Daily Summary of the crypto world: ETH 2.0 spot ETF volume exceeded 1 billion on the first day; Telegram CEO promotes encryption game Catizen; SingularityNET invests $53 million in AI infrastructure

Looking at the trading activity of BTC and ETH ETFs, according to Farside Investor data, on July 23, Grayscale BTCSpot ETF (GBTC) saw a capital outflow of $27.3 million; Bitwise BTCSpot ETF (BITB) saw an outflow of $70.3 million, and ARK 21Shares BTCSpot ETF (ARKB) saw an outflow of $52.3 million.

Bitwise Ethereum Spot ETF (ETHW) first-day net inflows reported at $204 million; Fidelity Ethereum Spot ETF (FETH) first-day net inflows of $71.3 million; Grayscale Ethereum Spot ETF (ETHE) first-day net inflows of $71.3 million;

Overall, according to the current data, BTC Spot ETF has ended its consecutive days of net inflows, while Ethereum Spot ETF has a volume of more than 1 billion USD on its first day.

Telegram CEO promotes encryption game Catizen

Telegram CEO Pavel Durov announced in his messaging app that the encryption game Catizen, which allows users to earn money by clicking, has earned $16 million through in-app purchases. He said, "Catizen has introduced millions of people to blockchain technology by using TON-based smart contracts to provide in-game rewards. The team has also built tools for other developers to easily launch games on Telegram and TON."

Catizen is a mini game on Telegram with over 26 million players, published by Pluto Studio. The game is built on the open network (TON) blockchain and can be accessed through the Telegram application, similar to other games like Hamster Kombat. The project also has charitable considerations, with 1% of the game's revenue, which currently stands at $16 million, being donated to help stray cats.

Durov revealed that Telegram currently has approximately 950 million global users. Such a user base provides support for the rich ecosystem of Telegram. Recently, click-to-earn games like Notcoin, Yescoin, Hamster Kombat, and Catizen have attracted tens of millions of users. It is expected that Catizen and Hamster Kombat will soon launch Tokens.

Vitalik Buterin launches Circle STARKs to improve Block chain efficiency

Co-founder of ETH, Vitalik Buterin, has introduced a new encryption protocol called Circle STARKs, aiming to enhance the security and efficiency of blockchain. Buterin explained that this groundbreaking technology utilizes smaller fields such as Mersenne31 to significantly improve proof speed without sacrificing security.

The post pointed out that the traditional Scalable Transparent Argument of Knowledge (STARK) operates on a 256-bit field, which is secure but less efficient. Circle STARK, on the other hand, uses smaller fields to drop the computational cost and speed up the proof. For example, on the M3 laptop, it can verify 620,000 Poseidon2 hash values per second.

Buterin pointed out that the previous STARK implementation made smaller fields 'naturally compatible with elliptic curve-based signature verification', but the efficiency was low due to the large numbers involved. Circle STARK overcomes this problem by multiple random checks and using extended fields to ensure security and efficiency.

SingularityNET invests $53 million in AI infrastructure and modular Supercomputer

AI platform developer SingularityNET announced a $53 million investment to build a modular supercomputer dedicated to Decentralization Artificial General Intelligence (AGI). According to a July 23 announcement, the first phase of the investment will allocate $26.5 million to purchase hardware such as modular data center solutions, GPUs and processors, AI servers, etc. from companies such as Ecoblox, Nvidia, AMD, and Tenstorrent.

Modular Supercomputer is a high-performance computing system with a flexible and scalable architecture, allowing developers to add or replace modules as needed without replacing the entire system. According to SingularityNET, this will be the world's first dedicated Supercomputer for decentralized AGI and artificial intelligence superintelligence research.

SingularityNET's Supercomputer will optimize the training of Depth Neural Networks (DNN), Large Language Models (LLM), and Hybrid Neural Symbolic Computing Architectures. Its CEO, Ben Goertzel, said: 'The great progress in the field of AI comes from the integration of complex learning algorithms, cognitive architectures, large amounts of data, processing infrastructure, and energy.'

The development of artificial intelligence has driven the continuous rise in demand for high-performance hardware. On July 20th, Taiwan Semiconductor Manufacturing Company became the first Asian company with a market capitalization exceeding one trillion US dollars, thanks to the rising demand from technology and manufacturing giants relying on its semiconductors, such as Apple, AMD, Intel, Nvidia, and Qualcomm.

In addition, the Monetary Authority of Singapore (MAS) recently allocated $74.36 million for the development of Quantum Computing and AI-based solutions. Meanwhile, Fetch.ai announced a $100 million investment in its infrastructure project Fetch Compute, deploying Nvidia GPUs to enhance the developer platform.

Market Analysis: BTC and ETH are weakly oscillating, with scarce market hotspots.

Market Trend

This morning BTC fell below the key support level of $65,500 and is currently in a weak oscillating state. It is worth noting that the Mentougou compensation has been distributed to some user accounts, which has temporarily created selling pressure on the market. It is expected that BTC will continue to oscillate downward in the short term.

ETH also fell below $3,400. Despite the approval of the ETH ETF, a large amount of ETHE under Grayscale has been dumped, which may create sustained selling pressure on the market, similar to the period before the BTC ETF was approved. Overall, alts are generally down, and there is no obvious market hotspot.

