Daily News | Bitcoin ETFs Continue to Generate Net Inflows; Goldman Sachs Plans to Launch Three Tokenized Funds; The Ministry of Energy is Drafting a New Bitcoin Miner Survey

2024-07-11, 03:44

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## Crypto Daily Digest: Goldman Sachs plans to launch three tokenized funds; The Ministry of Energy has begun drafting a new Bitcoin miner survey; Starknet staking Plan goes live on the mainnet in Q4
First, let's examine the trading activity of <a href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> ETFs. According to Farside Investor data, on July 10, Grayscale Bitcoin spot ETFs (GBTC) had a fund outflow of $8.2 million. Meanwhile, Fidelity Bitcoin spot ETF (FBTC) had an inflow of $57.8 million, Bitwise Bitcoin spot ETF (BITB) had an inflow of $4.7 million, and ARK 21Shares Bitcoin spot ETF (ARKB) had an inflow of $11.3 million.

**Goldman Sachs plans to launch three tokenized funds**

Goldman Sachs plans to launch three tokenization projects by the end of this year to enter the crypto industry. According to Fortune magazine, Matthew McDermott, Global Head of Digital Assets at Goldman Sachs, said that one of these funds will target the US fund industry, the other will focus on the European debt market, and the third plan is to create a tokenized asset market.

Compared to competitors such as BlackRock, Franklin Templeton, and Fidelity, Goldman Sachs chose to primarily use licensed networks rather than fully decentralized blockchain, mainly due to regulatory concerns. Goldman Sachs began collaborating with licensed blockchain networks as early as 2021 and launched crypto derivatives trading products settled in cash.

BlackRock CEO believes that tokenization is the "next generation" of the market, and the company's blockchain driven financial product BUIDL has recently had a market value of over $500 million. Franklin Templeton has launched revenue based on blockchain funds and related BENJI tokens on <a href="/price/stellar-xlm" target="_blank" class="blog_inner_link">Stellar</a> and <a href="/price/polygon-matic" target="_blank" class="blog_inner_link">Polygon</a>, while Fidelity International has tokenized stocks in money market funds.

McDermott has long been an advocate for digital transformation, especially blockchain. He helped establish Goldman Sachs' digital asset division in 2021 and led efforts to launch cash settled crypto derivative trading products. However, Sharmin Mossavar Rahmani, Chief Investment Officer of Goldman Sachs Wealth Management, stated in an interview with The Wall Street Journal in April that she did not see any demand from clients for cryptocurrency.

**The Ministry of Energy has begun drafting a new Bitcoin miner survey**

After being sued in a Texas court for attempting to obtain "urgent data collection requests," the US Department of Energy has renewed its efforts to conduct an investigation aimed at obtaining information related to the use of crypto mining energy in the US workload proof. The Energy Information Agency (EIA), the statistical department of the Ministry of Energy, held its first public discussion on Wednesday, hoping to design a better survey plan.

Steve Harvey of EIA pointed out at the discussion that EIA hopes to address three key issues before designing new surveys: first, which specific factors are most important in the energy use of PoW crypto mining, as perceived by industry participants or bystanders; Secondly, what data should the institution collect; Thirdly, is there any existing information that can replace surveys or reduce costs. Harvey also pointed out that during the first recall investigation, the EIA, after developing a "rough" preliminary estimate, found that crypto mining accounted for 0.6% to 2.3% of the total energy consumption in the United States.

After completion, the new investigation needs to be approved by the Department of Energy and will be entered into the Federal Register, initiating a 60 day public review period. Afterwards, EIA will include comments, resubmit survey results, and provide an additional 30 days for public review.

Most people believe that the EIA survey is an attack on the crypto industry, but there are also some industry insiders who support the EIA survey and are concerned about the impact of cryptocurrencies on the environment. Lee Blacher, Chairman of the Texas Blockchain Committee, suggested that EIA should design a more comprehensive investigation, taking into account the rise of energy intensive industries such as artificial intelligence and cloud computing. Some people, including former Energy Department official Tom Mepps, have pointed out that Bitcoin mining may help stimulate the development of renewable energy and reach "load balancing" agreements with utility providers.

**Starknet Token staking Program will be launched on the mainnet in the fourth quarter of 2024**

Starknet is expected to introduce native token staking functionality in the fourth quarter of 2024. Core developer StarkWare has submitted the Starknet Improved Protocol (SNIP) to implement network staking. The SNIP proposal mentions the StarkWare Phase 1 staking plan, which is an important step in establishing a staking community and technology, providing new opportunities for users and developers. The first phase of the staking plan will adopt a permissionless on-chain staking protocol and staking delegation.

If the proposal is approved, users will be able to entrust it to the stakers or become the stakers, and the reward will be proportional to the staked amount, based on the changes in the proposed coin-minting curve released in February. Before withdrawing funds, there will be a 21 day lock-in period.

