Rhythm Morning News｜A list of important news from last night and this morning on July 4th

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

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

ENS is currently trading at US$24.3, down 20.46% in 24 hours;

ETHFI is currently trading at US$2.207, down 12.49% in 24 hours;

LDO is currently trading at US$1.736, down 8.68% in 24 hours.

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

BlockBeats news, on July 4, according to HTX market data, Bitcoin briefly fell below $58,000 and is currently quoted at $58,133, a 24-hour drop of 5.72%.

Solana ecosystem tokens fell across the board, JTO fell more than 16% in 24 hours

BlockBeats news, on July 4, according to HTX market data, Solana ecosystem tokens fell across the board, including:

JTO fell 16.2% in 24 hours and is currently quoted at $2.101;

WIF fell 15.88% in 24 hours and is currently quoted at $1.7786;

TNSR fell 14.46% in 24 hours and is currently quoted at $0.4816.

CryptoQuant: Bitcoin miners' "surrender" may be a bottom signal

BlockBeats news, July 4, since the most recent Bitcoin halving event (April 19), that is, after the reward for each new Bitcoin block mined was halved, the world's largest cryptocurrency has begun to show signs of miners' surrender, 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 historically usually means a bottom in prices. The data provider noted that miners have been paid “extremely low” for much of the period since April.

CryptoQuant’s report noted that total daily revenue for miners has fallen from $79 million on March 6 to $29 million currently. While excitement about the Ordinals and the new Runes protocol initially generated tens of millions of dollars in fees for the network, CryptoQuant noted that transaction fee revenue has fallen to just 3.2% of total daily revenue, the lowest share since April 8. (The Block)

In the past 24 hours, the entire network has a liquidation of 308 million US dollars, mainly long orders

BlockBeats news, on July 4, according to Coinglass data, the entire network has a liquidation of 308 million US dollars in the past 24 hours, of which long orders have a liquidation of 281 million US dollars and short orders have a liquidation of 26.52 million US dollars.

BCH's total network computing power increased by 188% this morning, and the number of blocks increased by more than 300%

BlockBeats news, on July 3, according to fork.lol data, the Bitcoin Cash (BCH) network's total network computing power (hash rate) increased by 188% this morning, from 3.55 EH/s to a maximum of 9.21 EH/s. In addition, the number of blocks produced per hour on the BCH network also increased synchronously, from 5 blocks per hour in the early morning to a maximum of 17.5 blocks per hour, and currently fell back to 11.5 blocks per hour.

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

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

BlockBeats news, on July 3, according to The Block, the Bitcoin scaling protocol QED announced that it had received $6 million in seed funding from Blockchain Capital at a "9-digit" valuation.

Compute Labs, a GPU tokenization protocol based on Solana, has completed a $3 million financing round, led by Filecoin developer Protocol Labs

BlockBeats reported that on July 4, The Block reported that Compute Labs, a GPU tokenization protocol based on Solana, completed a $3 million Pre-Seed round of financing with a valuation of $30 million. This round of financing was led by Protocol Labs, the development company behind Filecoin, and Blockchain Coinvestors, OKX Ventures, CMS Holdings, HashKey Capital, Amber Group and P2 Ventures (formerly Polygon Ventures) participated in the investment. Angel investors include Sandeep Nailwal of Polygon and Austin Federa of Solana Foundation.

Compute Labs founder and CEO Albert Z said Compute Labs is also currently raising seed rounds at a "significantly higher" valuation.

Jupiter launches Meme coin trading platform Ape, which automatically monitors new Meme coins and performs security tests

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

According to reports, Ape is built around a secure vault that only user wallets can access. Simply deposit SOL to start trading, and its token discovery function allows users to monitor tokens immediately after they are released, and the anti-RUG tool Rugcheck performs security checks. Once a user selects Meme coin, Ape will automatically optimize transactions by dynamically setting slippage and automatically retrying transactions when needed. 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, July 3, 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 encrypted security application Wallet Guard

BlockBeats news, July 3, according to The Block, MetaMask developer Consensys acquired the encrypted security application Wallet Guard. This transaction aims to enhance the security of MetaMask.

