Rhythm Morning News｜Important Information on July 4 Last Night and This Morning

Mainstream tokens in the Ethereum ecosystem fell generally, with ENS falling more than 20% in 24 hours.

BlockBeats news, on July 4th, according to HTX market data, mainstream tokens in the Ethereum ecosystem generally fell, including:

ENS is now trading at $24.3, with a 24-hour decrease of 20.46%.

ETHFI is now trading at $2.207, with a 24-hour decline of 12.49%.

LDO is now trading at $1.736, with a 24-hour decrease of 8.68%.

Bitcoin briefly fell below $58,000, with a 24-hour decline of 5.72%.

BlockBeats news, on July 4th, according to HTX market data, Bitcoin briefly fell below $58,000, now priced at $58,133, with a 24-hour decline of 5.72%.

The tokens of the Solana ecosystem are generally falling, with JTO dropping more than 16% in the past 24 hours.

BlockBeats news, on July 4th, according to HTX market data, Solana ecosystem tokens experienced a general decline, including:

JTO 24-hour decline reached 16.2%, now priced at $2.101;

WIF's 24-hour decline reached 15.88%, now priced at $1.7786;

TNSR has fallen by 14.46% in the past 24 hours and is now priced at $0.4816.

CryptoQuant: Bitcoin miners 'capitulation' may be a bottom signal

BlockBeats News, on July 4th, since the last Bitcoin halving event on April 19th, the world's largest cryptocurrency has begun to show signs of miner capitulation, as miners may shut down underperforming equipment and start selling Bitcoin to hedge risks.

According to CryptoQuant, there are multiple signs that miners are capitulating, which usually means the price is bottoming out in history. The data provider pointed out that miners' rewards have been 'extremely low' for most of the time since April.

CryptoQuant's report indicates that the daily total income of miners has dropped from $79 million on March 6th to $29 million currently. Although the excitement about the Ordinals and new Runes protocols initially brought tens of millions of dollars in fees to the network, CryptoQuant points out that transaction fee revenue has dropped to only 3.2% of total daily revenue, the lowest share since April 8th. (The Block)

In the past 24 hours, the entire network has been liquidated for USD 308 million, mainly long positions.

BlockBeats news, on July 4th, according to Coinglass data, the total liquidation in the past 24 hours reached 3.08 billion US dollars, with long orders liquidated at 2.81 billion US dollars and short orders liquidated at 26.52 million US dollars.

The computing power of the entire BCH network rose by 188% this morning, and the number of blocks rose by over 300%.

BlockBeats News, on July 3rd, according to data from fork.lol, the overall computing power (hashrate) of the Bitcoin Cash (BCH) network surged 188% this morning, from 3.55 EH/s to a peak of 9.21 EH/s. In addition, the number of blocks produced per hour on the BCH network also increased, from 5 blocks per hour in the early morning to a peak of 17.5 blocks per hour, and is currently back to 11.5 blocks per hour.

BlockBeats Note: Different browsers have different methods of data statistics. Taking BTC.com as an example, the current average computing power displayed for the past 1 day is 8.06 EH/s.

Bitcoin scaling protocol QED receives $6 million investment from Blockchain Capital

BlockBeats news, on July 3rd, QED, a Bitcoin scaling protocol, announced that it has received a seed funding of $6 million from Blockchain Capital at a valuation of '9 digits,' according to The Block.

Compute Labs, a GPU tokenization protocol based on Solana, has raised $3 million in funding, with Protocol Labs, the developer of Filecoin, leading the investment.

BlockBeats news, on July 4th, according to The Block, Compute Labs, a Solana-based GPU tokenization protocol, completed a $3 million Pre-Seed financing round at a valuation of $30 million. The round was led by Protocol Labs, the developer behind Filecoin, with participation from Blockchain Coinvestors, OKX Ventures, CMS Holdings, HashKey Capital, Amber Group, and P2 Ventures (formerly Polygon Ventures). Angel investors include Sandeep Nailwal from Polygon and Austin Federa from the Solana Foundation.

Albert Z, Founder and CEO of Compute Labs, said that the company is currently raising seed round financing at a 'significantly higher' valuation.

Jupiter launches Ape, a Meme coin trading platform that can automatically monitor new Meme coins and perform security checks.

BlockBeats news, on July 3, Solana ecosystem DEX project Jupiter announced the launch of the Meme coin trading platform Ape.

It is reported that Ape is built around a secure vault that can only be accessed by user wallets. Simply deposit SOL to start trading, and its token discovery feature allows users to immediately monitor them after token issuance and conduct security checks with the anti-RUG tool Rugcheck. After selecting a Meme coin, Ape will automatically optimize the transaction by dynamically setting the slippage and retrying the transaction when necessary. During the alpha testing period, Ape only charges a fee of 0.069%.

Open Campus announced that it has received funding from the Arbitrum Foundation

BlockBeats news, on July 3rd, according to venturebeat, Open Campus announced that it has received funding from the Arbitrum Foundation to build its upcoming EDU Chain.

It is reported that EDU Chain is a Layer 3 blockchain designed specifically for education.

