Daily News | BTC Fell Below $58K, Altcoins Generally Fell; ETH ETFs May be Launched; The Ethereum Foundation Email was Hacked for Phishing Scams

2024-07-04, 03:34

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## Crypto Daily Digest: Bitwise submitted revised S-1 file, possibly launching Ethereum ETFs next week; The Ethereum Foundation email was hacked for promoting Lido staking phishing scams; Solana tokenization protocol Compute Labs completed seed round financing with a valuation of $30 million
First, let's examine the trading activity of <a href="/ar/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> ETFs. According to Farside Investor data, on July 3rd, Grayscale Bitcoin spot ETFs (GBTC) experienced an outflow of $27 million in funds; Meanwhile, Fidelity Bitcoin spot ETF (FBTC) had an inflow of $6.5 million.

Currently, Bitcoin has fallen below 58,000 USDT in the short term and <a href="/ar/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a> has fallen below 3,200 USDT, with a 24-hour decline of over 5%.

**Bitwise submitted the revised S-1 file and may launch Ethereum ETFs next week**
Asset management company Bitwise submitted the revised S-1 form a few days before the July 8 deadline, which may indicate that its Ethereum Exchange Traded Fund (ETF) is close to being launched. Bitwise submitted the updated registration form on Wednesday, and some analysts believe that these products may begin to be launched in the next two weeks. Although the US Securities and Exchange Commission (SEC) has not yet indicated when a final draft will be available, approval may be obtained before next weekend.

Bloomberg ETF analyst James Seyfart said on X, "We expect more other issuers to launch such products this week. We believe these products may be launched later next week or the week of July 15."

On May 23, the SEC approved the 19b-4 forms for eight Ethereum spot ETFs, including Bitwise. The issuer still needs to make its S-1 declaration effective before trading can begin.

Bitwise has made modifications to its format, including adding a waiver of sponsorship fees for the first $500 million of assets. The company has not yet disclosed the cost. VanEck also stated that it will waive fees from the beginning.

**Ethereum Foundation email was hacked for promoting Lido staking phishing scams**
The Ethereum Foundation stated in a blog post on July 2 that its "updated" email account was hacked on June 23rd and used to promote phishing scams. The foundation has restored the account and malicious emails will no longer be sent.

According to the post, someone used the official email address of the foundation to send 35,794 fraudulent emails to its subscribers and other individuals. The investigation showed that no victims lost cryptocurrency in this attack, but the email addresses of 81 users may have been leaked.

These fraudulent emails claim that the Ethereum Foundation is collaborating with the Lido Decentralized Autonomous Organization (LidoDAO) to provide a 6.8% return on staking Ethereum (stETH), wrapped Ethereum (WETH), or Ethereum. Clicking the "Start staking" button in the email redirects the user to a malicious website, but fortunately, the attacker did not obtain any cryptocurrency from it.

**Compute Labs completed seed round financing with a valuation of $30 million**
Based on <a href="/ar/price/solana-sol" target="_blank" class="blog_inner_link">Solana</a>'s GPU tokenization protocol, Compute Labs announced the completion of a seed round financing with a valuation of $30 million. This financing round is led by Protocol Labs, with other investors including Blockchain Coinvestors and Amber Group.

Albert Z, founder and CEO of Compute Labs, stated that the company was established in March and began seed round pre-financing, with financing completed in April. The financing will take the form of the Simple Agreement for Future Tokens (SAFT).

Compute Labs is building a Real World Asset (RWA) tokenization protocol that uses computing as the underlying asset. Computing refers to the CPU and GPU processing power, which is crucial for data processing and running software. Compute Labs will enable users to purchase high-performance GPUs, such as NVIDIA H100, through GPU NFT (GNFT). GNFT holders will have ownership and revenue rights to the GPU.

The pre-sale of GNFT is expected to begin this month and continue for several weeks, followed by a public release. The Compute protocol is currently online on the Solana testing network and will be launched on the Solana main network this month. The native token for the protocol will also be launched in the third or fourth quarter of this year. Although the protocol was initially launched on Solana, it is planned to expand to other blockchains in the future, including NEAR and Monad.

Compute Labs claims to be incubated by the NVIDIA Inception VC Alliance, a program aimed at supporting and accelerating startups that use artificial intelligence, data science, and high-performance computing.

