The value of BTC held by the US government rises to $14.4 billion. Dencun upgrade completed

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

The value of Bitcoin held by the U.S. government rises to $14.4 billion

The U.S. government’s strategic accumulation of Bitcoin has resulted in a significant increase in unrealized gains, with the current value of its holdings estimated at $14.4 billion. With 210,392 BTC, the United States is one of the largest Bitcoin holders in the world. Ki Young Ju, head of CryptoQuant, pointed out that multiple government agencies, including the U.S. Department of Justice and the Internal Revenue Service, have not traded any Bitcoin since July 2023, which has resulted in their unrealized profits reaching 2.4 times. Arkham platform analysts estimate the government’s Bitcoin reserves at 215,245 BTC, which is approximately $14.8 billion. The wallet also holds other cryptocurrencies such as Ethereum, USDC, DAI, and USDT, not just Bitcoin.

JPMorgan Chase: Retail investors and institutions have been buying gold and Bitcoin futures

JPMorgan Chase said that retail investors and institutions have been buying gold and Bitcoin futures , driving the crypto market higher.

The cumulative net inflow of spot Bitcoin ETF in 45 trading days reached 12.16 billion US dollars

According to Spot On Chain monitoring, spot Bitcoin on March 15 ETF net inflows reached $199 million. Compared with March 14, net inflows increased by 49.6%. Cumulative net inflows into the spot Bitcoin ETF totaled $12.16 billion over 45 trading days.

The judge ruled that Craig Wright is not Satoshi Nakamoto, nor the author of the Bitcoin white paper

British judge James Mellor today in the Crypto Open Patent Alliance (Crypto Open Patent) Alliance) trial, he stated that Craig Wright is not Satoshi Nakamoto, nor is he the author of the Bitcoin white paper. James Mellor added that he plans to write a ruling that Wright is not Satoshi Nakamoto, the creator of Bitcoin, the author of the Bitcoin white paper, or the creator of Bitcoin technology.

10x Research: Bitcoin may adjust to $63,000, and altcoins and Meme may have reached short-term tops

10x Research released the latest report saying that with Bitcoin Compared with cryptocurrencies, the prospects for Ethereum ETF approval appear less optimistic, with analysts estimating the likelihood of approval at only 30%. This uncertainty makes Ethereum likely to be a drag on Bitcoin after the Dencun upgrade is implemented. In addition, recent inflation data from Europe and the United States have come out, and the reluctance of central bank officials to commit to rate cuts has further dampened market sentiment, leading to a Bitcoin sell-off during the Asian trading hours. Given these factors, Bitcoin price failed to sustain after breaking out to new highs, hinting at the possibility of a deeper and longer correction. Inflows into Bitcoin ETFs typically slow as the week progresses, with Friday's numbers being the lowest (net inflows of 199 million). Bitcoin could drop to 63,000 as a potential target before resuming the uptrend. Additionally, altcoins closely tied to Ethereum’s rally may have reached a short-term top, with tokens like SHIB seeing significant volume surges. A drop in South Korean meme trading volume suggests last week’s meme coin craze may also be reaching its peak, signaling a broader market correction.

Bitcoin mining difficulty increased by 5.79% to 83.95 T, a record high

According to BTC.com data, Bitcoin mining difficulty is in the region The mining difficulty was adjusted at block height 834624 (2024-03-14 14:28:09). The mining difficulty was raised by 5.79% to 83.95 T, a record high. The current average computing power of the entire network is 618.05 EH/s.

Ethereum

Ethereum Dencun upgrade has been finally completed on the main network

Beaconcha.in data shows that the Ethereum Dencun upgrade scheduled epoch (269568) has been finally confirmed, marking the final completion of the Dencun upgrade. The main goals of the Ethereum Dencun upgrade are to improve the scalability and modularity of the Layer 2 network, enhance the security features of the Ethereum network, and improve overall usability.

