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 see the progress of mainstream projects and star projects this week.
Bitcoin
Trump's victory drives Bitcoin to a new high, and crypto stocks soar across the board
Golden Finance reported that Trump's victory in the 2024 presidential election pushed Bitcoin to a new high of about $76,000, while U.S. stocks closed higher on Wednesday. Coinbase's stock price rose 31%, and the stock prices of several Bitcoin mining companies including Cipher Mining and Riot Platforms rose by more than 20%. Robinhood platform night trading volume set a record, with the three most popular trading stocks being Coinbase, MicroStrategy and IBIT. In addition, BlackRock's IBIT Bitcoin ETF had a trading volume of $1 billion in the early stages of regular trading, attracting market attention.
If Bitcoin breaks through a new high, the cumulative short order liquidation strength of mainstream CEX will reach 215 million
Golden Finance reported that according to Coinglass data, if Bitcoin breaks through a new historical high, the cumulative short order liquidation strength of mainstream CEX will reach 215 million. On the contrary, if Bitcoin falls below $68,000, the cumulative long order liquidation strength of mainstream CEX will reach 484 million.
The first pension fund in the UK will invest 3% of its assets directly in Bitcoin
Golden Finance reported that the first pension fund in the UK has invested 3% of its assets directly in Bitcoin with the assistance of consulting firm Cartwright, rather than through indirect methods such as ETFs. This decision was made after in-depth discussions with the fund trustees, focusing on ESG factors and security, and the private keys are jointly managed by five independent institutions. Cartwright also plans to launch a Bitcoin employee benefits program that allows companies to pay Bitcoin directly to employees' wallets, and many companies have expressed interest.
CoinShares: Trump's biggest benefit for cryptocurrencies will be the passage of the Bitcoin Act
On November 7, according to CoinDesk, asset management company CoinShares said in a research blog on Wednesday that Donald Trump's administration may provide a more positive environment for cryptocurrencies, and one of the most anticipated developments is the possible passage of the Bitcoin Act. "The proposal will establish Bitcoin as a strategic reserve asset, and the U.S. government will acquire 5% of the total supply of Bitcoin. This will give Bitcoin a similar status to gold," wrote James Butterfill, director of CoinShares research. With a recognized status in national reserves, Bitcoin will also gain greater legitimacy, the report said.
CoinShares noted that Trump has been critical of the U.S. Securities and Exchange Commission (SEC) and its chairman Gary Gensler, especially the agency's attitude toward cryptocurrencies. His administration is expected to appoint a new SEC leader, which could lead to a period of more cryptocurrency-friendly regulation.
JPMorgan Chase: Bitcoin will benefit from Trump's presidency and MicroStrategy's plans
On November 7, according to The Block, according to the views of JPMorgan analysts, as Donald Trump won the US presidential election, both gold and Bitcoin are expected to perform well, and they particularly emphasized the concept of "depreciation trading". "Depreciation trading" refers to an investment strategy that benefits from currency depreciation or weakening, which is usually caused by inflation or expansionary fiscal policy. In this transaction, investors buy assets such as gold and Bitcoin, which are regarded as a means of storing value and can maintain their value even if the purchasing power of the currency decreases.
JPMorgan analysts pointed out that retail investors are also supporting gold and Bitcoin. Since last summer, investment in gold and Bitcoin ETFs has increased, and this trend will continue until 2025. Trump's policies may also support these two assets. In addition, analysts mentioned an aggressive Bitcoin acquisition plan announced by MicroStrategy through its "21/21 Plan", saying that Bitcoin is expected to get a further boost. The plan involves raising $42 billion over the next three years, half of which ($21 billion) will come from equity and the other half ($21 billion) from fixed-income securities. Analysts say that in 2025 alone, MicroStrategy will invest $10 billion in Bitcoin, which is roughly equivalent to the total amount it has purchased cumulatively since mid-2020.
JPMorgan remains optimistic: "We are optimistic about Bitcoin in 2025"
Golden Finance reported that global investment bank JPMorgan Chase released a report on Thursday detailing how Donald Trump's recent victory in the US presidential election may drive Bitcoin and gold investment, in line with the "depreciation trade" approach. The strategy focuses on buying assets such as gold and Bitcoin, which tend to maintain their value during periods of currency depreciation, which is usually stimulated by inflation or fiscal policies that expand national debt.
