整理：Nona
Regulation/Macro
A U.S. bankruptcy judge ruled that Celsius Network's $4 billion lawsuit against Tether can proceed, with Celsius accusing Tether of improperly liquidating approximately 39,500 Bitcoin collateral in June 2022, violating the procedures outlined in their lending agreement, resulting in losses exceeding $4 billion for Celsius. Although Tether argued that U.S. courts lacked jurisdiction, the judge determined that Celsius's claims of breach of contract, fraudulent transfer, and priority can continue to be heard.
Hong Kong Chief Executive John Lee stated during a speech at the 28th anniversary celebration of the Hong Kong Special Administrative Region that Hong Kong is strengthening connectivity and establishing a stablecoin licensing system, optimizing the listing process and enhancing financial competitiveness. Hong Kong's status as a financial center has risen to third in the world, having attracted 84 key enterprises engaged in cutting-edge technology, bringing in approximately HKD 50 billion in investment.
Deutsche Bank plans to launch its digital asset custody service next year and has hired the technology department of cryptocurrency exchange Bitpanda to assist in building the product. Deutsche Bank's corporate banking division first announced its custody plans in 2022 and will continue to collaborate with Swiss technology provider Taurus SA to offer this service. Earlier this month, the German bank stated that it is exploring stablecoins and various forms of tokenized deposits.
Crypto America reporter Eleanor Terrett tweeted that the U.S. Securities and Exchange Commission (SEC) is coordinating with exchanges to create general listing standards for token-based ETFs, which is currently in the early stages. Eleanor Terrett revealed that if a token meets these standards, the issuer may skip the 19b-4 process and directly submit an S-1 application, awaiting direct listing by the exchange after 75 days. This streamlined process is expected to save significant paperwork and communication costs for issuers and the SEC. The details of these listing standards are not yet clear, but the market speculates that market capitalization, trading volume, and liquidity may be considered. The SEC declined to comment on this.
The U.S. Securities and Exchange Commission's Division of Corporation Finance released a notice outlining what cryptocurrency exchange-traded product (ETP) issuers must include in their filings. The guidelines cover everything from how to calculate net asset value and select service providers to detailed descriptions of custody practices and potential conflicts of interest. The SEC stated that issuers must disclose targeted information based on their specific structure, emphasizing the review of asset selection, custody, conflicts of interest, and ETP creation/redemption mechanisms.
Arizona Governor Katie Hobbs vetoed the "Bitcoin Reserve" bill HB 2324. The bill was intended to establish a digital asset reserve for holding digital assets obtained through criminal asset forfeiture.
The U.S. Securities and Exchange Commission (SEC) approved a rule change proposal from the New York Stock Exchange Arca that allows shares of Grayscale Digital Large Cap Fund LLC to be listed for trading. The SEC stated that, under Section 19(b)(2) of the Exchange Act, it has ordered the accelerated approval of the proposed rule change (SR-NYSEARCA-2024-87). The fund is currently traded over-the-counter for qualified investors, primarily consisting of nearly 80% Bitcoin, about 11% ETH, with Solana, Cardano, and XRP also included in single-digit percentages.
Project/Company Updates
Norwegian mining company Green Minerals announced that it has signed a structural financing agreement worth 250 million Norwegian Krone (approximately $24.75 million) to purchase more Bitcoin.
UniCredit SpA will offer a structured product linked to the BlackRock iShares Bitcoin Trust ETF for its professional clients, featuring comprehensive loss protection. The bank plans to issue a five-year dollar-denominated investment certificate linked to the iShares Bitcoin Trust ETF, which will provide 100% capital protection at maturity, as confirmed by the bank. The UniCredit certificates will be available to professional clients from July 1 to July 28.
Bit Digital (Nasdaq: BTBT) announced that its underwriters for a recent public offering have fully exercised their over-allotment option, purchasing an additional 11.25 million shares, resulting in approximately $21.4 million in net proceeds after estimated issuance costs. The public offering totaled 86.25 million shares, with total net proceeds reaching $162.9 million. The company plans to use the net proceeds from this offering to purchase Ethereum.
Hong Kong-listed Delin Holdings (01709) announced that it has signed a strategic cooperation memorandum with fintech company Asseto Fintech Limited, which focuses on the tokenization of real-world assets (RWA). The two parties plan to jointly develop RWA tokenization solutions in the Asian market and promote the adoption of compliant digital asset products and services, including stablecoin applications and DeFi integration, with plans to apply for a stablecoin license.
Important Data
Yesterday (Eastern Time, July 1), U.S. Bitcoin spot ETFs experienced a total net outflow of approximately $342 million. Fidelity ETF FBTC had a net outflow of about $173 million in a single day; Grayscale ETF GBTC had a net outflow of about $120 million; Ark & 21 Shares ETF ARKB had a net outflow of about $27.03 million; Bitwise ETF BITB had a net outflow of about $22.98 million; BlackRock ETF IBIT, Grayscale Micro ETF BTC, VanEck ETF HODL, Valkyrie ETF BRRR, Franklin ETF EZBC, Invesco Galaxy ETF BTCO, WisdomTree ETF BTCW, and Hashdex ETF DEFI had no net inflows or outflows.
Yesterday (Eastern Time, July 1), U.S. Ethereum spot ETFs experienced a total net inflow of approximately $40.68 million. BlackRock ETF ETHA had a net inflow of about $54.84 million; Grayscale ETF ETHE had a net inflow of about $9.96 million; Fidelity ETF FETH had a net outflow of about $24.11 million; Grayscale Micro ETF ETH, Bitwise ETF ETHW, VanEck ETF ETHV, Franklin ETF EZET, 21 Shares ETF CETH, and Invesco ETF QETH had no net inflows or outflows.
In June, the spot trading volume on centralized exchanges dropped to $1.07 trillion, marking a 9-month low. In contrast, trading volume on decentralized trading platforms continued to rise, with monthly trading volume in June increasing to $39 billion.
Hong Kong-listed Pioneer Pharma Biotechnology (00399) saw a significant surge this morning, initially soaring nearly 240%, with the increase gradually narrowing. As of the time of writing, it is up 62.62%, trading at HKD 0.335, with a transaction volume of HKD 24.64 million. Previously, Pioneer Pharma Biotechnology announced plans to acquire Conflux assets.
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