies that have received subpoenas related to the investigation. The SEC’s Ethereum investigation involves requiring companies to provide all documents and financial records of their dealings with the Ethereum Foundation. The U.S. Securities and Exchange Commission's (SEC) investigation into the Swiss-based Ethereum Foundation comes amid the blockchain's shift to new governance called proof-of-stake in September 2022, according to a person at one of the companies that recently received a subpoena request. Mode started shortly after. The SEC does not comment on the existence of a possible investigation, the SEC said in response to Fortune's request for comment.
The Ethereum Foundation has received voluntary information requests related to ETF approval and Coinbase and Binance enforcement
According to financial lawyer Scott Johnsson at The platform issued a statement stating that the Ethereum Foundation received a request for voluntary information, which may be related to the review of the spot Ethereum ETF or the law enforcement of Coinbase and Binance. The SEC’s stance on ETH has been untenable for some time, and the regulator is likely to have two options: to continue to maintain the ambiguity over whether ETH is a security for a while, or to make a decision. Judgment choice.
Google has shown Ethereum Name Service wallet balances in search results
Google now provides balance data from Ethereum Name Service in search results. In May 2023, Google introduced native support for Ethereum wallet balances. Initially, users can search for a specific public address and view wallet balances directly in the search results. As former ENS core team member Brantly Millegan pointed out, this functionality has now been extended to ENS domains.
However, this service does not appear to be universally available. Some users on X have noticed that it doesn't appear in search results. Millegan pointed out that this feature makes it easier to search for results when using private browsing mode or signing out of Google.
Ethereum core developers disclosed that there was a security vulnerability during the Dencun upgrade, which has been resolved
Ethereum core developers disclosed that the Ethereum mainnet has been merged from A security vulnerability existed during the recent Dencun hard fork. This vulnerability can be exploited to perform a denial of service attack. The vulnerability occurs because of the different RPC communication message size limits established after the merger. This vulnerability allows some clients to create blocks that exceed the RPC size limit while still being valid for other clients, thus breaking consensus. It could cause a chain split, resulting in a potential loss of rewards for block proposers. The developers addressed the vulnerability by standardizing and increasing the RPC message size limit for all clients.
The U.S. SEC once again postponed its decision on the Grayscale Ethereum Futures ETF
The U.S. Securities and Exchange Commission stated in a document submitted on Friday that the The agency delayed its decision on whether to approve Grayscale’s Ethereum futures ETF application. The new deadline is May 30. The SEC stated that the Commission believes it is appropriate to specify a longer period for issuing an order approving or disapproving the proposed rule change to allow the Commission sufficient time to consider the proposed rule change and the issues raised therein.
Other projects
Bitcoin L2 project BVM will release the AI platform Truly Open AI
Bitcoin L2 project BVM said it will release the AI platform Truly Open AI, allowing users to deploy AI models on the blockchain for cryptographic applications. It is reported that the platform’s storage model is built in cooperation with Filecoin, Near, Avail, Polygon and Syscoin.
Uniswap: 97.5% of transactions under $125,000 perform better on the Layer 2 network than Ethereum
Decentralized exchange Uniswap releases A research report on the advantages of Uniswap transactions in the Layer 2 network. Research shows that 97.5% of transactions under $125,000 perform better on Layer 2 networks than Ethereum. The Layer 2 network also has a 75% higher liquidity concentration than Ethereum, making liquidity providers more capital efficient. Due to lower transaction costs, liquidity providers can rebalance their Uniswap positions more frequently.
On average, liquidity providers operating across the full price spectrum on Layer 2 enjoy approximately 20% higher arbitrage profits than on mainnet. These research data were drawn before the Dencun hard fork, suggesting greater efficiency with the introduction of blob transactions.
Ethereum core developers agree to add EIP-7251 to the Electra upgrade
Ethereum core developers agree to add EIP-7251 to the Electra upgrade to increase the maximum effectiveness Balance EIP-7251, this update also known as Max EB, allows validators to hold valid balances between 32 and 2,048 ETH. Currently, validators whose balance exceeds 32 ETH will not be activated and will not receive proof and verification rewards. With the increase in rewards, validators can now earn consensus layer rewards for balances above 32 ETH. Any balance over 32 ETH will be slashed.
The update also reduces operational overhead for large minters by minimizing the number of validators required. The core developers are also considering including EIP-7547 in the Pectra upgrade.
Litecoin releases Litecoin Core v0.21.3rc3: fixes CPU denial of service vulnerability exploitation, etc.
According to official news from the Litecoin Foundation, Litecoin releases Litecoin Core v0 .21.3rc3, which is also the release candidate for Litecoin Core 0.21.3, this version includes new features and various bug fixes as well as important security updates, fixes allow attackers to cause remote bandwidth and CPU denial of service vulnerabilities, while adding MWEB light clients End-to-end p2p messages, as well as build changes for macOS, mainly update the macOS build SDK to Xcode 12.1 and increase the minimum macOS version to 10.15.6.
Coinbase CEO: The encryption industry has created multiple mainstream use cases such as NFT and DeSo in the past five years
Coinbase CEO Brian Armstrong issued an article stating that authoritative sources said , cryptocurrencies have no real uses other than speculation and illegal activities. However, 400 million people around the world, including more than 50 million Americans, have purchased cryptocurrencies, and third-party data shows that illegal activity accounts for less than 0.5% of transaction volume. Over the past 5+ years, the crypto industry has been working hard to build infrastructure to update the financial system and expand the utility of cryptocurrencies, including the following mainstream use cases:
-Digital USD: USD-backed stablecoins currently have a market value of over $100 billion;
- Fast, cheap global payments: USD stablecoin transaction volume approaches $9 trillion annually, more than Mastercard, American Express, and Discover combined;
-Creative business models such as NFTs, whose total sales have exceeded $62 billion;
- Decentralized Social Media: Although still in its early stages, Decentralized Social Media (DeSo) ensures that users own their data rather than being controlled by big tech companies and avoid censorship.
Armstrong said that cryptocurrency is not only a new asset class, but also the future of money. This future will be more open, free, efficient, and powered by cryptocurrencies. Cryptocurrency is the most important technology that is renewing the global financial system.
Additionally, Armstrong called on the community to support pro-cryptocurrency candidates in the 2024 U.S. election through StandWithCrypto.org.
JinseFinance
Alex
Cointelegraph