Daily Report | Grayscale GBTC holdings fall below 280,000 bitcoins; Square Peg plans to raise $550 million for a new fund in the second half of 2024; All cryptocurrency exchanges in South Korea are jointly participating in the formulation of self-regulatory management norms for the listing and delisting of digital assets
June 21 News SummaryOrganizer: Luan Peng, ChainCatcher
Important News:
- Data: The trading volume of 6 Hong Kong virtual asset ETFs today is approximately HKD 26.8729 million
- Data: 5 addresses holding a total of approximately 47.76 million USDT have been frozen
- All cryptocurrency exchanges in South Korea are jointly participating in the formulation of self-regulatory management norms for the listing and delisting of digital assets
- Square Peg plans to raise another USD 550 million for a new fund in the second half of 2024
- U.S. district judge expresses skepticism over Kraken's attempt to dismiss SEC charges
- Hong Kong Securities and Futures Commission: Court rules that someone was convicted for providing paid investment advice without a license in a Telegram chat group
- Data: Grayscale's GBTC holdings have fallen below 280,000 bitcoins
- Data: Among the top 100 tokens by market capitalization, only CORE is in an upward trend
"What important events occurred in the past 24 hours"
According to Hong Kong stock market data, as of the market close, the trading volume of 6 Hong Kong virtual asset ETFs today was approximately HKD 26.8729 million, including: Huaxia Bitcoin ETF (3042.HK) with a trading volume of HKD 17.68 million; Huaxia Ethereum ETF (3046.HK) with a trading volume of HKD 4.28 million; Harvest Bitcoin ETF (3439.HK) with a trading volume of HKD 2.39 million; Harvest Ethereum ETF (3179.HK) with a trading volume of HKD 1.17 million; Bosera HashKey Bitcoin ETF (3008.HK) with a trading volume of HKD 706,300; and Bosera HashKey Ethereum ETF (3009.HK) with a trading volume of HKD 646,600.
Data: 5 addresses holding a total of approximately 47.76 million USDT have been frozen
According to Whale Alert monitoring, around 15:28 Beijing time today, 5 addresses on the Tron blockchain were frozen, containing approximately 47.76 million USDT.
According to Chosun Biz, all virtual asset exchanges in South Korea are jointly participating in the formulation of the "Self-Regulatory Management for Virtual Asset Trading Support" plan. Previously led by five major Korean won market exchanges, self-regulation is now expanding to all exchanges to jointly establish self-regulatory norms. The plan is promoted by the Korea Digital Asset Exchange Alliance (DAXA) and aims to establish self-regulatory guidelines for virtual asset trading support through joint consultation. The "General Guidelines for Virtual Asset Trading Support Review" released by DAXA serves as the foundation for the new plan, which is widely collecting opinions from various exchanges for improvement. This collaboration involves not only the five major Korean won market exchanges but also about 20 cryptocurrency exchanges, marking the first comprehensive cooperation among virtual asset exchanges to establish a self-regulatory mechanism. The country's financial regulatory agency is also actively involved, providing advisory support and requiring exchanges to strengthen the review and supervision of listed assets. The new self-regulatory plan is expected to be announced around July 19, when the "Virtual Asset User Protection Law" is implemented, and industry professionals are actively working to upgrade existing guidelines and strengthen relevant regulatory content.
Square Peg plans to raise another USD 550 million for a new fund in the second half of 2024
According to Tech in Asia, venture capital firm Square Peg announced plans to raise a new fund of USD 550 million in the second half of 2024, which will be their sixth fund.
U.S. district judge expresses skepticism over Kraken's attempt to dismiss SEC charges
According to The Block, U.S. district judge William H. Orrick expressed skepticism over Kraken's attempt to dismiss the charges brought against the cryptocurrency exchange by the U.S. Securities and Exchange Commission (SEC) and is inclined to reject their motion to dismiss the lawsuit. The judge believes that offering and selling crypto assets as investment contracts is reasonable. Regarding Kraken's argument that the SEC is exercising power without congressional authorization, the judge stated that he does not consider it a significant issue, calling it "not a major expansion of regulatory power." The judge has requested both Kraken and the SEC to provide disclosure information and added that the investigation is expected to take about a year.
According to an official announcement from the Hong Kong Securities and Futures Commission, the Eastern Magistrates' Court today ruled in a prosecution case brought by the Securities and Futures Commission (SFC) that Huang Mingzhong (male) was convicted of providing investment advice in a subscription-based chat group he created and managed on Telegram without a license. Huang admitted to the charge of operating a business providing advice on securities without a license and was fined HKD 10,000. The Hong Kong SFC reminds investors to check the public record of licensed persons and registered institutions on the SFC website before investing to ensure that companies and individuals providing investment advice on securities hold the appropriate licenses.