JPMorgan analysts also expect Bitcoin to rise further, partly due to MicroStrategy's aggressive investment strategy, the so-called "21/21 plan." The strategy aims to raise $42 billion in three years, with the funds to be evenly distributed between stocks and fixed-income securities. The report states: "In 2025 alone, MicroStrategy will invest $10 billion in Bitcoin, which is roughly equivalent to its cumulative purchases since mid-2020!" CryptoQuant CEO: Current Bitcoin address return level is in the mid-cycle According to Golden Finance, CryptoQuant CEO Ki Young Ju wrote that a Bitcoin cyclical buy/sell signal was created by combining the on-chain cost basis indicator, which is triggered only 1-2 times per cycle. The on-chain realized price reveals the profitability of the wallet. The current Bitcoin wallet shows a return of +127%, which is usually -24% at the low point of the cycle and 298% at the high point of the cycle. Preset alerts can be created for long-term traders based on these cycles.
BlackRock Bitcoin ETF Assets Exceed Its Gold ETF
Golden Finance reported that according to Nate Geraci, president of The ETF Store, on the X platform, the asset size of BlackRock's Bitcoin exchange-traded fund iShares Bitcoin ETF (IBIT) has exceeded its gold exchange-traded fund iShares Gold ETF (IAU), and it took only 10 months to achieve this. iShares Gold ETF (IAU) is a gold exchange-traded fund launched by BlackRock in January 2005.
When Bitcoin sets new highs in succession, investors should conduct proper risk management
On November 9, CZ said on the X platform that when Bitcoin sets new historical highs in succession, investors should conduct proper risk management. There will be many troughs (and peaks) in the future, and make sure you can handle it. Control your greed and don't put all your eggs in one basket.
Ethereum
The Ethereum white paper has been published for 11 years
Golden Finance reported that the first version of Ethereum's basic technical documents, the white paper, has been published for 11 years. It was first shared by Ethereum co-founder Vitalik Buterin in November 2013 through an email titled "Introducing Ethereum: A Universal Smart Contract/Decentralized Autonomous Organization Platform."
Founder of 1confirmation: Ethereum is the right choice for cryptocurrency investors
Golden Finance reported that Nick Tomaino, founder of cryptocurrency investment institution 1confirmation, wrote in an article on X that if you are building or investing in cryptocurrency now, then Ethereum is a contrarian investment and the right choice. Don't believe KOLs and fake venture capitalists who hold opposite views.
Nansen analyst: Trump's victory may accelerate the listing of the first pledged Ethereum ETF
Golden Finance reported that Nansen analyst Edward Wilson said that Donald Trump's victory in the US presidential election on November 5 could pave the way for more diversified cryptocurrency financial products - especially for Ethereum, the world's second largest cryptocurrency.
The Trump administration may adopt more innovations in the crypto industry, including the first launch of a pledged Ethereum ETF, and the European market may be the first to launch an Ethereum pledge-related ETF.
Ethereum SVM L2 network Eclipse is online on the public mainnet
Golden Finance reported that Ethereum SVM L2 network Eclipse said that its public mainnet is online.
Ethereum Foundation 2024 Report: 99.45% of crypto holdings are ETH, with asset reserves of approximately US$970.2 million
On November 8, the Ethereum Foundation released its 2024 report, stating that "As of October 31, 2024, EF (Ethereum Foundation) has asset reserves of approximately US$970.2 million, of which US$788.7 million are crypto assets and US$181.5 million are non-crypto investments and assets.
Most of our crypto holdings (99.45%) are held in the form of ETH. These ETH account for 0.26% of the total ETH supply on October 31, 2024.
We choose to hold most of our reserves in the form of ETH. The Ethereum Foundation believes in the potential of Ethereum, and our ETH holdings reflect this long-term perspective.
At the same time, the goal of the EF asset reserve is to provide funding support for important public goods in the Ethereum ecosystem for the next few years. To achieve this goal, we must follow a conservative fiscal management policy to ensure that there are sufficient resources even in the event of a multi-year market downturn. This requires regular sales of ETH to ensure sufficient reserves in the next few years, and planned increases in our fiat reserves in bull markets to fund spending in bear markets. ”
200th Ethereum ACDE Meeting: The team plans to phase out Pectra Devnet 4 soon
Golden Finance reported that Christine Kim, vice president of Galaxy Research, summarized the 200th Ethereum Core Developer Executive (ACDE) conference call. This week, developers shared the latest situation of Pectra Devnet and the next steps for PeerDAS Devnet; short-term solutions to Ethereum's historical growth problems and the removal of EIP 7610 from Pectra were also discussed; in addition, the team plans to phase out Pectra Devnet 4 soon.
Ethereum's market value exceeds Bank of America, and its global asset market value ranking rises to 35th
According to Golden Finance, data shows that Ethereum's current market value is 354.7 billion US dollars, surpassing the market value of companies such as Bank of America and Netflix, and ranks 35th in the global asset market value ranking.