Consensys announced the acquisition of the encryption security application Wallet Guard

BlockBeats news, on July 3, according to The Block, MetaMask developer Consensys acquired the encryption security application Wallet Guard, with the aim of enhancing the security of MetaMask.

Affected by the termination of cooperation with Entangle, BORPA plummeted over 90% in a short time.

BlockBeats news, on July 4th, according to CoinGecko data, due to the termination of cooperation with Entangle, the Meme token BORPA plummeted over 90% in the short term, now priced at 0.006356 dollars.

BlockBeats previously reported that the Meme token project BorpaToken announced the termination of its relationship with the cross-chain DeFi protocol Entangle. BorpaToken will take a snapshot and migrate to protect community interests and achieve the goal of becoming a blue-chip memetic coin.

10x Research: Bitcoin dropping to $60,000 may trigger an ETF liquidation wave

BlockBeats News, on July 3rd, according to Coindesk, Markus Thielen, the founder of 10x Research, stated in his latest report that he estimated the average entry price for Bitcoin ETF buyers to be $60,000 to $61,000. Retesting this level could trigger a wave of liquidation.

Markus Thielen said, "When Bitcoin dropped to $56,500 on May 2, BlackRock claimed that 'sovereign wealth funds and pension funds' are about to enter, which helped stop the decline, but now BlackRock says that 80% of the buying funds in IBIT ETF are from retail investors, not institutions."

Bitcoin volatility index fell to 44.77 yesterday, close to the lowest level since early February.

BlockBeats news, on July 3rd, the BitVol (Bitcoin Volatility) index launched by the financial index company T3 Index in conjunction with the option trading platform LedgerX fell to 44.77 yesterday, close to the lowest level since early February, with a daily decline of 4.4%.

BlockBeats Note: The BitVol index measures the 30-day expected implied volatility derived from tradable Bitcoin options prices. Implied volatility refers to the volatility implied by the actual option price. It is the volatility derived by using the B-S option pricing formula to reverse the actual option price and other parameters except for the volatility σ into the formula.

The actual price of options is determined by the competition among many option traders. Therefore, implied volatility represents the market participants' views and expectations of the future market, thus being considered as the closest approximation of the actual volatility at that time.

glassnode: Most short-term Bitcoin holders are at a loss, and bigger fluctuations are coming soon

BlockBeats news, on July 3rd, encrypted data analysis platform glassnode stated in a post that "with the Bitcoin price dropping to the $60,000 range, many digital asset investors have shown a certain degree of fear and pessimism. When market volatility stagnates and becomes quiet, investors often become indifferent.

The Bitcoin market is now at an interesting position, from the perspective of the MVRV ratio, the overall profitability of investors is still very strong, with an average profit multiple of 2, while most short-term holders are in a loss position.

Many volatility indicators have significantly decreased, indicating that greater fluctuations are imminent.

Bloomberg analyst: The earliest possible listing of Ethereum spot ETF may be next week, as Bitwise has submitted a revised S-1 form in advance.

BlockBeats news, on July 4th, Bloomberg ETF analyst James Seyffart posted on social media, 'Asset management company Bitwise has submitted a revised version of the Ethereum spot ETF S-1 form, a few days ahead of the July 8th deadline. It is expected that other issuers will also submit more revised S-1 forms this week. We believe these products may be listed later next week or during the week of the 15th.'

One important update is that Bitwise indeed has a fee waiver for up to $500 million in assets under management for a period of 6 months. We do not yet know the specific fees, but there is indeed a waiver.

US judge supports CFTC, ruling OHM and Klima as commodities in crypto Ponzi scheme case

BlockBeats news, on July 4th, according to The Block, a district judge in Illinois, USA, supported the Commodity Futures Trading Commission (CFTC), ordering a man and his company in Oregon to pay over 1.2 billion US dollars, some of which will be used to compensate the victims of what the agency called a 'Ponzi Scheme'.

Judge Mary Rowland of the Northern District Court of Illinois stated in an opinion issued on Monday that Sam Ikkurty of Oregon and his company Jafia, LLC made "materially false statements," but the opinion was issued by the CFTC on Wednesday. The CFTC stated that Ikkurty and his company failed to register and engage in fraudulent activities.

It is noteworthy that Judge Rowland also stated in the order that the cryptocurrency OHM and Klima are commodities.

"The command not only identifies Bitcoin and Ethereum as commodities within the jurisdiction of the CFTC, but also OHM and Klima, two non-Bitcoin virtual currencies, also meet the definition of commodities, indicating that these virtual currencies are in the same category as Bitcoin and have regulated futures trading," the CFTC said in a statement.

CFTC did not respond to the request for comment.

"I don't think it's a big deal," said James Brady, a partner at Katten Muchin Rosenman LLP, in an interview. "I think it's more of a response to the defendant's attempt to actively assert that the CFTC does not have jurisdiction."

Brady added that the SEC may still consider both as securities in the future.

Yesterday, Grayscale GBTC had a net outflow of $27 million, while FBTC had a net inflow of $6.5 million.

BlockBeats news, on July 4th, according to Farside Investors data, yesterday's Grayscale GBTC net outflow was 27 million US dollars, while Fidelity FBTC net inflow was 6.5 million US dollars.