Data: Grayscale's GBTC holdings have fallen below 280,000 bitcoins
Grayscale's official data shows that as of June 20, GBTC holdings have fallen below 280,000 bitcoins, with current holdings at 279,330.4741 BTC, and circulating shares reduced to 314,430,100 shares. The asset management scale of GBTC (non-GAAP) is USD 18.1 billion.
Data: Among the top 100 tokens by market capitalization, only CORE is in an upward trend
According to data from coingecko, among the top 100 tokens by market capitalization, only CORE is in an upward trend, with a 24-hour increase of 5.8%; ZRO, WIF, and JASMY have dropped by 10%.
According to Cointelegraph, the Melbourne County Court sentenced a man who opened an account at a CEX using someone else's identity to 2 years in prison, with charges including using fake identification to create a cryptocurrency account.
Blockchain gaming platform Gudchain completes USD 5 million financing, led by Mechanism Capital
Blockchain gaming platform Gudchain announced that it has raised USD 5 million from cryptocurrency investment institutions, led by Mechanism Capital, with participation from Morningstar Ventures, Manifold, SkyVision Capital, and others. The team aims to bring GameFi into the mainstream through parallel gaming chains.
"What interesting articles are worth reading in the past 24 hours"
In a chance encounter in 2016, LongHash Ventures CEO Emma Cui participated in a meeting with Vitalik at Singapore Management University, which led her to decide to transition from traditional finance to crypto finance.
At the end of 2017, after receiving early funding support from Hashkey and Distributed Capital, Emma Cui officially founded LongHash Ventures with her former McKinsey colleague Shi Khai.
In the early days when funding was scarce, LongHash Ventures quickly faced fundraising difficulties during the bear market. "At that time, we tried to establish our first fund and were rejected countless times." It wasn't until the arrival of DeFi Summer that LongHash Ventures managed to survive the crisis and enter a growth phase.
Currently, LongHash Ventures manages hundreds of millions of dollars, with internal rates of return (IRR) for both funds reaching 40%-70%, and has invested in hundreds of Web3 projects including Polkadot, Astar, io.net, Manta, Safe, Avail, and Puffer Finance.
Emma Cui believes that this bull market is still in its early stages. Besides the market effects brought by the expectations of a BTC spot ETF, more catalysts are needed to initiate a true bull market.
Not trading coins but doing business in the crypto space: The money-making strategies of post-95s
The four-year development history of the crypto space's money-making industry coincides with the most grassroots growth of cryptocurrencies.
In 2020, due to the profit-making effects of new stocks from star companies like Nongfu Spring, Simor, and Kuaishou, the Hong Kong stock IPO market became a hot pursuit for many investors. Although the Hong Kong Stock Exchange requires KYC, the regulatory approach of turning a blind eye provided investors with opportunities to exploit loopholes.
During that time, many investors known as "Hundred Household Lords" emerged in the Hong Kong stock IPO market. They opened multiple brokerage accounts to increase their chances of winning IPO allocations, with some even owning hundreds of accounts. It was not uncommon for families, along with relatives and friends, to open thousands of accounts together to increase their chances of winning IPO allocations.
DJT's retreat: A brief overview of the short-lived meme drama
In the past few days, a chaotic event involving Barron Trump, the Trump family, media related to Peter Thiel, Martin Shkreli, Arkham, and many other participants swept through Crypto Twitter.
Here is a summary of the entire event.
Over USD 2 billion in Bitcoin sold off: Should retail investors follow or hold firm?
As a basis for estimating Bitcoin prices, the four-year predictive parabolic cycle model is crucial, which also serves as the basis for 95% of cryptocurrencies. However, this model is often exaggerated, suggesting that Bitcoin's value will rise indefinitely. Another key tool is the "supply-flow model," which predicts Bitcoin's infinite value by emphasizing the reduction in supply.
As usual, most experts this year still predict that Bitcoin prices will reach new highs, with estimates ranging from USD 100,000 to USD 150,000 or even higher.
Two major factors, technological innovation and human psychology (especially the interplay of greed and fear), are key catalysts for the cyclical market of cryptocurrencies. Nevertheless, the market is essentially a momentum game—most participants actively push prices up and maintain a consistently bullish stance. This self-fulfilling prophecy emphasizes the necessity of decisively seizing upward momentum when opportunities arise. At the same time, this phenomenon indicates that there may be more cycles in the future.
The practical value of Bitcoin and its valuation based on cash flow should be addressed in discussions. Unlike other assets, if valued according to the production cost curve, Bitcoin is similar to gold. Over time, the psychology of purchasing Bitcoin has become more complex, as a Bitcoin bought at a high price (like USD 70,000) seems less attractive than acquiring a billion tokens of cryptocurrency for USD 100. Meme coins exploit this psychology, and publicly traded companies achieve similar effects through stock splits.
VC Airdrop Probability Theory: Which VC-backed projects have the highest probability of airdrops?
What do L0, zkSync, and Starknet have in common?
They have the same funding invested in them. If these venture capitalists invest in the project, then the project is guaranteed to have an airdrop.
