Golden Weekly is a weekly blockchain industry summary column launched by Golden Finance, covering the week's key news, market and contract data, mining information, project dynamics, technological progress and other industry dynamics. This article is a project weekly, taking you to a glance at the progress of this week's mainstream projects and star projects.
Bitcoin
Standard Chartered Bank: Bitcoin may reach $100,000 before the US election
Geoffrey Kendrick, head of foreign exchange and digital asset research at Standard Chartered Bank, said: "As the US election approaches, I expect the price of Bitcoin to reach $100,000, and if Trump wins, it will reach $150,000 by the end of the year." "The Biden administration recently showed a pragmatic attitude in approving a spot Ethereum ETF, but then Biden vetoed efforts to repeal SAB121. So Trump is still friendlier than Biden."
Bitcoin miners and exchange reserves have decreased by 183,253 BTC since January
Data shows that the number of bitcoins held by exchanges and miners has decreased by 183,253 BTC, worth nearly $13 billion, in the 158 days since the beginning of this year. These funds were withdrawn from the joint wallets of miners and exchanges, of which about 90.95% of Bitcoin withdrawals came from cryptocurrency exchange reserves, and about 9.05% (ie 16,578 BTC, worth $1.17 billion) were withdrawn from the collective address of current BTC miners.
US Bitcoin ETF funds have flowed in for 18 consecutive days, and the options market is betting that Bitcoin will hit a new high this month
US exchange-traded funds that directly invest in Bitcoin have recorded net inflows for the 18th consecutive day, setting a record for consecutive inflows. The surge in demand has helped push the world's largest digital asset to a record high. Data shows that since its launch on January 11, as of Thursday, more than a dozen such products have received a total of $15.6 billion in net subscriptions and total assets of $62.3 billion. Many speculators in the options market expect that Bitcoin prices will exceed the historical high set in March this month, thanks to ETF demand and expectations of a rate cut by the Federal Reserve. "A large amount of money has flowed into spot Bitcoin ETFs," Sean Farrell, head of digital asset strategy at Fundstrat Global Advisors LLC, wrote in a report. "Macro trends continue to favor cryptocurrencies, with economic growth slowing but not recessionary, and inflation continuing to show signs of slowing."
Bitfinex: Bitcoin bull market peak may occur in the fourth quarter of 2024
Analysts at cryptocurrency exchange Bitfinex predict that the current Bitcoin bull cycle may peak in the fourth quarter of 2024. Bitfinex analysts said: "Historical data shows that Bitcoin usually reaches a new all-time high (ATH) a few months after the halving event. Therefore, we predict that the market top may occur around the fourth quarter of 2024."
Analysts said that historically, Bitcoin has reached a market top when the specific ratio is above 3.2, indicating that there may be room for further growth before the digital asset reaches its peak. Key indicators such as the market value to realized value (MVRV) ratio indicate that there is a lot of unrealized profits. The current MVRV value is about 2.56. Historically, when the MVRV ratio exceeds 3.2, the Bitcoin market peaks. Bitfinex analysts predict that Bitcoin can reach at least $120,000 in the current cycle.
Hong Kong Securities and Futures Commission President: Bitcoin has experienced multiple cycles of rise and fall in the past 15 years, which proves its ability to survive as an alternative asset
On June 5, Hong Kong Securities and Futures Commission Chief Executive Leung Fung-yee pointed out at the Greenwich Economic Forum (Hong Kong) that the power of technology should be used well and distributed ledger technology (DLT) should be focused.
Leung Fung-yee pointed out that DLT is applied to virtual assets in the financial market. Bitcoin has experienced multiple cycles of rise and fall in the past 15 years, which proves its ability to survive as an alternative asset. What is more certain is that as the underlying technology of Bitcoin, DLT will stand the test of time. The potential advantages of DLT are obvious. This technology can improve the efficiency of physical assets in distribution, clearing, settlement and custody while reducing costs.
She emphasized that the NFT craze may have subsided, but the technology is gradually being used by the physical asset world, and physical assets are gradually being tokenized. The potential benefits include several aspects.
Liang Fengyi pointed out that adhering to the technology-neutral position, the Hong Kong Securities Regulatory Commission adopts the principle of "same business, same risk, same rules". Investor protection is the top priority of its work.
Ethereum
Animoca Lianchuang: Hong Kong may allow Ethereum spot ETFs to be pledged this year
Yat Siu, co-founder of Animoca Brands, said that Hong Kong asset managers are studying the introduction of pledge functions into Ethereum spot exchange-traded funds. HashKey and Bosera jointly manage two spot Bitcoin and Ethereum ETFs in Hong Kong, and are currently formulating proposals to introduce Ethereum pledges.