Data Metrics

From the data indicators, today's AHR999 index is 0.88, and the current market price is still suitable for long-term Auto-Invest. The fear and greed index is 69, indicating that the market sentiment has been greedy for three consecutive days, and a short-term pullback seems inevitable.

Macroeconomic Impact

The three major U.S. stock indexes collectively closed down, reflecting market uncertainty about the future. Hasley has become the Democratic presidential candidate, with a current winning probability of 38%, while Trump's election probability has dropped to 60%. Biden's withdrawal has led to a delay in market expectations for interest rate cuts, which has also had a negative impact on overall risk asset market sentiment.

Market Hotspots

• ETH ecosystem: Despite the overall market weakness, some tokens in the ETH ecosystem have shown relative strength. After the approval of ETH ETF, tokens in the ETH ecosystem such as ENS, REZ, MKR, etc. have experienced a pump. ENS has been repeatedly supported by Vitalik Buterin, and its token performance is significantly stronger than other tokens in the ETH ecosystem.
• New coin: The modular blockchain network AvailAirdrop has released its tokens, but the market response has been mediocre. Avail is led by Anurag Arjun, a former co-founder of Polygon, and has raised nearly $75 million in funding from investment institutions such as Dragonfly. However, Avail has not yet been listed on major trading platforms, which may be one of the reasons for the lackluster market response.

Conclusion

Overall, both BTC and ETH are currently in a weak oscillating state, with a lack of obvious hotspots in the market in the short term. The compensation for Mt. Gox and the dump of grayscale ETHE have temporarily formed selling pressure on the market, and may continue to oscillate downward in the short term. The uncertainty of the macro economy and the greedy state of market sentiment also imply the risk of pullback in the short term. However, from the perspective of the AHR999 index, the current market price is still suitable for long-term Auto-Invest.

Macro: Disappointing tech stock returns, Fluctuation in US and Asian stock markets

On July 23rd, the major stock indexes on Wall Street closed slightly lower. In the last few minutes of trading, investors turned their attention to Alphabet and TSL, which are about to release their earnings.

TSL's revenue unexpectedly rose, benefiting from price cuts and favorable policies, with car deliveries exceeding analysts' expectations. Meanwhile, Alphabet's revenue exceeded expectations, thanks to a rise in digital advertising sales and strong demand for cloud computing services. However, prior to the release of the data, TSL's stock price fell 2%, while Alphabet's stock price pumped 0.1%.

Index performance: The Dow Jones Industrial Average fell 0.14%, the S&P 500 fell 0.16%, and the Nasdaq Composite Index fell 0.06%. However, the small-cap Russell 2000 index pumped 1% that day.

The profitability of technology giants will determine whether the record-breaking trend in 2024 can continue, or whether the US stock market is overvalued. Whether investors will continue to shift from large-cap stocks to underperforming sectors is also the focus of follow.

On July 24th, Asian stock markets performed poorly in early trading on Wednesday, with the yen hitting a six-week high ahead of the Central Bank meeting next week, boosting expectations of a possible interest rate hike.

The MSCI Asia-Pacific stock index fell by 0.08% to 566.26 points, the Japanese Nikkei index fell by 0.23%, and the Taiwan financial market closed due to a typhoon. The Chinese stock market declined in volatile trading, with the Shanghai Composite Index falling by 0.18%, the Blue-Chip Stocks CSI 300 Index falling by 0.2%, marking the largest single-day decline since mid-January.

A business survey released on Wednesday showed a slight contraction in Japan's manufacturing activity in July, due to a decrease in output and new orders, and companies still face pressure from price pump. However, the expansion of the service industry has driven the overall activity of Japan's private sector to recover in July. The Japan Manufacturing Purchasing Managers' Index (PMI) published by the Commonwealth Bank of Australia fell from 50.0 in June to 49.2 in July.

Investors are waiting for Thursday's US GDP data and Friday's preferred inflation indicator PCE data from the Federal Reserve to assess the interest rate expectations for this year. The Federal Reserve observation tool of the Chicago Mercantile Exchange shows that the market expects a reduction of 62 basis points this year, and the reduction in September has reached 95%.

The US dollar remains strong as traders follow Friday's inflation data and next week's Federal Reserve meeting. The Bank of Japan will also hold a meeting next week, with a 44% chance of a 10 basis point interest rate hike.

The USD/JPY Exchange Rate rose to 155.25 during the Asian session, the highest level since June 7th. On Tuesday, the pump was nearly 1%, while earlier this month, the USD/JPY Exchange Rate fell to the lowest point in 38 years, near 161.96. A round of intervention by the Central Bank prompted speculators to close positions, making lucrative arbitrage trades, in which traders borrow yen at low rates and invest in dollar-denominated assets to generate higher returns.

In terms of commodities, oil prices pumped due to a decrease in US crude oil inventories. Brent crude futures for September pumped 0.25% to $81.21 per barrel, while September WTI crude oil futures pumped 0.26% to $77.16 per barrel.

Gold prices struggled to gain momentum on Wednesday as investors awaited US economic data that could impact the Fed's interest rate cut timeline. Spot gold was nearly unchanged, trading at $2,408.88 per ounce. US gold futures pumped 0.1% to $2,408.80.

Author: Sherry S. & Icing. This article represents only the author's point of view and does not constitute any trading advice. This article is original, and the copyright belongs to Gate.io. Please indicate the author and source if you need to reprint, otherwise legal responsibility will be pursued.