Affected by the termination of cooperation with Entangle, BORPA fell more than 90% in a short period of time

BlockBeats news, on July 4, according to CoinGecko data, affected by the termination of cooperation with Entangle, Meme token BORPA fell more than 90% in a short period of time, and is now quoted at $0.006356.

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 snapshots and migrate to protect the interests of the community and achieve the goal of becoming a blue-chip meme coin.

10x Research: Bitcoin's drop to $60,000 may trigger a wave of ETF liquidations

BlockBeats news, on July 3, according to Coindesk, 10x Research founder Markus Thielen said in his latest report that he estimated the average entry price of Bitcoin ETF buyers to be $60,000 to $61,000, and retesting this level could trigger a wave of liquidations.

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

The Bitcoin Volatility Index fell to 44.77 yesterday, close to its lowest level since early February

BlockBeats news, on July 3, the BitVol (Bitcoin Volatility) Index launched by financial index company T3 Index and options trading platform LedgerX fell to 44.77 yesterday, close to its 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 the price of tradable Bitcoin options. Implied volatility refers to the volatility implied by the actual option price. It is the volatility inferred by substituting the actual option price and other parameters except volatility σ into the B-S option pricing formula.

The actual price of an option is formed by the competition of many option traders. Therefore, implied volatility represents the market participants' views and expectations on the future of the market, and is therefore regarded as the closest to the actual volatility at the time.

glassnode: Most short-term Bitcoin holders are at a loss, and greater volatility is coming

BlockBeats news, on July 3, the encryption data analysis platform glassnode issued a statement saying, "As the price of Bitcoin fell to the $60,000 area, 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 in an interesting position. From the perspective of the MVRV ratio, the profitability of overall investors remains very strong, and the average profit multiple remains at 2 times, while most short-term holders are at a loss.

Many volatility indicators have dropped significantly, indicating that greater volatility is coming."

Bloomberg Analyst: Ethereum Spot ETF May Be Listed as Early as Next Week as Bitwise Submits Revised S-1 Form Ahead of Schedule

BlockBeats news, on July 4, Bloomberg ETF analyst James Seyffart posted on social media, "Asset management company Bitwise has submitted a revised S-1 form for the Ethereum spot ETF, a few days ahead of the July 8 deadline. Other issuers are expected to submit more revised S-1 forms this week. We believe these products may be listed later next week or the week of the 15th.

An important update is that Bitwise did increase the 6-month fee waiver for assets under management of up to $500 million. We don't know the specific fees yet, but there are indeed waivers."

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

BlockBeats news, July 4, according to The Block, a district judge in Illinois, USA, supported the U.S. Commodity Futures Trading Commission (CFTC) and ordered an Oregon man and his company to pay more than $120 million, part of which was used to compensate victims in what the agency called a "Ponzi scheme."

Mary Rowland, a judge at the U.S. District Court for the Northern District of Illinois, said in an opinion issued on Monday that Sam Ikkurty of Oregon and his company Jafia, LLC made "material misrepresentations," but the opinion was issued by the CFTC on Wednesday. The CFTC said that Ikkurty and his company failed to register and engaged in fraud.

Notably, Judge Rowland also noted in the order that cryptocurrencies OHM and Klima are commodities.

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

The CFTC did not respond to a request for comment.

"I don't think it's a big deal," James Brady, a partner at Katten Muchin Rosenman LLP, said in an interview. "I think it's more of a response to the defendants trying to actively claim that the CFTC has no jurisdiction."

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

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

BlockBeats news, July 4, according to Farside Investors data, Grayscale GBTC had a net outflow of $27 million yesterday, and Fidelity FBTC had a net inflow of $6.5 million.

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