Daily News | ARK Invest Terminated Collaboration with 21Shares on Ethereum ETFs; Important tokens will be unlocked; Uniswap postponed voting on delegation rewards

2024-06-03, 04:05

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## Crypto Daily Digest: ARK Invest Terminated Collaboration with 21Shares on Ethereum ETF; A large number of tokens such as ARB, APT, OP will be unlocked; Uniswap postponed voting on delegation rewards, UNI fell 8.7%
First, let's look at the <a href="/ar/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> ETFs’ trading activity. According to Farside Investor data, last Friday, May 31, Grayscale's Bitcoin spot ETF (GBTC) funds continued to <a href="/ar/price/flow-flow" target="_blank" class="blog_inner_link">Flow</a> out of $124.3 million. Meanwhile, the Fidelity Bitcoin spot ETF (FBTC) inflow was $5.9 million, and the iShares Trust Bitcoin spot ETF (IBIT) inflow was $196.1 million.

**ARK Invest announced the termination of its partnership with 21Shares on <a href="/ar/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a> ETF**
21Shares has updated its Ethereum spot ETF S-1 application, renaming the fund as 21Shares Core Ethereum ETF, and announced that ARK Invest has terminated its partnership with 21Shares and will no longer participate in the ETF.

There is no updated cost in the newly revised S-1 table. Despite acknowledging Ethereum’s breakthrough potential and long-term value, a representative from ARK Invest confirmed that the company has decided not to advance Ethereum ETFs and stated the need to reassess its investment strategy.

Despite the termination of cooperation on the Ethereum ETF, 21Shares and ARK Invest continue to collaborate on other projects, such as the ARK 21Shares Bitcoin ETF launched in January this year. In addition to Bitcoin and Ethereum futures, the two companies have also launched ARK 21Shares blockchain and digital economy innovation ETFs, aimed at investing in public stocks of blockchain industry companies. 21Shares claims that the product provides investors with comprehensive exposure to the development of blockchain technology.

On May 10 of this year, ARK Invest and 21Shares revised their proposal for a spot Ethereum ETF and abandoned plans to stake some fund assets through third-party providers. In the documents submitted on February 7, the two companies added a clause stating that 21Shares is expected to receive ETH as a staking reward and classify this income as fund income.

Last week, the US Securities and Exchange Commission approved Form 19b-4 for eight Ethereum ETFs, and issuers must wait for the S-1 report to become effective before trading can begin.

**<a href="/ar/price/uniswap-uni" target="_blank" class="blog_inner_link">Uniswap</a> Foundation delayed voting on token staking and delegation Rewards, resulting in UNI falling 8.7%**
The Uniswap Foundation oversees the decentralized exchange Uniswap, and has postponed the staking and delegation rewards voting scheduled for Friday, resulting in an 8.7% drop in UNI prices.

The reason for the delay is that stakeholders and the foundation have discussed issues that have attracted more attention. The foundation explained on social media platform X, "Last week, we announced that the first proposal to initiate Uniswap protocol governance will be deployed on the chain today. However, a stakeholder raised a new issue related to this work that requires more effort for comprehensive review. Due to the immutable nature and sensitivity of the proposed upgrade, we have decided to postpone this vote."

The foundation added, "We deeply apologize for the delay and will inform the community of any significant changes. Once the future schedule is determined, we will update everyone on the situation."

According to The Block Prices, as of 2:00 PM Eastern Time on May 31, Uniswap's UNI token trading price was $10.20, down 8.7% from the previous day.

This proposal was made in February with the aim of providing high-quality compensation for the loyal stakers and representatives of Uniswap. The Uniswap Foundation explained a week ago that in order to prepare for the voting originally scheduled for May 31st, UNI holders must entrust their tokens on the platform before the voting begins.

**Important token unlocking in June: Arbitrum and <a href="/ar/price/aptos-apt" target="_blank" class="blog_inner_link">Aptos</a> unlock $100 million tokens, as well as APE, OP, etc**
June is expected to be an important month for unlocking tokens in the crypto field, with multiple important projects unlocking tokens worth over $650 million at current prices. This is mainly driven by Ethereum's $100 million dual unlock, including Layer 2 network Arbitrum and the popular Layer 1 project Aptos. According to Token Unlocks data, the following are the main tokens that will be unlocked this month:

**Aptos: June 12, $100 million**
Aptos is one of the projects composed of former members of the Facebook Libra project, expected to unlock 2.59% of its circulating supply, or 11.31 million tokens, on June 12th, with a current value of approximately $100 million.

** <a href="/ar/price/immutablex-imx" target="_blank" class="blog_inner_link">ImmutableX</a>: June 14, $55 million**
Web3 gaming company ImmutableX will unlock 1.72% of its circulating supply, or 25.5 million tokens, on June 13. With a current value of $55 million, ImmutableX's release may put it among the top 25 tokens by market value in 2024.

**StarkNet: June 15, $75 million**
The Ethereum Layer 2 network StarkNet released its 2024 roadmap in March, promising to increase throughput and reduce trading costs. The network will unlock 64 million tokens on June 15th, accounting for 5.6% of the circulating supply and currently worth approximately $75 million.