Ethereum core developers agree to include EVM Object Format (EOF) in the upcoming Pectra upgrade
Ethereum core developers agree to include EVM Object Format (EOF) in the upcoming Pectra upgrade. As described in EIP-7692, EOF involves about 11 EIPs that provide an optional container for EVM code to improve code verification and introduce new features. If EOF becomes a blocker, it will be separated into different forks to ensure that Pectra can proceed without major delays. EOF will not be part of the initial version of devnet 1.
The Pectra upgrade will also include EIP-7702, the account abstraction standard proposed by Vitalik Buterin. Overall, Pectra is considered a comprehensive upgrade with 19 EIPs planned, making it one of the most extensive upgrades in Ethereum history.
ProShares has submitted an application for an Ethereum spot ETF to the U.S. SEC
ProShares has submitted a 19b-4 form to the U.S. Securities and Exchange Commission (SEC), planning to list and trade an Ethereum spot ETF on the New York Stock Exchange (NYSE).
SEC Chairman: The speed of listing of spot Ethereum ETFs depends on the issuer
SEC Chairman Gary Gensler said on Wednesday that when spot ETFs linked to the cryptocurrency Ethereum will begin trading depends largely on how quickly the issuer responds to SEC inquiries. He said, "These registrants will take the initiative to respond to the comments received, but the extent of the response actually depends on themselves." Gensler declined to say whether he thought the process would take weeks or months.
Gary Gensler and SEC officials have not previously commented on why the SEC made a U-turn and approved the application for a spot Ethereum ETF, but he said on Wednesday that the lawsuit filed by Grayscale last year forced the SEC to approve a spot Bitcoin ETF in January, which affected the SEC's view on Ethereum.
Report: Spot Ethereum ETF is expected to attract $4 billion in inflows
Crypto analysis company K33 Research said in a report that a spot Ethereum ETF that can directly hold Ether (ETH) is about to be listed in the United States and may attract $4 billion in inflows in the first five months. K33 estimates that the inflow of ETHETF in the first five months is between $3 billion and $4.8 billion. This estimate is slightly higher than JPMorgan's forecast of $3 billion this year.
According to the report, at current prices, this is equivalent to 800,000 to 1.26 million ETH accumulated in the ETF, accounting for about 0.7%-1.05% of the total token supply, resulting in a supply tightening of ETH assets and ETH prices may suffer a supply "shock." K33 analysts predict that with the launch of the Ethereum ETF, the price of ETH is expected to start outperforming BTC after the ETH/BTC pair has experienced a downward trend for nearly two and a half years. Vetle Lunde, senior analyst at K33 Research, said: "This huge supply absorption shock should drive ETH's price appreciation."
Other projects
Marketnode plans to launch blockchain fund settlement infrastructure in late June and release tokenized credit products in Q1 next year
Marketnode, a digital asset company founded by Temasek and Singapore Exchange (SGX), announced that it plans to launch a fund settlement infrastructure built on blockchain technology in late June. It is expected to announce more strategic partners of the network, including financial institutions and infrastructure participants, later in 2024, and launch tokenized credit products (such as bonds and loans) in the first quarter of 2025. Earlier news, Marketnode announced the completion of its Series A financing, led by HSBC, and the amount of financing has not been disclosed.
Qatar Central Bank Launches CBDC Project
The Qatar Central Bank (QCB) has launched the first phase of the central bank digital currency (CBDC) project, focusing on large-value payment settlements between large banks. The project, which will last until October, focuses on distributed ledger technology, artificial intelligence, liquidity and securities trading. QCB began researching CBDC technology in March 2022 and confirmed the launch of the project in June of the same year. QCB Governor Sheikh Bandar bin Mohamed bin Saoud al-Thani said the central bank is evaluating the pros and cons of issuing CBDC. A day before announcing the CBDC project, QCB launched a new fintech sandbox to provide a rapid testing and evaluation process. The project is part of the national development strategy.
Arweave founder: AO super-parallel computer has made some key breakthroughs in AI technology
According to Arweave founder Sam Williams on the X platform, "AO super-parallel computer has made some key breakthroughs in AI technology. These include: full LLM (Llama3 and others) running in AO smart contracts, capable of making financial decisions. WASM64 support allows up to about 18EB of memory at the protocol level. WeaveDrive-In the AO process, data on Arweave can be accessed as a local hard drive. In addition, all details will be presented on June 20th."
EthSign announced the launch of SignPass, which provides convenience for users through on-chain verifiable IDs compatible with passport systems
EthSign announced the launch of SignPass, which provides convenience for the community through on-chain verifiable IDs compatible with existing passport systems. All SignPass credentials will be encrypted and registered on the blockchain through the Sign Protocol, and permanent residency in Sierra Leone can be registered on the chain.
SushiSwap has launched the Bitcoin sidechain Rootstock
SushiSwap has launched the Bitcoin sidechain Rootstock. Rootstock was launched in 2018 to introduce DeFi to the Bitcoin network and is compatible with EVM.
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