Crypto Assets Industry News

Macroeconomic Policy

SBI Holdings clarified that it has not yet submitted an application for a Crypto Assets-related ETF. The company stated that the relevant plans are still in the preliminary stage and will submit the application after Japanese financial regulators complete legal amendments. The future application will be handled by its subsidiary, SBI Global Asset Management, with the initial target being individual investors.

The US SEC reached a settlement with Ripple Labs, with both parties waiving their appeals. The mixed ruling by Judge Torres in 2023 will become the final judgment, determining that Ripple's sale of XRP to institutional investors constituted illegal securities sales, but supporting its sales to retail investors.

Trump signed an executive order prohibiting federal regulatory agencies from targeting financial institutions that do business with the Crypto Assets industry. This move aims to prevent the Crypto Assets industry from facing unfair "de-banking" treatment and to eliminate the use of "reputational risk" as a reason for increased regulation.

Binance collaborates with Spain's BBVA bank to allow customers to custody their assets at the bank instead of on the exchange. This is a new initiative by Binance to appease investors after being heavily fined by the United States last year, aimed at alleviating users' concerns about the security of the exchange.

Animoca Brands has jointly established Anchorpoint with Standard Chartered Bank and Hong Kong Telecommunications, planning to apply for a stablecoin issuance license in Hong Kong. The joint venture aims to build a business model focused on issuing and promoting licensed stablecoins.

Market Analysis

Bitcoin has entered a cooling period in the bull market, and in the short term, it may present a consolidation or mild downward trend. Multiple on-chain indicators show a decline in upward momentum, new capital inflow is drying up, and traders are beginning to take profits. Continued upward movement for Bitcoin may require new positive factors, such as the Fed's interest rate cut in September.

The Ethereum spot ETF had a total net inflow of 222 million USD yesterday, marking three consecutive days of net inflows. The BlackRock ETF ETHA had a single-day net inflow of 104 million USD, ranking first. Currently, the total net asset value of the Ethereum spot ETF is 21.804 billion USD, accounting for 4.66% of Ethereum's total market capitalization.

The total net inflow for Bitcoin spot ETFs yesterday was $281 million, with BlackRock's ETF IBIT leading the way with a net inflow of $157 million. Currently, the total net asset value of Bitcoin spot ETFs is $150.972 billion, accounting for 6.47% of Bitcoin's total market capitalization.

Project Updates

Base announced the launch of a creator content revenue-sharing mechanism in its app. Creators can earn income when users interact with their content, which goes directly into their wallets. Base stated that it will hold the related tokens for the long term, without trading or selling.

The pSTAKE Foundation has launched a $50 million AI-Web3 Innovation Fund, which is now open for applications. The fund focuses on five strategic areas: decentralized generative agents, on-chain provenance, AI asset marketplace layer, programmable creative engines, and secure infrastructure.

The Ethereum Foundation will donate an additional $500,000 for the legal defense of Tornado Cash founder Roman Storm. The foundation emphasizes that privacy is normal and writing code is not a crime.

Animoca Brands has launched the RWA trading platform NUVA in collaboration with ProvLabs. The platform will leverage the existing RWA ecosystem of the Provenance blockchain, with two tokenized products going live in the first batch. NUVA uses a "vault" structure to simplify the participation process for investors.

Financing Trends

The crypto derivatives trading application Euphoria, based on MegaETH, has completed a $7.5 million seed round financing, led by Karatage. The project is developing a mobile interface to simplify the derivatives operation process.

Web3-based AI project Perle has completed a $9 million seed round financing, led by Framework Ventures. The project plans to utilize blockchain technology to optimize the quality of AI training data.

Scenius Capital has completed a $20 million fundraising for a new fund, focusing on supporting emerging crypto VCs. ParaFi has strategically invested and provided financial support.