Ethereum Core Developer: Blob tested, transaction fee $0.003

Ethereum Core Developer eric.eth on social media Said that the blob was tested and some ETH was purchased on the Base chain using Uniswap with a transaction fee of $0.003.

Ethereum’s latest ACDE conference: Dencun fork process is very smooth, Goerli test network will be officially closed next month

Ethereum core developer Tim Beiko Summarizing the 183rd Ethereum Core Developer Executive (ACDE) conference call, the Dencun fork process went very smoothly, with no major issues observed. The participation rate briefly dropped from about 99% to 95%, but quickly recovered after the fork. This It may be due to the operator forgetting to upgrade. Additionally, the Goerli testnet will be officially shut down next month. The developers also discussed the upcoming fork Pectra, EIP-3074 and other matters. Regarding Pectra, @ralexstokes raised some design issues regarding the EIP-2537BLS precompilation, which is already included in the fork.

Ethereum’s market value surpasses Walmart

According to The latest data from 8marketcap shows that the market value of Ethereum has reached US$484.31 billion, an increase of 3.38% in the past 24 hours, surpassing the retail giant Walmart and becoming the 19th largest asset in the world by market value. Walmart’s current market value is approximately US$483.85 billion.

VanEck: Ethereum ETF may be larger than Bitcoin ETF

With the US Securities and Exchange Commission (SEC) decision to approve the Ethereum spot ETF As the deadline approaches, industry experts are weighing the potential acceptance of such funds. Some say there is no point in investing in an Ethereum ETF because such funds are unlikely to allow for staking reward distributions. They believe that investors are better off buying and staking their own Ethereum (ETH). But global investment firm VanEck’s Bitcoin Trust (HODL), one of 10 spot Bitcoin ETFs launched earlier this year, believes an ether ETF could attract significant demand. VanEck portfolio manager Pranav Kanade said, "From a market perspective, I think the market size of the spot ETH ETF may be as large as the Bitcoin ETF, if not larger than the spot Bitcoin ETF."

Other projects

Metis launches alpha version of decentralized sorter

Ethereum Layer2 Network Metis announces the launch of an alpha version of its decentralized sorter. It is reported that sequencer nodes can receive METIS token rewards to incentivize participation in block generation and transaction processing on the network. In the first year, all sequencer nodes will have a 20% mining reward rate (MRR).

Arbitrum network blobs have taken effect

Arbitrum issued a statement stating that ArbOS "Atlas" has been online and blobs have taken effect, reducing data release costs. Arbitrum One’s additional gas reduction will go live on March 18th.

EigenLayer will launch the mainnet in phases in the next few weeks

EigenLayer issued a document stating that it will launch the mainnet in phases in the next few weeks. EigenLayer stated that all changes will be tested on the testnet before launching the mainnet, and the final EigenLayer testnet version is being migrated to Holesky, which will be put into operation soon. Secondly, the EigenLayer web application and all contracts on the mainnet will be suspended to facilitate operators’ controlled deployment and launch on the network, and the temporary suspension of deposits and withdrawals will help ensure a smooth transition. Third, operators will gradually register on the mainnet. Fourth, EigenLayer will release EigenDA, and operators will begin to choose to join EigenDA at this stage. Fifth, the EigenLayer Web application will be updated to include a new staker dashboard and operator discovery page. Once this phase is completed, re-staking, deposits and withdrawals will be re-enabled. The sixth stage is to promote the emergence of the AVS ecosystem.

BNB Chain launches Rollup as a Service solution

BNB Chain launches Rollup as a Service (RaaS) solution to support expansion in its ecosystem Customize L2 network. RaaS will provide dapp projects with the infrastructure needed to build cost-effective purpose-built rollups on the BNB Smart Chain (BSC), including no-code deployment options. According to DeFiLlama, BSC is the third largest blockchain by total value locked, with a TVL of $6.1 billion, compared with Ethereum’s $56.7 billion and Tron’s $10.5 billion.

Uniswap: 97.5% of transactions under $125,000 performed better on the Layer 2 network than Ethereum

Decentralized exchange Uniswap released 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.