The US SEC has again postponed the decision on whether to approve the New York Stock Exchange's (NYSE) request to list spot Ethereum ETF options
On November 9, according to The Block, the US SEC has again postponed its decision on whether to approve the New York Stock Exchange (NYSE)'s request to list spot Ethereum ETF options. The SEC stated in the filing that the postponement is intended to conduct more analysis and public comments, especially on whether the proposed rule changes comply with the requirements of the Securities Exchange Act.
The SEC emphasized concerns about the potential impact of the proposal on preventing market manipulation, protecting investors, and ensuring a fair trading system, which fall under Section 6(b)(5) of the Securities Exchange Act.
Other projects
Investor Naval: Most crypto projects fail because the founding team gets rich too early
Golden Finance reported that investor Naval posted on X: Most crypto projects fail because the founding team gets rich too early and you can't recruit new members. In response, Kyle, the founder of Muliticoin, commented that yes, the best founders are not entirely driven by finance.
It is reported that Naval is a well-known angel investor in Silicon Valley. He has invested in well-known technology companies such as Twitter and Uber. He is also a successful entrepreneur and founded the equity crowdfunding platform AngelList.
Japan's SBI expands Singapore's tokenization project through a new pilot project
Golden Finance reported that Japan's SBI Digital Markets has strengthened its role in the "Guardian Project" of the Monetary Authority of Singapore (MAS) and launched a new pilot project to promote the application of tokenized securities in the global market.
The Japanese SBI Group subsidiary is working with financial institutions to develop a cross-border framework for tokenized assets, connecting regulated digital asset exchanges in multiple regions to improve liquidity and reduce costs. The company announced on Monday that through its fixed income pilot project, SBIDM is creating an international network for tokenized asset-backed securities, covering initial issuance and secondary trading.
Swift, UBS Asset Management and Chainlink successfully complete innovative pilot project
According to official news, the pilot project jointly carried out by Swift, UBS Asset Management and Chainlink has been successfully concluded, and the project uses the Swift network to settle subscription and redemption operations for tokenized funds. The pilot project covers more than 11,500 financial institutions and more than 200 countries and regions, using the fiat payment system to settle digital asset transactions. The pilot demonstrated how financial institutions can use blockchain technology, the Chainlink platform and the Swift network to settle subscription and redemption operations for tokenized investment funds, without putting the entire payment process on the chain, to achieve a straight-through payment experience. As a result, the entire process of fund subscription and redemption can be automated.
BTC.COM reshapes into an open source computing power platform
On November 7, BTC.COM officially announced the completion of the revision upgrade and launch, and will be reshaped into an open source computing power platform. The new platform continues the community spirit and takes "embracing open source, gathering computing power, and creating the future together" as the platform's purpose, supporting developers and computing power providers to jointly promote the development of a decentralized ecosystem. The new platform will build a bridge for computing power suppliers, and through the platform's one-click computing power deployment tool, it will achieve efficient management and flexible trading of computing power; it will provide a free trading environment for computing power needs, and computing power can be called at any time on demand to achieve a balance between cost and efficiency.
Jack Dorsey's Square will increase investment in Bitcoin mining and shut down previous "Web5" projects
Golden Finance reported that Twitter co-founder Jack Dorsey's payment company Block (SQ) plans to refocus on building equipment for Bitcoin (BTC) miners and their self-hosted crypto wallets, partly funded by abandoning the creation of a new decentralized Internet known as "Web5" (founded in June 2022) and reducing investment in music streaming app Tidal.
The decision was announced in the same week that Trump won the US presidential election, promising to provide a more friendly cryptocurrency environment for the United States. Bitcoin mining is an industry he promised to support during the campaign.
In addition to the letter to shareholders, Block also announced its third-quarter financial results on Thursday. According to FactSet data, the company's revenue was $5.98 billion, lower than the average expectation of $6.24 billion by Wall Street analysts. Since then, the company's stock price has fallen by 10%.
NFT project Rekt Drinks parent company Rekt completes $1.5 million seed round of financing
Golden Finance reported that Rekt Brands Inc, the parent company of NFT project Rekt Drinks, announced the completion of a $1.5 million seed round of financing. The financing was entirely funded by angel investors and the community (no venture capital institutions participated). Rekt aims to redefine brand ownership and participation through its Web3 foundation, innovative products and global community.
Aave community proposes to standardize friendly fork terms and will charge 10% or 20% profit sharing to forked projects
Golden Finance reported that the Aave community initiated a proposal to standardize the terms of friendly forks and white label instances.
The proposal distinguishes between two cases: friendly forks (independent deployments, unrelated to Aave liquidity) where Aave will receive 10% of the monthly profit share and 3.5% of the token supply; white label instances (leveraging Aave liquidity) where Aave will receive 20% of the monthly profit share and 7% of the token supply. In addition, the proposal emphasizes that tokens should be provided directly to the Aave DAO treasury, with distribution determined by governance.
Anais
Alex
Weatherly
Joy