** ARB: June 16, $103 million**
Arbitrum has recently become the first Layer 2 network on Uniswap to achieve a total transaction volume of $150 billion. On June 16, it will unlock 3.2% of its circulation, which is 92.6 million tokens with a current value of approximately $103 million.

## Market Trends
BTC and ETH: BTC fluctuated around $68,500, while ETH returned to around $3,800. The overall market trend is declining, possibly related to the macroeconomic environment and market sentiment.

US stocks: US stocks are fluctuating near historic highs, and mixed macroeconomic data may also impact the crypto market.
### Market Hotspots:
**NOT and TON:**
NOT: This week, NOT saw a surge of over 200%, approaching $0.03 at one point, with a 24-hour trading volume exceeding $4.4 billion, demonstrating extremely high market heat.

TON: Driven by the sharp rise in NOT, the price of TON has once again broken through the $7 mark. This linkage effect indicates that the market is highly attentive to related concept tokens.

**RWA Sector:**
ONDO: Breaking through historical highs, launching a USDY stablecoin with an annualized yield of 5%. Launching high-yield products may be the main driving force behind their price increase.

POLYX, OM, PRCL: These tokens have also performed quite well, demonstrating the overall strong performance of the RWA sector.

**Meme Coin GME on <a href="/ar/price/solana-sol" target="_blank" class="blog_inner_link">Solana</a> Chain:**
GME: Soaring 200%, well-known KOL Roaring Kitty in the US stock market announced the purchase of many GME call options, further triggering a surge in the eponymous Meme coin. This indicates the importance of celebrity influence and social media influence in the crypto market.

**GameFi Concept:**
NOT and ALICE: Under their leadership, GameFi concept tokens have generally risen. ALICE's intraday increase exceeded 30%, indicating strong investor interest in gaming and metaverse related projects in the short term.

The current crypto market is characterized by a differentiation of hotspots, especially with the strong performance of tokens based on the Meme and GameFi concepts. Meanwhile, the macroeconomic environment and market sentiment also influence the trend of mainstream cryptocurrencies to a certain extent. Investors should monitor market hotspots and macroeconomic changes, and carry out reasonable asset allocation and risk management.

## Macro: On Friday, the Dow Jones index achieved its largest daily increase of the year, with a significant increase in May; Interest rate cuts drive up Asian markets
On May 31, Reuters reported that the Dow Jones and S&P 500 closed higher, with the Dow Jones recording its largest daily percentage increase since November 2023.

The repositioning at the end of the month drove a significant increase in the end of the trading day, with all three major stock indices recording significant gains in May. Almost all major sectors of the S&P 500 index closed higher, with the energy sector rising 2.5% and the technology sector slightly declining.

Specific data: The Dow Jones index rose 1.51%, the S&P 500 index rose 0.8%, and the Nasdaq index fell slightly by 0.01%.

The annual inflation rate of personal consumption expenditure (PCE) in the United States increased by 2.7% year-on-year in April. According to a report from the Bureau of Economic Analysis of the US Department of Commerce, the PCE price index rose 0.3% last month, which is consistent with the unadjusted increase in March. The report also shows that consumer spending has slowed more than expected.

In May, the S&P 500 index rose by about 4.8%, the Nasdaq index rose by 6.9%, and the Dow Jones index rose by 2.4%. However, the stock market fell this week, with the S&P 500 and NASDAQ breaking the trend of five consecutive weeks of gains.

On Monday, June 3rd, Asian stock markets rose in the morning session, with investors anticipating interest rate cuts in Europe and Canada as the next step in global policy relaxation. However, high inflation may make this process protracted.

There is good news from the Chinese side, with Caixin's private survey showing that China's major manufacturing index rose to a two-year high of 51.7 in May from 51.4 in April. In May, Japanese factory activities expanded for the first time in a year, and Korean factory activities also grew at the fastest pace in two years.

The MSCI Asia Pacific stock index, which has the widest range of stocks outside of Japan, rebounded by 1.4% (down 2.5% last week). Chinese blue chip stocks rose 0.3%. The Japanese Nikkei Index rebounded from a one-month low on Friday and rose 1.1%, while the South Korean SE KOPSI Index rose 1.8%.

In the foreign exchange market, the Japanese yen remains the weakest performing major currency, although the Japanese government is preparing to invest a large amount of funds to slow the yen's decline. Last week's data showed that Tokyo invested 9.788 trillion yen (approximately $62.27 billion) in currency intervention between April 26 and May 29.

The exchange rate between the US dollar and the Japanese yen was 157.09, slightly lower than last week's peak of 157.715. The euro-to-dollar exchange rate remained stable at 1.0855, benefiting from the EU inflation report but facing resistance at1.0895.

In terms of commodities, OPEC+ agreed to extend most of the oil production reduction protocols until 2025 on Sunday, but some of the reduction protocols will be cancelled starting from October 2024. Subsequently, oil prices rebounded from the early decline and rose on Monday. Brent crude oil rose 38 cents to $81.49 per barrel, while US crude oil rose 39 cents to $77.38 per barrel.

Gold prices have slightly strengthened to $2,330 per ounce, rising for four consecutive months, partly due to the push from central banks and China to purchase gold.

<div class="blog-details-info">
<div>Author:**Sherry S. & Icing**, 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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