## Market Trends: The market is generally declining, and ETH spot ETFs have been postponed to July 15
BTC once fell below the $58,000 mark, indicating market weakness. Bitcoin spot ETFs continue to experience fund outflows.

ETH fell below $3,200, reflecting the overall downward pressure on the market.

Altcoins have generally fallen sharply, and the Altcoin market has also weakened due to the decline of mainstream coins.
### Macroeconomics
Regarding macroeconomics, the three major US stock indexes have fluctuated, reflecting market uncertainty: AI company leader NVIDIA CEO Huang Renxun reduced his holdings of company stocks by $169 million in June, which may raise market concerns about the company's future performance.
### Market Hotspots:
**Meme on the Solana Chain:**
BILLY: As a meme token for dogs, BILLY has risen by 400% in the past week. This phenomenon indicates that during a market downturn, some funds <a href="/ar/price/flow-flow" target="_blank" class="blog_inner_link">Flow</a> into trending tokens on the chain with lower liquidity in the short term, in the hope of obtaining high returns.

Analysis: Although this speculative behavior may bring short-term returns, the risk is high, and investors must be cautious.

**DePIN leader io.net: **
IO tokens have plummeted by 15%, with market rumors circulating that the IO team has set up fake machines to mine over 2.5 million IO rewards, leading to a crisis of community trust in the project.

**Ethereum spot ETFs:**
The ETH ETFs, which were expected to be approved on July 4, have been postponed to July 15. This delay may affect market sentiment and increase volatility in Ethereum prices in the short term. The approval of ETFs significantly impacts the market, and investors should closely monitor relevant developments.

The crypto market is facing multiple pressures with mainstream coins and Altcoins experiencing significant declines. The uncertainty of macroeconomics and the trust crisis of individual projects have also exacerbated market volatility. However, the speculation of some on-chain trending tokens shows that some funds are still seeking opportunities for short-term returns. Investors should remain cautious in the current environment, focus on market hotspots and macroeconomic dynamics, and adjust their investment strategies reasonably.

## Macro: Data triggers hope for interest rate cuts, Wall Street index rises, Asian stock markets reach new highs, and US dollar falls
On Wednesday, July 3, due to data showing economic weakness, the market was more hopeful that the Federal Reserve may lower interest rates in September. The S&P 500 index and NASDAQ index rose to new historical closing highs. The Dow Jones Industrial Average closed slightly lower, mainly due to the shortened trading period before Independence Day, with healthcare and consumer stocks being sold off.

Due to Thursday being Independence Day in the United States, the stock market will be closed, resulting in a light trading volume this week.

The performance of the three major indexes was as follows: the Dow Jones index fell 0.06%, the S&P 500 index rose 0.5%, and the Nasdaq index rose 0.88%.

The ADP employment report and weekly unemployment benefit application data indicate that the labor market situation has eased before the highly anticipated non-farm employment report is released on Friday. The market hopes that signs of a weak labor market will prompt the Federal Reserve to cut interest rates. In addition, the PMI data from the Association for Supply Management in the United States was weaker than expected, and factory orders unexpectedly declined. According to the London Stock Exchange's FedWatch, investors have raised their bets on a rate cut in September to over 70%.

On Thursday, July 4, Asian stock markets hit a 27-month high as the possibility of a September interest rate cut was reduced due to weak US data. This boosted bond and commodity prices but dragged down the US dollar.

The MSCI Asia Pacific stock index rose 0.7%, reaching its highest level since April 2022. The Nikkei index in Japan rose 0.4%, approaching its March high, and the Dongzheng Stock Price Index reached a historic high.

Due to the US holiday, market trading has been light, and investors are waiting to observe the UK election, predicting how much majority the Labour Party will gain in it. Months of opinion polls have shown that center-left parties will overwhelmingly defeat the Conservatives, so the market is fully prepared for this change. Analysts believe that the Labour Party's tax and spending plans are relatively moderate, with the goal of reducing the UK's massive budget deficit.

Regarding commodities, oil prices have slightly declined after rising overnight due to an unexpected significant drop in US crude oil inventories. This indicates that demand will become stronger with the arrival of the US driving season. Brent crude oil fell 31 cents to $87.03 per barrel. US crude oil fell 33 cents to $83.55 per barrel.

The decline in the US dollar will benefit the gold price, which has risen from $2,318 per ounce at the beginning of the week to $2,358.

<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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