## Market Trends: Bitcoin spot ETFs continue to have net inflows, and the market is waiting for CPI data at 12:30 (UTC)
**BTC**
After BTC surged to $59,000, the price of BTC has fallen and is currently consolidating around $57,500. It is worth noting that Bitcoin spot ETFs continue to have large net inflows, which may provide some support for the market.

**ETH**
ETH has performed relatively strongly and is currently consolidating around $3,100. The market's expectations for ETH ETFs to pass are gradually increasing, which may be an important factor driving the strength of Ethereum prices.

**Market Indicators**
The AHR999 index: Today was at 0.7, indicating that the market is suitable for regular investment.

Fear and Greed Index: At 29, indicating that the market sentiment is still in a state of fear. According to historical data, when market sentiment continues to be fearful, the market is often in the bottom range.
### Macroeconomics
The three major indexes of the US stock market: all rose by more than 1%. Federal Reserve Chairman Powell stated that it is unlikely that interest rates will fall to extremely low levels, which has had a certain impact on the risk market.

US CPI inflation data: The market is waiting for the US June CPI inflation data to be released tonight at 12:30 (UTC), which will be an important factor affecting market sentiment and trends.
### Market Hotspots:
**Ton Ecosystem:**
Meme Project Dogs: Announces airdrop to all Telegram users, with a daily increase of over 1 million subscribers on its sub_script_ion channel. Dogs is a pure Meme project that currently has no game or other application bonuses. Its image is designed based on Telegram founder Duroff's pet dog.

**Meme Sector:**
PEIEPEI, RATS, MANEKI, PEW, MAGA and other Meme coins have surged, becoming the main narrative of this round of market trends. Meme projects often attract a large number of investors and attention in a short period of time due to their high dissemination and community engagement.

**BTC Ecosystem:**
STX, SATS and other projects experienced oversold rebounds. Among them, SATS will serve as the Gas token for Layer2 issued by Unisat, adding actual use cases, with a 7-day increase of nearly 80%.

### Summary
The current market has shown some strength driven by Bitcoin and <a href="/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a>, but the overall sentiment still leans towards fear. In terms of macroeconomics, the rise of US stocks and the upcoming release of US CPI data will significantly impact the market. For market hotspots, Ton Ecosystem and Meme projects have become the focus of attention. Investors need to remain cautious in the current market environment and focus on macroeconomic data and changes in market sentiment, while also monitoring projects with practical use cases and strong community support.

## Macro: Global stock markets reach new highs before the release of inflation tests
On July 10, the Nasdaq and S&P 500 indexes closed higher, reaching historic highs, mainly driven by the rise of Nvidia and other heavyweight Wall Street stocks.

This is the seventh consecutive time that the Nasdaq index has reached a new closing high, and the sixth consecutive time that the S&P 500 index has reached a new closing high. Federal Reserve Chairman Jerome Powell's speech sparked market expectations for a rate cut in September, with the S&P 500 index breaking through 5,600 points for the first time.

Specifically, the three major indices: the S&P 500 index rose 1.02%; The Nasdaq index rose 1.18%; The Dow Jones index rose 1.09%.

Technology stocks continue to perform strongly, with Micron Technology up 4%, Nvidia up 2.7%, and Advanced Micro Devices up 3.9%. Apple rose 1.9%, reaching a historic high with a stock market value of $3.6 trillion.

The US inflation data to be released this week includes Thursday's Consumer Price Index and Friday's Producer Price Index reports. According to Federal Reserve observations from the Chicago Mercantile Exchange, the probability of a 25 basis point rate cut by the Federal Reserve in September is expected to increase from 70% on Tuesday and 45% a month ago to 74%.

The second quarter financial reporting season will kick off this week, and major banks will release their results on Friday, which will test whether those ambitious large stock companies can continue their strong momentum and prove their valuations are reasonable.

On July 11, the stock market hit a historic high from Tokyo to New York, and traders are waiting for US economic data, which is expected to show some easing in inflation and pave the way for a rate cut in September.

Bonds and the US dollar remain stable, while the yen/US dollar exchange rate remains weak at 161, approaching its lowest level in decades.

The MSCI's most widely used stock index in the Asia Pacific region, excluding Japan, rose by 1%, reaching its highest level in two years; The Nikkei Index of Japan rose 1% to a historic high of 42426 points; The Taiwan stock market rose 1.25%, reaching a historic high; The Australian ASX 200 index rose 0.89%, close to a historic high.

The Chinese stock market is in line with market momentum, and GDP data will be released on Monday. The Hang Seng Index in Hong Kong rose 1%, while mainland blue chip stocks rose 0.4%. The exchange rate of the Chinese yuan against the US dollar remained stable at 7.2738, slightly recovering from the low point set on Wednesday.

Regarding commodities, driven by strong signals of US gasoline demand, oil prices have slightly increased. Brent crude oil futures rose 35 cents, or 0.4%, to $85.43 per barrel. US crude oil futures rose 36 cents, or 0.5%, to $82.47 per barrel.

Gold rose 0.2% to $2373 per ounce.

<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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