Daily News | GBTC Negative Premium Continues to Narrow, Investors Are Bullish on BTC Spot ETFs, Focus on CPI Tonight

2023-07-12, 05:40

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## Crypto Daily Digest: Bitcoin spot ETFs are difficult to resist, FTX’s claims website is online, and FTT increased by 24%
Recently, Robert Kiyosaki, author of the best-selling book "Rich Dad Poor Dad," posted on social media that assuming the BRICS countries announced the launch of gold-backed trading currencies next month may change the current valuation of the US dollar.

Considering the imminent depreciation of the US dollar, Kiyosaki suggested that followers purchase gold and silver to hedge against soaring inflation in the coming months. In addition, Kiyosaki predicts that Bitcoin prices will reach $120,000 next year.

The price of Bitcoin has reached its highest level in 13 months over the past period, with a maximum increase of 3.28%, reaching $31,500. This is mainly because fund managers including BlackRock, the world's largest asset management company, plan to launch spot <a href="/ar/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> Exchange Traded Funds (ETFs) listed in the United States. NASDAQ has resubmitted the application for listing BlackRock ETFs, after the US securities regulator raised some concerns about the initial application.

However, Jay Clayton, former chairman of the U.S. Securities and Exchange Commission (SEC), expressed his opinion on the Bitcoin spot ETF. When the SEC approved the Bitcoin futures ETF, the SEC believed that the protection of the market for ultimate investors was sufficient, but at that time it did not see such protection in the Spot market, so it made a distinction. I believe that institutions that have applied for Bitcoin spot ETFs currently believe these differences have disappeared, and spot products now have less resistance and higher efficiency for investors. The approval of Bitcoin spot ETFs is difficult to resist.

Is FTX coming back again? According to The Block, FTX has launched a customer claims portal. According to website information, individual clients can access their account information and submit applications that will be included in Chapter 11 bankruptcy proceedings of FTX. The website will be open to customers who have accounts on FTX.com, FTX US, Blockfolio, FTX EU, FTX JP, and Liquid.

After the launch of this FTX claims website, FTT experienced a short-term increase. Market data shows that the FTT was at $1.72, with a daily increase of over 24%. Currently, the FTX claims portal website is showing unavailability, and the reason has not been identified yet.

Since BlackRock, an asset management company, applied for the launch of spot bitcoin ETFs in the United States, the negative premium of Grayscale Bitcoin Trust (GBTC) with more than $19 billion against net asset value (NAV) has continued to narrow.

According to the data of Ycharts, the negative premium of GBTC has soared to nearly 50% at the end of last year, and will be around 40% for most of 2023. However, after BlackRock submitted documents to the U.S. Securities and Exchange Commission (SEC) in mid-June, the negative premium began to narrow sharply, and fell to 26% last week, which is the lowest level since May 2022. Presently, the negative premium is about 27%.

It indicates that the discount of Grayscale Bitcoin Trust Fund has significantly decreased, indicating that people have more expectations for converting spot Bitcoin Exchange Traded Funds (ETFs).

Regarding data, DappRadar's latest report shows that in the second quarter of 2023, the total volume locked (TVL) of DeFi decreased to $77.6 billion, a decrease of 7.1% month on month. <a href="/ar/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a> is still the leader in the DeFi field, although the TVL of DeFi on the Ethereum chain slightly decreased by 2% compared with the previous quarter. On the other hand, in early June, the US SEC filed a lawsuit against Binance and claimed that <a href="/ar/price/polygon-matic" target="_blank" class="blog_inner_link">Polygon</a> (MATIC) belonged to securities, which had a significant impact on the two major blockchains, <a href="/ar/price/bnb-bnb" target="_blank" class="blog_inner_link">BNB</a> Chain and Polygon. The TVL of the BNB Chain has decreased by 19%, making it the most severely contracted blockchain among all the statistics; The TVL on the Polygon chain has decreased by approximately 8%, further demonstrating the significant impact brought by US regulatory agencies.

The number of ETH staked reached 23.9 million, accounting for about 20% of the <a href="/ar/price/flow-flow" target="_blank" class="blog_inner_link">Flow</a>. Still, as investors became cautious about regulatory risks, the inflow of funds slowed down after the initial boom. Since the upgrade in Shanghai, there has been a net inflow of 4.5 million ETH staked, resulting in an increase in the waiting time for the establishment of new validators to about one and a half months, and a slowdown in the speed of fund inflows in the past month. Tom Wan, an analyst at 21Shares, a digital asset investment company, stated in a report that "the slowdown in staking is likely due to regulatory scrutiny by CEX.

According to Dune data, the current number of ERC-6551 accounts has exceeded 2,000 and is currently 2017. It is reported that ERC-6551 provides a smart contract account for each ERC-721 token, allowing ERC-721 tokens to own assets and interact with applications without changing existing ERC-721 smart contracts or infrastructure.

## Today's Main Token Trends
### BTC
![](https://gimg2.gateimg.com/image/article/1689143428BTC.png)
The four-hour chart continues to test convergence below, with multiple unsuccessful short-term pullbacks. It is waiting for a new pullback above the convergence level. The upward target remains unchanged at $32,235 and $33,085. The top target is $36,500 and $41,550.

### ETH
![](https://gimg2.gateimg.com/image/article/1689143455ETH.png)
Short-term stability around the $1,857 level, with an estimated continuous challenge of the $1.9K level. Morning pullback to $1,880 with continued volume contraction and convergence. Long-term strategy awaits a retest of the $2,000 level for the midterm trend to shift from bearish to bullish.

### LTC
![](https://gimg2.gateimg.com/image/article/1689143476LTC.png)
The short-term potential head and shoulders pattern should be monitored for a possible retest of the $104.02 level. If it pulls back, the bullish trend will continue to target the $126.26 level, and a continued hold can lead to a test of the $128.15 resistance level.

### BCH
![](https://gimg2.gateimg.com/image/article/1689143494BCH.png)
Breaking out of the symmetrical triangle pattern, it tests the key resistance level at $269.08, reaching the upper boundary of the convergence in the morning. The bounce targets are $345 and $385. The short-term strategy depends on the convergence pattern to determine the direction.

## Macro: Consumption and credit growth slowing down, can CPI boost market confidence tonight?
The "strictest" banking regulatory order in the United States has come, imposing stricter capital requirements on a wider range of banks. Federal Reserve Vice Chairman Michael Barr announced regulatory reforms for institutions with assets of $100 billion or more, proposing stricter capital standards and requiring banks to reserve additional capital that can be used to absorb any losses.

In addition, the growth of consumer credit in the United States significantly slowed down in May. Non-revolving consumer credit (mainly car loans and student debt) has experienced a decline for the first time since the impact of the COVID-19 pandemic.

The European Central Bank's governing committee member, Francois Villeroy de Galhau, believes that inflation will continue to decline and return to the 2% level by 2025; We are approaching the peak of interest rates, and once we reach it, we will need to maintain it at this level for a period of time.

The ZEW economic prosperity index for the Eurozone in July was -12.2, a new low since December last year, with a previous value of -10; The ZEW economic status index for July was -44.4, with a previous value of -41.9.

The ILO unemployment rate in the UK for the three months to May is 4%, reaching a new high since January 2022, with an expected 3.8%, compared to the previous 3.8%; The unemployment rate rose to 4% in June, from the previous 3.9%. The number of full-time employees in the UK declined, the labor Market data was weak, and the activity rate continued to return to normal.

In general, Global macro market analysis shows some trends and changes, including slowing consumer credit growth, rising stock debt correlation, and lower-than-expected global private equity activity. So let's see if the important data released tonight can boost market confidence.

Tonight at 20:30, investors will focus on the US June CPI, as well as the discussion of inflation by Richmond Fed Chairman Thomas Barkin (who has voting rights in 2024).

<div class="blog-details-info">
<div>Author: **Byron B.**, Gate.io Researcher
<div>Translator: Joy Z.
<div class="info-tips">\*This article represents only the views of the researcher and does not constitute any investment suggestions.
<div>\*Gate.io reserves all rights to this article. Reposting of the article will be permitted provided Gate.io is referenced. In all cases, legal action will be taken due to copyright infringement.
</div>

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